Welcome! I am an Associate Professor in Economics at Corvinus University since September 2024. I am also affiliated with the Halle Institute for Economic Research (IWH) as a research professor.
Previously, I have been working as an Assistant Professor for Quantitative Macroeconomics at Leipzig University and as head of the research group “Volatility, Growth and Financial Crises” at the Halle Institute for Economic Research (IWH). For shorter periods of time, I was also an interim professor for Applied Macroeconomics at the University of Rostock, a guest researcher at the Deutsche Bundesbank and a lecturer at the Martin Luther University Halle-Wittenberg.
My research interest lie on macroeconomic consequences of financial crises. My research spans three broader topics. First, my work concerns the empirical interaction between financial markets and macroeconomic outcomes. In particular, I investigate the importance of credit demand and supply fluctuations for aggregate fluctuations, and the role of sovereign debt limitations (in the form of sovereign ratings or sovereign bond demand) on fiscal policy and macroeconomic outcomes. The second strand of my research concerns the implementation of models to produce timely warnings of impending crises. The third strand focuses on the combination of macroeconomic and microeconomic datasets for structural macroeconomic analysis.
Ph.D. Economics, 2013
University of Halle-Wittenberg
Diploma, Mathematics, 2010
Technical University of Munich
This paper contributes to a better understanding of the important role that credit demand plays for credit markets and aggregate macroeconomic developments as both a source and transmitter of economic shocks. I am the first to identify a structural credit demand equation together with credit supply, aggregate supply, demand and monetary policy in a Bayesian structural VAR. The model combines informative priors on structural coefficients and multiple external instruments to achieve identification. In order to improve identification of the credit demand shocks, I construct a new granular instrument from regional mortgage origination. I find that credit demand is quite elastic with respect to contemporaneous macroeconomic conditions, while credit supply is relatively inelastic. I show that credit supply and demand shocks matter for aggregate fluctuations, albeit at different times. Credit demand shocks mostly drove the boom prior to the financial crisis, while credit supply shocks were responsible during and after the crisis itself. In an out-of-sample exercise, I find that the Covid pandemic induced a large expansion of credit demand in 2020Q2, which pushed the US economy towards a sustained recovery and helped to avoid a stagflationary scenario in 2022.
DOI Most recent version IWH DP 2/2019 Bundesbank DP 48/2018 Code github
DOI Most recent version IWH DP 4/2015 Bundesbank DP 13/2016 Code and Data github
Growth and Development: Empirics (Master). Course taught in Fall 2019, 2021, 2023.
Advanced Business Cycles (Master). Course taught in Fall 2017 and 2018.
Macroeconomics (Bachelor). Course taught in Fall 2020.
Regular seminars on business cycle dynamics and financial stability (Bachelor).
Advanced Macroeconomics (Master). Course taught in Fall 2022.
Labor Economics (Master). Course taught in Fall 2022.
Quantitative Macroeconomics (Master). Course taught in Spring 2023.
Macroeconomics (Bachelor). Course taught in Spring 2023.
Applied Macroeconomics (Bachelor). Course taught in Fall 2022.
Analysis and Forecasting of Macroeconomic Time Series (BA). Course taught in Spring 2023.
Seminars on business cycle dynamics and financial stability (Bachelor and Master).
Advanced Macroeconomic Theory (Master). Course taught in Spring 2012 (teaching assistant) and 2016.
Regular seminars on business cycle dynamics and financial stability (Bachelor).