Work in Progress

Safe as houses? Housing as a store of value and its impact on consumption in China. (with Yi Huang, Graduate Institute Geneva)

“Housing elevators” with André Anundsen (Norges Bank) and Erling Røed-Larsen (Eiendomsverdi and BI Norwegion Business School).


Completed Working Papers

By a Silken Thread: regional banking integration and  credit reallocation during Japan’s lost decade (with Toshihiro Okubo). New version (March 2017)

Earlier versions where ciruclated as “By a Silken Thread: regional banking integration and  pathways to financial development during Japan’s Great Recession’ Working paper versions: RIETI CESifo CAMA

Earlier DP-versions: CESifo CAMA

Small Firms and Domestic Bank Dependence in Europe’s Great Recession (with Egor Maslov (UZH, Finance) and Bent Sørensen (U Houston)).

Earlier version: European Economy Discussion Paper


Publications in Refereed Journals

“Systematic Consumption Risk in Currency Returns” (with Rahel Studer-Suter), Journal of International Money and Finance, forthcoming.

Working paper versions: Final manuscript version, CES, UZH

“A provincial View of Global Imbalances: Regional Capital Flows in China” (with Samuel Cudré, Mc Kinsey & Co) Review of World Economics, forthcoming.

Working Paper versions: Last manuscript version, CAMA, UZH

‘The Consumption-Income Ratio, Entrepreneurial Risk and the US Stock Market’Journal of Money, Credit and Banking, Sep. 2014, vol 46 (6), pp. 1259-1292.Download (PDF, 459 KB)

Formerly circulated under ‘Proprietary Income, Entrepreneurial Risk and the Predictability of U.S. Stock Returns’, CESifo Working Paper No. 1712

What drives China’s Current Account?’ Journal of International Money and Finance, Feb. 2013, vol 32, pp. 856-883.

‘Securitization of Mortgage Debt, Domestic Lending and International Risk Sharing’ with Thomas Nitschka,
Canadian Journal of Economics, May 2012, vol 45 (1), pp. 493-508.

‘Has Risk Sharing increased in Asia (and elsewhere)? Seoul Journal of Economics, 2011, vol 24 (4), pp. 551-574. Download (PDF, 192 KB)

‘The Home Bias, Capital Income Flows and Improved Long-Term Consumption Risk Sharing between Industrialized Countries‘, with Micheal J. Artis, International Finance,Winter 2011, vol 14 (3), pp. 481-505. Download (PDF, 205 KB) 

Formerly circulated under: ‘The Home Bias and Capital Income Flows between Countries and Regions’, Mar. 2007, IEW Working Paper 316, University of Zurich.

‘Consumption Risk Sharing over the Business Cycle: The Role of Small Firms’ Access to Credit Markets’  with Iryna Shcherbakova-Stewen, Review of Economics and Statistics, Nov. 2011, 93(4), pp. 1403-1416.

‘The Swiss Franc Exchange Rate and Deviations from Uncovered Interest Parity: Global vs Domestic Factors’ with Rahel Suter, Swiss Journal of Economics and Statistics, Mar. 2010, vol 146 (I), pp. 349-371.

Equity Fund Ownership and the Cross-Regional Diversification of Household Risk’, with Sascha O. Becker, Journal of Banking and Finance, Jan. 2010, vol 34 (1), pp 90-102.

‘Real Exchange Rates and Real Interest Rate Differentials: a Present Value Interpretation’, with Ronald MacDonald, European Economic Review, Nov. 2009, vol 53 (8), pp 952-970.

‘Financial Globalization, International Business Cycles and Consumption Risk Sharing’, with Michael J. Artis,  Scandinavian Journal of Economics, Sep. 2008, vol 110 (3), pp 447-471.

‘The Lack of International Consumption Risk Sharing: Can Inflation Differentials and Trading Costs Help Explain the Puzzle?’ Open Economies Review, 2008, vol.19(2), pp.183-201.

Consumption, Wealth and Business Cycles: Why is Germany different?’ with Britta Hamburg and Joachim Keller, Empirical Economics, Jun. 2008, vol 34(3), 451-476.

CAYGermanData (XLS, 28 KB)

Intra- and International Risk-Sharing in the Short Run and the Long Run’, with Sascha O. Becker European Economic Review, Apr. 2006, vol. 50(3), pp.777–806.

‘International Capital Mobility in the Short Run and the Long Run: Can we still learn from savings and investment data?’, Journal of International Money and Finance, Feb. 2004, vol. 23(1), pp. 113-131.

International Macroeconomic Fluctuations and the Current Account’, Canadian Journal of Economics, May 2003, vol. 36(2), pp. 401-420.

‘Long Run Recursive VAR Models and QR Decompositions’, Economics Letters, Oct. 2001, vol. 73(1), pp. 15-20.

The Relative Dynamics of the Current Account and Investment in the G7 Economies’, The Economic Journal, May 2001, vol. 111(471), pp. C148-C163.


Book contributions

‘The Impact of the Euro on International Stability and Volatility’ with Stefan Gerlach. In: Marco Buti , Servaas Deroose , Vitor Gaspar and João Nogueira Martins (eds). The Euro: the first decade. Cambridge University Press, pp. 648-670, April 2010.  Earlier version: European Economy, Economic Papers, 309, March 2008

‘Declining Home Bias and the Increase in International Risk Sharing: Lessons from European Integration’, with Micheal Artis. In Lars Jonung, Christoph Walker and Max Watson (eds.) Building the Financial Foundations of the Euro: Experiences and Challenges, Routledge, June 2008.

previous version, CEPR Discussion Paper 6617, Dec. 2007

Comment on Michael D. Bordo and Thomas F. Helbling ‘Have National Business Cycles become more synchronized?’ in Siebert, Horst (ed.) Macroeconomic Policies in the World Economy, Springer Verlag (Berlin and Heidelberg), 2004.