Publications

February 6, 2018

Effects of Unconventional Monetary Policy on European Corporate Credit

In this paper we investigate whether the targeted longer-term refinancing operations (TLTRO) and the asset purchase program (APP) led to lower interest rates on new corporate credit, and whether the signalling channel and the capital relief channel played any role in the transmission of these ECB policies.

November 16, 2015

Estimating the weight of opportunity costs in housing consumption

People tend to neglect or underweight opportunity costs. Strong empirical evidence for the size of the underweighting appears to be absent.

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