Over the last two decades, cash holdings in nonfinancial firms around the world have increased.
This phenomenon is particularly concerning in Japan, where the success of Abenomics …

We analyze the potential impacts on the German economy of a complete and permanent
shutoff of the remaining Russian natural gas supplies to Europe, accounting for the curtailment …

I present evidence from South Africa that domestic asset prices and capital flows between
residents and non-residents reflect the content of domestic print news media. I find that the …

When the US economy sneezes, do emerging markets catch a cold? We show that economic
news, and not just monetary policy, in the United States affects financial conditions in …

Reducing transport sector emissions is an important pillar of the green transition. However,
the transition to electric vehicles (EV) portends major changes in vehicle manufacturing …

We propose a method for measuring the sensitivity of the values of loan portfolios of banks to
changes in the level, slope and curvature of the term structure of interest rates. We highlight …

Migration has been the focus of intense political debate in recent years. While most people
have positive perceptions about immigrants, there are misconceptions and concerns. For …

Germany’s macroprudential policy toolkit is well-developed, but its key missing piece is a
set of instruments related to a borrower’s income. In addition, existing powers to adopt LTV …

Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a
macro-critical risk too. It is therefore important to integrate it into financial sector surveillance. This …

The discussion on Artificial Intelligence (AI) often centers around its impact on productivity,
but macroeconomic evidence for Europe remains scarce. Using the Acemoglu (2024) …