Recent research

Below find links to pdfs of some of my recent research papers. If you experience any problems with downloading a paper, please let me know (at This email address is being protected from spambots. You need JavaScript enabled to view it.), and I will gladly send you the relevant item by air-mail. If you get problems with a paper per se, and thus, perhaps the urge to comment or criticize something, please do not hesitate to do so.


Leverage and Deepening Business Cycle Skewness (w. Ivan Petrella, Søren Hove Ravn and Emiliano Santoro).This version: February 2017. Previously circulated as "Deepening Contractions and Collateral Constraints"

Changing Credit Limits, Changing Business Cycles (w. Søren Hove Ravn and Emiliano Santoro). This version: December, 2016. Previous version available as CEPR Discussion Paper No. 10462, London, 2015.

What Drives the European Central Bank's Interest-Rate Changes? (w. Morten Aastrup) CEPR Discussion Paper No. 8160, London. December 2010 (link to SSRN page).

Inflation Dynamics in the Euro Area: One Structural Estimation. Mimeo, University of Copenhagen. This version: July 2010 ( 88 Kb).

Optimizing Central Banks and Real Determinacy. Mimeo, University of Copenhagen. In preparation.

Monetary Policy Frameworks and Real Equilibrium Determinacy. Mimeo, University of Copenhagen. This version: February, 2002 ( 320 Kb). (Slides for 2001/2002 presentations, 110 Kb.)

State Manipulation and Asymptotic Inefficiency in a Dynamic Model of Monetary Policy (w. Ben Lockwood). Mimeo, Universities of Copenhagen and Warwick. This version: March 2000 ( 285 Kb). (Additional appendices, ( 110 Kb.)



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