This doctoral dissertation analyses the transmission of monetary policy. It applies a variety of empirical methods to study how conventional and unconventional monetary policy measures transmit to different macroeconomic and financial variables. The first article analyses the effect of monetary...

This paper studies a modern monetary economy: trade in both goods and securities relies on money provided by intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the transmission of monetary policy then depend on the...

To infer whether banks really over-tighten lending standards during a credit crunch, this paper examines how future loan performance was related to loan growth and capital ratios during the credit crunch of the early 1990s. The main finding is poorer future loan performance for banks that...

The Fed has responded to sharp drops in stock prices for two decades by pumping massive amounts of liquidity into the economy—creating a not-so-unreasonable expectation that future declines may elicit a similar response. Field and experimental evidence supports the price-raising effect of...

Economic assets can be classified into two broad categories: those earning an inherent return and those earning a fiat money return. This article shows that both are valued according to the same general principle based on GDP (a constant equal to expected long term real per capita GDP growth)...

This paper examines the asset pricing implication of loan loss provisions (LLP). LLP is a bank's dominant accrual and a key determinant of informativeness of banks' financial reports. We find banks with low LLP have significantly higher returns than banks with high-LLP. A long-short investment...

This paper attempts to investigate the impact of credit information sharing on bank-specific stock price crash risk. Using a sample of 1,402 listed-banks in 55 countries for the period 2005-2013, we show that credit information sharing through public credit registries is negatively associated...

This paper empirically studies how less informed lender wins the position of lead arranger in syndicated loans. We investigate the hypothesis that such lender signals loan quality by restricting deal size to less than that of the most informed lender. Since the less informed lender has smaller...

Motivation und Vorgehen -- Charakteristika und Ausgestaltungsoptionen bedingten Kapitals.- Wandlungseffekte durch bedingtes Kapital -- Emissions- und Risikowahlanreize mit bedingtem Kapital -- Kreditangebot von Banken und Kreditklemme -- Kreditvergabe mit bedingtem Kapital.