Academic
Academic
Home
Publications
Working Papers
Talks
Contact
Light
Dark
Automatic
3
Wholesale Funding Runs, 1800-2024
We study the incidence and macroeconomic consequences of wholesale funding runs in 143 countries from 1800 to 2024. We construct a new …
Rustam Jamilov
,
Tobias König
,
Sami K. Mahmood
,
Karsten Müller
,
Farzad Saidi
Last updated on Aug 29, 2025
Financial Constraints and the Micro Origins of Aggregate Equity Shocks in Capital Markets
I examine how financial constraints shape the transmission of aggregate external equity financing shocks to firms’ equity …
Tobias König
Last updated on Mar 26, 2025
PDF
Cite
CRC TR 224 Discussion Paper
Two Centuries of Systemic Bank Runs
We study bank runs using a novel historical cross-country dataset that covers 184 countries since 1800 and combines a new narrative …
Rustam Jamilov
,
Tobias König
,
Karsten Müller
,
Farzad Saidi
Last updated on Aug 29, 2025
PDF
Cite
Dataset
Slides
CEPR Discussion Paper
Systemic Run Website
The Investment Channel of Monetary Policy: Evidence from Norway
We investigate the transmission of monetary policy to investment using Norwegian administrative data. We have two main findings. First, financially constrained firms are more responsive to monetary policy, but the effect is modest; suggesting that firm heterogeneity plays a minor role in monetary transmission. Second, we disentangle the investment channel of monetary policy into direct effects from interest rate changes and indirect general equilibrium effects. We find that the investment channel of monetary policy is due almost exclusively to direct effects. The two results imply that a representative firm framework with investment adjustment frictions in most cases provides a sufficiently detailed description of the investment channel of monetary policy.
Jin Cao
,
Torje Hegna
,
Martin B. Holm
,
Ragnar Juelsrud
,
Tobias König
,
Mikkel Riiser
Last updated on Aug 29, 2025
PDF
Cite
Norges Bank Research Paper 5|2023
Cite
×