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Two Centuries of Systemic Bank Runs
We study the macroeconomic causes and consequences of bank runs in 184 countries over the period of 1800-2022. A new narrative …
Rustam Jamilov
,
Tobias König
,
Karsten Müller
,
Farzad Saidi
Two Centuries of Systemic Bank Runs
We study the macroeconomic causes and consequences of bank runs in 184 countries over the period of 1800-2022. A new narrative …
Rustam Jamilov
,
Tobias König
,
Karsten Müller
,
Farzad Saidi
Last updated on May 6, 2024
The Financial Accelerator, Wages, and Optimal Monetary Policy
This paper studies the effects of labor market outcomes on firms’ loan demand and on credit intermediation. In a first step, I …
Tobias König
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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
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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 Jun 14, 2023
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The Macroeconomic Effects of a European Deposit (Re-)Insurance Scheme
Recent proposals for a still missing European deposit insurance scheme (EDIS) argue in favor of a reinsurance framework. In this paper, …
Marius Clemens
,
Stefan Gebauer
,
Tobias König
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Policy Report
The Macroeconomic Effects of a European Deposit (Re-)Insurance Scheme
Recent proposals for a still missing European deposit insurance scheme (EDIS) argue in favor of a reinsurance framework. In this paper, …
Marius Clemens
,
Stefan Gebauer
,
Tobias König
Last updated on Jun 4, 2023
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Policy Report
Firm Heterogeneity and the Capital Market
I investigate the importance of different types of financial constraints on firms for the transmission of aggregate equity demand …
Tobias König
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Firm Heterogeneity and the Capital Market
I investigate the importance of different types of financial constraints on firms for the transmission of aggregate equity demand …
Tobias König
Last updated on Jun 3, 2023
PDF
The Financial Accelerator, Wages, and Optimal Monetary Policy
This paper studies the effects of labor market outcomes on firms’ loan demand and on credit intermediation. In a first step, I …
Tobias König
Last updated on Oct 10, 2023
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