This study investigates the international spillover effects of US unconventional monetary
policy (UMP)—frequently called large-scale asset purchases or quantitative easing (QE) …

Focusing on the evolution of identical single-cohort households concerning their housing
service consumption in the life-cycle context, this paper studies the impact of fixed-rate …

We investigate an unexplored link between the US mortgage spread and business cycle
and asset price fluctuations in emerging market economies (EMEs). Controlling for changes …

Figure: Illustration of the Risk-to-Buffer. Note: The chart illustrates the Risk-to-Buffer
approach. Thanks to the state-dependent nature of the Cyclical Amplifier, the same set of …

This dissertation explores the relationship between financial intermediaries and the
macroeconomy, both internationally and domestically. The dissertation is composed of two …

Households' financial vulnerability substantially affects the propagation of financial shocks.
Whether those shocks originate in the housing sector or in the credit sector is key to …

This thesis contributes to research on systemic financial risk and macrofinancial regulation. It
consists of three independent chapters. The first chapter studies the macroeconomic impact …

We investigate an unexplored link between the US mortgage spread and business cycle
and house price fluctuations in emerging market economies (EMEs). An increase in the US …