I am an Associate Professor of Monetary Economics at the University of St. Gallen, a Director of the Swiss Institute for International Economics and Applied Economic Research (SIAW-HSG), and a Research Affiliate at the CEPR. I obtained my PhD in Economics from the University of Bonn in 2017.

I am a macroeconomist with broad research interests in international economics, monetary economics and economic growth. My work is mostly in applied theory. I have been awarded a 2025 SNSF Starting Grant (Swiss ERC Starting Grant equivalent) for my work connecting debt dynamics and endogenous productivity growth.

News

• 02/26 I’ve been promoted to Associate Professor (with tenure)
• 02/26 New working paper “Financial Dominance and Macroeconomic Expectations” (with Leopold Zessner-Spitzenberg)
• 01/26 New working paper “Industrial Policies, Global Imbalances and Technological Hegemony” (With Ambrogio Cesa-Bianchi, Andrea Ferrero and Luca Fornaro)
• 10/25 New working paper “Tariffs and Technological Hegemony” (with Luca Fornaro)
• 04/25 New working paper “Fiscal Stagnation” (with Luca Fornaro)
• 04/25 I received the University of St. Gallen’s Latsis Prize for outstanding early-career research
• 12/24 I was awarded an SNSF Starting Grant (Swiss ERC Starting Grant equivalent) for my project “Debt, Growth, and the Macroeconomy: A Unified Perspective (DEBTANDGROWTH)”
• 11/24 My paper “The Global Financial Resource Curse” was accepted for publication at the American Economic Review
• 10-12/24 I am visiting the Federal Reserve Bank of San Francisco

Publications

• The Global Financial Resource Curse (with Gianluca Benigno and Luca Fornaro).
  American Economic Review, 115(1), January 2025.
• Delayed Overshooting: The Case for Information Rigidities (with Thomas Hettig and Gernot Müller).
  American Economic Journal: Macroeconomics, 16(3), July 2024.
• The Scars of Supply Shocks: Implications for Monetary Policy (with Luca Fornaro).
  Journal of Monetary Economics, 140, November 2023 (SI).
• Reserve Accumulation, Growth, and Financial Crises (with Gianluca Benigno and Luca Fornaro).
  Journal of International Economics, 139, November 2022 (SI).
• Pecuniary Externalities in Economies with Downward Wage Rigidity
  Journal of Monetary Economics, 116, December 2020, 219-235.
• Exit Expectations and Debt Crises in Currency Unions (with Alexander Kriwoluzky and Gernot Müller).
  Journal of International Economics, 121, November 2019.
• Step Away from the Zero Lower Bound: Small Open Economies in a World of Secular Stagnation (with Giancarlo Corsetti, Eleonora Mavroeidi and Gregory Thwaites).
  Journal of International Economics, 116, January 2019, 88-102.
• Deleveraging, Deflation and Depreciation in the Euro Area (with Dmitry Kuvshinov and Gernot Müller).
  European Economic Review, 88, September 2016, 42-66 (SI).

Working Papers

• Financial Dominance and Macroeconomic Expectations (with Leopold Zessner-Spitzenberg).
  CEPR Discussion Paper, 21161, February 2026.
• Industrial Policies, Global Imbalances and Technological Hegemony (with Ambrogio Cesa-Bianchi, Andrea Ferrero and Luca Fornaro).
  Working paper, January 2026.
• Tariffs and Technological Hegemony (with Luca Fornaro).
  CEPR Discussion Paper, 20826, October 2025.
• Fiscal Stagnation (with Luca Fornaro).
  CEPR Discussion Paper, 20149, April 2025.
• Fear of Hiking? Rising Interest Rates in Times of High Public Debt (with Leopold Zessner-Spitzenberg).
  CEPR Discussion Paper, 16837, January 2024.
• Monetary Policy in the Age of Automation (with Luca Fornaro).
  CEPR Discussion Paper, 16416, September 2022.

Other Writings

• Covid-19 Coronavirus and Macroeconomic Policy (with Luca Fornaro).
  CEPR Discussion Paper 14529, March 2020.

Current Teaching

• Monetary Economics (Bachelor).
• Advanced Macroeconomics III (Master).
• International Economics (Master).