About me
I am a Ph.D. candidate in economics at the University of Bonn. In my research, I explore the intersection of macroeconomics and spatial economics with a focus on housing markets. My approach is equally theoretical and empirical. Please find my CV here.
Papers
Residential concentration dampens monetary policy transmission
Work in progress.
Work in progress.
Housing plays a key role in monetary policy transmission. With this paper, I investigate whether the spatial structure of housing matters as well. For a theoretical perspective, I integrate spatial structure into a monetary business cycle model. I characterize spatial structure via the spatial concentration of housing, that is, via residential concentration. In my theory, a higher residential concentration dampens consumption responses to monetary policy shocks. Using geospatial data, I empirically validate this prediction for regions in the United States and the Eurozone. My paper establishes that granular spatial features of the housing market affect short-run macroeconomic dynamics.
Spatial distribution of housing liquidity
With Francisco Amaral and Jonas Zdrzalek.
Kiel Working Paper No. 2284.
With Francisco Amaral and Jonas Zdrzalek.
Kiel Working Paper No. 2284.
This paper examines the relationship between location, liquidity, and prices in housing markets. We construct spatial datasets for German and U.S. cities and show that liquidity and prices decline with distance to the city center. To rationalize these results, we build a structural model with spatial search frictions. We argue that location preferences concentrate buyers in central areas, making markets tighter, more liquid, and driving up prices. Counterfactuals show that suppressing search frictions raises welfare and prices, especially in peripheral areas. Our findings highlight the importance of demand-side preferences and search frictions for understanding liquidity and asset prices.