Research
Publications
7. Macroprudential and Monetary Policies With an Imperfectly Competitive Banking Sector
International Review of Economics & Finance, Volume 106, March 2026. Link
6. Quantitative Easing, Bank Lending, and Aggregate Fluctuations
with Matthew Schaffer
Journal of Financial Stability, Volume 81, December 2025. Link
5. Stock Market Reaction to Monetary Policy Under Uncertainty
with Jonathan Benchimol and Yossi Saadon
International Review of Financial Analysis, Volume 89, October 2023. Link Replication File
4. Low Interest Rates and Banks' Interest Margins: Does Deposit Market Concentration Matter?
with Sigal Ribon, Michael Kahn and Jakob de Haan
Journal of Financial Services Research, 1-30, December 2022. Link
3. The Deposits Channel Revisited
with Matthew Schaffer
Journal of Applied Econometrics, Volume 37, Issue 2, March 2022. Link Replication File
2. Monetary Policy, Bank Competition, and Regional Credit Cycles: Evidence from a Quasi-Natural Experiment
with Matthew Schaffer
Journal of Corporate Finance, Volume 64, October 2020. Link
1. Identifying the Risk-Taking Channel of Monetary Transmission and the Connection to Economic Activity
Journal of Banking and Finance, Volume 116, July 2020. Link
Book Chapters
1. The impact of low interest rates on banks' net interest margins: An overview
with Jakob de Haan and Maria Rodriguez Moreno
Reference Module in Social Sciences, Elsevier, 2023. Link
Working Papers
The Mortgage Cash-Flow Channel: How Rising Interest Rates Impact Household Consumption (PDF) (Slides)
with Nadav Eshel and Itamar Caspi
The Effect of Information Sharing on Relationship Banking: Evidence from a Natural Experiment (PDF)
with Tali Bank and Maya Shaton
Switching Costs in the Banking System: Evidence from a Regulatory Reform in Israel
with Sivan Frenkel