Household Finance and Economic Stability Our research on this topic tries to understand how household debt may contribute to the vulnerability of countries to economic crisis. Publications and discussion papers "Home Ownership and Monetary Policy Transmission," with Marc-Antoine Ramelet, CESifo Working Paper No. 7361, IZA Discussion Paper No. 11950, University of St.Gallen SEPS Working Paper No. 2018-14 “Differences in Euro-Area Household Finances and their Relevance for Monetary-Policy Transmission,” with Thomas Hintermaier, CESifo Working Paper No. 7088, University of St.Gallen SEPS Working Paper No. 2018-06 “Household Debt and Crises of Confidence,” with Thomas Hintermaier, Quantitative Economics, vol. 9, 1489-1542, 2018. [An accompanying non-technical essay for Vox] "Towards Understanding Differences in European Household Finances," with Thomas Hintermaier, ADEMU Working Paper Series, Working Paper No. 2016/017.