Johannes Breckenfelder, Ph.D.

Research Interests:

Financial markets, non-banks, and monetary policy transmission

Working Papers:

1. Bank balance sheet constraints and bond liquidity, with V. Ivashina, WP 2023.

2. Do non-banks need access to the lender of last resort? Evidence from fund runs, with M. Hoerova, Nov 2020, updated Feb 2023. R&R at the Review of Financial Studies.

3. Non-bank liquidity provision to firms: Fund runs and central bank intervention, with G. Schepens, WP 2023.

  • AFA 2023, EFA 2023

4. Fund Fragility: The role of investor base, with N. Allaire, and H. Hoerova, WP 2023.

  • AFA 2024

5. Is the bond market competitive? Evidence from the ECB’s asset purchase programme, with S. Corradin, and P. Collin-Dufresne, WP 2023.

  • EFA 2023

6. The (re)allocation of bank risk, with G. Bekaert, WP 2020.

  • EFA 2018

7. Competition among high-frequency traders and market quality, WP 2013, updated 2020.

8. Asymmetry matters: A high-frequency risk-reward trade-off, with B. Buchwalter and R. Tédongap, WP 2012.

Published Articles:

1. Sovereign to corporate risk spillovers, with P. Augustin, H. Boustanifar and J. Schnitzler, 2018, Journal of Money, Credit and Banking, Vol. 50 (5), 857-891.

2. Bank to sovereign risk spillovers across borders: Evidence from the ECB’s Comprehensive Assessment with B. Schwaab, 2018, Journal of Empirical Finance, Vol. 49, 247-262.

Other Papers / Discussion Papers:

1. Financial markets and green innovation, with P. Aghion, L. Boneva, L. Laeven, C. Olovsson, A. Popov, and E. Rancoita, ECB WP (2022)

2. The ECB’s Asset Purchase Programme: An early assessment, with P. Andrade, F. de Fiore, P. Karadi, and O. Tristani, ECB WP (2016)

3. The reanchoring channel of QE: The ECB Asset Purchase Programme and long-term inflation expectations, with P. Andrade, F. de Fiore, P. Karadi, and O. Tristani, WP (2016);

Disclaimer: The views expressed on this website are my own and do not necessarily reflect those of the European Central Bank or the Eurosystem.