Research
RESEARCH
Dissertation
PHD DISSERTATION · CORVINUS UNIVERSITY OF BUDAPEST
Essays on the Nonlinear Transmission of Monetary Policy
My dissertation studies how the transmission of monetary policy varies across economic states, uncertainty regimes and dimensions of the yield curve.
Chapter 1 — Monetary Transmission in a Fragmented Uncertain World
CONFERENCE-READY · WITH TOHID ATASHBAR
Monetary Transmission in a Fragmented Uncertain World
How economic uncertainty affects monetary policy transmission. Using Bayesian threshold VARs across 30 economies, the paper finds that inflation responds markedly less to monetary shocks in high-uncertainty states while the GDP response remains comparatively stable.
Chapter 2 — Housing-market imbalances and monetary transmission
PUBLISHED · 2026
Nonlinear Transmission of Monetary Policy and Housing Market Imbalances: Evidence From a Factor-Augmented Threshold VAR Analysis
Housing-market conditions affect both monetary-policy behaviour and the transmission of monetary shocks. Evidence from the United States points to more gradual policy easing around housing booms and somewhat stronger contractions in activity and financial aggregates.
Chapter 3 — Forward guidance and the yield curve
CONFERENCE-READY
A Distributional Perspective on Forward Guidance and the US Term Structure
Monetary policy announcements affect conditional volatility as well as the conditional mean of the US yield curve. Standard policy-rate shocks tend to increase volatility, while forward guidance compresses it, however, the volatility effects are smaller and less persistent than the mean effects.
Other research
CONFERENCE-READY · WITH ATANAS KOLEV & LAURENT MAURIN
How Does Grant Design Shape Investment, Output, and Productivity in Europe?
Bayesian VAR evidence from EU economies on how the design and allocation of government investment grants shape investment, output and productivity. The project was developed during the EIB Traineeship Program.
PUBLISHED · 2024 · WITH SZILÁRD BENK & NORBERT SZEPESI
Inflation Shock and Monetary Policy
Chapter in Central and Eastern European Economies and the War in Ukraine, examining the inflation surge and monetary-policy responses across Central and Eastern Europe.