Welcome to my personal webpage where you can find the most up-to-date information on my research projects. I am currently working as an economist at the European Investment Bank (EIB), specializing in the fields of monetary and fiscal policies as well as banking and financial econometrics. Any views you can find on this website are solely mine and do not necessarily correspond to the views of the EIB or any other related institution.
Detailed paper explaining how we measure the macroeconomic impact at the EIB has just been published (link).
New evidence on the role of trade credit in financially distressed firms has just been released as the EIB Working Paper.
Is there a link between debt overhang and misallocation? It is more complicated than usually assumed but you can find the evidence from the EU countries in a recently published CEPR Discussion Paper.
How to keep zombies alive? Some evidence on the link between trade credit and investment in Chapter 7 of the freshly released Investment and Investment Finance Report of the EIB.
What caused the corporate investment slump? Some evidence from the firm-level data in the forthcoming CEPR book (Chapter 3).
What is wrong with European investments? The newest analysis of the Economics Department of the EIB has just been released and can be found here.
The paper "Interbank loans, collateral and modern monetary policy" has just been accepted to be published in the Journal of Economic Dynamics and Control (you can find it here). It includes several extensions to the version published at the ECB.
You can find my most recent CV here.
 Welfare-theoretic optimal policies in a new-Keynesian economy with heterogeneous regions: Any role for financial integration?
Journal of Common Market Studies, pp 742–761, Vol. 54 (3), 2016
Books and Book Chapters
 Misallocation of Investment in Europe: The Role of Debt Overhang and Credit Market Distress (with Francesca Barbiero, Philipp-Bastian Brutscher, Atanas Kolev and Alexander Popov) in Colin Mayer, Stefano Micossi, Marco Onado, Marco Pagano, and Andrea Polo (ed.) Finance and Investment: The European Case. Oxford University Press, pp. 57-64, 2018
 Modern Monetary Rules: Any Role for Financial Targeting? in William A. Barnett, Fredj Jawadi (ed.) Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons. Emerald Group Publishing Limited, pp. 367-403, 2015
 Essays in Nonlinear Dynamics in Economics and Econometrics with Applications to Monetary Policy and Banking. Amsterdam University Press, 2014
 Debt overhang and investment efficiency (with Francesca Barbiero and Alexander Popov)
[CEPR Discussion Paper]
 NCoVaR Granger causality (with Cees Diks)
 Human capital, energy and economic growth in China: Evidence from multivariate nonlinear Granger causality (with Zheng Fang)
Permanent Working Papers
 Safe havens, feedback loops and shock propagation in global asset prices. IMF Working Paper WP/14/81, 2014 (with Franziska Ohnsorge and Sophia Y. Zhang)
 Monetary policy, banking and heterogeneous agents. National Bank of Poland Working Paper Number 136, 2013
Fiscal variables (Empirical Economics, 2016)
Marcin Wolski, PhD
European Investment Bank
E-mail: M.Wolski (at) eib.org
Phone: +352 623 391 789
View my profile