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), specialising 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.

Recent updates

September 2017

What caused the corporate investment slump? Some evidence from the firm-level data in the forthcoming CEPR book (Chapter 3).

December 2016

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.

October 2016

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 pubslished at the ECB.

October 2016

New evidence on energy-growth nexus in China can be found in the paper co-authored by Zheng Fang.

September 2016

The most recent version of the paper "Interbank loans, collateral and modern monetary policy" has been published in the ECB Working Paper Series. You can find it here.

You can find my most recent CV here.

Journal Publications

[4] Interbank loans, collateral and modern monetary policy. (with Michiel van de Leur)
Journal of Economic Dynamics and Control, pp 388–416, Vol. 73, 2016
[Online Version] [ECB Version]

[3] Nonlinear Granger causality: Guidelines for multivariate analysis. (with Cees Diks)
Journal of Applied Econometrics, pp 1333-1351, Vol. 31 (7), 2016
[Online Version] [JAE repository]

[2] 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
[Online Version]

[1] Are European fiscal rules that bad? Discretionary fiscal policies in New Member States. (with Bettina Fincke)
Empirical Economics, pp 517–546, Vol. 51 (2), 2016
[Online Version] [Data set]

Books and Book Chapters

[3] 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 (forthcoming)
[Online Version]

[2] 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
[Online Version]

[1] Essays in Nonlinear Dynamics in Economics and Econometrics with Applications to Monetary Policy and Banking. Amsterdam University Press, 2014
[Online Version]

Research Projects

[5] Human capital, energy and economic growth in China: Evidence from multivariate nonlinear Granger causality (with Zheng Fang)
[Online Version]

[4] Exploring nonlinearities in financial systemic risk
[Online Version]

[3] The effects of capital and provisioning requirements on bank lending and sales of non- performing loans: A theoretical and empirical assessment
[Online Version]

[2] Misallocation of investment in Europe: Debt overhang, credit market distress, or weak demand? (with Francesca Barbiero, Philipp-Bastian Brutscher, Atanas Kolev and Alexander Popov)
[Coming Soon]

[1] Applied nonparametric density filtering
[Coming Soon]

Permanent Working Papers

[2] 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)
[Online Version]

[1] Monetary policy, banking and heterogeneous agents. National Bank of Poland Working Paper Number 136, 2013
[Online Version]


Nonparametric Granger Causality (bivariate)
   Standard DP test (R implementation)
   Standard DP test with Gaussian kernel

Nonparametric Granger Causality (multivariate)
   3-variate sharpened DP test
   4-variate sharpened DP test


Fiscal variables (Empirical Economics, 2016)
   Data set

M. Wolski
Marcin Wolski, PhD
European Investment Bank
E-mail: M.Wolski (at) eib.org
Phone: +352 623 391 789

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