Dr. Jan-Christopher Scherer

Dr. Jan-Christopher Scherer
Aktuelle Position

seit 6/21

Research Affiliate

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 5/21

Ph.D. Trainee

Europäische Zentralbank


  • dynamische Makroökonomik, insbesondere Investitionsentscheidungen
  • Konjunkturanalyse und -prognose USA
  • angewandte Zeitreihenökonometrie
  • internationale Makroökonomik

Seit 2021 ist Jan-Christopher Scherer Research Affiliate am IWH. Seine Forschungsinteressen liegen auf dem Gebiet der dynamischen Makroökonomik, der angewandten Zeitreihenökonometrie sowie der Internationalen Makroökonomik.

Jan-Christopher Scherer ist Ph.D. Trainee bei der Europäische Zentralbank. Zuvor war er am IWH tätig.

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Dr. Jan-Christopher Scherer
Dr. Jan-Christopher Scherer
Mitglied - Abteilung Makroökonomik
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Sovereign Stress, Banking Stress, and the Monetary Transmission Mechanism in the Euro Area

Oliver Holtemöller Jan-Christopher Scherer

in: IWH Discussion Papers, Nr. 3, 2018


In this paper, we investigate to what extent sovereign stress and banking stress have contributed to the increase in the level and in the heterogeneity of non-financial firms’ financing costs in the Euro area during the European debt crisis and how both have affected the monetary transmission mechanism. Employing a large firm-level data set containing two million observations, we are able to identify the effect of government bond yield spreads (sovereign stress) and the share of non-performing loans (banking stress) on firms‘ financing costs in a panel model by assuming that idiosyncratic shocks to individual firms are uncorrelated with country-specific variables. We find that the two sources of stress have increased firms’ financing costs controlling for country and firm-specific factors. Moreover, we estimate both to have significantly impaired the monetary transmission mechanism.

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