Economics and Monetary Policy
Field of Interest: Monetary Economics, Financial Stability, Economic History
Chief Adviser, Economics and Monetary Policy Department, Danmarks Nationalbank, 2016-
Head of Division, Research, Danmarks Nationalbank, 2010-2016
Head of Division, Financial Stability, Danmarks Nationalbank, 2009-2010
Head of Division, Monetary Affairs, Danmarks Nationalbank, 2008-2009
Assistant Head of Division, Monetary Affairs, Danmarks Nationalbank, 2002-2007
Assistant Head of Division, Government Debt Management, Danmarks Nationalbank, 1999-2002
Assistant Head of Division, Money and Banking Statistics, Danmarks Nationalbank, 1998-1999
Adviser, Money and Banking Statistics, Danmarks Nationalbank, 1997-1998
Economist, Money and Banking Statistics, Danmarks Nationalbank, 1996
Economist, Foreign Exchange Reserve Risk Management, Danmarks Nationalbank, 1995
Consultant, Danish Chamber of Commerce, 1995
Economist, Financial Stability, Danmarks Nationalbank, 1994-1995
Economist, Economics Department, Danmarks Nationalbank, 1992-1994
Economist, National Accounts, Statistics Denmark, 1992
Research fellow, University of Copenhagen, Institute of Economics, 1991
Ph.D. Economics, University of Copenhagen, 2010
M.Sc. Economics, University of Copenhagen, 1991
Selected Refereed Publications
'Overoptimism and house price bubbles' with Niels Lynggård Hansen and Andreas Kuchler, Journal of Macroeconomics, Vol. 56, 2018, pp. 1-14.
'175 Years of Financial Risks and Returns in Central Banking: Danmarks Nationalbank, 1839 - 2014', Financial History Review, Vol. 24(3), 2017, pp. 307-329
'Trends in real wages in Denmark since the Late Middle Ages', Historical Methods, Vol. 50(2), 2017, pp. 67-78.
'Determinants of banks' capital structure in the Pre-Regulation Era', European Review of Economic History, Vol. 21(1), 2017, pp. 64-82.
'The National Wealth of Denmark 1845-2013 in a European Perspective', Danish Journal of Economics, Vol. 154(1), 2016, pp. 1-19.
'A century of macro-financial linkages', Journal of Financial Economic Policy, vol. 8(4), 2016, pp. 458-471.
'Household micro-data, regulation and financial stability: The case of Denmark in the 1950s', Studies in Economics and Finance, Vol. 33(2), 2016, pp. 320-335.
'Far out in the tails – The historical distributions of macro-financial risk factors in Denmark', Danish Journal of Economics, Vol. 152(1), 2014, pp. 1-31.
'Tail events in the FX markets since 1740', Journal of Risk Finance, Vol. 15(3), 2014, pp. 294-311.
'Banks' loan rejection rates and the creditworthiness of the banks' corporate customers', with Peter Askjær Drejer and Andreas Kuchler, Danish Journal of Economics, Vol. 151(2), 2013, pp. 207-224.
'Financial structures and the real effects of credit-supply shocks in Denmark 1922-2011', European Review of Economic History, Vol. 16(4), 2012, pp. 490-510.
'Business Cycles and Shocks to Financial Stability - Empirical evidence from a new set of Danish quarterly national accounts 1948-2010', Scandinavian Economic History Review, Vol. 60(1), 2012, pp. 50-78.
'Consumer Prices in Denmark 1502-2007', Scandinavian Economic History Review, Vol. 58(1), 2010, pp. 2-24.
'Credit Dynamics in Denmark since World War II', Danish Journal of Economics, Vol. 147(1), 2009, pp. 89-119.
'Monetary Regimes and the Endogeneity of Labour Market Structures – Empirical Evidence from Denmark 1875-2007', European Review of Economic History, Vol. 13(2), 2009, pp. 199-218.
'The Great Depression in the 1930s', Økonomi & Politik, Vol. 82(3), 2009, pp. 79-88.
'Short-term impacts on exchange rates from portfolio flows to and from Denmark 1984-2004', Danish Journal of Economics, Vol. 146(2), 2008, pp. 156-177.
'A ‘First Go’ on Financial Accounts for Denmark 1875-2005', Scandinavian Economic History Review, Vol. 56(2), 2008, pp. 103-121.
'The Role of Central Banks in Economic Policy', with Jens Thomsen, Økonomi & Politik, Vol. 81(1), 2008, pp. 14-27.
'Input-Output Based Measures of Underlying Domestic Inflation: Empirical Evidence from Denmark 1903-2002', Economic Systems Research, Vol. 19(4), 2007, pp. 409 - 423.
'Estimates of the Danish general government budget balance and the cyclical budget volatility 1875-2005', Danish Journal of Economics, Vol. 144(3), 2006, pp. 287-303.
'Real Effective Exchange Rates and Purchasing-Power-parity Convergence: Empirical Evidence for Denmark, 1875-2002', Scandinavian Economic History Review, Vol. 53(3), 2005, pp. 58-70.
'Interest-Rate Development in Denmark 1875-2003 – A Survey', Danish Journal of Economics, Vol. 143(2), 2005, pp. 153-167.
'Were the Results of Danish Import Allocation in 1934 Optimal for Reducing Unemployment?', with Anders Nørskov, Danish Journal of Economics, Vol. 130(4), 1992, pp. 591-604.
Selected Working Papers
'The short-term Danish interbank market before, during and after the financial crisis', with Nicolaj Albrechtsen, Mark Strøm Kristoffersen, Søren Truels Nielsen and Rasmus Tommerup, Danmarks Nationalbank Working Papers, No. 99, November 2015.
Selected Danmarks Nationalbank Publications
‘Scenarios for Normalisation of the Level of Interest Rates’, with Oliver Juhler Grinderslev and Anders Kronborg, Danmarks Nationalbank Monetary Review, 2nd Quarter 2016, pp. 65-83
‘Corporate capital structure, productivity and access to finance’, with Andreas Kuchler, Mark Niels Strøger Hansen, Carina Moselund Jensen, Mark Strøm Kristoffersen and Oxana Skakoun, Danmarks Nationalbank Monetary Review, 4th quarter 2014, pp. 61-77.
‘Productivity and Cost-Efficiency in the Danish Financial Sector’, with Andreas Kuchler, Nicolai Møller Andersen and Mark Strøm Kristoffersen, Danmarks Nationalbank Monetary Review, 4th quarter 2013, Part 2, pp. 1-63.
‘Banks, Credit and Business Cycles’, with Andreas Kuchler, Danmarks Nationalbank Monetary Review, 2nd quarter 2013, part 2, pp. 1-49.