Lior Cohen
Lior Cohen
PhD in Economics
Freelance economist and writer
About
7
Publications
489
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Introduction
Hi I'm Lior, a research economist with a PhD in Economics from the University of Barcelona. My fields of research are macroeconomics, finance, and monetary policy.
Education
February 2016 - June 2020
September 2004 - December 2008
Publications
Publications (7)
We examine the financial crisis in the European corporate bond market following the COVID-19 pandemic and assess the effectiveness of the ECB's QE program, PEPP, in mitigating it. Using credit (Z-spread) and liquidity (scaled bid-ask spread) spreads, we find that the crisis elevated Z-spreads of corporate bonds and mostly raised the bid-ask spread...
The Bank of Japan acquired ETFs and stocks to stimulate Japan's stagnating economy and improve financial conditions. Studies found that this program raised equity prices, although its effectiveness in stimulating corporate investment remained unclear. This paper contributes to the literature by identifying the program's channels affecting equities...
This paper investigates the ECB’s Corporate Sector Purchase Programme’s (CSPP) impact on European corporate bonds’ credit and liquidity risks and real economic activity. The results show that the CSPP’s announcement (“stock effect”) lowered the credit spread of eligible corporate bonds, measured by the G-spread, by ten basis points (bps) or 9.8%. T...
This paper focuses on the influence of the European Central Bank’s (ECB) monetary policies on non-financial firms. It sheds light on non-financial firms’ decisions regarding leverage, and on how the ECB’s conventional and unconventional policies may have affected them. The paper also examines how these policies influenced non-financial firms’ decis...
This paper focuses on how the European Central Bank’s (ECB) monetary policies influenced non-financial firms. The paper’s two main contributions are, first, to shed light on non-financial firms’ decisions on leverage, and how the ECB’s conventional and unconventional policies may have affected them. Second, the paper also examines how these policie...
This paper estimates the European Central Bank's (ECB) Public Sector Purchase Programme's (PSPP) impact on European non-financial corporations (NFCs) credit risk as measured by credit default swaps (CDSs), stock returns, and bond spreads. This analysis includes estimating the PSPP's stock and flow effects and identifying the program's transmission...