Schleer, Frauke, Willi Semmler and Julian Illner (2016), Banking Overleveraging and MacroInstability. A Model and VSTAR Estimations, Journal of Economics and Statistics (Jahrbücher für Nationalökonomie und Statistik).

Schleer, Frauke and Willi Semmler (2015), Financial Sector and Output Dynamics in the Euro Area: Non-linearities Reconsidered, Journal of Macroeconomics 46, 235-263.

Ernst, Ekkehard, Willi Semmler and Alexander Haider (2016), Debt Deflation, Financial Market Stress and Regime Change – Evidence from Europe Using MRVAR, ZEW Discussion Paper No. 16-030, Mannheim

Semmler, Willi and Alexander Haider (2015), The Perils of Debt Deflation in the Euro Area – A Multi Regime Model, ZEW Discussion Paper No. 15-071, Mannheim

Semmler, Willi and Christian R. Proaño (2015), Escape Routes from Sovereign Default Risk in the Euro Area, ZEW Discussion Paper No. 15-020, Mannheim

Mittnik, Stefan and Willi Semmler (2014), Overleveraging, Financial Fragility and the Banking-Macro Link: Theory and Empirical Evidence, ZEW Discussion Paper No. 14-110, Mannheim

Schleer, Frauke, Willi Semmler and Julian Illner (2014), Overleveraging in the Banking Sector: Evidence from Europe, ZEW Discussion Paper No. 14-066, Mannheim

Schleer, Frauke and Willi Semmler (2013), Financial Sector and Output Dynamics in the Euro Area: Non-linearities Reconsidered, ZEW Discussion Paper No. 13-068, Mannheim , published in : Journal of Macroeconomics