Working Papers and Work in Progress

“Zombie Lending to U.S. Firms” (2025), with Giovanni Favara and Camelia Minoiu.

"Monetary Policy Under Multiple Financing Constraints" (2025), with Yannick Timmer and Alejandro van der Ghote.

"Sticky Leverage: Comment" (2023), with Andrea Ajello and Bálint Szőke.

"Household and Firm Dynamics and the Amplification of Financial Shocks" (2019), with Andrea Caggese and Angelo Gutierrez. 

“Which Financial Shocks Drive the Business Cycle?”, with Andrea Ajello and Jonathan Goldberg.

"Aggregate Liquidity, Financial Constraints, and Investment"

Publications

How Stimulative are Low Real Interest Rates for Intangible Capital?, with Andrea Caggese, European Economic Review, 142 (2022), 103987.

• Previously circulated as "Capital Misallocation and Secular Stagnation" (FEDS WP version 2017). 

Credit Lines and the Liquidity Insurance Channel, with Viral Acharya, Heitor Almeida, and Filippo Ippolito, Journal of Money, Credit and Banking (2021), 53(5), 901-938.

Bank Lines of Credit as Contingent Liquidity: A Study of Covenant Violations and their Implications, with Viral Acharya, Heitor Almeida, and Filippo Ippolito, Journal of Financial Intermediation (2020), 44, p.100817. 

• JFI Best Paper of 2020 Award. 

• Earlier version: ECB Working Paper No. 1702 (2014)

The Transmission of Monetary Policy through Bank Lending: The Floating Rate Channel, with Ali Ozdagli and Filippo Ippolito, Journal of Monetary Economics (2018), vol. 95, 49-71.

Credit Constraints, Firms' Precautionary Investment, and the Business Cycle, Journal of Monetary Economics (2016), vol.78, 112–131.

Credit lines as monitored liquidity insurance: Theory and evidence, with Viral Acharya, Heitor Almeida, and Filippo Ippolito, Journal of Financial Economics (2014), 112(3), 287-319.

Financial Innovation, Macroeconomic Stability and Systemic Crises, with Prasanna Gai, Sujit Kapadia, and Stephen Millard, Economic Journal (2008), vol. 118, 527, 401-426.

Other Publications (non-refereed)

"Distressed Firms and the Large Effects of Monetary Policy Tightenings" (2023), joint with Yannick Timmer. FEDS Note. Federal Reserve Board.  

"US Zombie Firms How Many and How Consequential?" (2021), joint with Giovanni Favara and Camelia Minoiu.  FEDS Note No. 2021-07-30-2. Federal Reserve Board.

"Interest Coverage Ratios: Assessing Vulnerabilities in Nonfinancial Corporate Credit" (2020), joint with Jack McCoy, Francisco Palomino, Charles Press, and Gerardo Sanz-Maldonado. FEDS Note. Federal Reserve Board.  

"The Information in Interest Coverage Ratios of the US Nonfinancial Corporate Sector" (2019), joint with Francisco Palomino, Stephen Paolillo, and Gerardo Sanz-Maldonado. FEDS Note. Federal Reserve Board. 

"The Potential Increase in Corporate Debt Interest Rate Payments from Changes in the Federal Funds Rate" (2017), joint with Ashish Kumbhat and Francisco Palomino. FEDS Note. Federal Reserve Board. 

Comments on "Optimal Monetary Policy in an Estimated DSGE Model with Financial Frictions," by P. Gelain, D. Rodriguez-Palenzuela and B. Vilagi, Moneda y Crédito 232 (2011), pp. 333-337.