+44 (0) 744 5688694


London Business School

 University of California (Davis)

Penn State University

Hi there!

I am a Research Fellow in the Economics Department at the London Business School (LBS) in London, UK.

My research focuses on aggregate consequences of household and firm heterogeneity, housing markets and household finance, learning, monetary economics and computational economics.

I will be in the 2016-2017 job market, and available for interviews at:
LACEA meetings in Medellin, November 10-12
SAEe meetings in Bilbao, December 15-17
ASSA meetings in Chicago, January 6-8


Monetary Policy When Households Have Debt: New Evidence on The Transmission Mechanism

joint with James Cloyne and Paolo Surico

Abstract: This paper offers a new perspective on the transmission of monetary policy using household micro-data for the U.S. and U.K.. Following a temporary cut in interest rates, households with mortgage debt increase their spending significantly, home-owners without debt do not adjust expenditure at all and renters increase spending but by less than mortgagors. Income, however, rises considerably for all households. We show that the balance sheets of these housing tenure groups differ markedly in their composition of liquid versus illiquid wealth and this heterogeneity in liquidity holdings, together with a sizable general equilibrium effect on income, is crucial for explaining our results. In contrast, differences in demographics, the elasticity of inter-temporal substitution, wealth effects and the response of mortgage and rental payments are unable to account for the heterogeneity in expenditure we document.