My research focuses on firm heterogeneity and its macroeconomic implications. I am interested in the financing decisions of firms, misallocation of factors, taxes, monetary policy, and labor markets.
Corporate Debt Maturity Matters for Monetary Policy. With Joachim Jungherr, Matthias Meier, and Timo Reinelt. August 2024
Revise & resubmit (2nd round) at Review of Economic Studies. [PDF] [International Finance Discussion Papers (IFDP) - December 2024]
Mentioned in: Bloomberg, Torsten Slok (Apollo)
Tax Heterogeneity and Misallocation. With Baris Kaymak. January 2025.
Revise & resubmit at Review of Economics and Statistics. [PDF] [International Finance Discussion Papers (IFDP) - May 2024 version]
Corporate Debt Maturity and Business Cycle Fluctuations. With Francesco Ferrante and Andrea Prestipino. April 2025.
[PDF] [International Finance Discussion Papers (IFDP) - May 2025 version]
The Employment and Productivity Effects of Short-Time Work in Germany. With Russell Cooper and Moritz Meyer.
[updated PDF coming soon] [NBER] [voxeu column]
Banks, accounting standards, and macroeconomic fluctuations. With Joachim Jungherr. February 2025.
[PDF available upon request]
The Effects of the War on Ukraine on Global Corporate Investment. With Dario Caldara, Mike McHenry, and Matteo Iacoviello. July 2025.
[PDF]
6. Inputs delays, Firm Dynamics, and Misallocation in Sub-Saharan Africa. With Idossou Marius Adom.
Review of Economic Dynamics. Volume 53, July 2024, Pages 147-172.
[PDF] [Link to journal]
5. Corporate Tax Cuts and the Decline of the Manufacturing Labor Share. With Baris Kaymak.
Econometrica. Volume 91, No. 6 (November, 2023). Pages 2371–2408.
[PDF] [Link to journal] [Online Appendix] [Replication codes]
4. Capital Reallocation and Aggregate Productivity. With Russell Cooper.
Quantitative Economics. Volume 14 (2023). Pages 1337-1365.
[PDF] [Link to journal]
3. Slow Debt, Deep Recessions. With Joachim Jungherr.
American Economic Journal: Macroeconomics. Volume 14(1), January 2022. Pages 224-259.
[PDF] [Link to journal] [Online Appendix] [Replication codes]
2. Optimal Debt Maturity and Firm Investment. With Joachim Jungherr.
Review of Economic Dynamics. Volume 42, October 2021, Pages 110-132.
[PDF] [Link to journal] [Replication codes]
1. Loss-Offset Provisions in the Corporate Tax Code and Misallocation of Capital. With Baris Kaymak.
Journal Of Monetary Economic. Volume 105, August 2019. Pages 1-20.
Optimal Monetary Policy under Higher Tariffs. With M. Bodenstein, P. Cuba-Borda, A. Queralto, and R. Reyes-Heroles
Start-ups, House Prices, and the Jobless Recovery.