1. A Quantitative Theory of the Credit Score

Econometrica, Vol. 91, No. 5 (September 2023), pp. 1803-1840

with Satyajit Chatterjee, Dean Corbae, and Jose-Victor Rios-Rull

Journal Link Online Appendix   Additional Materials   NBER Working Paper

2. Capital Requirements with Non-Bank Finance 

Review of Economic Studies, Vol. 93, Iss. 3 (May 2026), pp. 1635-1670

Journal Link Working Paper (with Appendices)

ECB Working Paper Duke School of Law FinReg Blog Post winner, ECB Lamfalussy Fellowship

3. A Quantitative Analysis of Bank Lending Relationships

Journal of Financial Economics , Vol. 170 (August 2025)

with Miguel Faria-e-Castro

Journal Link Slides Working Paper (with Appendices)

4. Default Risk and Pricing in the U.S. Credit Card Market

JPE: Macro (forthcoming)

with Felicia Ionescu 

Journal Link Working Paper (with Appendices)

5. Credit Scores and Inequality Across the Life Cycle

prepared for 2025 NBER Macro Annual

with Satyajit Chatterjee, Dean Corbae, and Jose-Victor Rios-Rull

Replication package NBER Working Paper 34027

1. Saving for a Sunny Day: An Alternative Theory of Precautionary Savings

(June 2023, updated draft coming soon)

with Luigi-Maria Briglia, Satyajit Chatterjee, Dean Corbae, and Jose-Victor Rios-Rull

2. Borrowing Premia in Unsecured Credit Markets

(Spring 2023, updated draft focused on macro effects coming soon)

with Felicia Ionescu 

3. Financial Stability with Lending Relationships

(May 2024, very preliminary)

with Miguel Faria-e-Castro

1. Bank Credit Supply: Measurement and Implications

with David Glancy and Felicia Ionescu

2. Who are the Credit Revolvers? An Empirical and Theoretical Investigation

with Felicia Ionescu and Gajendran Raveendranathan