Mortgage Securitization and Shadow Bank Lending (with Pedro Gete)
Review of Financial Studies, 2021, 34(5):2236-2274.
We show how greater MBS liquidity lowers shadow banks’ lending standards in the primary mortgage market.
Mortgage Supply and Housing Rents (with Pedro Gete)
Review of Financial Studies, 2018, 31(12):4884-4911.
We show how a contraction of mortgage credit supply after the Great Recession increases housing rents.
Two Extensive Margins of Credit and Loan‐to‐Value Policies (with Pedro Gete)
Journal of Money, Credit, and Banking, 2016, 48(7):1397-1438.
We study optimal loan-to-value regulation in a partial equilibrium model with two extensive margins of credit.
Journal of Investment Management, 2019, 17(2):1-13.
We use portfolio-level data to document the value added of robo-advisors for household diversification.
Automation and Inequality in Wealth Management (with Stanislav Sokolinski)
We show how robo advisors affect inequality by giving middle-class households access to professionally managed stock portfolios.