Papers

A Currency Premium Puzzle (with Thomas Mertens and Jingye Wang)

[Slides] [Video]

Economic Surveillance using Corporate Text (with Aakash Kalyani, Stephan Hollander, Laurence van Lent, Markus Schwedeler, and Ahmed Tahoun)

Prepared for The Journal of Economic Perspectives

The Diffusion of New Technologies  (with Aakash Kalyani, Nick Bloom, Josh Lerner, Marcela Melo, and Ahmed Tahoun )

revision requested by The Quarterly Journal of Economics

[Slides] [SSRN] [Data] [NBER Working Paper] [Bibtex] [Video] [Press: INET blog]

Immigration, Innovation, and Growth (with Konrad Burchardi, Thomas Chaney, Lisa Tarquinio, and Stephen Terry)

conditionally accepted, The American Economic Review

[Slides] [SSRN] [Immigration Instruments] [Bibtex] [Press: The Brink, Forbes, Miami Herald] [Replication Files: Model, Full Package (8GB)]

Sources and Transmission of Country Risk (with Jesse Schreger, Markus Schwedeler, and Ahmed Tahoun)

The Review of Economic Studies (2024) 91(4), pp. 2307–2346

[Slides] [SSRN] [Data] [NBER Working Paper] [Bibtex] [Video]

The Immigrant Next Door: Exposure, Prejudice, and Altruism (with Leonardo Bursztyn, Thomas Chaney, and Aakaash Rao)

The American Economic Review (2024) 114(2), pp. 348-384

[Slides] [SSRN] [NBER Working Paper] [Bibtex]

The Global Impact of Brexit Uncertainty (with Stephan Hollander, Laurence van Lent, and Ahmed Tahoun)

The Journal of Finance (2024) 79(1), pp. 413-458

[Slides] [Press: NYT, Le Monde, HBR, Brookings, Bloomberg, Independent, Gulf News] [NBER Working Paper] [Python Scripts] [Bibtex] [Video] [Replication Data] [Codebook]

Firm-level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1 (with Stephan Hollander, Laurence van Lent, Markus Schwedeler, and Ahmed Tahoun)

The Review of Financial Studies (2023) 36(12), pp. 4919-1964

[Slides] [Risk Measures] [SSRN] [Python Scripts] [Problem Set] [Bibtex] [Replication Data]

A Risk-based Theory of Exchange Rate Stabilization (with Thomas Mertens and Tony Zhang)

The Review of Economics Studies (2023) 90(2), pp. 879-911

[Slides] [SSRN] [NBER Working Paper] [BibTex] [Problem Set] [Mathematica Code]

The Economics of Currency Risk  (with Tony Zhang)  

Annual Reviews of Economics (2021) 13, pp. 281-307

[Slides Latex] [SSRN] [NBER Working Paper] [BibTex] [Data] 

Firm-Level Political Risk: Measurement and Effects  (with Stephan Hollander, Laurence van Lent, and Ahmed Tahoun)

The Quarterly Journal of Economics (2019) 134 (4), pp. 2135-2202

[Slides] [SSRN] [Press: NYT, WSJ, Vox, Worth, Promarket, HLS, FT] [BibTex] [Video] [Replication File] [PRisk Data] [Python Scripts] [Bibtex]

Forward and Spot Exchange Rates in a Multi-Currency World  (with Rui Mano)  

The Quarterly Journal of Economics (2019) 134 (1), pp. 397-450

[Slides Latex] [SSRN] [NBER Working Paper] [Voxeu column] [BibTex] [Data]

Migrants, Ancestors, and Foreign Investments  (with Konrad Burchardi and Thomas Chaney)

The Review of Economic Studies (2019) 86 (4), pp. 1448-1486

[Slides] [World Economic Forum] [Voxeu column] [Video] [Data] [BibTex] [Ancestry Instruments] [Press: FT-FDI]

The Power of the Street: Evidence from Egypt's Arab Spring  (with Daron Acemoglu and Ahmed Tahoun)

The Review of Financial Studies (2018) 31 (1), pp. 1-42 (editor's choice)

[Slides] [Voxeu column] [Video] [Press coverage] [Data] [BibTex]

The Social Cost of Near-Rational Investment  (with Thomas M. Mertens)

The American Economic Review (2017) 107 (4), pp. 1059-1103

[Slides] [SSRN] [NBER Working Paper] [Press coverage] [BibTex] [Code: Static Model, Dynamic Model ]

Natural Experiments in Macroeconomics  (with Nicola Fuchs-Schündeln)

Handbook of Macroeconomics Volume 2 (2016), North-Holland, pp. 923-1012

[Online appendix] [NBER Working Paper] [Slides]  [Teaching Materials: Slides, Handout, Latex Code] [BibTex]

Not so Disconnected: Exchange Rates and the Capital Stock (with Thomas Mertens and Tony Zhang)

Journal of International Economics (2016) 99, pp. S43-S57    

 [Slides] [NBER Working Paper] [Code] [Video] [BibTex]

Information Aggregation in a Dynamic Stochastic General Equilibrium Model (with Thomas M. Mertens)

NBER Macroeconomics Annual 2014, pp. 159-207 

[NBER Working Paper] [BibTex]

Country Size, Currency Unions, and International Asset Returns 

The Journal of Finance (2013) 68(6), pp. 2269-2308. Winner of the Austrian Central Bank's 2009 Klaus Liebscher Award and the Leo Melamed Prize for Outstanding Research in Finance.

[NBER Working Paper] [Slides] [Teaching Note] [BibTex]

The Economic Impact of Social Ties: Evidence from German Reunification (with Konrad Burchardi)

The Quarterly Journal of Economics (2013) 128(3), pp. 1219-1271    

[Slides] [NBER Working Paper] [Press coverage] [Data] [BibTex]

Social Structure and Development: A Legacy of the Holocaust in Russia  (with Daron Acemoglu and James A. Robinson) 

The Quarterly Journal of Economics (2011) 126(2), pp. 895-946.

[NBER Working Paper] [Data] [Press coverage] [BibTex]

Market Sentiment: A Tragedy of the Commons (with Thomas M. Mertens)

The American Economic Review P&P (2011) 101(2), pp. 402-405.

[BibTex]

Comment on "The power of substitution: The Great German Gas debate in retrospect" 

Brookings Papers on Economic Activity 2023

[Slides]

What the euro has done for you [Italian]

Il Sole 24 Ore, May 5, 2017

Research Statement (an overview of my work)