Research

Publications

• Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium
  (with Vladimir Asriyan, Luc Leaven, Alberto Martin, and Alejandro Van der Ghote), Review of Economic Studies, Forthcoming 

• Security Design in Non-Exclusive Markets with Asymmetric Information
  (with Vladimir Asriyan), Review of Economic Studies, April, 2023 

• Designing Securities for Scrutiny
  (with Brendan Daley and Brett Green), Review of Financial Studies, February, 2023

• The Good, the Bad, and The Complex: Product Design with Imperfect Information
  (with Vladimir Asriyan and Dana Foarta),  American Economic Journal: Microeconomics, May, 2023.

• Investor Experiences and International Capital Flows  
  (with Ulrike Malmendier and Demian Pouzo), Journal of International Economics, May, 2020

• Securitization, Ratings, and Credit Supply
  (with Brendan Daley and Brett Green),  Journal of Finance, April, 2020

• Investor Experiences and Financial Market Dynamics
  (with Ulrike Malmendier and Demian Pouzo), Journal of Financial Economics, June, 2020

• Learning by Lending
  (with Mathew Botsch), Journal of Financial Intermediation, March, 2018

• The Downside of Asset Screening for Market Liquidity
  Journal of Finance, October, 2017

Working Papers

• Sectoral Dynamics of Safe Assets in Advanced Economies  

(with Madalen Castells, Dmitry Kuvshinov, and Björn Richter)

• Risk Mitigating versus Risk Shifting: Evidence from Banks Security Trading in Crises, R&R requested at The Review of Financial Studies.

(joint with José-Luis Peydró, Andrea Polo, and Enrico Sette)

• Banks vs. Firms: Who Benefits from Credit Guarantees? 

(with Alberto Martín and Sergio Mayordomo)

• Informed Intermediation over the Cycle  

(with Vladimir Asriyan)

Work in Progress 

• A New Theory of Credit Lines (With Evidence)  (with Jason Roderick Donaldson, Naz Koont, and Giorgia Piacentino)

• Capital Specificity and Borrowing Constraints (with Vladimir Asriyan, Alberto Martin, and Guillermo Ordoñez)

• Asset Pricing and Information in Social Networks (with Gabriela Stockler)