Household Balance Sheets and Firm Dynamics, joint with Sigurd Galaasen (Norges Bank) and Ragnar Juelsrud (Norges Bank).  [draft available upon request]

Using administrative data for Norway, we examine the role of business owners' personal finances for firm creation, growth, and investment. We leverage a unique data source linking the universe of private businesses to the identity and financials of their owners, and document along the entire distribution the existing relationship between firms’ financial structure and personal financial characteristics. We show that richer individuals start larger businesses that are less levered, have a lower cost for external finance and a higher probability of survival. More critically, richer entrepreneurs' businesses scale up more quickly, and transition quickly from debt to retained earnings for the financing of investment in the medium run. In order to disentangle and quantify the various channels via which personal finances affect firm outcomes, we develop a rich quantitative model nesting different theories previously hinted by the empirical literature, upon entry and over the life-cycle. Agents are heterogeneous in their asset positions as well as their entrepreneurial talent, can endogenously start a business, and jointly manage their personal portfolios and the balance sheet of their businesses. We use this model to quantify the importance of personal finance determinants of firm dynamics in the medium-run.

Strategic Competition and Innovation For Multiproduct Firms, joint with Jin Liu (NYU).  [draft available upon request]

We study the role of micro level strategic incentives of multiproduct firms in shaping the relationship between competition and innovation. Leveraging scanner data and detailed text data on product features, we document three stylized facts about competition and innovation in product markets. First, firms frequently adjust their product portfolios as products reach their peak sales within the first two years and decay for the rest of their life. Second, product markets are concentrated, and the competition structure of product markets can be characterized by oligopoly where a few large firms operate strategically in each variety. Third, measuring innovation by the number and novelty of new product introductions, there exists an inverted-U shaped relationship between competition and innovation. Motivated by these empirical findings, we build a dynamic oligopoly model of endogenous innovation. In this model, multiproduct firms can innovate both to improve the quality of their existing products and to expand to new varieties. Each variety is produced by a few large firms and a fringe of atomistic firms. We use this model to examine the implication of rising concentration on aggregate innovation and growth.

Optimal Innovation Policy with Endogeneous growth and Financial Constraints.

"Multi-Speed Sectoral Recovery and Reallocation Potential" (2021), with La-Bhus Fah Jirasavetakul (IMF), Agustin Roitman (IMF), Jorge Salas (IMF), and Jing Zhou (IMF).  [full report] [technical appendix]

Regional Economic Outlook: Europe, Chapter 3, October 2021 issue, International Monetary Fund, European Department.

"How have major economies responded to the COVID-19 pandemic? Consequences for growth trajectories and debt sustainability" (2022), with Natacha Valla (SciencesPo). [paper]

EP Discussion paper, PE 699.531, European Parliament, DG for Internal Policies of the Union (EGOV).

Dormant

Labor Market Opportunities and Innovation, joint with Corina Boar and Elisa Giannone.

Older 

On the Structural Determinants of Sectoral Exchange Rate Pass-Through in the Euro-area (2016) (PSE Master thesis)  [draft available upon request]

This paper bridges the gap between the macro and micro literature on exchange rate pass-through by providing new evidence for the exchange rate elasticity of disaggregated import prices in the Euro-area, as well as some solid insights on their micro determinants. The analysis makes use of a relatively recent source on import price indices for 25 sectors and 8 economies, considerably improving upon existing estimations based on Unit Value indices. The estimation results document a large heterogeneity of elasticities across sectors and across countries, providing strong evidence that sector disaggregation is not enough to explain the cross-country heterogeneity observed on the aggregates. Finally, this paper exploits a recent dataset on market characteristics and firm performance in the Euro-area and therefore to study the macro and micro determinants of exchange rate pass-through. Despite a small sample size, micro factors are found to be significant determinants of pass-through consistent with predictions from international trade models with imperfect competition.

The sustainability of the Classical Gold Standard (1880-1914): success of an infant international monetary regulation, or determinism from outstanding economic conditions?

Home bias et base des investisseurs: quel impact sur la capacité d’endettement des Etats?

Etude de l’évolution de la base des détenteurs de dette publique dans le processus d’intégration économique et financière des pays européens (1990-2007).