Research

Working Papers

1. Nonbank Lending and the Transmission of Monetary Policy (with Denis Gorea) [UPDATED June 2025, Draft, Accepted at The Review of Financial Studies]

   • • Selected presentations:  European University Institute, CEMFI, IBEFA Young Economist Seminar Series, Midwest Finance Association Annual Meeting 2022, SFS Cavalcade North America 2022, 8th Emerging Scholars in Banking and Finance Conference, Federal Reserve Board, Challenges for Financial Intermediaries conference (Deutsche Bundesbank), 9th IWH-FIN-FIRE Workshop (IWH Halle)
       
       

2. Distortive Effects of Deposit Insurance: Administrative Evidence from Deposit and Loan Accounts (with Rajkamal Iyer, Sotirios Kokas, Stefano Pica, and Jose Luis Peydro) [Draft coming soon]

   • • Selected presentations (including scheduled):  Fed Board*, "Rethinking Optimal Deposit Insurance" conference (Yale)*, University of Kentucky Finance Conference, International Monetary Fund, BIS-CEPR-SCG-SFI Conference on Financial Intermediation (Gerzensee), Conference on "Bank liquidity" (BIS), 17th NY Fed / NYU Stern Conference on Financial Intermediation*, Imperial College Business School, 2024 OCC Bank Research Symposium, 7th Bristol Banking Workshop*, Banco de Portugal and CEPR Conference on Financial Intermediation (Lisbon), Annual ECB Banking Supervision Research Conference, MoFiR workhop on banking* (London), IBEFA 2024 Summer Meeting, CEMFI*, Bundesbank Conference on Markets and Intermediaries, Fed Chicago

3. Liquidity Regulation and Fire Sales in Mutual Funds [UPDATED March 2025, Draft, submitted]

   • • Winner of the 2021 CNMV Award to the Best Paper on Regulation presented at the XXVIII Finance Forum of the Spanish Finance Association 

     • Selected presentations: Copenhagen Business School, 7th Emerging Scholars in Banking and Finance Conference, BCU-RIDGE Financial Stability Workshop

* indicates presentations by co-authors

Work in Progress

1. Equity Depositors (with Farzad Saidi, Daniel Streitz, and Ulf Nielsson)

2. Who bears the cost of bank failures? (with Clara Martínez-Toledano and  Rajkamal Iyer)

3. Market-Based Savings, Deposits, and Monetary Policy (with Glenn Schepens and Christoph Basten)

4. Micro-evidence on the pass-through of deposit rates (with Rajkamal Iyer and Tarun Ramadorai)

Publications

1. "Central Clearing and Loss Allocation Rules" (Journal of Financial Markets, Vol 59, June 2022, 100662) [Draft] 

Permanent working papers

1. Corporate Investment and Cash Holdings under Financing Shocks (September 2020) [Draft]

Selected discussions

• Favara, Minoiu, and Perez-Orive - "Zombie Lending to U.S. Firms" (6th Endless Summer Conference on Financial Intermediation and Corporate Finance , 2024)

• Altavilla, Gürkaynak, and Quaedvlieg - "The Macro and Micro of the External Finance Premium" (Monetary Policy and Financial Intermediation conference by Banca d'Italia - Norges Bank - Collegio Carlo Alberto, 2023)

• Sarto and Wang - "The Secular Decline in Interest Rates and the Rise of Shadow Banks" (Swiss Winter Conference Gerzensee, 2023) 

• Agarwal et al. - "Lending by Servicing: How Shadow Banks Dampen Monetary Policy Transmission" (Emerging Scholars in Banking and Finance  conference, 2022)

• Dagostino, Gao, and Ma - "Partisanship in Loan Pricing" (European Finance Association Annual Meeting, 2022)

• Saunders et al. - "Corporate Loan Spreads and Economic Activity" (Lenzerheide conference, 2022) 

Policy writings

1. "Nonbanks, credit provision, and the transmission of monetary policy" (Economic Memo - November 2021)

2. "Evaluating the macroprudential stance in a growth-at-risk framework" (Economic Memo - November 2022)

3. "The corporate investment channel of monetary policy in Denmark" (Economic Memo - June 2024)