Work in progress 


JMP: Monetary policy and the firm-level labor share - A story about capital (with A. R. Matzner) - earlier version available as ECB Working Paper

Abstract: We study the heterogeneous monetary policy pass-through across firms with different labor shares. Using a panel of over two million European firms, we document substantial heterogeneity in investment responses: following monetary tightening, the fixed capital stock of high labor share firms declines relative to that of low labor share firms. These differential responses are accompanied by a relative contraction in long-term debt and profitability among high labor share firms. Our findings cannot be explained by alternative proxies for financial constraints. We provide evidence consistent with a bank-lending channel and argue that the labor share captures a cash flow-based borrowing constraint.
Under review: Heterogeneous Growth Response to Monetary Policy along the Firm-Size Distribution: A Role for Credit Markets? (with A. A. Popov) 
Under review: Firms’ heterogeneous (and unintended) investment response to carbon price increases (with A. R. Matzner) - earlier version available here as ECB Working Paper
Awarded the NOeG Dissertation Fellowship Prize
Under review: Monetary policy and climate change (with A.F. Schuurmans) 
Draft coming soon: What Do 3.5 Million Firms Say about the Size-Dependent Effect of Monetary Policy? (with A. Martin & A. A. Popov)