PhD Candidate in Economics, New York University
ame384@nyu.edu
I am on the 2026–27 economics job market.
Research Interests: Macroeconomics, Firm Dynamics, Finance
References: Virgiliu Midrigan, Diego Perez, Mark Gertler, Corina Boar
Scope Economies and Allocative Efficiency, October 2026
Abstract: Size-dependent distortions misallocate resources, yet in standard models they account for only a small share of cross-country income gaps. These models abstract from scope economies. Using product-level data, I show that revenue per product rises with the number of products in the US but not in India, consistent with scope economies operating only in the US. I rationalize this pattern in a model where firms adopt costly non-rival management shared across products. Adoption generates cost savings that act as productivity gains and increase with firm size. Hence, large firms adopt, and the right tail of the firm-size distribution thickens. I introduce distortions to match the Indian firm-size distribution and show that they deter adoption, rationalizing the absence of scope economies in India. As large firms forgo adoption, the tail thins. Eliminating distortions in the model calibrated to India increases aggregate productivity by 119%, compared with 55% without scope economies.
Sophisticated Borrowing Constraints and Macroeconomic Dynamics, May 2026 PDF
with Chen Lian, Yueran Ma, Pablo Ottonello and Diego Perez
Revise and Resubmit American Economic Review
Abstract: Standard macro-finance models feature hard borrowing constraints that force indiscriminate deleveraging after adverse shocks, producing financial acceleration. We instead model earnings-based covenants as debt thresholds whose violation transfers control rights to creditors, who then maximize their value rather than cut credit mechanically. The model matches micro evidence around covenant violations and generates no financial acceleration.
When Liquidity Matters: Firm Balance Sheets During Large Crises, March 2026 PDF
with Miguel Faria-e-Castro and Julian Kozlowski
Conditionally Accepted JPE Macro
Abstract: During both the GFC and COVID-19, credit spreads spiked and investment fell, but firm debt and liquidity fell in the former and rose in the latter. Leverage drove the GFC cross-section; liquidity drove COVID-19's. A calibrated macro-finance model with a working-capital liquidity motive attributes the GFC to real and financial shocks, and COVID-19 partly to liquidity shocks.
Implications of Market Power for Financial Frictions, March 2026 PDF
Abstract: In a macro-finance model with variable markups and earnings-based borrowing constraints, eliminating markups depresses profits, tightens constraints, and worsens capital misallocation. This interaction explains 25 percent of misallocation, costing 2.1 percent of aggregate productivity. A constrained planner optimally tolerates markup dispersion, letting markups approach competitive levels for firms with higher financing costs.
Precautionary Pricing, October 2025 PDF
Abstract: Firms set prices and inventories before demand is realized. In a model with risk-averse firms facing idiosyncratic demand uncertainty, precautionary behavior generates markup dispersion even under constant demand elasticity, matching U.S. evidence on volatility, inventories, and markups. During supply-chain disruptions, heightened stock-out risk raises aggregate markups and delays recovery, amplifying aggregate fluctuations.