Working Papers

• Sophisticated Borrowing Constyraints and Macroeconomic Dynamics, May 2026 PDF 

with Chen Lian, Yueran Ma, Pablo Ottonello and Diego Perez

• Implications of Market Power for Financial Frictions, March 2026 PDF 

• Precautionary Pricing, October 2025 PDF 

• When Liquidity Matters: Firm Balance Sheets During Large Crises, August 2025 PDF 

with Miguel Faria-e-Castro and Julian Kozlowski 

Revise and Resubmit JPE Macro