Working Papers:

1. EXIM's Exit: The Real Effects of Trade Financing by Export Credit Agencies, with Adrien Matray, Karsten Müller, and Chenzi Xu

Export credit subsidies -- the predominant tool of industrial policy -- can boost exports even in countries with well-developed financial markets, without necessarily leading to a misallocation of resources.

2. Quantifying the Allocative Efficiency of Capital: The Role of Capital Utilization, with Eugene Tan and Ia Vardishvili

MRPK dispersion is associated with productivity gains if the fundamental source of dispersion arises from endogenous user costs.

3. Capital Quality, Productivity, and Financial Constraints: Evidence from India, with Seyed Mohammad Mansouri

Reduced financial constraints allow investment in higher-quality capital; this leads to higher productivity.

4. Consumer Welfare and Product Creation: The Credit Supply Channel

Disruptions in credit markets can substantially lower consumer welfare by reducing the creation of new products, mainly because of the new product's "appeal" (quality or taste), whereas substitution effects and markups play less of a role.

5. Reducing Racial Disparities in Consumer Credit: Evidence from Anonymous Loan Applications, with Tianyue Ruan

Revise & Resubmit,  Management Science

Anonymous loan applications reduce racial disparities in access to credit by increasing lender reliance on objective credit risk measures.