Forthcoming and Accepted Papers:

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

Forthcoming,  Management Science

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

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

Journal of Monetary Economics, 2025

Higher MRPK dispersion is associated with productivity gains when driven by higher utilization flexibility.

Working Papers:

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.

Green Financing, Capital (Mis)allocation, and Unintended Consequences, with Eugene Tan

Green financing may raise aggregate emissions in most U.S. industries by reducing capital misallocation.

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.

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.