Publications

• Geographic diversification and bank lending during crises (2020), with P. Schaz, Journal of Financial Economics, accepted for publication (online appendix)

• Credit-Supply Shocks and Firm Productivity in Italy (2018), with M. Raissi and A. Weber, Journal of International Money and Finance, Vol 87, p. 155-171 (direct link)

Working Papers

• From Finance to Fascism (2020), with S. Gissler, J.L. Peydró and J. Voth

  • Summary in English on VoxEU.org, summary in German on Ökonomenstimme.org.

  • Germany's banking crisis in 1931 increased support for the Nazi Party. We highlight the synergy between economic and cultural channels for radicalization.

• Housing Booms, Reallocation, and Productivity (2020)

  • Young Economist Award, EEA-ESEM Annual Congress 2018; Young Innovators Award, Vordenker Forum 2019 (summary in German)

  • Rising real estate prices reduce industry productivity, because they reallocate capital and labor towards inefficient firms (previous title: 'Collateral, Reallocation, and Industry Productivity: Evidence from the U.S. Housing Boom').

• Top Incomes, Financial Intermediation, and Small Firms (2020), with T. Drechsel and D. Lee

  • Rising top income shares reduce job creation by small firms, because they reduce bank deposits and hence available funding for small firms.

• Population Aging and Bank Risk-Taking (2020), with G. Kabas and S. Ongena

  • Population aging leads to an increase in bank deposits, as well as their loan supply and risk-taking

• Unintended Side Effects: Stress Tests, Entrepreneurship, and Innovation (2020)

  • Post-crisis US stress tests have negative side effects on entrepreneurship and innovation, because they impose a cost on business-related home equity loans, an important source of financing for entrepreneurs.

• Inside the Regulatory Sandbox: Effects on Fintech Funding (2020), with G. Cornelli, L. Gambacorta and O. Merrouche

  • Regulatory sandboxes help fintechs raise funding by reducing regulatory costs and providing information about start-ups’ quality.

• Mis-allocation within Firms: Internal Finance and International Trade (2020), with D. Marin, D. Suverato and T. Verdier

  • Summary on VoxEU.org

  • We show theoretically and empirically that tougher competition reduces capital mis-allocation within firms and the conglomerate discount.

Work in Progress

• The Fintech Gender Gap, with S. Chen, J. Frost, L. Gambacorta and H.S. Shin

• Nothing to Hide? Survey Evidence on Who Shares Personal Data, with O. Armantier, J. Frost, A. Fuster and K. Shue