1. Credit-Supply Shocks and Firm Productivity in Italy (PDF, SSRN)

With M. Raissi and A. WeberJournal of International Money and Finance 87(10), pp 150-171, 2018

2. Geographic diversification and bank lending during crises (PDF, SSRN, Online Appendix)

With P. SchazJournal of Financial Economics 140(3), pp 768-788, 2021

3. Stress tests, entrepreneurship and innovation (PDF, SSRN)

Review of Finance 25(5), pp 1609-1637, 2021

4. Financial crises and political radicalization: How failing banks paved Hitler's path to power

With S. Gissler, J.-L. Peydró and H.-J. VothThe Journal of Finance (forthcoming)

Working Papers

  • Income Inequality and Job Creation (2022), with T. Drechsel and D. Lee

    • High-income households save relatively more in stocks and bonds, and relatively less in bank deposits. Rising top income shares therefore channel funds to large firms, but tighten financing conditions for small, bank-dependent firms. In turn, job creation among small firms declines relative to large firms.

  • Housing Booms, Reallocation, and Productivity (2020)

    • Young Economist Award @ EEA-ESEM Annual Congress 2018; Young Innovators Award @ Vordenker Forum 2019

    • 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').

  • Non-bank lending during financial crises (2022), with I. Aldasoro and H. Zhou

    • Non-banks contract their syndicated lending by more than banks during crises in borrower countries. Differences in borrower characteristics and funding models drive this pattern.