Publications

Dynamic Oligopoly and Price Stickiness, with Iván Werning

American Economic Review, 112(8), August 2022 [publisher's version]

Let the Worst One Fail: A Credible Solution to the Too-Big-To-Fail Conundrum, with Thomas Philippon

Quarterly Journal of Economics, 138(2), May 2023 [publisher's version]

Yuki Arai Research Prize in Finance 2022

Banks, Low Interest Rates, and Monetary Policy Transmission

Journal of Finance, 80(3), June 2025 [publisher's version]

European Central Bank Lamfalussy Fellowship 2018, AQR Top Finance Graduate Award 2019

Nature Loss and Climate Change:  The Twin-Crises Multiplier, with Stefano Giglio, Theresa Kuchler and Johannes Stroebel

AEA Papers and Proceedings, 115, May 2025 [publisher's version]

Working papers

Zombie Lending and Policy Traps, with Viral V. Acharya and Simone Lenzu 

Review of Economic Studies, revise and resubmit

Yuki Arai Research Prize in Finance 2023

Deposit Franchise Runs, with Itamar Drechsler, Alexi Savov and Philipp Schnabl 

[previously Banking on Uninsured Deposits]

Journal of Finance, revise and resubmit

The Secular Decline in Interest Rates and the Rise of Shadow Banks, with Andrés Sarto 

Journal of Financial Economics, revise and resubmit

Strategic Commitments to Decarbonize: The Role of Large Firms, Common Ownership, and Governments, with Viral V. Acharya and Robert Engle

Yuki Arai Research Prize in Finance 2025

The Economics of Biodiversity Loss, with Stefano Giglio, Theresa Kuchler and Johannes Stroebel

Intermediary-Based Loan Pricing: Price and Non-Price Terms Across Markets, with Pierre Mabille 

Exchange Rate Pass-Through, Capital Flows, and Monetary Autonomy

Work in progress

Collusion and Price Stickiness, with Iván Werning

Slides 2022 Bank of Canada Annual Conference 

Shadow Banks and the Dynamic Effects of Monetary Policy on Small Business Lending, with Manasa Gopal, Dominik Supera and Andrés Sarto

Indebted Supply and Monetary Policy: A Theory of Financial Dominance, with Viral V. Acharya and Guillaume Plantin