Debt Callability and Firm Dynamics
Draft coming soon
Summary
This paper studies how callable corporate debt shapes firms’ refinancing decisions, investment, and the transmission of monetary policy.
Research
I study firms’ investment and financing decisions and how differences across firms shape aggregate fluctuations and the transmission of monetary policy.
Working Papers
Seniority Structure in the Macroeconomy
Draft coming soon
Summary
This paper studies how repayment priority shapes investment, default, and aggregate propagation when long-term borrowing can dilute incumbent creditors. We combine debt-rank data with a dynamic model of firms’ financing and investment decisions.
Financial Frictions, Intangible Capital, and the Business Cycle
Draft coming soon
Summary
This paper studies how downturns and tighter credit conditions alter the composition of firm investment through differences in intangible exposure and funding capacity.
Business Cycles, Competition, and Stock Returns
Draft coming soon
Summary
We study how product-market competition shapes firms’ exposure to aggregate risk and the cross-section of stock returns over the business cycle.
Work in Progress
Monetary Policy Narratives and House Price Expectations
Summary
We study how central-bank communication, media coverage, and social-media narratives shape expectations about housing-market conditions.
Inside the Non-Compete Agreements Damages in the U.S.
Summary
We study the labor-market and welfare consequences of non-compete agreements using public comments and online discussions.
Earlier Work
61st World Statistics Congress Proceedings · 2017
Twin Deficits: Empirical Investigation for Togo
Policy Paper · 2018