Time Inconsistency and Financial Covenants. (last revised 11/2018)
I study financial covenants in a quantitative long-term debt model with double-sided limited commitment.
Conferences: WFA, SED, FIRS, Econometric Society (Seattle)
2019 WFA Cubist Systematic Strategies Ph.D. Candidate Award
Corporate Debt Choice and Bank Capital Regulation. (last revised 03/2018)
I show that a permanent tightening of bank capital requirements leads to a decline in non-bank finance.
Conferences: SED, Econometric Society (Davis), EEA-ESEM, USC Marshall PhD Conference, MFA, Midwest Macro
Make America Great: Long-Run Impacts of Short-Run Public Investment, with Alexandr Kopytov. (last revised 10/2018)
We document and quantitatively rationalize S-shaped dynamics of the US economy in the 1960s associated with the construction of the Interstate Highway System. However, our analyses cast doubt on the efficiency of a large public investment in the post-Great Recession era.
Conferences: CEPR Growth and Inequality Conference, Econometric Society (Barcelona; Seattle), Midwest Macro, LBS-TADC