Time Inconsistency and Financial Covenants. (last revised 07/2019)

  • 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

A Macroeconomic Model of Bank Runs, with Alexandr Kopytov. (Preliminary)

  • We develop a macro model of bank runs where the run probability is endogenized using global games.