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About Me
I am an Assistant Professor of Finance at the NYU Stern School of Business. My research is at the intersection of macroeconomics and finance, with special focus on housing and mortgage markets, the links between the stock market and the macroeconomy, and the structure of corporate debt. You can find my research statement here. Working papers and publications can be found below, while the tabs above contain my CV, discussion slides, and teaching materials. Comments and feedback are always welcome. Email: [email protected] Mailing Address: 44 W 4th St, Office 9-97 New York, NY 10012 |
Working Papers
The Mortgage Credit Channel of Macroeconomic Transmission (Updated February 2018; SSRN; Dynare Code)
Revise and Resubmit, Journal of Political Economy
Wealth Inequality with Declining Interest Rates (Updated December 2025, SSRN)
with Matteo Leombroni, Hanno Lustig, and Stijn Van Nieuwerburgh
Revise and Resubmit, Review of Economic Studies
Monetary Transmission Through Bank Securities Portfolios (Updated May 2024)
with John Krainer and Pascal Paul
Revise and Resubmit, Journal of Finance
Firm Debt Covenants and the Macroeconomy: The Interest Coverage Channel (Updated July 2019; SSRN, Slides)
Managing a Housing Boom (Updated January 2022; Slides)
with Jason Allen
What Explains the COVID-19 Stock Market? (Updated August 2020)
with Josue Cox and Sydney Ludvigson
Revise and Resubmit, Quarterly Journal of Finance
Capital Share Risk (Updated October 2025)
with Sydney Ludvigson
Solicited by the Annual Review of Financial Economics
The Mortgage Credit Channel of Macroeconomic Transmission (Updated February 2018; SSRN; Dynare Code)
Revise and Resubmit, Journal of Political Economy
Wealth Inequality with Declining Interest Rates (Updated December 2025, SSRN)
with Matteo Leombroni, Hanno Lustig, and Stijn Van Nieuwerburgh
Revise and Resubmit, Review of Economic Studies
Monetary Transmission Through Bank Securities Portfolios (Updated May 2024)
with John Krainer and Pascal Paul
Revise and Resubmit, Journal of Finance
Firm Debt Covenants and the Macroeconomy: The Interest Coverage Channel (Updated July 2019; SSRN, Slides)
Managing a Housing Boom (Updated January 2022; Slides)
with Jason Allen
What Explains the COVID-19 Stock Market? (Updated August 2020)
with Josue Cox and Sydney Ludvigson
Revise and Resubmit, Quarterly Journal of Finance
Capital Share Risk (Updated October 2025)
with Sydney Ludvigson
Solicited by the Annual Review of Financial Economics
Publications
The Credit Line Channel (Vox EU, Internet Appendix)
with John Krainer and Pascal Paul
Journal of Finance, Vol. 80, No. 6, December 2025
Do Credit Conditions Move House Prices? (Updated April 2025; SSRN, Slides)
with Adam Guren
American Economic Review, Vol. 115, No. 10, October 2025
How the Wealth was Won: Factor Shares as Market Fundamentals (Published Version, Video: Virtual Finance Workshop. Media: Barron's, NY Times)
with Martin Lettau and Sydney Ludvigson
Journal of Political Economy, Vol. 133, No. 4, April 2025
Regulatory Arbitrage or Random Errors? Implications of Race Prediction Algorithms in Fair Lending Analysis (Published Version, Slides)
with Sabrina Howell, Cangyuan Li, and Emmanuel Yimfor
Journal of Financial Economics, Vol. 157, 103857, July 2024
Financial Fragility with SAM? (Published Version, SSRN; Slides; Non-Technical Summary)
with Tim Landvoigt and Stijn Van Nieuwerburgh
Journal of Finance, Vol. 76(2), pp. 651-1052, December 2020
Rare Shocks, Great Recessions (Published Version, Appendix)
with Vasco Curdia and Marco Del Negro.
Journal of Applied Econometrics, Vol. 29(7), pp. 1031-1052, November/December 2014.
Winner: 2016 Richard Stone Prize, awarded to the best paper with substantive econometric application in the 2014 and 2015 volumes of the Journal of Applied Econometrics.
The Credit Line Channel (Vox EU, Internet Appendix)
with John Krainer and Pascal Paul
Journal of Finance, Vol. 80, No. 6, December 2025
Do Credit Conditions Move House Prices? (Updated April 2025; SSRN, Slides)
with Adam Guren
American Economic Review, Vol. 115, No. 10, October 2025
How the Wealth was Won: Factor Shares as Market Fundamentals (Published Version, Video: Virtual Finance Workshop. Media: Barron's, NY Times)
with Martin Lettau and Sydney Ludvigson
Journal of Political Economy, Vol. 133, No. 4, April 2025
Regulatory Arbitrage or Random Errors? Implications of Race Prediction Algorithms in Fair Lending Analysis (Published Version, Slides)
with Sabrina Howell, Cangyuan Li, and Emmanuel Yimfor
Journal of Financial Economics, Vol. 157, 103857, July 2024
Financial Fragility with SAM? (Published Version, SSRN; Slides; Non-Technical Summary)
with Tim Landvoigt and Stijn Van Nieuwerburgh
Journal of Finance, Vol. 76(2), pp. 651-1052, December 2020
Rare Shocks, Great Recessions (Published Version, Appendix)
with Vasco Curdia and Marco Del Negro.
Journal of Applied Econometrics, Vol. 29(7), pp. 1031-1052, November/December 2014.
Winner: 2016 Richard Stone Prize, awarded to the best paper with substantive econometric application in the 2014 and 2015 volumes of the Journal of Applied Econometrics.
Inactive/Legacy Papers
Origins of Stock Market Fluctuations (Updated October 2016; VoxEU, MarketWatch; SSRN)
with Martin Lettau and Sydney Ludvigson
Superseded by "How the Wealth was Won: Factor Shares as Market Fundamentals."
Financial and Total Wealth Inequality with Declining Interest Rates (Updated September 2023, SSRN; Slides)
with Matteo Leombroni, Hanno Lustig, and Stijn Van Nieuwerburgh
Superseded by "Financial Wealth Inequality with Declining Interest Rates." This version contains additional results on consumption and welfare implications that will be updated soon as an independent paper.
Origins of Stock Market Fluctuations (Updated October 2016; VoxEU, MarketWatch; SSRN)
with Martin Lettau and Sydney Ludvigson
Superseded by "How the Wealth was Won: Factor Shares as Market Fundamentals."
Financial and Total Wealth Inequality with Declining Interest Rates (Updated September 2023, SSRN; Slides)
with Matteo Leombroni, Hanno Lustig, and Stijn Van Nieuwerburgh
Superseded by "Financial Wealth Inequality with Declining Interest Rates." This version contains additional results on consumption and welfare implications that will be updated soon as an independent paper.
Non-Academic Articles
Here’s Why Adding $310 Billion to the Second Round of PPP Won’t Fix It
Marker/Medium, April 23, 2020
A Traditional Economic Stimulus Won't Work. Here's What Might
Marker/Medium, March 24, 2020
Here’s Why Adding $310 Billion to the Second Round of PPP Won’t Fix It
Marker/Medium, April 23, 2020
A Traditional Economic Stimulus Won't Work. Here's What Might
Marker/Medium, March 24, 2020