Research
(Show Abstracts)
Journal Articles
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“Nonbank Lenders as Global Shock Absorbers: Evidence from US Monetary Policy Spillovers.” Journal of International Economics (2024), Vol. 139, Article 103908 [link][Chicago FED WP]
with David Elliott and José-Luis Peydró |
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“The Real Effects of Credit Line Drawdowns.” International Journal of Central Banking (2022) Vol 18(3), pp. 321-397. [link][FEDS WP][latest version]
Best Paper Prize at the 6th International Finance and Banking Society Conference with Jose Berrospide |
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“The Rise of Shadow Banking: Evidence from Capital Regulation.” Review of Financial Studies (2021) Vol. 34(5), pp. 2181-2235. - Editor's Choice [link][CEPR WP] [FEDS WP][latest version]
with Rustom Irani, Rajkamal Iyer, and José-Luis Peydró |
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“Banks Monitoring: Evidence from Syndicated Loans.” Journal of Financial Economics (2021) Vol. 139(2), pp. 452-477. [link][Final version]
with Matthew Gustafson and Ivan Ivanov |
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“Pipeline Risk in Leveraged Loan Syndication.” Review of Financial Studies (2020) Vol. 33(12), pp. 5660–5705. [link][Final Version]
with Max Bruche and Frederic Malherbe |
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“Public Goods Institutions, Human Capital, and Growth: Evidence from German History” Review of Economic Studies (2020) Vol. 87(2), pp. 959-996. [link][CEP WP] [FEDS WP][Final Version]
with Jeremiah Dittmar previously circulated as “State Capacity and Public Goods: Institutional Change, Human Capital, and Growth in Early Modern Germany.” (2016) CEP Discussion Paper No 1418. |
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“Loan Sales and Bank Liquidity Management: Evidence from a U.S. Credit Register,” Review of Financial Studies (2017) Vol. 30(10), pp. 3455-3501. [link] [FEDS WP]
with Rustom Irani |
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“The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles.” Quarterly Journal of Economics (2017) Vol. 132(1), pp. 317-365. [link] [NBER WP] [Finaning Share Data]
with Efraim Benmelech and Rodney Ramcharan |
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“Can Financing Constraints Explain the Evolution of the Firm Size Distribution?” Review of Industrial Organization (2016), Vol. 48(2), pp. 123-147. [link]
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“Organization Matters: Trade Union Behavior in Peace and War.” Journal of Comparative Economics (2015), Vol. 43(4), pp. 919-937. [link]
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“The Unreliability of Credit-to-GDP Ratio Gaps in Real-Time: Implications for Counter-Cyclical Capital Buffers.” International Journal of Central Banking (2011), Vol. 7(4), pp. 261-298. [link] [FEDS WP] with Rochelle Edge
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Articles in Edited Volumes
“Upper tail human capital formation and its economic effects.” in The Annual Proceedings of The Wealth and Well-Being of Nations: Vol. XV Culture, Institutions and the Wealth and Well-Being of Nations (2024), edited by Laura Grube. Beloit: Beloit College Press, pp.75-93.
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“How Britain Lost its Competitive Edge: Competence in the Second Industrial Revolution,” in Institutions, Innovation, and Industrialization: Essays in Economic History and Development (2015), edited by Avner Greif, Lynne Kiesling, and John V.C. Nye. Princeton: Princeton University Press, pp. 307-336.
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“The Rate and Direction of Invention in the British Industrial Revolution: Incentives and Institutions.” in The Rate and Direction of Inventive Activity Revisited (2012), edited by Josh Lerner and Scott Stern. Chicago: University of Chicago Press, pp. 443-479. [NBER WP]
with Joel Mokyr |
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Books
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“Finanzmärkte, Corporate Governance, IuK-Technologien: Treibende Faktoren für den Wandel in der Industrie,” (Financial markets, corporate governance, and information technologies, 2003). ifo Beiträge zur Wirtschaftsforschung, vol. 11, Munich (with Hans-Günther Vieweg, Michael Reinhard, Alfons Weichenrieder, and Bent Nowak).
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Working Papers
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Life Insurers’ Private Credit Investments and Annuity Market Share Capture [link]
with Jackson Overpeck and Andy Polacek |
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How Extreme Weather Risk Shapes Bank Lending: Evidence from Portfolio Reallocation [link]
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Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s [link]
with David Elliott, José-Luis Peydró, and Bryce C. Turner |
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The Dollar Channel of Monetary Policy Transmission
Chicago FED Working Paper 2025-06 [link] with Friederike Niepmann and Tim Schmidt-Eisenlohr |
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The Research University, Invention, and Industry: Evidence from Germany 1760-1900 [link]
with Jeremiah Dittmar |
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De-Limiting Arbitrage: Evidence from the Term-Asset Backed Securities Loan Facility [link]
with Karen Pence |
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Changes in Ownership and Performance of Deteriorating Syndicated Loans [link]
with Marissunta Giannetti |
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What do Lead Banks Learn from Leveraged Loan Investors? [link]
with Max Bruche and David Xiaoyu Xu |
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Work in Progress
Miscellaneous Publications
“Introduction to special issue of explorations in economic history on wealth and income inequality around the world” (with Karen Clay), Explorations in Economic History, Article 101713, 2025. [link]
“Nonbank lenders as global shock absorbers” (with David Elliott and Jose-Luis Peydro) Bank Underground, November 13, 2024. [link]
“Life Insurers’ Exposure to Commercial Real Estate” (with Jordan Brown and Andy Polacek) Chicago FED Economic Perspectives, No. 5, August 28, 2024. [link]
"Special issue on climate change and natural disasters." (with Alejandro Drexler) Journal of Risk and Insurance (2024), 91, 255–261
Privately Placed Debt on Life Insurers’ Balance Sheets: Part 2—Increasing Complexity (with Anne Fournier and Andy Polacek) Chicago Fed Letter, No. 494, May 21, 2024. [link]
Privately Placed Debt on Life Insurers’ Balance Sheets: Part 1—A Primer (with Anne Fournier and Andy Polacek) Chicago Fed Letter, No. 493, May 20, 2024. [link]
"J. Bradford DeLong: Slouching towards Utopia: an economic history of the twentieth century Hachette Book Group, 2022" Book Review, Business Economics, 2023 [link]
"Internal Migration Patterns after the 2008 Financial Crisis: Evidence from a Credit Panel." (with Daniel Gallego), Chicago FED Insights, Nov 16, 2022.[link]
“How the Federal Reserve's central bank swap lines have supported U.S. corporate borrowers in the leveraged loan market” (with Annie McCrone, Friederike Niepmann, and Tim Schmidt-Eisenlohr), FEDS Note, November 12, 2020.[link]
“The lasting impact of epidemics” (with Jeremiah Dittmar), CentrePiece - The Magazine for Economic Performance 594, Centre for Economic Performance, LSE, November 2, 2020. [link]
“How Central Bank Swap Lines Affect the Leveraged Loan Market” (with Annie McCrone, Friederike Niepmann, and Tim Schmidt-Eisenlohr), Chicago Fed Letter, No. 446, September 2020.[link]
"The U.S. Syndicated Term Loan Market: Who holds what and when?" FEDS Note (with Seung Jung Lee, Dan Li, and Martin J. Sicilian), November 25, 2019.[link]
"Household Debt-to-Income Ratios in the Enhanced Financial Accounts" FEDS Note (with Michael Ahn and Mike Batty), January 11, 2018. [link]
"From credit risk to pipeline risk: Why loan syndication is a risky business" VoxEU.org (with Max Bruche and Frederic Malherbe), September 11, 2017. [link]
"Auto Financing during and after the Great Recession" FEDS Note, June 22nd, 2017. [link]
"Funding Agreement-Backed Securities in the Enhanced Financial Account" FEDS Note (with Nathan Foley-Fisher, Borghan Narajabad, Maria G. Perozek, and Stephane H. Verani), August 5th, 2016. [link]
"Impact of the ‘great bailout’: Evidence from car sales" VoxEU.org (with Efraim Benmelech and Rodney Ramcharan), June 11, 2016. [link]
"The origins of growth: How states institutions forged during the Protestant Reformation drove development" VoxEU.org (with Jeremiah Dittmar), April 26, 2016. [link]
“Off-Balance Sheet Items of Depository Institutions in the Enhanced Financial Accounts” FEDS Note, August 28th, 2015. [link]
“The Federal Reserve's Overnight and Term Reverse Repurchase Agreement Operations in the Financial Accounts of the United States” FEDS Note, March 24th, 2015. [link]
“Is education policy innovation policy?” VoxEU.org (with Joel Mokyr), June 13th, 2011. [link]
“Nonbank lenders as global shock absorbers” (with David Elliott and Jose-Luis Peydro) Bank Underground, November 13, 2024. [link]
“Life Insurers’ Exposure to Commercial Real Estate” (with Jordan Brown and Andy Polacek) Chicago FED Economic Perspectives, No. 5, August 28, 2024. [link]
"Special issue on climate change and natural disasters." (with Alejandro Drexler) Journal of Risk and Insurance (2024), 91, 255–261
Privately Placed Debt on Life Insurers’ Balance Sheets: Part 2—Increasing Complexity (with Anne Fournier and Andy Polacek) Chicago Fed Letter, No. 494, May 21, 2024. [link]
Privately Placed Debt on Life Insurers’ Balance Sheets: Part 1—A Primer (with Anne Fournier and Andy Polacek) Chicago Fed Letter, No. 493, May 20, 2024. [link]
"J. Bradford DeLong: Slouching towards Utopia: an economic history of the twentieth century Hachette Book Group, 2022" Book Review, Business Economics, 2023 [link]
"Internal Migration Patterns after the 2008 Financial Crisis: Evidence from a Credit Panel." (with Daniel Gallego), Chicago FED Insights, Nov 16, 2022.[link]
“How the Federal Reserve's central bank swap lines have supported U.S. corporate borrowers in the leveraged loan market” (with Annie McCrone, Friederike Niepmann, and Tim Schmidt-Eisenlohr), FEDS Note, November 12, 2020.[link]
“The lasting impact of epidemics” (with Jeremiah Dittmar), CentrePiece - The Magazine for Economic Performance 594, Centre for Economic Performance, LSE, November 2, 2020. [link]
“How Central Bank Swap Lines Affect the Leveraged Loan Market” (with Annie McCrone, Friederike Niepmann, and Tim Schmidt-Eisenlohr), Chicago Fed Letter, No. 446, September 2020.[link]
"The U.S. Syndicated Term Loan Market: Who holds what and when?" FEDS Note (with Seung Jung Lee, Dan Li, and Martin J. Sicilian), November 25, 2019.[link]
"Household Debt-to-Income Ratios in the Enhanced Financial Accounts" FEDS Note (with Michael Ahn and Mike Batty), January 11, 2018. [link]
"From credit risk to pipeline risk: Why loan syndication is a risky business" VoxEU.org (with Max Bruche and Frederic Malherbe), September 11, 2017. [link]
"Auto Financing during and after the Great Recession" FEDS Note, June 22nd, 2017. [link]
"Funding Agreement-Backed Securities in the Enhanced Financial Account" FEDS Note (with Nathan Foley-Fisher, Borghan Narajabad, Maria G. Perozek, and Stephane H. Verani), August 5th, 2016. [link]
"Impact of the ‘great bailout’: Evidence from car sales" VoxEU.org (with Efraim Benmelech and Rodney Ramcharan), June 11, 2016. [link]
"The origins of growth: How states institutions forged during the Protestant Reformation drove development" VoxEU.org (with Jeremiah Dittmar), April 26, 2016. [link]
“Off-Balance Sheet Items of Depository Institutions in the Enhanced Financial Accounts” FEDS Note, August 28th, 2015. [link]
“The Federal Reserve's Overnight and Term Reverse Repurchase Agreement Operations in the Financial Accounts of the United States” FEDS Note, March 24th, 2015. [link]
“Is education policy innovation policy?” VoxEU.org (with Joel Mokyr), June 13th, 2011. [link]