Publications

• Financial Intermediary Leverage and Monetary Policy Transmission.  

              European Economic Review 144C (2022) 104080. [paper][journal link]

​Working papers

• Financial Intermediary Leverage and Unemployment (job market paper). 2020 [paper]

• Asset Pricing with Heterogeneous Belief and Portfolio Constraints. [paper]

Work in progress

• Inefficient Credit Cycles.  with Sichuang Xu.  2021 (Draft available upon request.)

We formalize a macroeconomic model of inefficient investment cycles in a continuous-time dynamic contract setting. We show that the optimal competitive contract between households and financial intermediaries results in socially excessive investment during business cycle expansions and insufficient investment during recessions. We analytically characterize the determinants of the inefficiency, and show that the aggregate productivity is a sufficient statistic for the inefficiency.

• Uncertainty Shocks in a Model of Flexible Prices. 2019 [paper]​