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Publications:

• Capital Regulation and Shadow Finance: A Quantitative Analysis, joint with and Sunyoung Lee, Review of Economic Studies, 2024, 91, 3047-3084

• Efficient Consolidation of Incentives for Education and Retirement Savings, joint with , AEJ: Macroeconomics, 2023, 15(3), 153-190

• Commitment versus Flexibility and Sticky Prices: Evidence from Life Insurance, joint with , Review of Economic Dynamics, 2023, 49, 99-122

• Borrowing into Debt Crises, joint with , Quantitative Economics, 2023, 14, 277–308

• Learning about Debt Crises, AEJ: Macroeconomics, 2023, 15(1), 106-134

Working Papers:

• Globalization Accounting, joint with Sterre Kuipers and

• Intangible Capital and Non-Bank Financing, joint with

• The Nexus of Rollover and Interest Rate Risks in Sovereign Default Models, joint with

• The Ultralong Sovereign Default Risk

Discussions:

• Pinardon-Touati (2022): The Crowding Out Effect of Local Government Debt: Micro- and Macro-Estimates
• Baskaya, Hardy, Kalemli-Ozcan, Yue (2022): Sovereign Risk and Bank Lending: Theory and Evidence from a Natural Disaster
• Arellano, Bai, Mihalache (2018): Inflation Target with Sovereign Default Risk