Research

Publications:

From finance to fascism (with Sebastian Doerr, Jose-Luis Peydro, and Joachim Voth) Journal of Finance, forthcoming
Media coverage: The Economist

Private supply of safe assets: Shadow banks versus traditional banks (with Marco Macchiavelli and Borghan Narajabad) AEA Papers and Proceedings (2020)

The effects of competition on consumer credit markets (with Rodney Ramcharan and Edison Yu), NBER Working Paper 26813,   Review of Financial Studies (2020)
Most Significant Contribution to Banking Policy Award, Community Banking Conference 2018
Douglas D Evonoff Best Paper Award, Chicago Financial Institutions Conference 2019

Over-the-counter market liquidity and securities lending (with Nathan Foley-Fisher and Stephane Verani)  Review of Economic Dynamics (2019)

Lending on hold: Regulatory uncertainty and bank lending standards (with Jeremy Oldfather and Doriana Ruffino)
Journal of Monetary Economics (2017)

Lockstep in liquidity: Common dealers and co-movement in bond liquidity
Journal of Financial Markets (2017)

Working papers:

Providing safety in a rush: How did shadow banks respond to a $1 trillion dollar shock? (with Marco Macchiavelli and Borghan Narajabad)

Farm-to-desert: How post-Civil War farm tenancy created food deserts (with Philipp Ager and Ralf Meisenzahl) draft coming soon

Supply of private safe assets: Interplay of shadow and traditional banking (with Borghan Narajabad)

Slow capital, fast prices: Funding liquidity shocks and stock price reactions
Winner of the EFA 2013 Best Doctoral Tutorial Paper Prize

A margin call gone wrong: Credit, stock prices, and Germany’s Black Friday 1927

Other writings:

The increased role of the Federal Home Loan Bank System in funding markets: Part 1, Part 2, Part 3 (with Borghan Narajabad)

Bank complexity: Is size everything? (with Jeremy Oldfather and Doriana Ruffino)