Research

Publications

  1. Dynamic Intervention and Informational Linkages, with Lin William Cong and Steven R. Grenadier. Journal of Financial Economics, 135: 1-15 January 2020,
  2. Pledgeability, Industry Liquidity, and Financing Cycles, with Douglas Diamond and Raghuram Rajan.  Journal of Finance, 75: 419-461, February 2020.
  3. The Spillovers from Easy Liquidity and the Implications for Multilateralism, 3/2019, with Douglas Diamond and Raghuram Rajan. IMF Economic Review, 68: 4-34, 2020

Working Papers

  1. A Dynamic Theory of Learning and Relationship Lending, with Felipe Varas, 03/2020. (Revise and Resubmit at Journal of Finance.)
  2. A Dynamic Theory of Bank Lending, Firm Entry, and Investment Fluctuations, 04/2018 Previously circulated under the title “Recovery Dynamics: An Explanation from Bank Lending and Entrepreneur Entry”
  3. Overcoming Borrowing Stigma: The Design of
    Lending-of-Last-Resort Policies
    , 12/2019, with Hanzhe Zhang (new version coming soon!)
  4. Liquidity and the Structure of Intermediation, 12/2019, with Douglas Diamond and Raghuram Rajan
  5. Counterparty Risk: Implications for Network Linkages and Asset Prices, 11/2019, with Fotis Grigoris and Gill Segal