Research

 
   

Publications:

"Two Extensive Margins of Credit and Loan-to-Value Policies" with Michael Reher. Journal of Money, Credit and Banking, October 2016.

"What Drives Housing Dynamics in China? A Sign Restriction VAR Approach" with Tim Bian. Journal of Macroeconomics, December 2015.

"Compensation Contracts and Fire Sales" with Juan Pedro Gomez. Journal of Financial Stability, June 2015.  

Discussion of “Capital Inflows and the U.S. Housing Boom, Journal of Money, Credit and Banking, March-April 2015.

              Working Papers:

"Distributional Implications of Government Guarantees in Mortgage Markets", with Franco Zecchetto. 4/2017. Strong revise and resubmit to Review of Financial Studies. Featured in David Wessel's blog at the Brookings Institution.

"Mortgage Supply and Housing Rents", with Michael Reher. 4/2017. Revise and resubmit to Review of Financial Studies.

"Aggregate Volatility and Current Account Dynamics. Credit Supply Matters", with Givi Melkadze. 4/2017. Revise and resubmit to Journal of International Economics.

"A Quantitative Model of International Lending of Last Resort", 8/2016. Revise and resubmit to Journal of International Economics.

"Nonbanks and Lending Standards in Mortgage Markets. The Spillovers from Liquidity Regulation", with Michael Reher. 4/2017. 
Featured in Inside Mortgage Finance (March 3rd, 2017), The Institutional Risk Analyst (April 17th, 2017), IMF Global Housing Watch (April 2017).

"Bank Capital, Lending Standards and Misallocation", 2/2017.

                         "Executive Compensation and the Risk-Taking Channel of Credit Policies", with Sandeep Dahiya and Lei Ge, 3/2017.

"Expectations and the Housing Boom and Bust. An Open Economy View", 2/2017.  

"Responding to Banking Crises: Capital Controls and Public Support to Banks", 4/2017.

"Dealing with Overleverage: Restricting Leverage vs. Restricting Variable Compensation" with Juan Pedro Gomez. 4/2017.

                          "Debt Covenants and Macroeconomic Dynamics" with Francois Gourio.