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My research interests are at the intersection between finance and macroeconomics. My recent work covers topics in climate finance and sustainable investing, financial intermediation, as well as the rise of intangible capital and its implications for corporate financing, investment, and monetary policy. My papers are listed below, also see my Google Scholar Profile.


  • Sustainability Preferences Under Stress: Evidence from COVID-19 (with Sehoon Kim)

  • Forthcoming at the Journal of Financial and Quantitative Analysis (JFQA)
  • CESifo Forum | VoxEU column | PRI column | e-axes column
  • Using COVID-19 as an economic shock, we document fragile demand for socially responsible investments (SRI) by retail mutual fund investors. Corroborated by out-of-sample survey evidence, our findings highlight high sensitivity of SRI demand by retail investors with respect to income shocks.
  • Liquidity Creation, Investment, and Growth (with Thorsten Beck, Thomas Lambert and Mathijs van Dijk)

  • Accepted at the Journal of Economic Growth (JEG)
  • VoxEU column
  • Bank liquidity creation is positively associated with economic growth at the country- and industry-level, and especially in industries that rely more on debt financing. This relationship is non-linear, as liquidity creation has a weaker effect on growth in countries with a higher share of industries relying on intangible assets.
  • Is there an investment gap in advanced economies? If so, why? (with Germán Gutiérrez and Thomas Philippon)

  • Prepared and published for the 2017 ECB Forum on Central Banking
  • VoxEU Column
  • We compare corporate investment in Europe and the US. Investment is weak in both regions, but the reasons are more cyclical in Europe and more structural in the US.

  • Working Papers

  • Monetary Policy and Intangible Investment (with Lev Ratnovski)

  • Revise & resubmit, Journal of Monetary Economics (JME)
  • Among others, presented at the 2022 FIRS Conference and European Finance Association Annual Meeting
  • VoxEU column
  • We document that intangible capital weakens monetary policy transmission. Our evidence is consistent with a weaker credit channel of monetary policy, as firms with intangible assets use less debt.
  • Too Levered for Pigou? A Model of Environmental and Financial Regulation (with Magdalena Rola-Janicka)

  • Among others, presented at the Finance Theory Group Spring Meeting 2022, the Stanford Institute for Theoretical Economics (SITE) conference 2022, and the 2022 Barcelona School of Economics Summer Forum Workshop on Financial Intermediation and Risk
  • We derive jointly optimal environmental and financial regulation, and show that transition and physical climate risks have opposite implications for how emission taxes interact with financial constraints.
  • Bank Capital Regulation in a Zero Interest Environment

  • Among others, presented at the EFA Annual Meeting and OxFIT
  • Supported through the ECB's Lamfalussy fellowship program
  • Dynamic macro-banking model. Banks earn an interest margin but cannot set negative deposit rates. The ZLB can make capital regulation less effective in curbing risk taking, motivating dynamically adjusting capital requirements.
  • Creating Intangible Capital (with Enrico Perotti and Tomislav Ladika)

  • Among others, presented at AFA Annual Meeting and FIRS
  • Corporate finance theory built around the insight that the creation of intangible capital largely relies on high-skill human capital. Delivers novel rationale for weak investment- and funding demand of high-intangible firms, distinct from traditional precautionary motive.
  • Secular Trends and Technological Progress (with Enrico Perotti)

  • Among others, presented at the NBER Summer Institute (Capital Markets and the Economy Workshop) and the CEPR Annual Macro and Growth Meeting
  • Also distributed under the titel "Redistributive Growth"
  • General equilibrium growth model to understand whether recent long-term trends such as falling interest rates and low demand for external finance by corporations may be related to the rising importance of intangible and human capital.