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My research interests are at the intersection between finance and macroeconomics, with a focus on topcis in financial intermediation, corporate finance, monetary economics and sustainable finance.

My work contributes to work on financial intermediation and regulation in a low interest environment, sustainable investing, as well as the literature around the rise of intangible capital and its implications for corporate finance, investment, and the wider macro-economy.

Working Papers

  • Monetary Policy and Intangible Investment

  • Co-authored with Lev Ratnovski
  • Among others, presented at FIRS
  • 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.

  • Sustainability Preferences Under Stress: Evidence from Mutual Fund Flows During COVID-19

  • Co-authored with Sehoon Kim
  • VoxEU column | PRI column | e-axes column

  • Mutual funds with high sustainability ratings attract disproportionately higher investment flows from retail investors before the COVID-19 crisis, but this advantage disappears during the crisis. Our evidence indicates that retail investor SRI demand is driven by non-pecuniary preferences that are adversely impacted by a large-scale economic shock.

  • Liquidity Creation, Investment, and Growth

  • Co-authored with Thorsten Beck, Thomas Lambert and Mathijs van Dijk
  • VoxEU column

  • In an international sample, bank liquidity creation is positively associated with economic growth at the country- and industry-level, and especially in industries that rely more on bank financing. There is an important non-linearity in this relationship, as liquidity creation has a weaker or even negative contribution to growth in countries with a higher share of industries relying on intangible assets.

  • Bank Capital Regulation in a Zero Interest Environment

  • Among others, presented at the EFA Anuual Meeting and OxFIT
  • Supported through the ECB's Lamfalussy fellowship program

  • Dynamic macro-banking model. Banks have market power over depositors but cannot set negative deposit rates. Paper shows that the ZLB can make capital regulation less effective in curbing risk taking, delivers a novel rationale for cyclically adjusting capital requirements, and analyzes interactions of capital regulation with unconventional monetary policy.

  • Creating Intangible Capital

  • Co-authored 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

  • Co-authored 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.

    Non-Refereed Publications

  • Is there an investment gap in advanced economies? If so, why?

  • Co-authored with Germán Gutiérrez and Thomas Philippon
  • Prepared for the 2017 ECB Forum on Central Banking, and published in the conference proceedings
  • VoxEU Column

  • We analyze private fixed investment across European economies and in the US over the past 20 years, focusing on tangible and intangible investment and the role of competition and financial constraints. In both regions, we find that investment is weak, but we argue that the reasons are more cyclical in Europe and more structural in the US. In the US, we find that investment is lower than predicted by fundamentals starting around 2000, and that the gap is driven by industries where competition has decreased over time. The decline in US investment has coincided with increased concentration and decreased anti-trust enforcement. In Europe, on the other hand, investment is roughly in line with measures of profitability and Tobin’s Q for the majority countries, except at the peak of the crisis, most notably Spain and Italy. Unlike in the US, concentration has been stable or even declining in Europe, while product market regulation have decreased and anti-trust regulation has increased. Regarding intangible investment, we find that it accounts for some but not all of the weakness in measured investment. We also find that EU firms have been catching up with their US counterparts in intangible capital. The process of intangible deepening happens mostly within firms in Europe, as opposed to between firms in the US.