Research

Working Papers
Navigating Crises. Organizational Innovation and Managerial Restructuring in Bad Times - with Raoul Minetti, Pierluigi Murro, and Valentina Peruzzi

This paper investigates the interplay between financial frictions, organizational innovation and managerial restructuring among Italian small and medium-sized enterprises during the Great Financial Crisis. Using firm-level data from the VIII UniCredit survey, we find that financial constraints spurred managerial and organizational innovation, suggesting a Schumpeterian-like response to the downturn. The analysis reveals that this effect was stronger for relatively young and small firms operating in services industries. Limited entrenchment with financial institutions and propensity to engage in financial innovation facilitated firms’ organizational transformations. While we find no evidence of an across-the-board effect of public support on firms’ organizational and managerial innovations, the results indicate that public policies eased the reorganization efforts of financially constrained firms.

The Impact of Quantitative Easing on Bank and Nonbank Lending During the Pandemic Mortgage Boom - with Nir Eilam, Yeonjoon Lee, and Nimrod Segev

How did the Federal Reserve's Quantitative Easing (QE) program affect lending during the pandemic mortgage boom? Similar to previous rounds of QE, banks with greater exposure to Fed asset purchases increased activity, however, unlike earlier programs, banks expanded commercial loans more than real estate loans. Despite limited growth in the volume of real estate loans on bank balance sheets, mortgage application data shows that banks reduced rejection rates, particularly for home purchases. Furthermore, credit line information shows an increase in bank warehouse funding to nonbank mortgage lenders, suggesting a novel nonbank lending channel. Nonbanks obtained larger increases in warehouse funding from banks with greater exposure to Fed asset purchases, and nonbanks with greater indirect exposure to QE via their funding relationships in turn lowered rejection rates, particularly for refinance applications.

From Loans to Little Ones: Household Credit and In Vitro Fertilization - with Svetlana Beilfuss

Declining birth rates and rising infertility have increased interest in policies that expand access to assisted reproductive technologies. We examine whether household credit constraints affect access to in vitro fertilization (IVF). Exploiting the 1997 liberalization of home equity lending in Texas, we find that IVF utilization increased by at least 13\% following the expansion in household credit. Consistent with this result, we also document a positive association between household credit and IVF utilization across US counties. The findings suggest that policies supporting household credit markets may complement direct efforts to expand IVF affordability.

Publications
The Convenience Yield Channel of Monetary Policy and International Stock Prices - with M. Jahangir Alam and Md Rashedur Rahman Sardar (appendix) (working paper)
  Finance Research Letters, Vol 98, 109826, June 2026
Quantitative Easing, Bank Lending, and Aggregate Fluctuations - with Nimrod Segev (appendix) (working paper)
  Journal of Financial Stability, Vol 81, 101470, December 2025
Financial Liberalization, Credit Market Dynamism and Allocative Efficiency - with Ana Maria Herrera and Raoul Minetti (appendix) (working paper)
          Journal of Money, Credit and Banking, Vol 57(6), pp 1559-1596, September 2025
Monetary Policy Transmission Under Supply Chain Pressure - with Sebastian Laumer (appendix) (working paper) (code)
          European Economic Review, Vol 172, 104949, February 2025
Does Relaxing Household Credit Constraints Hurt Small Business Lending? Evidence from a Policy Change in Texas - with Berrak Bahadir and Inci Gumus (appendix) (working paper)
       Journal of Corporate Finance, Vol 89, 102682, December 2024
Spectral Density Estimation for Random Processes with Stationary Increments - with Wei Chen, Chunfeng Huang, and Haimeng Zhang
          Applied Stochastic Models in Business and Industry, Vol 40(4), pp 960-978, July 2024
International Monetary Spillovers to Frontier Financial Markets: Evidence from Bangladesh - with Md Rashedur Rahman Sardar (working paper)
          International Finance, Vol 27(1), pp 81-100, April 2024
Identifying the Emergence of Academic Entrepreneurship Within the Technology Transfer Literature - with Christopher S. Hayter and Albert N. Link
          Journal of Technology Transfer, pp 1-13, August 2023
An Economic Analysis of Standard Reference Materials - with Michael J. Hall and Albert N. Link (working paper)
          Journal of Technology Transfer, pp 1-14, August 2022
The Deposits Channel Revisited - with Nimrod Segev (working paper) (code) (online appendix)
           Journal of Applied Econometrics, Vol 37(2), pp 450-458, March 2022
The International Spillover Effects of US Monetary Policy Uncertainty - with Aeimit Lakdawala and Timothy Moreland (working paper) (code) (online appendix)
           Journal of International Economics, Vol 133, 103525, November 2021
Bank Regulation and Monetary Policy Transmission: Evidence from the U.S. States Liberalization - with Aeimit Lakdawala and Raoul Minetti (working paper) (code)
European Economic Review, Vol 138, 103859, September 2021
Monetary Policy, Bank Competition and Regional Credit Cycles: Evidence from a Quasi-Natural Experiment - with Nimrod Segev (working paper)
        Journal of Corporate Finance, Vol 64, 101494, October 2020
Federal Reserve Private Information and the Stock Market - with Aeimit Lakdawala (working paper) (code)
Journal of Banking & Finance, Vol 106, pp 34-49, September 2019
Labor Market Effects in the Austrian Business Cycle Theory
           Quarterly Journal of Austrian Economics, Vol 20 (3), pp 224-254, Fall 2017

Work in Progress
Investigating the Dynamics of Monetary Policy and International Trade - with M. Jahangir Alam