Research

My work sits at the intersection of banking theory, credit regulation and macroprudential policy, with an empirical focus on emerging economies. Two questions organize it. The first is how credit regulation designed to protect borrowers reshapes the distribution of risk that banks are willing to price: when a ceiling prevents a lender from charging the rate that compensates a borrower's risk, that borrower does not get cheaper credit — they get no credit. The second is how the structure of the banking system, both the network of exposures between institutions and the market power of individual banks, mediates the pass-through of monetary policy to lending rates.

Methodologically I work at both ends: formalizing the mechanism, and taking it to administrative data. My training combines a mathematics minor (real and abstract analysis, dynamic optimization, measure theory) with applied econometrics and machine learning, and I read the regulatory environment as a lawyer as well as an economist.