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Working Papers

Disaggregated Economic Accounts (with Asger Andersen, Emil Toft Hansen, Niels Johannesen, and Ludwig Straub)

We comprehensively measure consumption, income, and output flows between small subgroups of consumers and producers. The measured flows determine the aggregate and distributional consequences of shocks.
Website on Disaggregated Economic Accounts

Corporate Discount Rates (with Niels Joachim Gormsen)

We assemble new data on firms' discount rates and perceived cost of capital.  Time-varying wedges between discount rates and the cost of capital account for low US investment in recent decades.
Website on Cost of Capital and Discount Rates

Revision requested by the Review of Financial Studies
We study which risk factors and firm characteristics are reflected in firms' perceived cost of capital and discount rates.
Website on Cost of Capital and Discount Rates

Climate Capitalists (with Niels Joachim Gormsen and Sangmin S. Oh)

Green firms report lower perceived cost of capital and discount rates in recent years, concurrent with the rise of "green investing."
Website on Cost of Capital and Discount Rates

Revision requested by the Journal of Finance
An idiosyncratic shock to a single firm in a single country can impact growth all over the world. Internal capital markets of multinational firms transmit shocks abroad.


April 2023
I describe how researchers can estimate spillovers that propagate economic shocks and how to overcome mechanical biases.
BFI Brief  Summary Slides  Editable Slide Files

July 2021
Increases in bank size can harm borrowers and real growth. Bank managers may enjoy private benefits even when bank efficiency does not improve.
Video Summary  |  BFI Brief  Booth Review  Die Zeit  |  Seminar Villanova  Seminar Virtual Econ History  Seminar VMACS  |  Online Appendix

Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations” in Nazi Germany (with Volker Lindenthal and Fabian Waldinger), Journal of Political Economy

September 2021, lead article
Discrimination against senior managers causes large economic losses because qualified individuals are key to firm performance.
BFI Brief  Booth Review  Cato Institute  CentrePiece  FAZ  Freakonomics  Harvard Business Review  Manager Magazin  ProMarket  VoxEU  |  Online Appendix

The Effect of House Prices on Household Borrowing: A New Approach (with James Cloyne, Ethan Ilzetzki, and Henrik Kleven), American Economic Review

June 2019
Idiosyncratic shocks to house prices affect borrowing of households who face tight borrowing constraints.
Booth Review  VoxEU  |  Online Appendix

March 2018
The effects of bank lending cuts are exacerbated by general equilibrium effects: demand and innovation spillovers. Employment and output remain persistently depressed even after bank lending has normalized.
Presentation ESRB  |  BFI Brief  Booth Review  Die Zeit  |  Online Appendix