Working Papers

"Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis," (with Gyozo Gyongyosi)

“Financial Crisis, Creditor-Debtor Conflict, and Political Extremism,” (with Gyozo Gyongyosi)

Bank Equity and Banking Crises,” (with Matthew Baron and Wei Xiong)

"How Does Credit Supply Expansion Affect the Real Economy? The Productive Capacity and Household Demand Channels," (with Atif Mian and Amir Sufi)
     Online Appendix
     Media: FT Alphaville, Equitable Growth, Barron’s

"The Consumption Response to Extended Unemployment Benefits in the Great Recession," (with Graham McKee)


"Household Debt and Business Cycles Worldwide," (with Atif Mian and Amir Sufi)
Quarterly Journal of Economics, November 2017
     Publisher's Version, Online Appendix, Out-of-sample replication on the IMF's Global Debt Database
     Media: NBER Digest, Equitable Growth, The Economist

Work in Progress

“The Effects of a Large-Scale Debt Restructuring on Household Demand and Bank Credit Supply,” (with Gyozo Gyongyosi)