Refereed Publications
Consumption smoothing or consumption binging? The effects of government-led consumer credit expansion in Brazil, Journal of Financial Economics, 2024, 156 (with Gabriel Garber, Atif Mian, and Jacopo Ponticelli)
Partisan Bias, Economic Expectations, and Household Spending, The Review of Economics and Statistics, 2023, 105: 493-510 (with Atif Mian and Nasim Khoshkhou)
What Explains the Decline in r*? Rising Income Inequality versus Demographic Shifts, 2021 Jackson Hole Economic Symposium Proceedings (with Atif Mian and Ludwig Straub) [invited by organizers]
Low Interest Rates, Market Power, and Productivity Growth, Econometrica, 2022, 90: 193-221 (with Ernest Liu and Atif Mian)
Credit Supply and Housing Speculation, Review of Financial Studies, 2022, 35: 680-719 (with Atif Mian)
Indebted Demand, Quarterly Journal of Economics, 2021, 136: 2243-2307 (with Atif Mian and Ludwig Straub)
- Slides from VMACS presentation
- YouTube link from VMACS presentation
How Does Credit Supply Expansion Affect the Real Economy? The Productive Capacity and Household Demand Channels, Journal of Finance, 2020, 75: 949-994 (with Atif Mian and Emil Verner)
Finance and Business Cycles: The Credit-Driven Household Demand Channel, Journal of Economic Perspectives, 2018, 32: 31-58 (with Atif Mian) [invited by editor]
Household Debt and Business Cycles Worldwide, Quarterly Journal of Economics, 2017, 132: 1755–1817 (with Atif Mian and Emil Verner)
Fraudulent Income Overstatement on Mortgage Applications During the Credit Expansion of 2002 to 2005, Review of Financial Studies, 2017, 30: 1832-1864 (with Atif Mian)
Foreclosures, House Prices, and the Real Economy, (with Atif Mian and Francesco Trebbi), Journal of Finance, 2015, 70: 2587-2634.
What Explains the 2007-2009 Drop in Employment?, (with Atif Mian), Econometrica, 2014, 82: 2197-2223.
Resolving Debt Overhang: Political Constraints in the Aftermath of Financial Crisis (with Atif Mian and Francesco Trebbi), American Economic Journal: Macroeconomics, 2014, 6:1-28.
Dynamic Risk Management (with Adriano Rampini and S. Viswanathan), Journal of Financial Economics, 2014, 111: 271-296. [WP version]
Household Balance Sheets, Consumption, and the Economic Slump (with Atif Mian and Kamelesh Rao), Quarterly Journal of Economics, 2013, 1687-1726. [WP version]
- Appendix
- Public version of country-level debt to income ratio using the Federal Reserve Bank of New York and IRS data for income is available here.
- Public version of the CBSA-level housing net work shock variable available here.
The Political Economy of the Subprime Mortgage Credit Expansion (with Atif Mian and Francesco Trebbi), Quarterly Journal of Political Science, 2013: 8: 373-408.
The Effects of Fiscal Stimulus: Evidence from the 2009 'Cash for Clunkers' Program (with Atif Mian), Quarterly Journal of Economics, August 2012, 1107 - 1142.
Explaining Corporate Capital Structure: Product Markets, Leases, and Asset Similarity, (with Joshua Rauh), Review of Finance, 2012, 16: 115-155. [WP version]
Creditor Control Rights, Corporate Governance, and Firm Value, (with Greg Nini and David Smith), Review of Financial Studies, 2012, 25: 1713-1761.
- Quarterly Compustat financial covenant violation data: The final public version of these data is described in the appendix. You must read the data appendix at the end of the above paper to understand these data.
- Stata dataset of Compustate Quarterly Match to SEC Filings is here.
- Stata dataset of Financial Covenant Violations that can be matched to Compustat Quarterly is here.
House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis (with Atif Mian), American Economic Review, August 2011, 101: 2132-2156.
Capital Structure and Debt Structure (with Joshua Rauh), Review of Financial Studies, December 2010, 23 (12), 4242-4280.
- Debt structure data files are here. Please read the notes at the top of the do file first. Then take a look through the log file that reproduces all results. This should give you all information you need to use the data.
The Political Economy of the U.S. Mortgage Default Crisis (with Atif Mian and Francesco Trebbi), American Economic Review, December 2010, 100: 67-98.
Household Leverage and the Recession of 2007 to 2009 (with Atif Mian), IMF Economic Review, August 2010, 58(1), 74-117.
The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis (with Atif Mian), Quarterly Journal of Economics, November 2009, 124(4), 1449-1496.
Renegotiation of Financial Contracts: Evidence from Private Credit Agreements (with Michael Roberts), Journal of Financial Economics, August 2009, 93(2), 159-184. [WP version]
Control Rights and Capital Structure: An Empirical Investigation, (with Michael Roberts), Journal of Finance, August 2009, 64(4), 1657-1695.
Creditor Control Rights and Firm Investment Policy (with Greg Nini and David Smith), Journal of Financial Economics, June 2009, 92(3), 400-420. [WP Version]
- Please see the log file below for all necessary description of the data.
- Log file here
- Stata dataset is here (please read log file first!)
- All 3,720 contracts are in a zipped file here
The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings, Review of Financial Studies, April 2009, 22(4), 1659-1691. [WP version]
Bank Lines of Credit in Corporate Finance: An Empirical Analysis, Review of Financial Studies, March 2009, 22(3), 1057-1088. [WP version]
- Please see the log file below for all necessary description of the data.
- Log file is here
- Stata dataset is here (please read log file first!)
Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans, Journal of Finance April 2007, 62(2), 629-668.