Publications

Welfare Assessments with Heterogeneous Individuals, with Andreas Schaab.
Journal of Political Economy, Volume 133, Issue 9, September 2025. BibTeX | Code.

Identifying Price Informativeness, with Cecilia Parlatore.
Review of Financial Studies, Forthcoming, December 2024. BibTeX.

The Value of Arbitrage, with Daniel Graves and Cecilia Parlatore.
Journal of Political Economy, Volume 114, Issue 6, June 2024, Pages 1947-1993. Link | BibTeX.

Optimal Corporate Taxation under Financial Frictions, with Benjamin Hébert.
The Review of Economic Studies, Volume 90, Issue 4, July 2023, Pages 1893–1933. Link | BibTeX.

Prudential Policy with Distorted Beliefs, with Ansgar Walther.
American Economic Review, Volume 113, Issue 7, July 2023, Pages 1967-2006. Link | BibTeX.

Optimal Deposit Insurance, with Itay Goldstein.
Journal of Political Economy, Volume 131, Number 7, July 2023, Pages 1676-1730. Link | BibTeX.

Volatility and Informativeness, with Cecilia Parlatore.
Journal of Financial Economics, Volume 147, Issue 3, March 2023, Pages 550–572. Link | BibTeX.

Optimal Financial Transaction Taxes.
The Journal of Finance, Volume 78, Issue 1, February 2023, Pages 5-61. Lead article. Link | BibTeX.

Trading Costs and Informational Efficiency, with Cecilia Parlatore.
The Journal of Finance, Volume 76, Issue 3, June 2021, Pages 1471-1539. Link | BibTeX.

Does Size Matter? Bailouts with Large and Small Banks, with Ansgar Walther.
Journal of Financial Economics, Volume 136, Issue 1, April 2020, Pages 1–22. Lead article. Link | BibTeX.

Using Elasticities to Derive Optimal Bankruptcy Exemptions.
The Review of Economic Studies, Volume 87, Issue 2, March 2020, Pages 870–913. Link | BibTeX.

House Price Beliefs and Mortgage Leverage Choice, with Michael Bailey, Theresa Kuchler, and Johannes Stroebel.
The Review of Economic Studies, Volume 86, Issue 6, November 2019, Pages 2403–2452. Link | BibTeX.

Pecuniary Externalities in Economies with Financial Frictions, with Anton Korinek.
The Review of Economic Studies, Volume 85, Issue 1, 1 January 2018, Pages 352–395. Link | BibTeX.
_{This paper was previously circulated as “Fire-Sale Externalities”. It subsumes my earlier working paper “Dissecting Fire Sales Externalities”.}

Under Revision

Corrective Regulation with Imperfect Instruments, with Ansgar Walther, April 2025.

Optimal Monetary Policy with Heterogeneous Agents: Discretion, Commitment, and Timeless Policy, with Andreas Schaab, February 2023.

Working Papers

Probability Pricing, with Cecilia Parlatore and Ansgar Walther, February 2025.

Intergenerational Welfare Assessments, with Sergi Barcons and Andreas Schaab, January 2025.

Welfare Accounting, with Andreas Schaab, January 2025.

A Non-Envelope Theorem with Linearly Homogeneous Constraints, with Andreas Schaab, October 2024.

Optimal Joint Bond Design, with Stelios Fourakis and Charles-Henri Weymuller, April 2024 (substantially revised draft coming soon).

Incompleteness Shocks, with Thomas Philippon, December 2017 (substantially revised draft coming soon).

Inactive Working Papers

Myopic Portfolio Choice with Higher Cumulants, January 2011.