We study the role of financial frictions and firm heterogeneity in determining the investment
channel of monetary policy. Empirically, we find that firms with low default risk—those with …

This paper studies the impact of time‐varying idiosyncratic risk at the establishment level on
unemployment fluctuations over 1972–2009. I build a tractable directed search model with …

We show that labor market frictions are first-order for understanding credit markets. Wage
growth and labor share forecast aggregate credit spreads and debt growth as well as or …

How does consumer credit access impact job flows, earnings, and entrepreneurship? To
answer this question, we build a new administrative dataset which links individual …

Unemployment insurance and wage subsidies are key tools to support labor markets in
recessions. We develop a multisector search-and-matching model with on-the-job human …

We study how debt maturity heterogeneity determines firm-level investment responses to
monetary policy shocks. We first document that debt maturity significantly affects the …

Firms adjust their employment to changes in output. But they tend to adjust it only partially.
Typically, labor is hoarded in downturns and subsequently firms have to hire less in upturns …

I build a novel search model to study how uncertainty shocks to firm-level productivity affect
unemployment. The model's core is a labor contracting friction that implies wages are …

Financial intermediary (FI) stress, measured by leverage, is an important driver of asset
prices and quantities. We identify a new and equally important FI channel driving risk and …

Understanding how micro market frictions affect the transmission of macroeconomic risks
has been a central research interest in macro-finance. The primary focus of my dissertation …