Papers

A Currency Premium Puzzle (with Thomas Mertens and Jingye Wang)

[Slides] [Video] [Problem Set]

New Technologies and Inequality (with Aakash Kalyani and Pascual Restrepo)

[Slides]

Economic Surveillance using Corporate Text (with Aakash Kalyani, Stephan Hollander, Laurence van Lent, Markus Schwedeler, and Ahmed Tahoun)

Prepared for The Journal of Economic Perspectives

[Press: FT]

The Diffusion of New Technologies  (with Aakash Kalyani, Nick Bloom, Josh Lerner, Marcela Melo, and Ahmed Tahoun )

The Quarterly Journal of Economics, forthcoming

[Slides] [SSRN] [Data] [NBER Working Paper] [Bibtex] [Video] [Press: INET blog]

Immigration, Innovation, and Growth (with Konrad Burchardi, Thomas Chaney, Lisa Tarquinio, and Stephen Terry)

conditionally accepted, The American Economic Review

[Slides] [SSRN] [Immigration Instruments] [Bibtex] [Press: The Brink, Forbes, Miami Herald, LA Times] [Replication Files: Model, Full Package (8GB)]

Sources and Transmission of Country Risk (with Jesse Schreger, Markus Schwedeler, and Ahmed Tahoun)

The Review of Economic Studies (2024) 91(4), pp. 2307–2346

[Slides] [SSRN] [Data] [NBER Working Paper] [Bibtex] [Video]

The Immigrant Next Door: Exposure, Prejudice, and Altruism (with Leonardo Bursztyn, Thomas Chaney, and Aakaash Rao)

The American Economic Review (2024) 114(2), pp. 348-384

[Slides] [SSRN] [NBER Working Paper] [Bibtex]

The Global Impact of Brexit Uncertainty (with Stephan Hollander, Laurence van Lent, and Ahmed Tahoun)

The Journal of Finance (2024) 79(1), pp. 413-458 

(10% top viewed papers award)

[Slides] [Press: NYT, Le Monde, HBR, Brookings, Bloomberg, Independent, Gulf News] [NBER Working Paper] [Python Scripts] [Bibtex] [Video] [Replication Data] [Codebook]

Firm-level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1 (with Stephan Hollander, Laurence van Lent, Markus Schwedeler, and Ahmed Tahoun)

The Review of Financial Studies (2023) 36(12), pp. 4919-1964

[Slides] [Risk Measures] [SSRN] [Python Scripts] [Problem Set] [Bibtex] [Replication Data]

A Risk-based Theory of Exchange Rate Stabilization (with Thomas Mertens and Tony Zhang)

The Review of Economics Studies (2023) 90(2), pp. 879-911

[Slides] [SSRN] [NBER Working Paper] [BibTex] [Problem Set] [Mathematica Code]

The Economics of Currency Risk  (with Tony Zhang)  

Annual Reviews of Economics (2021) 13, pp. 281-307

[Slides Latex] [SSRN] [NBER Working Paper] [BibTex] [Data] 

Firm-Level Political Risk: Measurement and Effects  (with Stephan Hollander, Laurence van Lent, and Ahmed Tahoun)

The Quarterly Journal of Economics (2019) 134 (4), pp. 2135-2202

[Slides] [SSRN] [Press: NYT, WSJ, Vox, Worth, Promarket, HLS, FT] [BibTex] [Video] [Replication File] [PRisk Data] [Python Scripts] 

Forward and Spot Exchange Rates in a Multi-Currency World  (with Rui Mano)  

The Quarterly Journal of Economics (2019) 134 (1), pp. 397-450

[Slides Latex] [SSRN] [NBER Working Paper] [Voxeu column] [BibTex] [Data]

Migrants, Ancestors, and Foreign Investments  (with Konrad Burchardi and Thomas Chaney)

The Review of Economic Studies (2019) 86 (4), pp. 1448-1486

[Slides] [World Economic Forum] [Voxeu column] [Video] [Data] [BibTex] [Ancestry Instruments] [Press: FT-FDI]

The Power of the Street: Evidence from Egypt's Arab Spring  (with Daron Acemoglu and Ahmed Tahoun)

The Review of Financial Studies (2018) 31 (1), pp. 1-42 (editor's choice)

[Slides] [Voxeu column] [Video] [Press coverage] [Data] [BibTex]

The Social Cost of Near-Rational Investment  (with Thomas M. Mertens)

The American Economic Review (2017) 107 (4), pp. 1059-1103

[Slides] [SSRN] [NBER Working Paper] [Press coverage] [BibTex] [Code: Static Model, Dynamic Model ]

Natural Experiments in Macroeconomics  (with Nicola Fuchs-Schündeln)

Handbook of Macroeconomics Volume 2 (2016), North-Holland, pp. 923-1012

[Online appendix] [NBER Working Paper] [Slides]  [Teaching Materials: Slides, Handout, Latex Code] [BibTex]

Not so Disconnected: Exchange Rates and the Capital Stock (with Thomas Mertens and Tony Zhang)

Journal of International Economics (2016) 99, pp. S43-S57    

 [Slides] [NBER Working Paper] [Code] [Video] [BibTex]

Information Aggregation in a Dynamic Stochastic General Equilibrium Model (with Thomas M. Mertens)

NBER Macroeconomics Annual 2014, pp. 159-207 

[NBER Working Paper] [BibTex]

Country Size, Currency Unions, and International Asset Returns 

The Journal of Finance (2013) 68(6), pp. 2269-2308. Winner of the Austrian Central Bank's 2009 Klaus Liebscher Award and the Leo Melamed Prize for Outstanding Research in Finance.

[NBER Working Paper] [Slides] [Teaching Note] [BibTex]

The Economic Impact of Social Ties: Evidence from German Reunification (with Konrad Burchardi)

The Quarterly Journal of Economics (2013) 128(3), pp. 1219-1271    

[Slides] [NBER Working Paper] [Press coverage] [Data] [BibTex]

Social Structure and Development: A Legacy of the Holocaust in Russia  (with Daron Acemoglu and James A. Robinson) 

The Quarterly Journal of Economics (2011) 126(2), pp. 895-946.

[NBER Working Paper] [Data] [Press coverage] [BibTex]

Market Sentiment: A Tragedy of the Commons (with Thomas M. Mertens)

The American Economic Review P&P (2011) 101(2), pp. 402-405.

[BibTex]

Comment on "The power of substitution: The Great German Gas debate in retrospect" 

Brookings Papers on Economic Activity 2023

[Slides]

What the euro has done for you [Italian]

Il Sole 24 Ore, May 5, 2017

Research Statement (an overview of my work)