Capital reallocation is procyclical, despite measured productive reallocative opportunities
being acyclical or even countercyclical. This article reviews the advances in the literature …

We develop a search-theory of asset liquidity which gives rise to endogenous financing
constraints on investment in an otherwise standard dynamic general equilibrium model …

The return on government debt is lower than that of assets with similar payoffs. We study
optimal debt management and taxation when the government cannot directly redistribute …

Can the macroeconomic effects of credit supply shocks be large even when a small share of
firms is credit constrained? I use UK firm-level accounting data to discipline a …

The relative importance of used capital goods to new investment has been increasing
significantly over time. To this end, we develop a dynamic general equilibrium model with …

This paper studies equilibrium order book formation in a limit-order market, building a
search-theoretic model driven by participants' expectations about the arrival of liquidity …

We examine a theoretical model of liquidity with three assets—money, government bonds,
and equity—that are used for transaction purposes. Money and bonds complement each …

My dissertation consists of three essays on Macroeconomics. In the first two chapters, I study
the implications of uncertain expenses for households' savings and for their consumption …

This paper introduces a theory of money as a store of value through a search friction in the
goods market. The novel microfoundation helps reconcile the observed amounts of liquidity …

This paper documents that during recession agents hold more liquidity and more production
capacity remains unutilized than during booms. Traditional models straggle to generate …