Assistant Professor of Finance @Wharton. Researching asset pricing, household finance, & international finance. Formerly: PhD @MITSloan, @NYFedResearch, @UConn
Philadelphia, PA
Joined July 2019
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I had a great conversation with @benjaminfelix and @CameronPassmore on the Rational Reminder Podcast (@RationalRemind), talking about my job market paper "Stocks for the Long Run or Liquidity? Tax Data Evidence and Portfolio Choice Implications"
We discussed:
- What income tax data tell us about individual investors' flows in and out of the stock market
- How big data have changed our understanding of the risks to human capital, especially for top earners
- Why even temporary stock price crashes can be painful for many working-age investors, and how this shapes their asset allocation decisions
...and much more!
(link below)
Accounting for these unrecognized losses paints a weaker picture of banks' regulatory capital ratios. SVB was an outlier, but even Bank of America's Tier 1 Capital Ratio would be almost halved after accounting for unrealized losses on its HTM securities.
Pretty cool to see @POTUS driving by our apartment in Boston. Stop by for a coffee next time! 🫡🇺🇸
Two pictures, roughly 5 years apart:
- First day starting at @NYFedResearch as an RA in 2017
- Returning last week to present at the Global Research Forum on International Macroeconomics and Finance
Thank you to the organizers for putting together an excellent conference!
I had a great time presenting at the European Finance Association Annual Meeting in Barcelona this past week. Thanks to the organizers @EFA_org and @iesebschool for a fantastic conference!
A great paragraph by @JohnHCochrane on this issue, from a discussion of "Asset Pricing without Garbage" by Tim Kroencke.
The Fed's Flow of Funds is a very puzzling dataset. Here are historical estimates of security brokers and dealers' equity from three consecutive years of published data (red = 2019, blue = 2020, green = 2021). Why was the 2020 vintage so much different?
alfred.stlouisfed.org/graph/…
In contrast, Maiden Lane LLC (created to hold the assets from Bear Sterns that were too toxic to be purchased willingly by JPMorgan) stuck around as a legal entity for over 10 years! Its last $1.7 billion in holdings were sold on September 18, 2018.
newyorkfed.org/newsevents/ne…
The New York Fed has terminated the Primary and Secondary Market Corporate Credit Facilities today, after gradually selling off their corporate bond and ETF holdings over the last 6 months.
End of a (relatively short) era!
newyorkfed.org/markets/prima…
newyorkfed.org/markets/secon…
Fun New Keynesian model fact of the day: "tighter" monetary policy can actually lead to *lower* nominal interest rates. (from Gali's textbook)
Today I learned that the largest 3-month increase in manufacturing job openings in the last 20 years occurred immediately after Joe Biden's inauguration.
