Bank Recovery and Resolution planning, Liquidity Management and Fragility.  (with Ettore Panetti). R&R.  
Abstract.   We study how regulation shapes the interaction between financial fragility and bank liquidity management, and propose a rationale for the complementarity between bank recovery and resolution planning. We analyze an economy in which a benevolent resolution authority sets a bank resolution plan to suspend deposit withdrawals and create a "good bank" at a cost in the event of a depositors' run. In such a framework, banks maximize expected welfare if deciding ex ante how to manage liquidity during runs. However, this choice is time inconsistent. Therefore, regulators need to force banks to commit to it through recovery planning.


Market power and welfare  effects of immigration. With Gianfranco Atzeni, Marco Delogu, and Dimitri Paolini. PDF 
Abstract.    We analyze the effects of migration allowing for endogenous labor supply in a standard two-region model with monopolistically competitive producers and love for variety. We find that the welfare effects of migration depend on firms’ market power in the final good markets. If market power is sufficiently high, migration of low-skill individuals positively affects the welfare of native high skill individuals in the destination region, while low skill individuals are unaffected. Natives of the origin region are always better off, irrespective of their skills. Differently, if market power is sufficiently low, low skill migration makes both high and low individuals native of the destination region better off.


Financial frictions and business formation in the US economy. With Miguel Casares and  Jose Enrique Galdon  -- In progress
Skill-biased remote work and incentives. With Fabio Cerina and
Simone Nobili  --- In progress, 1st draft soon

Why are some firms discouraged from borrowing?     With Pasqualina Arca and Gianfranco Atzeni --In progress, 1st draft soon