Welcome to my website!

I am a 5th-year PhD student in Economics at the University of Cambridge, where my supervisor is Professor Florin Bilbiie.

Since the start of the 2026/27 academic year, I have been a Junior Research Fellow at New College and an associate member of the Department of Economics at the University of Oxford.

I previously spent the 2025/26 academic year visiting Princeton University as a Jane Eliza Procter Fellow.

My research focusses on the transmission of monetary and fiscal policy in economies with heterogeneous households. Download a copy of my CV here.

Working Papers

Government Debt and the Fiscal Channels of Monetary Policy

This paper shows how the design of fiscal policy and the characteristics of government debt can drive significant differences in monetary transmission within and across countries with different fiscal contexts, and across models with different fiscal specifications. Using a tractable HANK model, I derive analytical expressions for the effects of fiscal policy on monetary transmission as the sum of three channels: a debt service channel, a debt composition channel, and a fiscal cyclicality channel. The magnitudes and directions of these channels are strongly context dependent, being determined by the interactions between the size and composition of government debt, the choice of fiscal rule, the progressivity of the marginal fiscal instrument, and the distribution of government debt ownership. For a given fiscal block used in a theoretical model, or for a given fiscal context observed in the data, the framework explains when the fiscal channels are large or small, and why they amplify or dampen monetary policy.

Draft available soon!

Inequality in the Consumer Lending Channel of Monetary Policy

with Leonardo Soriano de Alencar and Antonia Tsang

Using loan-level Brazilian credit registry data, we document inequality in the pass-through of monetary policy to the interest rates on consumer loans. During monetary tightening, lower-income borrowers saw larger increases in their borrowing costs than higher earners. Moreover, this heterogeneity was state dependent such that monetary easing did not generate a correspondingly larger fall in interest rates for low earners. A simple model of loan supply shows that inequality in pass-through can be driven by differences in default dynamics across income groups, which are amplified by macroprudential capital constraints. Consistent with this mechanism, we find that unequal pass-through is concentrated amongst banks with less headroom above regulatory capital requirements. These findings show how macroprudential policy and bank balance sheets can interact with borrower characteristics to affect the distributional impact of monetary policy, and how state-dependence in the tightness of these constraints can generate state-dependence in pass-through inequality.

Draft available soon!

Complementarity, Heterogeneity, and Multipliers: Utility for HANK

with Florin Bilbiie and Fergal Hanks

Complementarity (between consumption and work) is essential for heterogeneous agent models’ ability to generate realistic “multiplier” effects for aggregate demand shocks, while at the same time avoiding puzzling predictions. We show how parameterizing complementarity—in the spirit of Frisch’s “utility acceleration”—separately from income effects is needed to achieve this. HANK models with complementarity can then deliver realistic fiscal multipliers while at the same time resolving both a “trilemma” (matching MPEs and MPCs) and a catch-22 “dilemma” (simultaneously resolving the forward guidance puzzle) emphasized in the literature. We prove this analytically in a tractable HANK model and illustrate it in a calibrated quantitative HANK model. Yet existing utility functions restrict either complementarity, or income effects—or both—and artificially imply that multipliers are exclusively a function of either. We propose two parametric functional forms where complementarity and the income effect are arbitrary and can be calibrated separately: a quasi-separable “GHHCRRA” utility and a “CCRRA” (constant complementarity and RRA) function.

Working paper available as CEPR DP 20804.