Happy to share that my latest working paper has just been published. This research investigates the relationship between finance and emissions reduction for EU manufacturing firms. It uses a novel dataset that combines information from the EU Emission Trading System (EUETS) with data on firms’ financial accounts. Better access to finance generally helps companies reduce emissions but (i) for firms with high carbon intensity more leverage means significant emission reductions, and (ii) for already carbon-efficient firms, the benefits of increased leverage is less obvious. Read the full paper.

I'm thrilled to share the latest International Monetary Fund Working Paper that sheds light on the relationship between climate regulations and firm behavior. Together with colleagues Fotios Kalantzis, Salma Khalid, Alexandra Solovyeva, we explore how environmental policies impact profitability, investment decisions, and overall business resilience of firms in the EU.

Our paper with Laurent Maurin on firm-level productivity has just been published in the Oxford Economic Papers. We provide a quick and tidy method to calculate the Olley-Pakes productivity decomposition into trend and allocative efficiency components. In the empirical application, we find that financial leverage played an important role in explaining the change in aggregate productivity growth in Europe between 2004 and 2017. That is especially true in the Northern and Western Europe, where productivity potential could not be fully exploited due to access to finance constraints. Download the paper and the supplementary files from the journal's website. The early version is available here.

Happy to see that my latest research collaboration has been featured in the recent flagship IMF's Fiscal Monitor (October 2023). The analysis argues that tighter climate regulations can spur firm-level investments, if firms face higher standards or non-negligible financial incentives, like in the EU ETS. Working paper comes soon!

After nearly 10 years of drafting and revisions, my JMP got finally published in the Journal of Applied Statistics! The first draft appeared in 2013 and since then it benefited from 3 substantial revisions (including one full rewrite), it won one prize for the best paper in finance in the NYC, and it was one of the chapters of my PhD thesis. Quite a CV for a paper!

Superhappy that our recent work with Bettina Bökemeier on fiscalpolicy in the EU, has just been accepted to the International Economics journal. We find that before the pandemic, the discretionary fiscal policy across the EU was highly pro-cyclical. It changed during the pandemic years, because of massive discretionary spending in 2020 and 2021. Yet we still find a change in fiscal reaction function even when removing the pandemic-related expenditures. See the working paper version here.