Foreign direct investment inflows are positively related to economic growth across developing countries—but so are savings in excess of investment. This paper develops an[...]

Code and data to replicate the results of the article.

Matlab code and data for peer-reviewed article published in Review of Economic Dynamics. Paper published onli[...]

This paper studies distributional consequences of equity injections that are funded with financial-sector levies. In the model economy, financial intermediation supports [...]

This paper studies a dynamic version of the Holmstrom-Tirole model of intermediated finance. I show that competitive equilibria are not constrained efficient when the eco[...]

Financial regulation imposes equity buffers on banks by restricting dividends. This paper studies constrained-efficient dividend policy when banks fund loans with equity [...]

I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices. It is shown that this i[...]

This paper studies the role of optimal managerial compensation in reducing uncertainty about manager reporting objectives. It is shown that, paradoxically, firm owners al[...]

This paper studies a dynamic production economy with financial intermediation. It is assumed that claims held on intermediaries cannot be fully enforced such that interme[...]

This paper studies a dynamic production economy with financial intermediation. It is assumed that claims held on intermediaries cannot be fully enforced such that interme[...]

This paper studies an economy where agents can spend resources on consuming a private good and on funding a public good. There is asymmetric information regarding agents’[...]