I study how payment technology reshapes competition among banks. I exploit quasi-random variation in exposure to the introduction of …
How should monetary policy respond to evolving financial conditions? To answer this question, we develop and Bayesian estimate a …
We examine the impact of digital payments on the transmission of monetary policy by leveraging administrative data on Brazil’s …
The role of deposits in the payment system creates both a liquidity constraint and a liquidity recycling mechanism for the banking …
We examine how banks and public bondholders respond to borrowers' non-financial performance across debt markets and over time. After …