"Effectiveness and (In)Efficiencies of Compensation Regulation: Evidence from the EU Banker Bonus Cap" joint with LTI@UNITO

"Do we really know that US monetary policy was destabilizing in the 1970s?"

"Limited Participation and Local Currency Sovereign Debt" Abstract Emerging country governments increasingly issue bonds denominated in local currency and the share of this market held by foreign investors, once negligible, has been progressively growing. This paper presents a model of segmented markets, in which specialized foreign investors can access multiple local markets only after paying an…

"Should the Government Be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets?"

"Banks as Patient Lenders: Evidence from a Tax Reform" Abstract We test whether the composition of bank funding, and the share of deposit funding in particular, affects bank risk-taking and loan maturity. For identification, we exploit a tax reform in Italy that created incentives for households to hold deposits rather than bank bonds. Using geographically…