My core research agenda studies the economic information hidden by aggregation. I ask when macroeconomic aggregates are too coarse for the questions economists and policymakers ask of them, using disaggregated evidence across labor markets, financial institutions, and individual economic actors to study how hidden heterogeneity changes what we infer about monetary policy, stabilization, and regulation.
Ample Reserves, Hollow Buffers: Reserve Distribution and Policy Incidence in U.S. Banking
Ample aggregate reserves can coexist with thin bank-level buffers, making reserve-policy incidence depend on bank-level distributions.