Contact Information

[email protected]

Personal Webpage

Available for interviews at

European Job Market for Economists (EEA)

Allied Social Science Associations (ASSA)

CV                         Job Market Paper


Research interests

Primary: Macroeconomics
Secondary:Macro-Finance, Entrepreneurship, Firm Dynamics

Placement Officer

Libertad González
[email protected]


Andrea Caggese (Advisor)
[email protected]
Priit Jeenas 
[email protected]
Victoria Vanasco
[email protected]



"Credit and Firm Growth"(Job Market Paper)
Using the quasi-universe of Spanish firms, we uncover new facts on corporate borrowing choice and the implications on firm activity. First, we show that the use of unsecured (cashflow) loans follows a U-shaped pattern across the size distribution, implying that this type of loan is used not only by the largest firms, but also by the smallest firms. Second, loan type choice correlates with different growth patterns. To rationalize our findings, we build a firm dynamics model with endogenous debt choice. Our calibrated model reproduces crosssectional data moments across the firm size distribution. We use the model to understand the micro and macro implications of the collateral and bankruptcy reforms in Spain.


"Female Entrepreneurship, Financial Frictions and Capital Misallocation in the U.S" (with Marta Morazzoni)
Journal of Monetary Economics;Vol 129, pages 93-118, July 2022

We document and quantify the effect of a gender gap in credit access on both entrepreneurship and input misallocation in the US. Female entrepreneurs are found to be more likely to face a rejection on their loan applications and to have a higher average product of capital, a sign of gender-driven capital misallocation that decreases in female-led firms’ access to finance. These results are not driven by differences in observable individual or businesses characteristics. Calibrating a heterogeneous agents model of entrepreneurship to the US economy, we show that the observed gap in credit access explains the bulk of the gender differences in capital allocation across firms. Eliminating such credit imbalance is estimated to potentially increase output by 4%, and to reduce capital misallocation by 12%.

Winner of the Young Economist Award from the European Economic Association and UniCredit Foundation in 2021