Research
My research is in empirical macroeconomics, with a focus on innovation, finance, and macro policy. Current projects study financial conditions and green R&D, macroeconomic policy during structural change, the aggregate effects of venture capital, and the long-run effects of government spending in the UK.
Financial Conditions and Green Innovation
This project studies how tighter financial conditions affect specialist green innovators and shape climate-relevant R&D across heterogeneous firms.
Abstract
This paper studies how financial conditions affect research and development (R&D) by firms specialized in green innovation. Using U.S. patent data matched with Compustat, we identify “green innovators” as firms with a high cumulative share of green patents. Although they account for a small share of total green patenting, these firms occupy central positions in the green-innovation ecosystem. Estimating firm-level impulse responses to exogenous changes in broad financial conditions, we find that tightening has a disproportionately large and persistent negative effect on the R&D of specialized green innovators. In contrast, R&D by diversified innovators and non-innovators responds only weakly. Green innovators are younger, smaller, and more dependent on external finance, suggesting that financial tightening introduces a systematic bias against upstream green technological development.
Macroeconomic Policy and the Green Transition
This project develops a fiscal and monetary policy framework for studying structural change, with an application to the green transition. It asks how policy should support reallocation and innovation while managing the macroeconomic trade-offs associated with decarbonisation.
The Macroeconomic Effects of Venture Capital
This solo project studies the aggregate macroeconomic effects of venture capital utilising granular variation in VC deployment across large investors.
Defence Spending in the United Kingdom
Joint work in progress on the long-run macroeconomic effects of government spending in the UK.