Welcome! I am a 5th year PhD candidate in Economics at HEC Paris, under the supervision of Gaetano Gaballo.

I am interested in topics at the intersection of Macroeconomics and Finance. In particular, I am investigating firms’ credit relationships with both bank and non banks lenders, and with a focus on the loan market.

I was a visiting student at UPenn in fall 2024, and a summer research graduate program participant at the European Central Bank in summer 2025.

Job Market Paper

Quantifying the role of imperfect competition and asymmetric information in bank pricing: evidence from loan rate dispersion

An empirical regularity is the persistence of significant interest rate dispersion, after controlling for firm characteristics and loan terms. We provide evidence that this unexplained dispersion reflects structural forces of the banking loan market, namely imperfect competition and banks’ information acquisition. These drivers have opposite implications on pricing efficiency: dispersion arising from imperfect competition is unrelated to firms fundamentals, whereas dispersion induced by banks’ screening reflects the efficiency of the banking market. Leveraging detailed micro-data on lending in France, spanning from 2006 to 2024, I characterize the time and cross sectional distribution of the unexplained dispersion in lending rates, and I show that rate residuals contain information about the future evolution of firms’ creditworthiness, with considerable time and cross-section heterogeneity. I rationalize these findings with a tractable model that determines loan pricing as the outcome of two interacting frictions: imperfect competition, modeled via search costs, and asymmetric information. The model delivers testable predictions on the dispersion of rates and on the predictive power of residuals depending on the strength of search frictions and the severity of asymmetric information. Finally, I outline the implications for monetary policy and we use the model to interpret heterogeneous monetary policy pass-through using high-frequency monetary policy shocks.

Other Work in Progress

Banks, Peer-to-Peer lending platforms and the transmission of monetary policy: loan-level evidence from France, with Mattia Girotti (Banque de France) and Andrea Polo (LUISS, Rome) Business lending practices in Europe are quickly evolving as more digital and AI platforms enter the corporate credit market, traditionally dominated by banks. Using loan level data from France, we analyse the different lending behaviour of banks and peer to peer platforms to firms in response to high-frequency monetary policy shocks.