I am a PhD candidate in Economics at the University of Cambridge, where I am supervised by Professor Tiago Cavalcanti. From April - June 2025, I will also be a visiting student at the University of Chicago, Booth School of Business. Prior to my PhD, I completed the MPhil in Economic Research and the Economics Tripos at Cambridge.
My research interests centre around the role of household finance in determining macroeconomic outcomes. My current project investigates whether the effects of monetary policy on consumer credit rates in Brazil are heterogeneous across the income distribution.
I can be contacted via email.
Working Papers
Heterogeneous Monetary Policy Pass-Through to Consumer Credit Along the Income Distribution with Sean Lavender and Leonardo Soriano de Alencar.
Using loan-level data from the Brazilian credit registry, this paper investigates whether the pass-through of monetary policy to consumer credit is heterogeneous along the income distribution. We find three novel results on how monetary policy affects different consumers’ credit costs. Firstly, the pass-through of monetary policy to consumer interest rates is stronger for lower-income borrowers than for higher earners. Secondly, we decompose the results into a direct heterogeneity effect and portfolio composition channels. We show that the direct heterogeneity channel is operational, implying that pass-through of monetary policy would still be higher to lower-income individuals even if all borrowers had identical loan portfolios. Thirdly, we show that this pass-through heterogeneity is asymmetric between periods of monetary loosening and tightening. During the post-Covid tightening cycle, the pass-through of monetary policy hikes to consumers’ borrowing costs was stronger for individuals with lower incomes. Conversely, during the previous loosening cycle, the pass-through of cuts to lower earners was weaker than for higher earners. These results could therefore shed light on a new channel whereby monetary policy exacerbates inequality through consumers’ borrowing costs.
2025 Scheduled Presentations: Annual Conference of the Banco Central do Brasil (Brasilia, Brazil); Workshop on Banking and Institutions (Strasbourg, France); Warwick Economics PhD Conference; Financial Management Association 2025 European Conference (Limassol, Cyprus); EFiC 2025 Conference in Banking and Corporate Finance (Rimini, Italy); 32nd Finance Forum (Pamplona, Spain); Eleventh ECINEQ (The Society for the Study of Economic Inequality) Conference (Washington DC, USA); 52nd European Finance Association Annual Meeting (Paris, France).
Work in Progress
Do Vulnerable Borrowers Bear the Costs of Monetary Policy?
with Sean Lavender and Leonardo Soriano de Alencar.
Heterogeneous Monetary and Fiscal Policy Pass Through to Consumer Credit: Evidence from Brazil
with Sean Lavender and Leonardo Soriano de Alencar, supported by the Keynes Fund.