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@@ -62,7 +62,7 @@ <h2>Publications</h2>
     <a href="https://www.aeaweb.org/articles?id=10.1257/mac.20220079&from=f" target="_blank">Credit Supply Shocks and Prices: Evidence from Danish Firms</a>, with
         <a href="https://gabrielzuellig.ch/" target="_blank">Gabriel Züllig</a>.
     Updated April 2023.
-      Accepted, <b>AEJ: Macroeconomics</b>.
+      Accepted, AEJ: Macroeconomics.
 
    	<p style="margin-left:6px">Abstract: We study the response of firms’ output prices to a cut in credit supply. We combine data on loans between Danish firms and banks with survey-based producer prices and transaction-based export unit values. Exploiting banks’ heterogeneous exposure to the global financial crisis, we show that loans to firms with relationships to exposed banks drop and lending rates increase. In response, firms raise prices by 3–5%. This effect is decreasing in the elasticity of firms’ demand but positive for most industrial production. Our results support the idea that firms use price increases to raise cash when external sources of liquidity dry up.</p>
 
@@ -72,7 +72,7 @@ <h2>Publications</h2>
     <a href="https://direct.mit.edu/rest/article/doi/10.1162/rest_a_00981/97710/The-Pass-Through-of-Minimum-Wages-into-US-Retail" target="_blank">The Pass-Through of Minimum Wages into US Retail Prices: Evidence from Supermarket Scanner data</a>, with
         <a href="http://www.clairemontialoux.com" target="_blank">Claire Montialoux</a> and 
         <a href="https://sites.google.com/site/siegenthalermichael/home" target="_blank">Michael Siegenthaler</a>.
-    <b>The Review of Economics and Statistics<b> (2022), Issue 5, Vol. 104, pp. 890-908.
+    The Review of Economics and Statistics (2022), Issue 5, Vol. 104, pp. 890-908.
 
    	<p style="margin-left:6px">Abstract: This paper estimates the pass-through of minimum wage increases into the prices of U.S. grocery and drug stores. We use high-frequency scanner data and leverage a large number of state-level increases in minimum wages between 2001 and 2012. We find that a 10% minimum wage hike translates into a 0.36% increase in the prices of grocery products. This magnitude is consistent with a full pass-through of cost increases into consumer prices. We show that price adjustments occur mostly in the three months following the passage of minimum wage legislation rather than after implementation, suggesting that pricing of groceries is forward-looking.</p>
 
@@ -95,7 +95,7 @@ <h2>Working Papers</h2>
         <a href="https://www.ralphluetticke.com/" target="_blank">Ralph Luetticke</a> and 
         <a href="https://sites.google.com/view/mortenoravn/home" target="_blank">Morten Ravn</a>.
     January 2024.
-      Revise and Resubmit at <b>American Economic Review</b>.
+      Revise and Resubmit at American Economic Review.
 
    	<p style="margin-left:6px">Abstract: Consumer credit spreads significantly impact consumption and asset dynamics, affecting indebted households’ spending behavior and the income sensitivity of consumption. AnalyzingDanish data, we find that elevated credit spreads reduce consumption of indebted households.Our results suggest that the marginal propensity to consume (MPC) is countercyclical, withcredit spreads playing a crucial role. We develop a HANK model, incorporating bank financ-ing for both firms and households. Agency frictions generate a countercyclical credit spread,which induces heterogeneous incidence of aggregate shocks consistent with the data. Bankingregulation, while stabilizing at the aggregate level, may induce volatility at the household level.</p>