I am on the 2026–27 academic job market. My research sits at the intersection of macroeconomics, credit markets, and banking — combining theory with empirical analysis to understand how household and bank balance sheets shape the transmission of monetary and fiscal policy. Below you will find everything a committee needs; please email me with any questions.
Job Market Paper
Who Bears the Burden of Bank Capital Regulation? Buffers, Risk Weights, and the Supply of Credit
Job Market Paper
Abstract
Who bears the burden of bank capital regulation? Using narratively identified capital-requirement shocks and a quarterly panel of U.S. banks (1994–2019), we document two cross-sectional facts: within banks, commercial lending contracts more than real estate lending, reflecting differential risk weights; across banks, institutions with thin voluntary buffers cut lending most. A heterogeneous macro-banking model with precautionary buffers, solved globally and estimated on within-bank impulse responses, rationalises both facts. A one-percentage-point tightening costs 2.4–2.9 percent of credit-market surplus. Risk weights and size tiers redistribute this burden but barely change its aggregate magnitude — a gross transition cost excluding the stability benefits of capital.In one paragraph: When regulators raise bank capital requirements, who actually pays the price? Using data on roughly 4,800 U.S. banks over twenty-five years, this paper documents two facts: commercial lending contracts more than real estate lending because it carries a higher risk weight, and banks with the thinnest voluntary capital buffers absorb the largest share of the contraction. A structural macro-banking model quantifies the welfare cost at 2.4–2.9 percent of credit-market surplus per percentage point of tightening. Redesigning risk weights or size tiers reshuffles who bears the burden but barely changes its total size — the aggregate cost is driven by the level of requirements, not their architecture.
Application Materials
References
| Jonathan Thomas | Professor, School of Economics, University of Edinburgh · Jonathan.Thomas@ed.ac.uk |
| Corrado Di Guilmi | Associate Professor, University of Florence · corrado.diguilmi@unifi.it |
| Mengheng Li | Senior Lecturer, University of Technology Sydney · Mengheng.Li@uts.edu.au |
Teaching
I have taught macroeconomics, econometrics, forecasting, and programming/numerical methods at the University of Edinburgh, UTS, ANU, and UCA — see Teaching for the full list and my open course materials: Programming & Numerical Methods and Deep Learning for Macroeconomics (interactive notebooks used by my students).
Research Communication
Beyond the papers: plain-English summaries of every paper on the Research page, an interactive explorer of my household-debt results, and public writing for general audiences.
Where to Find Me This Season
- [EDIT: conferences where you’ll present this autumn]
- [EDIT: which job markets you’ll attend for interviews]
Last updated: July 2026. For the most recent versions of all papers, see Research.