Jacopo Ponticelli

Associate Professor of Finance
Kellogg School of Management, Northwestern University

NBER Faculty Research Fellow
CEPR Research Affiliate
Global Poverty Research Lab (NU) - Affiliate
Center for Economic History (NU) - Affiliate
Luohan Academy Fellow

Global Hub, Office 4485
2211 Campus Dr, Evanston, IL 60208

CV Research Statement
GoogleScholar SSRN OfficialWebpage

Working Papers

"Temperature, Adaptation and Local Industry Concentration" (with Qiping Xu and Stefan Zeume)
[Paper version: March 2024] [ Vox EU Column, Kellogg Insight ]

"The Effects of Climate Change on Labor and Capital Reallocation" (with Christoph Albert and Paula Bustos)
[Paper version: April 2024] [ Vox EU Column, PRI Blog]

"Industrialization without Innovation" (with Paula Bustos, Juanma Castro Vincenzi , and Joan Monras)
[Paper version: October 2022]

"The International Transmission of Democratic Values: Evidence from the African Diaspora" (with Marco Manacorda and Andrea Tesei)
[Paper version: March 2024]

Working Papers under review

"Information Frictions and Take-up of Government Credit Programs" (with Pulak Ghosh, Apoorv Gupta and Andrea Tesei)
R&R at the Review of Financial Studies [Paper version: July 2023]

"Language Barriers, Technology Adoption and Productivity: Evidence from Agriculture in India" (with Apoorv Gupta and Andrea Tesei)
[Coverage: The World Bank Blog, Kellogg Insight, Ideas for India, ThePrint]
R&R at the Review of Economics and Statistics [Paper version: April 2024]

"Eclipses and the Memory of Revolutions: Evidence from China" (with Meng Miao and Yi Shao)
R&R at the AEJ: Applied Economics [Paper version: October 2023]


"Consumption Smoothing or Consumption Binging? The effects of government-led consumer credit expansion in Brazil"
(with Gabriel Garber, Atif Mian and Amir Sufi )
Journal of Financial Economics, 156, 2024
[Paper] [Appendix]
Central Bank of Brazil - Best Working Paper Award in Banking and Finance 2020

"The Labor Effects of Judicial Bias in Bankruptcy" (with A. Araujo, R. Ferreira, S. Lagaras, Flavio Moraes and M. Tsoutsoura)
Journal of Financial Economics, 150(2), 2023
[Paper] [Appendix] [doi]

"Revealing Corruption: Firm and Worker Level Evidence from Brazil" (with E. Colonnelli, S. Lagaras, M. Prem and M. Tsoutsoura)
Journal of Financial Economics, 143(3), 2022
[Paper] [Appendix] [doi]

"Going Bankrupt in China" (with Bo Li)
Review of Finance, 26(3): 449-486, 2022
[Paper ] [doi] [Court Introduction Data] [Coverage: Harvard Law School, Oxford Business Law Blog, The Economic Times]
2019 China Financial Research Conference Best Paper Award
2022 Pagano and Zechner Prize for best non-investment paper published in the Review of Finance

"Capital Accumulation and Structural Transformation" (with Paula Bustos and Gabriel Garber)
Quarterly Journal of Economics, 135(2): 1037–1094, 2020
[Paper] [Appendix] [doi] [Coverage: Kellogg Insight]

"Austerity and Anarchy: Budget Cuts and Social Unrest in Europe, 1919-2008" (with Joachim Voth)
Journal of Comparative Economics, 48(1): 1-19, 2020.
[Paper] [doi] [Coverage: The Economist, Freakonomics, Time Magazine, The Atlantic]
Montias Prize for best article published in the JCE in 2020 and 2021

"Credit Allocation under Economic Stimulus: Evidence from China" (with Will Cong, Haoyu Gao, and Xiaoguang Yang)
Review of Financial Studies, 32(9): 3412–3460, 2019.
[Paper] [doi] [Coverage: The Economist, Bloomberg View, Bloomberg Opinion, Vox China, Chicago Booth Review ]
2017 China Financial Research Conference Best Paper Award

"Court Enforcement, Bank Loans and Firm Investment: Evidence from a Bankruptcy Reform in Brazil" (with Leonardo S. Alencar)
Quarterly Journal of Economics, 131(3): 1365-1413, 2016.
[Paper] [ Appendix] [doi] [Coverage: Folha de Sao Paulo]
Central Bank of Brazil - Best Working Paper Award 2017

"Agricultural Productivity and Structural Transformation: Evidence from Brazil" (with Paula Bustos and Bruno Caprettini)
American Economic Review, 106(6): 1320-1365, 2016.
[Paper] [Appendix] [doi] [Replication Files] [Coverage: BGSE Focus]

Other Publications

"Debt and Bankruptcy Resolution in China" (with Edith Hotchkiss, Kose John, Bo Li, and Wei Wang)
Annual Review of Financial Economics, 15:369-385, 2023

"Household Debt and Recession in Brazil" (with Gabriel Garber, Atif Mian and Amir Sufi)
Handbook of U.S. Consumer Economics, 2019.
[Paper] [Coverage: New York Times, Chicago Booth Review]

"A New Dataset on Mincerian Returns" (with Francesco Caselli and Federico Rossi)
in Francesco Caselli, Technology Differences over Space and Time, 2016, Princeton University Press
[Paper] [Dataset, References to Data Sources]