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 GoogleScholar SSRN OfficialWebpage

News: Sean Higgins and I are hiring a new Full-Time Research Assistant Starting July/2023. Apply here

Working Papers

"The Effects of Climate Change on Labor and Capital Reallocation" (with Christoph Albert and Paula Bustos)
[Paper version: October 2022] [ Vox EU Column, PRI Blog]

"Consumption Smoothing or Consumption Binging? The effects of government-led consumer credit expansion in Brazil"
(with Gabriel Garber, Atif Mian and Amir Sufi)
[Paper version: September 2022]
Central Bank of Brazil - Best Working Paper Award in Banking and Finance 2020

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

"Language Barriers, Technology Adoption and Productivity: Evidence from Agriculture in India" (with Apoorv Gupta and Andrea Tesei)
[Paper version: September 2022] [Coverage: The World Bank Blog, Kellogg Insight, Ideas for India, ThePrint]

"Eclipses and the Memory of Revolutions: Evidence from China" (with Meng Miao)
[Paper version: January 2022]

Working Papers under review

"The Labor Effects of Judicial Bias in Bankruptcy" (with A. Araujo, R. Ferreira, S. Lagaras, Flavio Moraes and M. Tsoutsoura)
R&R at Journal of Financial Economics [Paper version: July 2022]


"Debt and Bankruptcy Resolution in China" (with Edith Hotchkiss, Kose John, Bo Li, and Wei Wang)
Annual Review of Financial Economics, Vol 15, 2023 (forthcoming)
[Paper version: October 2022]

"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):1097-1119, 2022
[Paper version: November 2021] [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] [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: 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] [doi] [Web Appendix] [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] [doi] [Web Appendix] [Replication Files] [Coverage: BGSE Focus]

Other Publications

"Household Debt and Recession in Brazil" (with Gabriel Garber, Atif Mian and Amir Sufi)
Handbook of U.S. Consumer Economics, 2019.
[Paper] [NBER WP version] [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
[Dataset, References to Data Sources]