Research Economist and Associate Adviser
personal website 
:: curriculum vitae 
:: email
Press representatives wishing to interview Atlanta Fed economists should contact Public Affairs at media@atl.frb.org or call 470-858-6665. For other inquiries, please send an email to atl-res-admin@atl.frb.org.
Adrien Matray is an economist specializing in the relationship between finance and economic growth, with a focus on misallocation and inequality. His research examines how financial systems, including credit constraints and banking reforms, influence entrepreneurship, innovation, and productivity in both developing and developed economies. Prior to joining the Atlanta Fed, Dr. Matray taught at Harvard University and Stanford GSB, and he previously held a position at Princeton University. He has published in top finance and economics academic journals, such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and Econometrica. Dr. Matray also has experience consulting for organizations such as the French Ministry of Economics and Finance and the World Bank, with an emphasis on policy development to promote equitable economic growth.
Updated June 2025
Contract Completeness of Company Bylaws and Entrepreneurial Success
Paul Beaumont, Johan Hombert, and Adrien Matray
Proceedings of the EUROFIDAI-ESSEC Paris December Finance Meeting 2024
May 2024
32019
EXIM's Exit: The Real Effects of Trade Financing by Export Credit Agencies
Adrien Matray, Karsten Müller, Chenzi Xu, and Poorya Kabir
January 2024 (Revised March 2025)
w32012
Innovation Booms, Easy Financing, and Human Capital Accumulation
Johan Hombert and Adrien Matray
December 2023
w30099
Dividend Taxes, Firm Growth, and the Allocation of Capital
Adrien Matray
June 2022 (Revised June 2023)
DP17072
Tracing Banks' Credit Allocation to their Funding Costs
Anne Duquerroy, Adrien Matray and Farzad Saidi
February 2022
"Financial inclusion, economic development, and inequality: Evidence from Brazil" (with Julia Fonseca). Journal of Financial Economics. 2024.
"Misallocation and Capital Market Integration: Evidence from India" (with Natalie Bau). Econometrica, 91: 67–106. 2023.
"Where Has All the Big Data Gone?" (with Maryam Farboodi, Laura Veldkamp, and Venky Venkateswaran). Review of Financial Studies, 35(7): 3101–3138 (Lead article). 2022.
"The Local Innovation Spillovers of Listed Firms." Journal of Financial Economics, 141(2): 395–412, August 2021 (Lead article).
"Noisy Stock Prices and Corporate Investment" (with Olivier Dessaint, Thierry Foucault, and Laurent Frésard). Review of Financial Studies, 32(7): 2625–2672, July 2019.
"Can Innovation Help U.S. Manufacturing Firms Escape Import Competition from China?" (with Johan Hombert). Journal of Finance, 73(5): 2003–2039, October 2018.
"Do Managers Overreact to Salient Risks? Evidence from Hurricane Strikes" (with Olivier Dessaint). Journal of Financial Economics, 126(1): 97–121, October 2017.
"The Real Effects of Lending Relationships on Innovative Firms and Inventor Mobility" (with Johan Hombert). Review of Financial Studies, 30(7): 2413–2445, July 2017.