Michele Andreolli is an Assistant Professor in the Seidner Department of Finance at the Boston College Carroll School of Management. His research focuses on the interactions between debt markets and macroeconomic policy and the role of consumption heterogeneity in the transmission of shocks. In the first strand of research, he shows how imperfections in assets markers, such as limits to arbitrage and imperfect asset substitutability, interact powerfully with the structure of public debt to