Working Papers
A New Measure of Central Bank Independence
With Ashraf Kahn and Lev Menand
International Monetary Fund Working Paper 24/35, February 2024
The Market Price of Risk and Macro-Financial Dynamics
With Fernando Duarte and Tara Iyer
International Monetary Fund Working Paper 23/199, September 2023
Good Supervision: Lessons from the Field
With Marina Moretti, Ana Carvalho, Hee Kyong Chon, Katharine Seal, Fabiana Melo, Jay Surti
International Monetary Fund Working Paper 23/181, September 2023
Trust Bridges and Money Flows: A Digital Marketplace to Improve Cross-Border Payments
With Rod Garratt, Dong He, Tommaso Mancini-Griffoli
International Monetary Fund Working Paper 23/1, March 2023
A Multi-Currency Exchange and Contracting Platform
With Federico Grinberg, Tommaso Mancini Griffoli, Robert Townsend, Nicolas Zhang
International Monetary Fund Working Paper 22/217, November 2022
The Evolution of Treasury Market Liquidity: Evidene from 30 Years of Limit Order Data
With Michael Fleming and Erik Vogt
Federal Reserve Bank of New York Staff Reports, Number 827, September 2022
With Nina Boyarchenko, Domenico Giannone, Ananthakrishnan Prasad, Dulani Seneviratne, Yanzhe Xiao
Federal Reserve Bank of New York Staff Reports, Number 1031, September 2022
With Patrick Bolton and Alissa Kleinnijenhuis
International Monetary Fund Working Paper 22/107, June 2022
See also http://greatcarbonarbitrage.com
A Quantitative Microfounded Model for the Integrated Policy Framework
With Christopher Erceg, Marcin Kolasa, Jesper Lindé, Pawel Zabczyk
International Monetary Fund Working Paper 21/292, December 2021
Monetary and Macroprudential Policy with Endogenous Risk
With Fernando Duarte, Nellie Liang, Pawel Zabczyk
International Monetary Fund Working Paper 20/236, November 2020
With Francis Vitek
International Monetary Fund Working Paper 20/151, August 2020
A Quantitative Model for the Integrated Policy Framework
With Christopher Erceg, Jesper Lindé, Pawel Zabczyk, Jianping Zhou
International Monetary Fund Working Paper 20/122, July 2020
The Non-U.S. Bank Demand for U.S. Dollar Assets
With Peichu Xie
International Monetary Fund Working Paper 20/101, June 2020
Dynamic Leverage Asset Pricing
With Emanuel Moench and Hyun Song Shin
Centre for Economic Policy Research Discussion Paper, Number 11466, November 2019
Financial Vulnerability and Monetary Policy
With Fernando Duarte
Federal Reserve Bank of New York Staff Reports, Number 804, December 2016
The Cost of Capital of the Financial Sector
With Evan Friedman and Tyler Muir
Federal Reserve Bank of New York Staff Reports, Number 755, December 2015
Risk Appetite and Exchange Rates
With Erkko Etula and Hyun Song Shin
Federal Reserve Bank of New York Staff Reports, Number 361, December 2015
With Nina Boyarchenko and Hyun Song Shin
Federal Reserve Bank of New York Staff Reports, Number 743, October 2015
With Nina Boyarchenko
Federal Reserve Bank of New York Staff Reports, Number 651, November 2013
Intermediary Leverage Cycles and Financial Stability
With Nina Boyarchenko
Federal Reserve Bank of New York Staff Reports, Number 567, October 2012
Financial Intermediation, Asset Prices, and Macroeconomic Dynamics
With Emanuel Moench and Hyun Song Shin
Federal Reserve Bank of New York Staff Reports, Number 422, January 2010