I am a principal economist in the Division of Financial Stability at the Board of Governors of the Federal Reserve System in Washington, D.C.

I hold a DPhil in Financial economics from the University of Oxford.

Latest research:

"Optimal Bank Regulation in the Presence of Credit and Run Risk", with Anil Kashyap and Dimitri Tsomocos. FEDS WP 2017-097.

2nd R&R Journal of Political Economy [Paper] [Revised slides] [Older WP]

"Private and Public Liquidity in OTC markets", with David Arseneau and David Rappoport, FEDS WP 2017-033

R&R Theoretical Economics [Paper] [Slides] [Older WP]

"Capital taxation with heterogeneous discounting and collateralized borrowing", with Nina Biljanovska, FEDS WP 2017-53

Forthcoming Journal of Macroeconomics [Paper] [Slides]

"Collateral Runs", with Sebastian Infante. FEDS WP 2018-022 [Paper] [Slides]

"The Non-bank Credit Cycle", with Esti Kemp, Rene van Stralen, and Peter Wierts. FEDS WP 2018-076 [Paper] [Slides]