Economist, European Department, International Monetary Fund

1900 Pennsylvania Ave NW, Washington, DC, 20431

E-mail: aari [at] imf.org

PhD Economics, University of Cambridge

Interests: Macroeconomics, International Finance, Banking

Curriculum vitae (Last updated: April 2019)


Disclaimer: This is my personal website. The views expressed here do not necessarily represent the views of the IMF, its Executive Board, or IMF management.



Working papers

Foreign Demand and Local House Prices: Evidence from the US
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with Damien Puy and Yu Shi, IMF Working Paper 20/43. Submitted.

Designing Central Bank Digital Currencieswith Itai Agur and Giovanni Dell'Ariccia, IMF Working Paper 19/252, forthcoming at the Journal of Monetary Economics

Shadow Banking and Market Discipline on Traditional Banks with Christoffer Kok, Matthieu Darracq Pariès and Dawid Żochowski, IMF Working Paper 17/285under revision for the Journal of Financial Intermediation

Gambling Traps, ECB Working Paper 2217. Submitted. [online appendix]
Previously circulated as Sovereign Risk and Bank Risk-Taking, IMF Working Paper 17/280
Awards: 2015 Klaus Liebscher Award, UniCredit & Universities Money, Banking and Finance Best Paper Award, Best Article in International Macro Award at RIEF Florence 2016, Cambridge Finance Best Student Paper Award, ECB Lamfalussy Fellowship, shortlisted for the Young Economist Award at the Third ECB Forum on Central Banking (Sintra) and the Ieke van den Burg Prize

The Dynamics of Non-Performing Loans during Banking Crises: A New Database, with Sophia Chen and Lev Ratnovski, ECB Working Paper 2395 and IMF Working Paper 19/272. Submitted. [data] [online appendix]

Debt Seniority and Sovereign Debt Crises, with Giancarlo Corsetti and Luca Dedola, IMF Working Paper 18/104


Work in progress

Monetary Policy and Sovereign Debt Crises in a Currency Area, with Giancarlo Corsetti, Luca Dedola and Galip Kemal Ozhan



Book chapters, policy contributions and short pieces

Infrastructure in Central, Eastern, and Southeastern Europe: Benchmarking, Macroeconomic Impact, and Policy Issues, with David Bartolini, Vizhdan Boranova, Gabriel Di Bella, Kamil Dybczak, Keiko Honjo, Raju Huidrom, Andreas Jobst, Nemanja Jovanovic, Ezgi O. Ozturk, Laura Papi, Sergio Sola, Michelle Stone and Petia Topalova, IMF Departmental Paper No. 20/11, September 2020

COVID-19 and non-performing loans: lessons from past crises, with Sophia Chen and Lev Ratnovski, ECB Research Bulletin No. 71, May 2020 

Casting Light on Central Bank Digital Currencieswith Tommaso Mancini-Griffoli, Maria Soledad Martinez Peria, Itai Agur, John Kiff, Celine Rochon and Adina Popescu, in Cryptoassets: Legal, Regulatory and Monetary Perspectives, Chris Brummer (ed.), Oxford Univ. Press 

Housing Strikes Back: Remaining Attuned to Risks, in IMF Research Perspectives, Vol. 19, No. 2, December 2018


Lessons from Cyprus that did not make it to Greecewith Giancarlo Corsetti and Andria Lysiotou. Short piece in VoxEU.org, August 2015