Economist, European Department, International Monetary Fund

1900 Pennsylvania Ave NW, Washington, DC, 20431

E-mail: aari [at]

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

Designing Central Bank Digital Currencieswith Itai Agur and Giovanni Dell'Ariccia, IMF Working Paper 19/252. 
Prepared for the Carnegie-Rochester Series on Public Policy "Central Banking in the 2020s and Beyond"

Related material: SUERF Policy Note

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, 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

Foreign Demand Shocks and Local House Prices: Evidence from the US
with Damien Puy and Yu Shi

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

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, August 2015