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I serve as a Principal Economist at the Federal Reserve Board's Office of Policy Effectiveness and Assessment section, where I conduct impact analysis on banking rules covering capital and liquidity. My work spans financial stability, corporate finance, and banking regulation, including Basel III reforms, long-term debt requirements, and liquidity standards such as the LCR and NSFR. I have led analyses of regulatory interactions and on strengthening crisis preparedness through discount window readiness and higher-frequency regulatory reporting. My research, including on consumer credit and emergency policy, has been published in the Journal of Banking and Finance and the Journal of Monetary Economics. Before joining the Board, I served at the U.S. Treasury’s Office of Financial Research, focusing on banking, housing. and consumer credit risks, and later in the Treasury’s Office of State and Local Finance, supporting the Hurricane Maria response in Puerto Rico and covering state and territorial fiscal conditions and municipal markets. I am an adjunct professor at Johns Hopkins University, where I teach Financial Economics. I started my career in risk management for Bank of America and Morgan Stanley, and hold a PhD in Economics from the University of California San Diego.

These pages summarize my academic research and related work. The opinions expressed in this work are mine and that of my co-authors and not necessarily those of the Federal Reserve or other employers past or present. 

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Current Research Interests

• Primary: Macroeconomics, Consumption, Saving, Production, Employment, and Investment (E2)

• Secondary: Financial Economics, Financial Institutions and Services (G2)

Research Statement

My research program in macroeconomics and finance focuses on three areas: interactions between finance and the real economy, the business cycle, and corporate finance. My work explores this agenda with computational, econometric, and analytic tools with a concentration on bank regulation and systemic and macroprudential risk management in housing, housing finance, and consumer credit. My current projects include the employment effects of the Paycheck Protection Program, the evolution of the sources of bank funding, the health of the US Treasury bond markets in March 2020, cyber incidents and banking behavior, capacity constraints and mortgage lending, and the consumption responses to the COVID-19 shock.

Other Websites

Federal Reserve Board

GitHub

Johns Hopkins

LinkedIn