Current position

• Senior Economist, Bank for International Settlements, 2021 - now

Previous position

• Economist, Bank for International Settlements, 2016 - 2020

• Strategist, Global Rates and FX Research, Bank of America Merrill Lynch, 2014 - 2016

Education

• Ph.D., Economics, University of California, San Diego, 2014

• M.S., Physics, University of California, San Diego, 2009

• Ph.D. student, Physiology and Biophysics, Weill Cornell Medical College, New York, 2006-2007

• B.S., Applied Physics (First Class Honors), Hong Kong Baptist University, 2006

Selected Publications

• The term structure of carbon premia, the Eighth Public Investors Conference Proceedings,  October 2023 (with Omar Zulaica)

• Global Inflation and Global Monetary Policy Tightening: Implications for the Euro Area, Intereconomics,  June 2023 (with Richhild Moessner and Fabrizio Zampolli)

• Explaining monetary policy spillovers: The Matrix Reloaded , Journal of Money, Credit, and Banking, November 2022 (with Andreas Schrimpf and Jonathan Kearns)

• Forecasting recessions: the importance of the financial cycle, Journal of Macroeconomics, December 2020 (with Claudio Borio and Mathias Drehmann)

• The negative interest rate policy and the yield curve, Journal of Applied Econometrics, September/October 2020 (with Jing Cynthia Wu) 

• Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound, Journal of Money, Credit, and Banking, March 2016 (with Jing Cynthia Wu)

Other Publications

• Interest rate risk management by EME banks , BIS Quarterly Review, September 2023 (with Julian Caballero, Alexis Maurin and Philip Wooldridge)

•  The Internationalisation of EME currency trading , BIS Quarterly Review, December 2022 (with Julian Caballero, Alexis Maurin and Philip Wooldridge)

• Achievements and challenges in ESG markets , BIS Quarterly Review, December 2021 (with Michela Scatigna, Anna Zabai and Omar Zulaica) 

• Stress in European money market funds at the outbreak of the pandemic, BIS Quarterly Review, September 2021 (with Avalos Fernando) 

• Monetary policy, relative prices and inflation control: flexibility born out of success, BIS Quarterly Review, September 2021 (with Claudio Borio, Piti Disyatat, Egon Zakrajsek).  A brief version in Vox EU

• Investor size, liquidity and prime money market fund stress, BIS Quarterly Review, March 2021 (with Avalos Fernando) 

• US Treasuries and equity sell-offs: is the hedge faltering? BIS Quarterly Review, December 2020 (with Avalos Fernando)

• Government bond yields and the dynamics of duration supply, BIS Quarterly Review, December 2020 (with Avalos Fernando)

• The short and long end of equity prices during the pandemic, BIS Quarterly Review, September 2020 (with Avalos Fernando)

• Investors' risk attitudes in the pandemic and the stock market: new evidence based on internet searches, BIS Bulletin, No 25, December 2019 (with Marlene Amstad, Giulio Cornelli and Leonardo Gambacorta)

• Offshore markets drive trading of emerging market currencies, BIS Quarterly Review, December 2019 (with Nikhil Patel)

• Yield curve inversion and recession risk, BIS Quarterly Review, September 2019 (with Sirio Aramonte)

• Derivatives trading in OTC markets soars, BIS Quarterly Review, September 2019 (with Philip Wooldridge)

• The financial cycle and recession risk, BIS Quarterly Review, December 2018 (with Claudio Borio and Mathias Drehmann)

• Sovereign and bank tensions in the euro area, BIS Quarterly Review, September 2018 (with Fernando Avalos)

• Term premia: models and some stylised facts, BIS Quarterly Review, September 2018 (with Benjamin H Cohen and Peter Hordahl)

Working Papers

• The effects of climate change-related risks on banks: a literature review, BCBS Working Papers No 40 (with Olivier de Bandt, Laura-Chole Kuntz, Nora Pankratz, Fulvio Pegoraro, Haakon Solheim, Greg Sutton and Azusa Takeyama)

• The term structure of inflation forecasts disagreement and monetary policy transmission, BIS Working Papers No 1114 (with Alessandro Barbera and Sonya Zhu). A brief version in SUERF Policy Brief

• Quantitative forward guidance through interest rate projections, BIS Working Papers No 1105 (with Andreas Schrimpf and Eren Egemen)

• The demand for government debt, BIS Working Papers No 1009 (with Boris Hofmann). A brief version in SUERF Policy Brief

• Trade sentiment and the stock market: new evidence based on big data textual analysis of Chinese media, BIS Working Papers No 917 (With Marlene Amstad, Leonardo Gambacorta and Chao He ). A brief version in Vox China