Research Papers
"What Drives Crypto Mining" (2025), jointly with Diego Cerdeiro, Andras Komaromi, and Yang Liu. Forthcoming IMF Working Paper.
"CBDC and banking disintermediation in a portfolio choice model" (2023), jointly with Huifeng Chang, Lucyna Gornicka, Marcello Miccoli, and Brandon Joel Tan. IMF Working Paper WP 23/236
"The Macro-financial Effects of International Bank Lending on Emerging Markets" (2023), jointly with Iñaki Aldasoro, Paula Beltran, and Tommaso Mancini-Griffoli. Journal of International Economics, Forthcoming. Early version published as BIS Working Paper No 899.
"A Multi-Currency Exchange and Contracting Platform" (2022), jointly with Tobias Adrian, Tommaso Mancini-Griffoli, Rob Townsend, and Nicolas Zhang. IMF Working Paper WP 22/217.
"The Term Structure of Growth-at-Risk" (2022), jointly with Tobias Adrian, Nellie Liang, Sherheryar Malik, and Eva Yu. American Economic Journal: Macroeconomics. Vol. 14, No. 3, July 2022 (pp. 283-323)
"Has Higher Household Indebtedness Weakened Monetary Policy Transmission?" (2024), jointly with Gaston Gelos, Tommaso Mancini-Griffoli, Shujaat Khan, Machiko Narita, and Umang Rawat. International Journal of Central Banking, February 2024, Vol. 20, Number 1. Previously published as IMF Working Paper WP 19/11 and featured in VOXEU.
"Large Currency Depreciations and Menu Costs" (2018). Mimeo
Book Chapters:
Monetary Policy and Financial Conditions: A Cross-Country Study, 2018, jointly with Tobias Adrian, Fernando Duarte, and Tommaso Mancini-Griffoli. In Advancing the Frontiers of Monetary Policy. Edited by T. Adrian, D. Laxton, and M. Obstfeld. Also published as CEPR Working Paper
Policy Papers
"Exploring multilateral platforms for cross-border payments", co-author in joint CPMI, IMF, and WB report that forms a part of the G20 cross-border payments program and presents the output of building block 17 action 2.
“Risks and Trends in Digital Money”, as part of Technical Note Financial Stability and Managing Institutional, Technology, and Market Transitions for the United Kingdom Financial Sector Assessment Program, April 2022
“The Crypto Ecosystem and Financial Stability Challenges”, jointly with Parma Bains, Mohamed Diaby, Dimitris Drakopoulos (co-lead), Julia Faltermeier, Evan Papageorgiou (co-lead), Dmitri Petrov, Patrick Schneider, and Nobu Sugimoto, Global Financial Stability Report Chapter 2, October 2021.
“Casting Light on Central Bank Digital Currencies”, contributing author. Lead authors: T. Mancini-Griffoli, S. Martinez Peria, I. Agur, Anil Ari, J. Kiff ; A. Popescu, and C. Rochon , IMF Staff Discussion Notes No. 18/08.
“Balance Sheet Approach: How Much Has Spain Adjusted” , with Phakawa Jeasakul, Technical note for Spain’s 2016 Article IV consultation.
“Assessing Spain’s Competitiveness”, Selected Issues Paper for Spain’s 2016 Article IV consultation.
“The Real Estate Market in Malta: Recovery or Overheating?”, Selected Issues Paper for Malta’s 2016 Article IV consultation.
“A Financial Conditions Index for Malta”, Selected Issues Paper for Malta’s 2016 Article IV consultation.
“Potential Output in Malta: A Re-assessment”, jointly with Nina Budina, January 2016, Selected Issues Paper for Malta’s 2015 Article IV consultation.