Work in Progress:

"An Anatomy of a Fire Sale" (with Emil Siriwardane and Danny Walker) 

"Dealer Intermediation and Shock Propagation" (with Anil Kashyap, Alex Kontoghiorghes, Rodrigo Guimaraes and Jean-Charles Wijnandts)

"A Structural Model of a Liquidity Crisis" (with Alessandro Gavazza, Negar Jazi, Semih Uslu and Danny Walker) 

"Government Bond Market Making: Man vs Machine" (with Rodrigo Guimaraes, Simon Jurkatis and Jean-Charles Wijnandts) 

"The Great Moderation in the Long Run" (with Haroon Mumtaz and Leonardo Nogueira Ferreira)

"Accounting for Long-term Macro Finance Trends" (with Vedanta Dhamija and Martin Arazi)

"Star Charities, Director Networks and Firm Performance" (with Saleem Bahaj, Andy Blake, Angus Foulis, Andy Haldane and Jagdish Tripathy)

"Heterogeneous Inflation Expectations and Market Dynamics" (with Taisiya Sikorskaya) 

Working Papers:

"The Liquidity State-Dependence of Monetary Policy Transmission" (with Rodrigo Guimaraes and Jean-Charles Wijnandts)

 Presentations: 2023 BoE

"Mispricing in Inflation Markets" (with Rodrigo Barria)

 Presentations: 2023 Warwick, BoE

"Interest Rate Exposures of Non-Banks: Market Concentration and Monetary Policy Implications" (with Danny Walker)  (Bank of England SWP)

 Presentations: 2023 BoE, 2023 MMF Conference, CFTC Seminar 2023

"An Anatomy of the 2022 Gilt Market Crisis" (Bank of England SWP)

 Presentations: 2022 BoE, 2023 Chicago NBFI conference, 2023 King's College Conference, 2023 SAET, Bank of Canada, ICPM, 2023 GRETA, EEA BoE Special Session, CEU-OTC Workshop, Frankfurt School of Management Seminar

"Fiscal-Monetary Interactions: Pre-Announcement Liquidity Effects After Bond Issuance" (with Dong Lou and Semih Üslü)  (Bank of England SWP)

 Presentations: 2021 BoE, 2nd ECB-BoE-BoJ Joint Research Workshop 2022

Revisions requested at the Journal of Financial Economics

"Comparing Search and Intermediation Frictions Across Markets" (with Semih Üslü)

 Presentations: Richmond Fed 2021, FIFI 2021, BoE Macro-Finance Workshop 2021, NYU Stern/Salomon Microstructure 2022, NFA 2022, 6th SAFE Conference, 7th Steve Ross Prize Conference, AFA 2023

Revisions requested at the Journal of Financial Economics

"Information Chasing vs Adverse Selection" (with Chaojun Wang and Junyuan Zou) Presentations: WSIR-2021, EFA 2021, FIRS 2021, Texas Finance 2021, AFA 2022

"What Drives Repo Haircuts? Evidence from the UK Market" (with Christian Julliard, Karamfil Todorov and Kathy Yuan)

Revisions requested at Management Science

"Informed Trading and the Dynamics of Client-Dealer Connections in Corporate Bond Markets" (with Robert Czech); Presentations: 2021 FutFinInfo, 2021 Adam Smith Workshop, 2021 MFA, 2021 RES

"Risk Premium Shocks"; Shortlisted for Best Paper Award at the 2021 Frontiers of Factor Investing Conference

Published and Accepted Papers:  

"Price Formation in Markets with Trading Delays" (with Semih Üslü)

  Management Science (Accepted)

"Size Discount and Size Penalty: Trading Costs in Bond Markets" (with Chaojun Wang and Junyuan Zou)  

Review of Financial Studies  (Accepted)

"Inflation and Uncertainty in New Keynesian Models: A Note"

Economics Letters, 2022

"Clients' Connections: Measuring the Role of Private Information in Decentralized Markets" (with Peter Kondor)

Journal of Finance, 2022

"Collateral Channels and Banking Relationships" (with Gareth Anderson, Matthieu Chavaz, Saleem Bahaj and Angus Foulis)

Review of Finance, 2022

"Employment and the Collateral Channel of Monetary Policy" (with Saleem Bahaj, Angus Foulis and Paolo Surico);

Journal of Monetary Economics, 2022

"The Procyclicality of Inflation-Linked Debt"

Economics Letters, 2022

"Home Values and Firm Behaviour" (with Saleem Bahaj and Angus Foulis)

American Economic Review, 2020; Link to Bank Underground post, 

Companion paper with a structural model: "The Residential Collateral Channel: A General Equilibrium Analysis"

"House Prices and Job Losses"

The Economic Journal, 2019; Link to WSJ coverage, Link to Bank Underground post 

"What do VARs Tell us about the Impact of a Credit Supply Shock?" (with Haroon Mumtaz and Kostas Theodoridis)

International Economic Review, 2018

"Capital over the Business Cycle: Renting versus Ownership" (with Peter N Gal)

Journal of Money, Credit and Banking, 2017; Winner of the Best Student Paper Award, Cambridge Finance, 2012; Link to Vox

"Do Contractionary Monetary Policy Shocks Expand Shadow Banking?" (with Ben Nelson and Kostas Theodoridis)

Journal of Applied Econometrics, 2017; Link to WSJ; Link to Vox; Link to World Economic Forum

"Forecasting with VAR Models: Fat tails and Stochastic Volatility" (with Jeremy Chiu and Haroon Mumtaz)

International Journal of Forecasting, 2017

Other papers and projects on hold:

"Monetary Transmission Mechanism in the East African Community: An Empirical Investigation" (with H Davoodi and S Dixit) IMF Working Paper 13/39, 2013

"Macroprudential Capital Regulation in General Equilibrium", (with Ben Nelson) 

"VAR Models with Non-Gaussian Shocks" (with Jeremy Chiu and Haroon Mumtaz)

"Risk News Shocks and the Business Cycle" (with Kostas Theodoridis and Tony Yates)