Work in Progress:

"The Great Moderation in the Long Run" (with H Mumtaz and L Ferreira)

"Credit Growth, Market Power and Long-Term Macro-Finance Trends" (with V Dhamija and M Arazi)

"Star Charities, Director Networks and Firm Performance" (with S Bahaj, A Blake, A Foulis, A Haldane and J Tripathy)

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

"A Structural Model of a Liquidity Crisis" (with A Gavazza, N Jazi, S Uslu and D Walker) 

Working Papers:

"Market Whiplash After the 2025 Tariff Shock: An Event-Targeted VAR Approach" (with F Smets and S Üslü) 

"Fire Sales of Safe Assets" (with E Siriwardane and D Walker) 

Revisions requested at the Journal of Financial Economics 

"The Liquidity State-Dependence of Monetary Policy Transmission" (with O Ashtari-Tafti, R Guimaraes and J Wijnandts)

"Mispricing in Inflation Markets" (with R Barria)

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

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

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

Revisions requested at the Journal of Financial Economics

"Information Chasing vs Adverse Selection" (with C Wang and J Zou) 

"What Drives Repo Haircuts? Evidence from the UK Market" (with C Julliard, K Todorov, K Yuan and J Wijnandts)

Revisions requested at Management Science

"Informed Trading and the Dynamics of Client-Dealer Connections in Corporate Bond Markets" (with R Czech);

Revisions requested at Review of Asset Pricing Studies

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

Published and Accepted Papers:  

"Yield Drifts when Issuance Comes before Macro News" (with D Lou, S Üslü and D Walker) 

Journal of Financial Economics, 2025

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

  Management Science, 2024

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

Review of Financial Studies, 2024

"Collateral Channels and Banking Relationships" (with G Anderson, M Chavaz, S Bahaj and A Foulis)

Review of Finance, 2023

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

Economics Letters, 2022

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

Journal of Finance, 2022

"Employment and the Collateral Channel of Monetary Policy" (with S Bahaj, A Foulis and P Surico)

Journal of Monetary Economics, 2022

"The Procyclicality of Inflation-Linked Debt"

Economics Letters, 2022

"Home Values and Firm Behaviour" (with S Bahaj and A 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 H Mumtaz and K Theodoridis)

International Economic Review, 2018

"Capital over the Business Cycle: Renting versus Ownership" (with P 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 B Nelson and K 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 J Chiu and H 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 B Nelson) 

"VAR Models with Non-Gaussian Shocks" (with J Chiu and H Mumtaz)

"Risk News Shocks and the Business Cycle" (with K Theodoridis and T Yates)