Are Older Adults Healthier than Before? Global Evidence on Healthy Aging
With Bertrand Gruss, Eric Huang, Andresa Lagerborg, and Diaa Noureldin
The Journal of the Economics of Ageing, 34, 100638 (2026)
Across 41 countries, successive cohorts reach older age in better physical, cognitive, and mental health, with the strongest gains in cognition but persistent disparities across countries and socioeconomic groups.
Related policy work: World Economic Outlook
Interest Rate Uncertainty as a Policy Tool?
With Fabio Ghironi
Journal of International Economics, 158, 104180 (2025)
Interest rate uncertainty as a capital-flow management policy affects the composition of capital flows between short-term bond and FDI, with nonlinear New Keynesian model showing that welfare improves when countering uncertainty-driven flows but may decline when responding to level shocks.
Paper · Appendix · CEPR · NBER
Policy references: Bank of Canada Governor’s speech · World Economic Outlook
International Trade and Macroeconomic Dynamics with Sanctions
With Fabio Ghironi and Daisoon Kim
Journal of Monetary Economics, 154, 103810 (2025)
A dynamic international trade and macro model that shows sanctions reshape production and exchange rate dynamics, with larger welfare losses when targeting sectors of comparative disadvantage and important transitional effects that long-run comparisons miss.
Media coverage: Kommersant
International Economic Sanctions and Third-Country Effects
With Fabio Ghironi and Daisoon Kim
IMF Economic Review, 72, 611–652 (2024)
A three-region model shows that sanctions reduce efficiency and welfare in the targeted economy, while broader international participation strengthens their impact at a cost to countries joining the sanctions.
Paper · Bank of Canada Working Paper
Media coverage: Berliner Zeitung
News-Driven International Credit Cycles
Journal of Macroeconomics, 70, 103372 (2021)
A two-country model links unfulfilled optimism to credit misallocation and cross-border borrowing cycles, and finds that liquidity injections mitigate the resulting downturn more effectively than purchases of non-traded-sector assets.
Paper · Appendix · Bank of Canada Working Paper
Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence
Journal of Monetary Economics, 115, 265–278 (2020)
A banking model shows how cross-border funding frictions can redirect credit toward non-traded sectors and widen current account deficits, while common central bank interventions mitigate downturns following sudden stops.
Paper · Appendix · ESRB Working Paper
Awards: European Economic Association Young Economist Award · 48th Money, Macro and Finance Conference Best Paper Award · ESRB Ieke van den Burg Award shortlist
Coverage: Liberty Street Economics · e-axes — 360 Econ View