Research

Published and Accepted Papers

• 14. Can Supply Shocks Be Inflationary with a Flat Phillips Curve? (2024), with Jean-Paul L'Huillier, forthcoming at INTERNATIONAL JOURNAL OF CENTRAL BANKING

• 13. Liquidity Provision and Financial Stability (2024), with William Chen, JOURNAL OF MONEY, CREDIT AND BANKING, Volume56, Issue2-3  March-April 2024  Pages 455-487

• 12. Technology Shocks and Predictable Minsky Cycles (2024), with Jean-Paul L'Huillier and Hunter Wieman, The ECONOMIC JOURNAL, Volume 134, Issue 658, February 2024, Pages 811–836.

• 11. Should Monetary Policy Target Financial Stability? (2023), with William Chen, REVIEW OF ECONOMIC DYNAMICS, Volume 49, July 2023, Pages 181-200

• 10. Collateral Constraints, Tranching, and Price Bases (2023), with Feixue Gong, ECONOMIC THEORY, 75, p. 317–340, https://doi.org/10.1007/s00199-022-01414-8

• 9. Cournot Fire Sales (2022), with Thomas Eisenbach, AMERICAN ECONOMIC JOURNAL: MACROECONOMICS, July 2022, 14(3):508-42

• 8. International Coordination of Macroprudential Policies with Capital Flows and Financial Asymmetries (2021), with William Chen, JOURNAL OF FINANCIAL STABILITY, Volume 56, October 2021, 100929

• 7. Debt Collateralization, Capital Structure, and Maximal Leverage (2020), with Feixue Gong, ECONOMIC THEORY,  70(2), 579-605

• 6. Dimensionality and Disagreement: Asymptotic belief divergence in response to common information (2019), with Isaac Loh, INTERNATIONAL ECONOMIC REVIEW, Vol. 60, No. 4, November 2019

• 5. Securitized Markets, International Capital Flows, and Global Welfare (2019), with Alexis Akira Toda, JOURNAL OF FINANCIAL ECONOMICS,  Volume 131, Issue 3, March 2019, Pages 571-592 

• 4. Correlated Default and Financial Intermediation (2017), JOURNAL OF FINANCE, June 72:3, p. 1253–1284

• 3. Collateralized Borrowing and Increasing Risk (2017), ECONOMIC THEORY, Volume 63, Issue 2, p. 471–502

• 2. Financial Intermediation, Leverage, and Macroeconomic Instability (2016), AMERICAN ECONOMIC JOURNAL: MACROECONOMICS, 8(4): 199-224, Online Appendix

• 1. Hyperbolic Discounting and Life-Cycle Portfolio Choice (2015), with David Love, JOURNAL OF PENSION ECONOMICS AND FINANCE, volume 14, issue 04, 2015 pp. 492-524, 

Working Papers

1. Global Collateral and Capital Flows (Oct 2023), with Ana Fostel and John Geanakoplos

   • revision requested from AEJ: MACRO

2. Fragility of Safe Asset Markets (Oct 2024), with Thomas Eisenbach

   • revision requested from the REVIEW OF FINANCIAL STUDIES

   • Winner, Best Paper Award, 2022 Johns Hopkins Carey Finance Conference.

3. Digital Currency and Banking-Sector Stability (Dec 2022), with William Chen

   • revision requested from the JOURNAL OF FINANCIAL STABILITY

4. Sustainability with Risky Growth (March 2024), with David Love

5. Collateralizability and Asset Prices: Evidence from Structured Funds (Oct 2024), with Wei Li and Yongqin Wang

6. Does lock-up lead to stability? Implications for runs in the Proof-of-Stake protocol (March 2024), with Samuel Hempel and Thomas Ruchti

7. Flattening of the Phillips Curve and the Mandate of the Central Bank (Dec 2022), with Jean-Paul L'Huillier and William R. Zame

Selected Work in Progress

1. Why Do Supply Disruptions Lead to Inflation? with Thomas Kohler, Jean-Paul L'Huillier, and Maximilian Weiss

2. Liquidity Sinkholes? with Jeffery Zhang

My Erdős number is 4

• me->Feixue Gong->Mihai Stoiciu->Florian Luca->Paul Erdős

• me->Alexis Akira Toda->Gregory Gutin->Noga Alon->Paul Erdős