"Adverse Selection Dynamics in Privately-Produced Safe Debt Markets" AEJ:Macro (2024), Vol. 16 (1): pp. 441-468 [link][Online Appendix][Data and Code Repository][FEDS WP][NBER WP]
"Self-fulfilling Runs: Evidence from the U.S. Life Insurance Industry" The Journal of Political Economy (2020), Vol. 128, No. 9, pp. 3520-3569. [link][Online Appendix][FEDS WP]
With B. Narajabad and S. Verani
Coverage: [Money and Banking][ThinkAdvisor]
"Over-the-Counter Market Liquidity and Securities Lending" Review of Economic Dynamics (2019), Vol. 33, pp. 272-294. [link][Online Appendix][FEDS WP][BIS WP]
With S. Gissler and S. Verani
Coverage: [Bloomberg][Brookings][Finadium][Market Insight (MLex)][Securities Lending Times][Moody's Analytics]
"The Impact of Unconventional Monetary Policy on Firm Financing Constraints: Evidence from the Maturity Extension Program" Journal of Financial Economics (2016), Vol. 122(2), pp. 409-429. [link][FEDS WP][Philly Fed WP]
With R. Ramcharan and E. Yu
Winner of the BankScope Prize for best banking paper at the 28th Australasian Finance and Banking Conference
"Sovereign Debt Guarantees and Default: Lessons from the UK and Ireland, 1920-1938" European Economic Review (2016), Vol. 87, pp. 272-286. [link][final version]
With E. McLaughlin
Coverage: [The Economist][Financial Times][Finance Long Run][Positive Check][NEP-HIS]
"Capitalising on the Irish Land Question: Land Reform and State Banking in Ireland: 1891-1938" Financial History Review (2016), Vol. 23(1), pp. 71-109. [link][final version]
With E. McLaughlin
"US Real Interest Rates and Default Risk in Emerging Economies" Journal of Money, Credit and Banking (2013), Vol. 45(5), pp. 967-975. [link][final version][IFDP]
With B. Guimaraes
"Information Networks over the Business Cycle" [June 2025]
"Funds of funds' Portfolio Rebalancing during the Covid-19 Crisis" [April 2025]
With Jeongmin "Mina" Lee
"Measuring Interest Rate Risk Management by Financial Institutions" [September 2024][Poster][FEDS WP]
With C. Brunetti and S. Verani
Revise and resubmit at the Review of Asset Pricing Studies
Winner of the Best Conference Paper at the 16th International Risk Management Conference (2023)
Coverage: [FSOC Annual Report]
"The Informational Centrality of Banks" [December 2023][FEDS WP][NBER WP]
"Are US Life Insurers the New Shadow Banks?" [April 2023]
With N. Heinrich and S. Verani
Content also appears as "US Life Insurers and Systemic Risk" in the Research Handbook of Macroprudential Policy [September 2024]
Coverage: [NYTimes][News Items][NBC][ThinkAdvisor][IAR][MarketWatch]
"Who Limits Arbitrage?" [June 2020]
With B. Narajabad and S. Verani
"Securities Lending as Wholesale Funding: Evidence from the US Life Insurance Industry" [December 2019][NBER WP]
With B. Narajabad and S. Verani
Coverage: [NBER][Money and Banking]
"The Timing of Default Over Electoral Terms" [IFDP]
"Life Insurers’ Role in the Intermediation Chain of Public and Private Credit to Risky Firms" FEDS Notes. Washington: Board of Governors of the Federal Reserve System, March 21, 2025.
With S. Carlino, N. Heinrich, and S. Verani
Coverage: [FT][Central Banking][Life Risk News][RIJ]
"How Do U.S. Life Insurers Manage Liquidity in Times of Stress" FEDS Notes. Washington: Board of Governors of the Federal Reserve System, August 23, 2022.
With N. Heinrich and S. Verani
Coverage: [FT]
"Assessing the Size of the Risks Posed by Life Insurers' Nontraditional Liabilities" FEDS Notes. Washington: Board of Governors of the Federal Reserve System, May 21, 2019.
With B. Narajabad and S. Verani
Coverage: [Think Advisor]
"Funding Agreement-Backed Securities in the Enhanced Financial Accounts" FEDS Notes. Washington: Board of Governors of the Federal Reserve System, August 5, 2016.
With R. Meisenzahl, B. Narajabad, M. Perozek, and S. Verani
"When Cash Flows Turn Negative: Liquidity-Driven Selling by Pension Funds" by A. Andonov, K. Jansen, J. Rauh [NBER 2025 discussion slides]
"International Portfolio Frictions" by W. Du, A. Fontana, P. Jakubik, R. Koijen and H. Shin [IMF AMFR 2025 discussion slides]
"LASH Risk and Interest Rates" by L. Alfaro, S. Bahaj, R. Czech, J. Hazell, and I. Neamtu [NBER 2024 discussion slides]
"Investing in Safety" by J. Breckenfelder, V. De Falco, and M. Hoerova [BSE 2024 discussion slides]
"Wholesale Funding Runs, Spreads, and Central Bank Interventions" by J. Magnani and Y. Wang [YPFS 2023 discussion slides][paper link]
"Dynamic Equilibrium with Costly Short-Selling and Lending Market" by A. Atmaz, S. Basak, and F. Ruan [EFA 2021 discussion slides][paper link]
"Worried Depositors" by M. Chavaz and P. Slutzky [Day Ahead Conference 2020 discussion slides][paper link]
"Insurers as Asset Managers and Systemic Risk" by A. Ellul, C. Jotikasthira, A. Kartasheva, C. Lundblad, and W. Wagner [FIRS 2019 discussion slides][paper link]
"The Bond Pricing Implications of Rating-Based Capital Requirements" by S. Murray and S. Nikolova [CFIC 2019 discussion slides][paper link]
"Price and Volume Dynamics in Bubbles" by J. Liao and C. Peng [EWFC 2019 discussion slides][paper link]