E-Money and Payments Policy (with Charles M. Kahn and Russell Wong) [pdf] [slides

We evaluate if new technologies like DLT and mobile computing have changed the tradeoffs in the public provision of payments media in the form of tokens or central bank accounts.

Intraday Trade Dynamics in Short-term Funding Markets (with Mark Rempel) [pdf] [slides

We develop a general equilibrium model of overnight funding markets: the key to understand recent dislocations in funding rates is the segmentation of markets due to financial infrastructure and not issues of collateral. 

Foreign Reserves and Tail Risk (with Jorge Cruz Lopez). [pdf[slides] 

We propose a new direct methodology for the construction of foreign reserves portfolios: choose weights that maximize the portfolio’s expected mark-to-market value when assets are most likely to be liquidated.


Financial Development, Credit and Business Cycles (with Tiago Pinheiro and Marc Teignier). [long WP version pdf], [JMCB Vol 49, Issue 7, October 2017] 

We show that financial development has a non-monotonic effect on the degree of amplification of credit cycles: they are most severe at intermediate levels of financial development. 

Government Bond Clienteles and Yields (with Jianjian Jin and Jesus Sierra).[forthcoming[slides] 

We document the price impact that different clienteles have on government bond yields. Impact can be explained by their investment mandate: indexers and strict-mandate investors have larger price impact than non-indexers.



Distributed Ledger Technologies and E-money (remarks for the DLT panel discussion at the FMIC II hosted by the DNB, June 7-8, 2017)[pdf]


Fintech: is this time different? (with Meyer Aaron and Samantha Sohal),  Bank of Canada Discussion Paper, 2017-10[pdf[slides]

Financial Market Infrastructures:

A policy view on developments in the field of financial market infrastructures (with Biliana Alexandrova-Kabadjova, Evangelos Benos, Jo Braithwaite, Jorge Cruz Lopez, Ronald Heijmans, Mark Manning, and David Murphy) FMIC 2 special issue introduction: Journal of Financial Market Infrastructures, Vol 6, Number 2/3[pdf

Management of Domestic Debt and Foreign Reserves:

The Government of Canada Debt Securities Data Set (with Jeffrey Gao and Gabriel Rodriguez Rondon), Bank of Canada Technical Report No. 112. [pdf[data part I[data part II]

The Canadian Dollar as Reserve Currency  (with Lukasz Pomorski and Eric Wolfe), Bank of Canada Review, Spring 2014. [pdf]

Modelling the Asset-Allocation and  Liability Strategy for Canada's Foreign Exchange Reserves  (with Jianjian Jin, Narayan Bulusu, Lukasz Pomorski), Bank of Canada Review, Spring 2013. [pdf]

The US Dollar Supranational Zero-Coupon Curve, Bank of Canada Discussion Paper, 2012-5. [pdf] [data]

A Model of the EFA Liabilities (with Oumar Dissou), Bank of Canada Discussion Paper, 2011-11. [pdf]


Limited Asset Market Participation and the Variation of Real Risk Premia. [pdf]

Monopolies and Economic Growth (with Pablo Pena), Gaceta de Economia,  Fall 2009. 

An Empirical Analysis of the Law of One Price in Mexico (with Marco Gonzalez), Gaceta de Economia,  Fall 2004. [pdf]

Trade Creation and Trade Diversion of Preferential Agreements: New Estimates for NAFTA (with Jose M. Chavez), Gaceta de Economia,  Spring 2002.