I am a Principal Economist at the Federal Reserve Board of Governors in the Division of Financial Stability.
Research Interests:
financial economics
credit markets and banking
information frictions and corporate finance
general equilibrium models with incomplete markets
Latest Research:
Publications
Credit Default Swaps in General Equilibrium: Endogenous Default and Credit-Spread Spillovers with Ehraz Refayet - Journal of Money, Credit, and Banking 50(8), 2018
Half Full or Half Empty: Financial Institutions, CDS Use, and Corporate Credit Risk with Cecilia Caglio and Eric Parolin - Journal of Financial Intermediation 40, 2019
A Macroprudential Perspective on the Regulatory Boundaries of U.S. Financial Assets with Arseneau, Brang, Faber, Rappoport, and Vardoulakis - Journal of Financial Crises 5 ( 23), 2023
Debt Maturity and Investor Heterogeneity with Ehraz Refayet - Journal of Financial and Quantitative Analysis 60 (5), 2025
Working Papers
Collateral Heterogeneity and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms with Cecilia Caglio and Sebnem Kalemli-Ozcan (R&R Review of Economic Studies)
Small Shocks and Exit Cascades: the Role of Non-Exclusive Competition and Outside Options with Jin-Wook Chang (Under Review)
Banks, Non-Banks, and Lending Standards with Ehraz Refayet and Alexandros Vardoulakis (Under Review)
QE, QT, Non-Bank Funding, and Bank Liquidity Management: Administrative Evidence from Deposit and Loan Accounts with Sotirios Kokas, Alexandros Kontonikas, Jose-Luis Peydro, and Alexandros Vardoulakis (In preparation)
Equilibrium Investment Distortions with Adverse Selection with Jin-Wook Chang and Ehraz Refayet (In preparation)
The Last Taxi: LCR Buffers and Bank Liquidity Provision with Lucia Gurrieri, Arazi Lubis, and Alex Vardoulakis (In preparation)
Shorter Papers
Private Firm Repayment Vulnerabilities Under Difference Economic Scenarios with Mary Zhang
Bank Disclosures and Runs with Ahyan Panjwani
Work In Progress
Financial Frictions and Monetary Policy Transmission: Micro-level Evidence. with Cecilia Caglio, Thomas Drechsel, Sebnem Kalemli-Ozcan, Veronkia Penciakova
Operating-Collateral Cycles (Preliminary)
Non-Exclusive Competitve Search with Adverse Selection (Preliminary) with Jin-Wook Chang