Bio

I work at the Federal Reserve Board, which I joined upon graduating from London Business School with a PhD in finance. Between 2018 and 2022, I was at the Bank for International Settlements, as a Senior Economist in the Monetary and Economic Department.

My main interests lie in non-bank financial intermediation in general and in the asset-management industry in particular. Over time, I covered issues ranging from search for yield by non-banks, liquidity transformation by mutual funds, price discovery in bond markets through ETFs, segmentation in mutual-fund investments due to sustainability mandates, and trends in private-capital markets. More recently, I have also analyzed embryonic forms of intermediation in decentralized finance, applying paradigms developed for traditional non-banks to understand the structural characteristics of DeFi and its potential evolution.

My first two years at the Fed were in supervision & regulation, where I worked on a wide variety of topics ranging from Basel Committee groups on the trading book, U.S. implementation of the Basel framework, and model reviews for derivatives and fixed-income products. During the subsequent seven years, I was in the newly established financial stability division. The broad scope of this new group allowed me to gain experience in many subjects, ranging from financial innovation and stress testing to asset management and regulatory arbitrage.