I work as an advisor in the Research Group at the Federal Reserve Bank of New York.
I am interested in financial economics, macroeconomics, and economic history.
Contact information: email@example.com
(Disclaimer: this is a private homepage and does not represent views of the Federal Reserve System, the Federal Reserve Bank of New York or anyone else but me)
The Debt-Inflation Channel of the German Hyperinflation, (with Markus Brunnermeier, Sergio Correia, Emil Verner and Tom Zimmermann)
Bank Funding Risk, Reference Rates, and Credit Supply, (with Harry Cooperman, Darrell Duffie, Zachry Wang, and Yilin Yang) [R&R at Journal of Finance]
Who Can Tell Which Banks Will Fail? (with Kristian Blickle and Markus Brunnermeier) [R&R at Review of Financial Studies]
Employment Effects of Unconventional Monetary Policy: Evidence from QE, (with Tom Zimmermann), Journal of Financial Economics, Vol. 135, Issue 3, March 2020, Pages 678-703.
The Effects of Banking Competition on Financial Stability and Growth: Evidence from the National Banking Era, (with Mark Carlson and Sergio Correia), Journal of Political Economy, Vol. 130, Issue 2, February 2022, Pages 462-520.
Sergio Correia and I digitized annual balance sheets as reported in the OCC's Annual Report to Congress for all years from 1867 through 1904. You can download the data here.
Bank Liquidity Provision Across the Firm Size Distribution, (with Gabriel Chodorow-Reich, Olivier Darmouni, and Matthew Plosser), Journal of Financial Economics, Volume 144, Issue 3, June 2022, Pages 908-932. ONLINE APPENDIX.
Pandemics Depress the Economy, Public Health Interventions Do Not: Evidence from the 1918 Flu, (with Sergio Correia and Emil Verner), Journal of Economic History, Volume 82, Issue 4, December 2022, pp. 917-957. ONLINE APPENDIX
Inefficient Liquidity Creation, (with Paul Schempp), Journal of Financial Intermediation, Volume 53, January 2023, 100996.
The Valuation of Collateral in Bank Lending, (with Joao Santos), Journal of Financial and Quantitative Analysis, accepted.
papers in special issues
Digitizing Historical Balance Sheet Data: A Practitioner’s Guide, (with Sergio Correia), Explorations in Economic History, Methodological Advances in the Extraction and Analysis of Historical Data, Volume 87, January 2023, 101475. GitHub.
Did QE lead to lax bank lending standards? Evidence from the Federal Reserve's LSAPs, (with Robert Kurtzman and Tom Zimmermann), Journal of Banking and Finance, Special Issue on IFABS 2017 Financial Regulation, May 2022, Volume 138, 105403.
Insights from Newly Digitized Banking Data, 1867-1904, (with Sergio Correia), Liberty Street Economics
How the LIBOR Transition Affects the Supply of Revolving Credit, (with Harry Cooperman, Darrell Duffie, Alena-Kang Landsberg, Zachry Wang, and Yilin (David) Yang), Liberty Street Economics
How (Un-)Informed Are Depositors in a Banking Panic? A Lesson from History, (with Kristian Blickle and Markus Brunnermeier), Liberty Street Economics
Weathering the Storm: Who Can Access Credit in a Pandemic?, (with Gabriel Chodorow-Reich, Harry Cooperman, Olivier Darmouni, and Matthew Plosser), Liberty Street Economics
The Banking Industry and COVID-19: Lifeline or Life Support?, (with Madeline Finnegan, Sarah Ngo Hamerling, Beverly Hirtle, Anna Kovner, and Matthew Plosser), Liberty Street Economics
Implications of the COVID-19 Disruption for Corporate Leverage, (with Sungmin An and Anna Kovner), Liberty Street Economics
Fight the Pandemic, Save the Economy: Lessons from the 1918 Flu, (with Sergio Correia and Emil Verner), Liberty Street Economics
Once Upon a Time in the Banking Sector, (with Sergio Correia and Mark Carlson), Liberty Street Economics
Ten years later - Did QE work?, (with Tom Zimmermann), Liberty Street Economics
retired working papers
Sovereign Defaults, Bank Runs, and Contagion, (with Paul Schempp), unpublished working paper
Outside Liquidity, Rollover Risk, and Government Bonds, (with Paul Schempp), unpublished working paper
Banks, Shadow Banking and Fragility, (with Paul Schempp), ECB working paper,
Awarded the Young Economist Award at the ECB Forum in Sintra