About 

• Curriculum vitae [pdf]

• Senior Economist at the Bank for International Settlements 

• Ph.D. in Economics from Cornell University 

• Bachelors and Masters in Mathematics from IIT Kanpur 

• Focus Areas: Financial intermediation, Financial Regulation, Stablecoins and CBDCs, Inflation expectations

Publications

• Efficient vs systemic banks: Can regulation strike a deal?  [paper] [codes] 

- Journal of Economic Dynamics and Control (JEDC), 2025

• Does regulation only bite the less profitable? Evidence from the too-big-to-fail reforms (with Ulf Lewrick, Aakriti Mathur) [paper]

- Journal of Money, Credit, and Banking (JMCB), 2024

- Third Best Paper prize at IFC 2021

• Bank regulation and supervision: A symbiotic relationship (with Isha Agarwal)  [paper] [codes] 

- Journal of Banking and Finance (JBF), 2024

- First Best Paper prize at IFC 2022

• Subsidy-driven firm growth: Does loan history matter? Evidence from a European Union subsidy program (with Adam Banai, Almos Telegdy, Elod Takats)  [paper]

- Journal of Corporate Finance (JCF), 2024

• Reserve-backed tokens: a money for the future? [paper] [slides]

- Journal of Payments Strategy and Systems, 2024

- Featured research at the DC Fintech Week 2023

- Mention in central bank governor speech

- SUERF policy brief 

• Bank capital allocation under multiple constraints (with Ulf Lewrick, Nikola Tarashev)  [paper] [codes] 

- Journal of Financial Intermediation (JFI), 2020

Research in progress

• Household sentiments and the transmission of monetary policy (with Fiorella De Fiore and Jing Lian Suah)

• Making stablecoins stable(r): Can regulation help? (with Ulf Lewrick and Isha Agarwal) [draft]

Policy papers

• How can central banks take account of differences across households and firms for monetary policy? (with Yingwei Dong, Emanuel Kohlscheen and Philip Wooldridge) 

- BIS Papers No 157, June 2025

• From financial inclusion to financial health (with Carlos Cantu, Jon Frost, and Jermy)

- BIS Bulletin No 85, March 2024

• Beyond technology: Considerations for retail CBDC adoption in Asia-Pacific (with Sally Chen, Han Qiu)

- Journal of Payments Strategy and Systems, 2023

• Rising household inflation expectations: what are the communication challenges for central banks? (with Fiorella De Fiore, Deniz Igan, Richhild Moessner)

       - BIS Bulletin No 55, May 2022

• CBDCs in emerging market economies (with Sally Chen, Han Qiu and Ilhyock Shim)

- BIS Papers No 123, April 2022

• Anchoring of Inflation Expectations: has past progress paid off? (with Kostas Tsatsaronis)

- BIS Bulletin No 51, March 2022

• The monetary-fiscal policy nexus in the wake of the pandemic (with Konstantinos Tsatsaronis, Michael Chui, Aaron Mehrotra)

- BIS Papers No 122, March 2022

• Bonds and syndicated loans during the Covid-19 crisis: decoupled again? (with Jose Maria Serena Garralda) [link]

- BIS Bulletin No 29, August 2020 

- Media coverage [Bloomberg] [Bloomberg] [Global Capital] [FT]

• EME government debt: cause for concern? (with Carlos Cantu and Jochen Schanz) [link]

- BIS Quarterly Review, June 2020 

- Media coverage [Voxeu]

• Playing it safe: Global Systemically Important Banks since the crisis (with Ulf Lewrick and Aakriti Mathur) [link]

- BIS Quarterly Review, Sep 2019 

- Media coverage [Risk.net] [Bloomberg]

• The rise of leveraged loans: a risky resurgence? [link]  

- BIS Quarterly Review, Sep 2018

- Media coverage [FT] [FT Alphaville] [Bloomberg] [Business Times] [S&P Global] [Economic Times] [Forbes] [IFR]

Contact

• E-Mail: tirupam at gmail.com, tirupam.goel at bis.org [a]

Disclaimer

The views expressed on this webpage are my own and do not necessarily reflect those of the BIS.