Research
Publications
"Optimal Bank Regulation and Fiscal Capacity", Review of Economic Studies, Volume 87, Issue 2, March 2020, Pages 1034–1089
"The Dollar During the Great Recession: The Information Channel of US Monetary Policy and the Flight to Safety", conditionally accepted at Journal of Finance, December 2023 , joint with Jenny Tang (Boston Fed)
"A Fundamental Connection: Exchange Rates and Macroeconomic Expectations", accepted at Review of Economics and Statistics, March 2024, joint with Jenny Tang (Boston Fed)
“Explaining the Great Moderation Exchange Rate Volatility Puzzle”, (2023), joint with Jenny Tang (Boston Fed) , accepted at IMF Economic Review
Coming Soon
“The Importance of Asset Managers in Currency Derivatives Markets” (2023) joint with Sinem Hacioglu-Hoke (Federal Reserve Board), Daniel Ostry (BOE), Adrien Rousset Planat (LBS), Helene Rey (LBS), Jenny Tang (Boston Fed)
“Topography of the FX Derivatives Market: a View From London” (2023) joint with Sinem Hacioglu-Hoke (Federal Reserve Board), Daniel Ostry (BOE), Adrien Rousset Planat (LBS), Helene Rey (LBS), Jenny Tang (Boston Fed)
Working Papers
"Elephants in Equity Markets" joint with Adrien Rousset Planat (LBS), Helene Rey (LBS), Jenny Tang (Boston Fed) [NEW]
"Exchange Rates and Currency Centrality in Equity Markets" joint with Helene Rey (LBS), Jenny Tang (Boston Fed) [NEW]
"Individual Beliefs, Demand for Currency and Exchange Rate Dynamics " known before as "Deviations from FIRE and Exchange Rates: a GE Theory of Supply and Demand", March 2020 joint with Jenny Tang (Boston Fed)
“Answering the Queen: Machine Learning and Financial Crises ”, (2023), joint with Hélène Rey (LBS), Michael Howell (CrossBorder Capital ) and Jérémy Fouliard (LBS)
“Is This Time Different? Financial Follies Across Centuries” (2022), joint with Hélène Rey and Jérémy Fouliard, Draft Available Upon Request
Older Working Papers
"Exchange Rates and Monetary Policy", October 2015 , joint with Jenny Tang (Boston Fed)
"The Continuing Puzzle of Short Horizon Exchange Rate Forecasting", NBER Working paper 2008, joint with Kenneth Rogoff (Harvard)
"Monetary Policy Spill-Overs in Emerging Markets and Imperfect Banking Sector Competition", 2019