Stanford Graduate School of Business

Policy and Other Writing

How the Fed Became a Lender of Immediate Resort

Project Syndicate (2025)

Raise bank equity or keep rolling the dice

Financial Times (2025)

We Really Want to Trust Crypto Interests With the Future of Money?

New York Times (2025)

Can Markets Trust Stablecoins?

Wall Street Journal (2025)

Valuation Contagion Is the Private-Credit Risk No One Sees Coming

Barron’s (2025)

Trump’s Fight With Regulators Is About Who Watches the Watchers

Barron’s (2025)

Fannie and Freddie May Foment Another Crisis.

Wall Street Journal (2025)

Trump Is Coming for the Fed. What Can Stop Him.

Barron’s (2025)

Crypto Saw a Savior in Trump. His Personal Ventures Are Undermining It Instead.

Barron’s (2025)

Fixing the Fracture: Reforming fragmented US banking regulation

SIEPR Policy Brief (2025)

Private equity should be wary of wooing retail investors

Financial Times (2025)

Wall Street regulation needs a rethink under Donald Trump

Financial Times (2025)

Preventing Bailouts Is Simple, but It Isn’t Easy

Wall Street Journal (2024)

Yes, You Should Be Worried About a Potential Bank Crisis. Here’s Why.

New York Times (2023)

It is time to move to banking without subsidised deposits

Financial Times (2023)

The predicable political mess of ESG

Washington Times (2023)

Resolving the Banking Crisis

ProMarket Blog (2023)

Fragile: Why more US banks are at risk of a run

SIEPR Policy Brief (2023)

Gambling for Resurrection: How U.S. Banks Hedged Interest Rate Risk During 2022 Monetary Tightening

ProMarket Blog (2023)

How Many Banks Are at Risk of Insolvency Right Now?

ProMarket Blog (2023)

Tipping the scales: Balancing consumer arbitration cases

SIEPR Policy Brief (2023)

Government and private household debt relief during Covid-19

Brookings Paper on Economic Activity (Fall 2021)

Debt Relief and Economic Recovery

Policyed @ Hoover (2021)

Household Debt Relief During the Pandemic

NBER (2021)

On Target: Debt Forbearance Policies help curb Pandemic Financial Woes.

SIEPR Policy Brief (2021)

Beyond Balance Sheet Model of Banking

Georgetown (2020)

If You Want A Quick Recovery, Forgive Debts.

Barron’s (2020)

Save Capitalism from the CARES Act.

Wall Street Journal (2020)

The Stimulus Package is too Expensive and Poorly Targeted

ProMarket Blog at Stigler Center, Chicago (2020)

Why the World Needs a Covid-19 Vaccine Price Guarantee

IGM Blog at University of Chicago (2020)

Short-term Thinking is Poisoning American Business.

The New York Times (2019)

Regulation of Mortgage Market Must Consider Shadow Banks.

SIEPR Policy Brief (2018)

Mortgage Market Design: Lessons from Great Recession

Brookings Paper on Economic Activity (Spring 2018)

Misconduct Under the Microscope: Examining Bad Behavior by Financial Advisors.

SIEPR Policy Brief (2018)

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