Working papers and policy notes

Working papers:

1. Convenience Yields and Monetary Policy, Baffi Lecture, Bank of Italy, 2023, Slides, video posted here

2. Balance Sheet Policy Above the Effective Lower Bound, paper for the ECB's Sintra conference, June 2023, Slides and video posted here 

3. Reserve Demand, Interest Rate Control, and Quantitative Tightening (with David Lopez-Salido), 2022. SLIDES

4. Consumer Credit: Learning Your Customer's Default Risk from What (S)he Buys, 2021, Revise & Resubmit

5. A Stock Return Decomposition using Observables (with Benjamin Knox), 2022, under first submission

6. Information Transmission from the Federal Reserve to the Stock Market: Evidence from Governors’ Calendars (with Adair Morse), 2020

7. The Impact of Pensions and Insurance on Global Yield Curves (with Robin Greenwood), 2018, Revise & Resubmit

Winner, Swiss Finance Institute Outstanding Paper Award, 2019

8. The Impact of Labor Income Risk  on Educational Choices:  Estimates and Implied Risk Aversion, with Helena Skyt Nielsen, first draft, January 2006.

9. Towards an Explanation of Household Portfolio Choice Heterogeneity: Nonfinancial Income and Participation Cost Structures, NBER Working Paper, 2002 (the main parts of this paper are included in my 2003 NBER Macroeconomics Annual paper)

10. Household Finance: The Liability Side, 2007 Gerzensee Focus Session

Policy notes:

11. The Case for Federal Reserve Corporate Bond Purchases, March 22, 2020 (March 23, 2020 Fed announcement included corporate bond purchases via the PMCCF and SMCCF)

12. Why an MBS-Treasury swap is better policy than the Treasury twist (with Arvind Krishnamurthy), July 24, 2012