Working Papers

GCAP Public Security-Level Data on U.S. Fund Holdings
with Matteo Maggiori and Jesse Schreger

We construct representative security-fund-level longitudinal data for the United States using regulatory filings of portfolio holdings from Form N-PORT. Our results confirm that N-PORT data offer a comprehensive, reliable, and public source for research in macroeconomics and finance. We make all the security-level data on holdings available in a public repository of the GCAP Lab and provide code for updating the data.

The Dollar and Emerging Market Economies: Channels and Impacts
with Samer Shousha
Revise and Resubmit, Journal of Money, Credit and Banking

We show that dollar appreciations lead to declines in GDP, investment, and credit to the private sector in emerging market economies. We document the relative contribution and dynamic evolution of four key transmission channels of dollar shocks, finding that financial channels dominate trade channels.

Publications

American Investment in Chinese Renminbi
with Amanda Dos Santos, Christopher Clayton, Matteo Maggiori and Jesse Schreger
In preparation for the AEA Papers & Proceedings, 2026

We document the rise and subsequent retreat of U.S. investment in Chinese renminbi-denominated bonds, showing that recent declines are driven primarily by U.S. funds exiting RMB positions altogether amid heightened geopolitical tension