Academic Papers

• Residential Segregation and Unequal Access to Local Public Services in India: Evidence from 1.5m Neighborhoods (with Adukia et al.), Revise & Resubmit. American Economic Review.

• Central Bank Digital Currency Adoption: A Two-Sided Model, Revise & Resubmit. International Journal of Central Banking.

• The Effectiveness of Classroom Incentives: Experimental Evidence from Kenya (with Ronak Jain), Revise & Resubmit. Economics of Education Review.

• An Economic View of Corporate Social Impact (with Allcott et al.), Journal of Finance, Forthcoming.

• Unreliable Firms: Evidence from Rwanda (with Vishan Nigam), Journal of Development Economics, Forthcoming.

• Macro-Financial Impacts of Foreign Digital Money (with Le et al.), Economic Letters, 2025.

• Urban Transit Infrastructure and Inequality (with Lee Kwok Hao), Review of Economics and Statistics, 2024.

• Central Bank Digital Currency and Financial Inclusion, Journal of Macroeconomics, 2024.

• Within Firm Supply Chains: Evidence from India (with Shresth Garg), Journal of International Economics, 2023.

• The Consequences of Letter Grades on Labor Market Outcomes and Student Behavior, Journal of Labor Economics, 2023.

• Calculating the Costs and Benefits of Advance Preparations for Future Pandemics (with Snyder et al.), IMF Economic Review, 2023.

• Could Vaccine Dose Stretching Reduce COVID-19 Deaths? (with Więcek et al.), Proceedings of the National Academy of Sciences of the United States of America, 2022.

• Market Design to Accelerate COVID-19 Vaccine Supply (with Castillo et al.), Science, 2021.

• Preparing for a Pandemic: Accelerating Vaccine Availability (with Ahuja et al.), American Economic Review: Papers and Proceedings, 2021.

• Government Intervention and Bank Markups (with Igan et al.), Journal of Banking and Finance, 2021.

• Economic fitness: How equity market returns reflect the realization of economic growth potential (with Chu et al.), International Journal of Finance and Economics, 2020.

Policy Papers

• • Supply Chain Diversification and Resilience (with JaeBin Ahn), IMF Working Paper, 2025.

  • Immigration and Local Inflation (with Philip Barrett), IMF Working Paper, 2025.

  • Tokenization and Financial Market Inefficiencies (with Agur et al.), IMF Fintech Note, 2025.

  • Repo Market Volatility and the U.S. Debt Ceiling (with Dao et al.), IMF Working Paper, 2025.

  • Bolivia: 2025 Article IV Consultation (with IMF Bolivia team), IMF Country Report, 2025.

  • United States: 2024 Article IV Consultation (with IMF USA team), IMF Country Report, 2024.

  • Indonesia: Financial Sector Assessment Program-Technical Note on Stress Testing and Systemic Risk Analysis (with Ding et al.), IMF Country Report, 2024.

  • Indonesia: Financial System Stability Assessment (with Indonesia FSAP team), IMF Country Report, 2024.

  • Water treatment and child mortality: a systematic review and meta-analysis (with Kremer et al.), NBER Working Paper, 2023.

  • Implications of Central Bank Digital Currencies for Monetary Policy Transmission (with Das et al.), IMF Fintech Note, 2023.

  • Central Bank Digital Currency's Role in Promoting Financial Inclusion (with Ashley Lannquist), IMF Fintech Note, 2023.

  • Central Bank Digital Currency: Initial Considerations (with Sun et al.), IMF Policy Paper, 2023.

  • G-20 Background Note on Central Bank Digital Currency (with Sun et al.), IMF G20 Note, 2023.

  • CBDC and Banking Disintermediation in a Portfolio Choice Model (with Chang et al.), IMF Working Paper, 2023.

  • Macrofinancial Implications of Foreign Crypto Assets for Small Developing Economies (with Copestake et al.), IMF Fintech Note, 2023.

  • Accelerating COVID-19 Vaccine Deployment (with WHO, World Bank, WTO and IMF), G20 Report, 2022.

  • Free Community-Wide Provision of Drinking Water Treatment Reduces Child Mortality: Evidence from Kenya (with Haushofer et al.), NBER Working Paper, 2021.

  • The Minimum Wage and Firm Networks: Evidence from South Africa, United Nations WIDER Working Paper, 2021.

  • Purchasing COVID-19 Vaccines at Risk: Costs and Benefits for Latin America and the Caribbean (with AHT Group), Inter-American Development Bank Technical Note, 2020.