Home

I am a Research Economist at the Bank of England and a member of the Centre for Macroeconomics. I completed my PhD in Economics at the University of Cambridge in 2023. During my studies, I was a Dissertation Fellow at the Federal Reserve Board.

You can reach me at daostry@gmail.com and find me on: LinkedIn | Bank of England | CEPR | Google Scholar | IDEAS

Research Updates:

[December 2025] New Draft: Firm Financial Conditions and Monetary Policy Transmission in Capital Markets 

While monetary policy easing shocks compress credit spreads more for higher-EBP (cyclically-riskier) firms, lower-EBP firms' increase investment by more. Credit supply shocks produce similar heterogeneous effects. A model in which firms' EBPs arise endogenously from firm-specific default-risk cyclicality and aggregate financial intermediary constraints explains these results.

[October 2025] New Draft: Topography of the FX Derivatives Market: A View from London

We use 100 million transactions in the London FX derivatives market to study the motives behind financial and non-financial firms' derivatives use, trace how the entire market adjusts to macro developments, and identify which firms help transmit aggregate shocks to exchange rates.

[September 2025] New Draft: U.S. Risk and Treasury Convenience

We establish a link between the declines in the U.S.'s pecuniary and non-pecuniary exorbitant privilege: rising relative U.S. permanent risk—inferred from equity premia—and falling convenience yields on long-maturity Treasuries are two sides of the same coin. 

[July 2025] New Paper & VoxEU Blog: Trading Blows: The Exchange-Rate Response to Tariffs and Retaliations

U.S. tariffs appreciate the U.S. dollar only conditional on no foreign retaliation, with the dollar depreciating strongly when countries retaliate to U.S. `global' tariffs. The dollar depreciation following the April 2nd 2025 U.S. tariff announcement was unsurprising given the evidence from 2018-2020 and is consistent with theory. The spike in long-maturity Treasury yields was, however, more unprecedented. 

[April 2024] New Publication: The Asymmetric Effects of Quantitative Tightening and Easing on Financial Markets      Economics Letters (2024)

[February 2024] New Draft: Granular Banking Flows and Exchange-Rate Dynamics 

[June 2023] New Paper: Tails of Foreign Exchange-at-Risk (FEaR)