Embedded Files
Short Research Pieces
Short Research Pieces
Measuring Geopolitical Risk Exposure Across Industries: A Firm-Centered Approach (with Isabel Culver and Leslie Shen Sheng)
FEDS Note, August 29, 2025, link
In this note, we provide a new measure of the sensitivity of different industries to geopolitical risk based on sentiment in firms' earnings call transcripts. You can find the data by clicking on "Accessible version" under Figure 2.
Central Bank Liquidity Facilities Around the World (with David Arseneau, Mark Carlson, Kathryn Chen, Matt Darst, Dylan Kirkeeng, Elizabeth Klee, Matt Malloy, Benjamin Malin, Emilie O’Malley, Mary-Frances Styczynski, Melissa Vanouse, and Alexandros P. Vardoulakis)
FEDS Note, February 26, 2025, link
In this note, we compare central bank liquidity facilities around the world that share functions with the Federal Reserve's discount window.
FEDS Note, July 28, 2023, link
In this note, we analyze passthrough of policy rates to deposit rates in the euro area, highlighting that banking sector competition and excess liquidity held by banks can explain heterogeneity in passthrough across EU countries.
How the Federal Reserve's central bank swap lines have supported U.S. corporate borrowers in the leveraged loan market (with Annie McCrone and Tim Schmidt-Eisenlohr)
How the Federal Reserve's central bank swap lines have supported U.S. corporate borrowers in the leveraged loan market (with Annie McCrone and Tim Schmidt-Eisenlohr)
FEDS Note, November 12, 2020, link
In this note, we show that lower CIP deviations are associated with cheaper funding for borrowers in the U.S. leveraged loan market.
What Equity Markets Said About Brexit-Related Costs to U.S. Banks (with Nicholas Coleman)
What Equity Markets Said About Brexit-Related Costs to U.S. Banks (with Nicholas Coleman)
FEDS Note, February 2, 2018, link
In this note, we estimate the cost of Brexit for U.S. banks from the reaction of U.S. bank stock prices to changes in the betting odds of Brexit.
Liberty Street Economics Blog, August 11, 2015, link
In this note, we map the foreign entities of U.S. banks around the world.
Blog Entries and Policy Contributions
Blog Entries and Policy Contributions
Stress Tests can limit international spillovers of accommodative monetary policy, VoxEU, February 2020 (joint with Emily Liu and Tim Schmidt-Eisenlohr). Based on The Effect of U.S. Stress Tests on Monetary Policy Spillovers to Emerging Markets.
When the Dollar appreciates, U.S. corporate credit tightens, VoxEU, February 2019 (joint with Tim Schmidt-Eisenlohr). Based on Institutional Investors, the Dollar, and U.S. Credit Conditions.
How EU banks modeled their stress away in the 2016 stress tests, VoxEU, July 2018 (joint with Viktors Stebunovs). Based on Modeling Your Stress Away.
Trade Finance Around the World, VoxEU, June 2016 (joint with Tim Schmidt-Eisenlohr). Based on International Trade, Risk and the Role of Banks.
No Guarantees, No Trade!, NY Fed, Liberty Street Economics Blog, March 2015 (joint with Tim Schmidt-Eisenlohr). Based on No Guarantees, No Trade: How Banks Affect Export Patterns.
The role of bank guarantees in international trade, VoxEU, November 2014 (joint with Tim Schmidt-Eisenlohr). Based on No Guarantees, No Trade: How Banks Affect Export Patterns.
Why U.S. Exporters Use Letters of Credit, NY Fed, Liberty Street Economics Blog, May 2014 (joint with Tim Schmidt-Eisenlohr). Based on International Trade, Risk and the Role of Banks.
The Trade Finance Business of U.S. Banks, NY Fed, Liberty Street Economics Blog, May 2014 (joint with Tim Schmidt-Eisenlohr). Based on International Trade, Risk and the Role of Banks.
Bank bailouts in a global economy: the challenges for international cooperation, LSE, British Politics and Policy, April 2011 (joint with Tim Schmidt-Eisenlohr). First appeared in CEP Centerpiece 335. Based on Bank Bailouts, International Linkages and Cooperation.
Page updated
Google Sites
Report abuse