Publications
U.S. Monetary Policy Shock Spillovers: Evidence from Firm-Level Data, with Elif Arbatli-Saxegaard, Davide Furceri, and Jeanne Verrier
Journal of International Money and Finance, September 2025
State-Dependent Exchange Rate Pass-Through, with Yan Carrière-Swallow, Davide Furceri, and Daniel Jiménez
Oxford Bulletin of Economics and Statistics, October 2024
IMF Working Paper 23/86, April 2023
Borrowing Constraints and Saving in Turkey, with Sumru Altug
Central Bank Review, March 2018
Working Papers
Banking on nonbanks, with Bruno Albuquerque, Eugenio Cerutti, and Benedikt Kagerer
IMF Working Paper 2026/023, February 2026
Global Cross-Border Payments: A $1 Quadrillion Evolving Market?, with Eugenio Cerutti and Martina Hengge
IMF Working Paper 2025/120, June 2025 (Submitted)
From banks to nonbanks: the effect of macroprudential and monetary policy on corporate lending, with Bruno Albuquerque, Eugenio Cerutti, and Nanyu Chen
IMF Working Paper 2025/096, May 2025 (R&R at American Economic Journal: Macroeconomics)
Unraveling the Wage-Output Disconnect: The Role of Labor Market Power, with Can Sever
IMF Working Paper 2024/136, July 2024 (R&R at The B.E. Journal of Macroeconomics)
Global Value Chains and Inflation Dynamics: Does the Source of Inputs Matter?, with Tommaso Aquilante, Aydan Dogan and Aditya Soenarjo
Bank of England, Staff Working Paper 1,060, February 2024 (Submitted)
China Spillovers: Aggregate and Firm-Level Evidence, with Alexander Copestake, Davide Furceri, and Chris Redl
IMF Working Paper 23/206, October 2023 (R&R at Journal of International Economics)
Demand vs. Supply Decomposition of Inflation: Cross-Country Evidence with Applications, with Otso Hao
IMF Working Paper 23/205, October 2023
Monetary Policy Transmission Heterogeneity: Cross-Country Evidence, with Pragyan Deb, Julia Estefania-Flores, Davide Furceri, and Siddharth Kothari
IMF Working Paper 23/204, October 2023
The China Shock, Market Concentration and the U.S. Phillips Curve
Work in Progress
Stablecoin shocks, with Eugenio Cerutti, Martina Hengge, and Takaaki Sagawa
Cross-Border Payments in the Era of Stablecoins, with Eugenio Cerutti, Alisa DiCaprio, Martina Hengge, and Takaaki Sagawa
Bonding through crisis: the role of nonbanks, with Bruno Albuquerque, and Jonas Becker
Policy Work
Nepal: 2025 6th Review Under the Extended Credit Facility, IMF Staff Report
External Sector Report 2025, (Box on Cross-border flows networks)
IMF Fintech Note: Estimating the Impact of Digital Money on Cross-Border Flows: Scenario Analysis Covering the Intensive Margin, with Eugenio Cerutti and Hector Perez-Saiz
Nepal: 2025 5th Review Under the Extended Credit Facility, IMF Staff Report
Thailand: 2023 Article IV Consultation Staff Report, IMF Staff Report
Regional Economic Outlook for Asia and Pacific, Chapter 2: Recent Inflation Experiences in Asia and the Pacific, October 2023
Regional Economic Outlook for Asia and Pacific, Chapter 1: Recovery Unabated Amid Uncertainty, May 2023
Regional Disparities in Europe, with Ravi Balakrishnan, Christian Ebeke, Davide Malacrino, and Louise Rabier
IMF Working Paper 22/198, September 2022
Regional Economic Outlook for Asia and Pacific, Chapter 1: Navigating Waves of New Variants, October 2021