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
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)
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 (R&R at Journal of International Economics)
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)
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)
Banking on nonbanks, with Bruno Albuquerque, Eugenio Cerutti, and Benedikt Kagerer
IMF Working Paper 2026/023, February 2026 (Submitted)
Stablecoin shocks, with Eugenio Cerutti, Martina Hengge, and Takaaki Sagawa
IMF Working Paper 2026/044, March 2026
Global Cross-Border Payments: A $1 Quadrillion Evolving Market?, with Eugenio Cerutti and Martina Hengge
IMF Working Paper 2025/120, June 2025 (Submitted)
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
Bonding through crisis: the role of nonbanks, with Bruno Albuquerque, and Jonas Becker
Cross-Border Payments in the Era of Stablecoins, with Eugenio Cerutti, Alisa DiCaprio, Martina Hengge, and Takaaki Sagawa
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