Publications
From banks to nonbanks: the effect of macroprudential and monetary policy on corporate lending, with Bruno Albuquerque, Eugenio Cerutti, and Nanyu Chen (2026), American Economic Journal: Macroeconomics, conditionally accepted
IMF Working Paper; VoxEU column
U.S. Monetary Policy Shock Spillovers: Evidence from Firm-Level Data, with Elif Arbatli-Saxegaard, Davide Furceri, and Jeanne Verrier (2025), Journal of International Money and Finance
State-Dependent Exchange Rate Pass-Through, with Yan Carrière-Swallow, Davide Furceri, and Daniel Jiménez (2024,) Oxford Bulletin of Economics and Statistics
IMF Working Paper; VoxEU column
Borrowing Constraints and Saving in Turkey, with Sumru Altug (2018), Central Bank Review
Working Papers
Global Value Chains and Inflation Dynamics: Does the Source of Inputs Matter?, with Tommaso Aquilante, Aydan Dogan and Aditya Soenarjo (2026), (R&R at Journal of International Economics)
Bank of England, Staff Working Paper
China Spillovers: Aggregate and Firm-Level Evidence, with Alexander Copestake, Davide Furceri, and Chris Redl (2025), (R&R at Journal of International Economics)
IMF Working Paper; VoxEU column
Global Cross-Border Payments: A $1 Quadrillion Evolving Market?, with Eugenio Cerutti and Martina Hengge (2025), (R&R at IMF Economic Review)
Unraveling the Wage-Output Disconnect: The Role of Labor Market Power, with Can Sever (2025), (R&R at The B.E. Journal of Macroeconomics)
Banking on nonbanks, with Bruno Albuquerque, Eugenio Cerutti, and Benedikt Kagerer (2026), (Submitted)
IMF Working Paper; VoxEU column
Stablecoin shocks, with Eugenio Cerutti, Martina Hengge, and Takaaki Sagawa (2026)
Demand vs. Supply Decomposition of Inflation: Cross-Country Evidence with Applications, with Otso Hao (2023)
Monetary Policy Transmission Heterogeneity: Cross-Country Evidence, with Pragyan Deb, Julia Estefania-Flores, Davide Furceri, and Siddharth Kothari (2023)
The China Shock, Market Concentration and the U.S. Phillips Curve (2024)
Work in Progress
Bonding through crisis: the role of nonbanks, with Bruno Albuquerque
Policy Work
Nepal: 2026 7th Review Under the Extended Credit Facility and Article IV Consultation, IMF Staff Report
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