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, Forthcoming.
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 with NBFIs, 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