Publications

Journal Publications

Negative Rates, Monetary Policy  Transmission and Cross-Border Lending via International Financial Centers
Journal of Financial Stability, Conditionally Accepted
With Desislava Andreeva, Andra Coman, Mary Everett, Maren Froemel, Kelvin Ho, Baptiste Meunier, Justine Pedrono, Dennis Reinhardt, Andrew Wong, Eric Wong and Dawid Żochowski
[Final Manuscript] [Latest Draft | September 2023] [ECB Working Paper #2775 | February 2023] [Bank of England Staff Working Paper #1010 | January 2023]

Capital Controls and Trade Policy
Journal of International Economics, vol. 151, September 2024
With Emile Marin
[DOI] [Final Manuscript] [NBER Working Paper #31082 | April 2023] [Centre for Macroeconomics Discussion Paper #2023-06 | February 2023] [Cambridge Working Paper #2318 | February 2023]
[Non-Technical Summary]
Previously presented and circulated under the title "Capital Controls and Free-Trade Agreements".

The Asymmetric Effects of Quantitative Tightening and Easing on Financial Markets
Economics Letters, vol. 238, May 2024
With Daniel Ostry
[DOI] [Final Manuscript | April 2024] 

Foreign Vulnerabilities, Domestic Risks: The Global Drivers of GDP-at-Risk
IMF Economic Review, vol. 72, March 2024, pages 335-392
With Ed Manuel and Konstantin Panchev
[DOI] [Final Manuscript] [Bank of England Staff Working Paper #940 | May 2022] [Cambridge Working Paper #2156 | April 2022]
Blog: [Bank Underground]
Twitter: [Summary Thread] [Update Summary Thread]
Press Coverage: [CentralBanking.com]

In the Face of Spillovers: Prudential Policies in Emerging Economies
Journal of International Money and Finance, vol. 122, April 2022
With Andra Coman
[DOI] [Final Manuscript] [ECB Working Paper #2339 | December 2019 (Old)] [Bank of England Staff Working Paper #828 | September 2019 (Older)]
Blog: [Bank Underground]
Press Coverage: [CentralBanking.com]

The Interaction Between Macroprudential Policy and Monetary Policy: Overview
Review of International Economics, vol. 29(1), February 2021, pages 1-19, Special Issue of International Banking Research Network
With Matthieu Bussière, Jin Cao, Jakob de Haan, Robert Hills, Baptiste Meunier, Justine Pedrono, Dennis Reinhardt, Sonalika Sinha, Rhiannon Sowerbutts and Konstantin Styrin
[DOI] [Bank of England Staff Working Paper #886 | October 2020]

Le Pont de Londres: Interactions Between Monetary and Prudential Policies in Cross-Border Lending
Review of International Economics, vol. 29(1), February 2021, pages 61-86, Special Issue of International Banking Research Network
With Matthieu Bussière, Robert Hills, Baptiste Meunier, Justine Pedrono, Dennis Reinhardt and Rhiannon Sowerbutts
[DOI] [Bank of England Staff Working Paper #850 | January 2020] [Banque de France Working Paper #753 | January 2020]
Blog: [Bank Underground]

Overnight Indexed Swap-Implied Interest Rate Expectations
Finance Research Letters, vol. 38, January 2021
[DOI] [Final Manuscript]
Previously circulated as a longer working paper with the title "Overnight Indexed Swap Market-Based Measures of Monetary Policy Expectations"
[Bank of England Staff Working Paper #709 | February 2018] [Cambridge Working Paper #1733 | September 2017 (Old)]

Estimating Nominal Interest Rate Expectations: Overnight Indexed Swaps and the Term Structure
Journal of Banking and Finance, vol. 119, October 2020
[DOI] [Final Manuscript] [Bank of England Staff Working Paper #763 | November 2018 (Old)] [Cambridge Working Paper #1734 | September 2017 (Older)]
Winner of the Cambridge Finance Best Student Paper 2016 Award
Press Coverage: [CentralBanking.com]

The Impact of the 1932 General Tariff: A Difference-in-Difference Approach
Cliometrica, vol. 14, January 2020, pages 41-60
With Solomos Solomou
[DOI] [Cambridge Working Paper #1940 | January 2019]

Book Chapters

The Effects of Quantitative Tightening on Financial Markets: A Comparison with Quantitative Easing
In Lessons from QE and QT, edited by Francis Breedon, 2025
With Daniel Ostry and Filippo Busetto
[Final Manuscript]

Inflation Targeting and Monetary Policy in Practice: The Experience of the Bank of England
In Research Handbook on Inflation, edited by Guido Ascari and Riccardo Trezzi, June 2025
With Huw Pill and Galina Potjagailo
[Final Manuscript]

Macro-financial policy in an international financial centre: the United Kingdom experience since the global financial crisis
In Macro-financial Stability Policy in a Globalised World: Lessons from International Experience, edited by Claudio Borio,  Edward Robinson and Hyun Song Shin, January 2023
With Thorsten Beck, Dennis Reinhardt and Rhiannon Sowerbutts
[Final Manuscript] [CEPR Discussion Paper #16860 | January 2022]
Podcast: [VoxTalks (by coauthor)] 

Emerging market currency risk around 'global disasters': Evidence from the Global Financial Crisis and the COVID-19 crisis
In COVID-19 in Developing Economies, edited by Simeon Djankov and Ugo Panizza, CEPR/VoxEU e-book, June 2020
With Giancarlo Corsetti and Emile Marin
[Final Chapter]
Blog: [Bank Underground]

Textbook Chapter

International Macroeconomics
In Macroeconomics (Ph.D. Textbook), edited by Marina Azzimonti, Per Krusell, Alisdair McKay and Toshihiko Mukoyama, 2025
With Giancarlo Corsetti and Luca Dedola