Current Working Papers

The elusive gains from nationally-oriented monetary policy” with Martin Bodenstein and Giancarlo Corsetti, December 2021. Slides for presentation at ABFER conference in Singapore, May 2022.

A Static Capital Buffer Is Hard to Beat” with Matthew Canzoneri, Behzad Diba, and Arsenii Mishin, September 2021. AppendixReplication codes. This paper was previously circulated with the title “Optimal Dynamic Capital Requirements and Implementable Capital Buffer Rules."

The Information Content of Stress Test Announcements” with Michele Modugno. December 2020. Appendix.


“Optimal monetary policy with endogenous financial intermediation” with Jinill Kim, 2019.


Older, but not forgotten

Can macro variables used in stress testing forecast the performance of banks?” with Michelle Welch, 2012.

Oil Efficiency, Demand, and Prices: a Tale of Ups and Downs” with Martin Bodenstein, 2011.