Research question and motivation: Asset fire sales were a defining feature of the 2007-08 crisis, and post-crisis reforms (Basel III liquidity requirements, Money Market Mutual Fund reforms) were …
Prepared as background for the IMF's Integrated Policy Framework, this paper builds a three-period small open economy in which monetary policy, capital inflow controls, sterilized foreign exchange …
This paper builds a theory of macroprudential policy whose only friction is nominal rigidity in goods and labor markets, possibly combined with a constraint on monetary policy such as the zero lower …
Online FirstJournal of Money, Credit and BankingOnline 4 Jun 2026
This paper embeds a carbon pricing sector into an extended DSGE model with a financial accelerator (E-DSGE) featuring heterogeneous firms, bank monitoring, and a borrowing-constraint amplification …
PublishedJournal of Monetary EconomicsPublished Sep 2025
A central debate in fiscal policy is whether fiscal rules—numerical constraints on budget deficits or debt levels—impair a government's ability to respond to adverse economic shocks, creating a …
Online FirstJournal of Money, Credit and BankingOnline 27 Mar 2026
Using FEMA disaster declarations matched to SHELDUS property-damage estimates and Call Report data for 1995–2018, this paper finds that weather disasters — even at their most severe — have had modest …
Online FirstReview of Economic StudiesOnline 9 Jun 2026
The paper develops a tractable open-economy New Keynesian model with nominal rigidities and an occasionally binding zero lower bound (ZLB) to study how monetary policy and macroprudential policy …
PublishedClassicJournal of Financial EconomicsPublished Apr 2021
Macroprudential rules on banks' foreign currency exposure do what they are meant to do -- cross-border FX borrowing by banks falls by roughly a third, and bank stock returns become markedly less …
PublishedJournal of Money, Credit and BankingOnline 21 Aug 2023Published Aug 2026
This paper introduces a four-agent estimated New Keynesian DSGE model—comprising banked simple households, underbanked simple households, firm owners, and bank owners—to examine agent-specific and …
PublishedJournal of Monetary EconomicsOnline 1 Dec 2025Published Dec 2025
This paper estimates the effect of oil price fluctuations on US banking variables using a Bayesian SVAR with sign restrictions following Baumeister and Hamilton (2019). Oil market shocks that lead to …
Online FirstJournal of Money, Credit and BankingOnline 30 Apr 2026
This paper uses laboratory experiments to evaluate the effectiveness of two liquidity management tools — redemption fees and redemption gates — in reducing runs on money market funds (MMFs), …
PublishedClassicJournal of International EconomicsPublished May 2022
A country's macroprudential stance looks irrelevant to portfolio flows on average, but that average hides the tails. Countries with tighter ex-ante regulation see larger bond and equity outflows in …
This paper estimates the shadow cost that consumers assign to pledging their primary residence as collateral, using administrative loan application and performance data from the U.S. Federal Disaster …
PublishedClassicJournal of International EconomicsPublished Sep 2017
Brazil's IOF tax on foreign portfolio inflows was announced overnight and without warning, which makes it readable in stock prices. Two-day cumulative abnormal returns for listed Brazilian firms fall …
PublishedClassicIMF Economic ReviewOnline 14 Feb 2020Published Mar 2020
Across nearly 1,000 listed financial firms in 21 countries, prolonged monetary easing raises leverage -- and for non-US firms, sustained easing in the United States raises leverage by more than easing …