Research

Working Papers

► Uncertainty Shocks, Capital Flows, and International Risk Spillovers, with O. Akinci and S. Kalemli-Ozcan

► The Financial (In)Stability Real Interest Rate, R**, with O. Akinci, G. Benigno, and M. Del Negro

► U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter, with S. Ahmed and O. Akinci

► Exchange Rate Dynamics and Monetary Spillovers with Imperfect Financial Markets, with O. Akinci [Slides]

► Monetary Policy Tradeoffs and the Federal Reserve’s Dual Mandate, with A. Ajello, I. Cairo, V. Curdia, and T. Lubik

Publications

► Credit Spreads, Financial Crises, and Macroprudential Policy, with O. Akinci

American Economic Journal: Macroeconomics, 2022 [Online Appendix]

► A Model of Slow Recoveries from Financial Crises

Journal of Monetary Economics, 2020 [Press coverage at the Wall Street Journal]

► Macroeconomic Effects of Banking Sector Losses across Structural Models, with L. Guerrieri, M. Iacoviello, F. Covas, J. Driscoll, M. Kiley, M. Jahan-Parvar, J. Sim

International Journal of Central Banking, 2019

► Innovation, Productivity, and Monetary Policy, with P. Moran

Journal of Monetary Economics (Carnegie-Rochester Series on Public Policy), 2018

► Financial Crises, Bank Risk Exposure and Government Financial Policy, with M. Gertler and N. Kiyotaki

Journal of Monetary Economics, 2012 [Online Appendix]

Other Writings

► The Asymmetric Costs of Misperceiving R-star, FRBSF Economic Letter, with A. Ajello, I. Cairo, V. Curdia, and T. Lubik

► How Does U.S. Monetary Policy Affect Emerging Market Economies? Liberty Street Economics, with O. Akinci

► Modeling the Global Effects of the COVID-19 Sudden Stop in Capital Flows, FEDS Note, with O. Akinci and G. Benigno (also published at Liberty Street Economics)

► Financial Crises and the Desirability of Macroprudential Policy, Liberty Street Economics, with O. Akinci

Discussions

► "Real Interest Rates and Productivity in Small Open Economies," by T. Monacelli, L. Sala, and D. Siena, European Summer Symposium in International Macroeconomics, 2018 [Slides]

► "Implications of Shadow Bank Regulation for Monetary Policy at the Zero Lower Bound," by F. Mazelis, Monetary Policy Implementation in the Long-Run, FRB Minneapolis, 2016 [Slides]

► "News Shocks under Financial Frictions," by C. Gortz, J. Tsoukalas and F. Zanetti, NBER Workshop on Methods and Applications for DSGE Models, FRB Chicago, 2016 [Slides]

► "Monetary Policy Implementation in an Interbank Network: Effects on Systemic Risk," by M. Bluhm, E. Faia and J. Krahnen, ECB Workshop on Non-Standard Monetary Policy Measures, 2014 [Slides]

► "Credit Spreads and Credit Policies," by I. Correia, F. De Fiore, P. Teles and O. Tristani, International Research Forum on Monetary Policy, Federal Reserve Board, 2014 [Slides]

► "Macroeconomic Effects of a Stable Funding Requirement," by C. Bloor, R. Craigie and A. Munro, Macroeconomic Modeling Workshop, Bank of Canada, 2011 [Slides]