Research

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]