Recent Work
"How to Fix the World's Most Important Market," Odd Lots Podcast, Bloomberg, August 28, 2023.
"Resilience Redux in the U.S. Treasury Market," Jackson Hole Symposium Paper, Federal Reserve Bank of Kansas, August, 2023.
"The Decline of Too Big to Fail," with Antje Berndt and Yichao Zhu, Working paper, Australia National University, August, 2023.
"Continuous-Time Random Matching" (with Lei Qiao and Yeneng Sun), Working Paper, Graduate School of Business, Stanford University, August, 2023. [Slides]
"Dealer Capacity and US Treasury Market Functionality," with Michael Fleming, Frank Keane, Claire Nelson, Or Shachar, and Peter Van Tassel, Staff Report 1070, Federal Reserve Bank of New York, August, 2023.
"Global reliance on the dollar: Challenges and Policy Responses," speech, 2nd Annual International Roles of the U.S. Dollar Conference, Federal Reserve Bank of New York, May, 2023, Slides.
"SVB and Beyond: Regulating for liquidity," Remarks at How to Get Back on Track: A Policy Conference, Hoover Institution, Stanford University, May, 2023.
"Fragmentation Risks to the Dollar-Dominated International Financial Order," presentation slides, ABFER, Singapore, May, 2023.
"Extreme Weather Risk in a Changing Climate: Enhancing prediction and protecting communities -- Report to the President," Executive Office of the President, President's Council of Advisors on Science and Technology, Working Group on Extreme Weather Risk in a Changing Climate, April, 2023.
"Across-the-Curve Credit Spread Indices," with Antje Berndt and Yichao Zhu, Financial Markets, Institutions and Instruments, Volume 32 (2023), pages 115-130.
"What SVB's shocking collapse means for the tech industry - and the US," CNN, March 11, 2023.
"Market Function Asset Purchases," with Frank Keane, Federal Reserve Bank of New York Staff Report 1054, February, 2023.
"Dollar Funding Stresses in China," with Laura Kodres and Leslie Sheng Shen, Federal Reserve Bank of Boston, Supervisory Research and Analysis Working Paper. 22-3, December, 2022. VoxChina summary, July, 2022.
"Bank Funding Risk, Reference Rates, and Credit Supply," with Harry Cooperman, Stephan Luck, Zachry Wang, and Yilin Yang, Working Paper, Federal Reserve Bank of New York Staff Report 1042, December, 2022.
Fragmenting Markets: Post-Crisis Bank Regulations and Financial Market Liquidity, DeGruyter, 2022.
"Reserves Were Not So Ample After All," with Adam Copeland and Yilin (David) Yang, Federal Reserve Bank of New York Staff Report Number 974, July, 2022.
"How Abundant Are Reserves? Evidence from the Wholesale Payment System," (with Gara Afonso, Lorenzo Rigon, and Hyun Shin), Working paper, Federal Reserve Bank of New York, November, 2022.
"U.S. Treasury Markets: Steps Toward Increased Resilience Status Update 2022" (with Tim Geithner, Pat Parkinson, and Jeremy Stein), G30 Special Report, June, 2022.
"Digital currency policy economics," Doctoral course, Swedish House of Finance, Stockholm, June, 2022. Lecture 1 slides, Lecture 2 slides, Lecture 3 slides, Lecture 4 slides.
Technology and Finance, with Thierry Foucault, Laura Veldkamp, and Xavier Vives, CEPR Press, 2022.
"The economics of US digital currency policy," Bies Lecture, Northwestern University, April, 2022.
"Can China Conquer Crypto? Beijing's Dangerous Quest to Control Digital Currencies," Foreign Affairs, April 22, 2022.
"Excited About a Digital Dollar? Not So Fast," Bloomberg News, March 9, 2022.
"Digital Currencies: The US, China, And The World At A Crossroads," co-edited with Elizabeth Economy, Hoover Press, March, 2022.
"Fragmenting Financial Markets," Markov Lecture, INFORMS, October, 2021.
“Central Bank Digital Currencies,” Evidence session, Economic Affairs Committee, House of Lords, UK Parliament, October 12, 2021. Transcript.
"What's Next for Digital Currencies," Barron's Live Podcast, July, 2021.
Project Advisor, "U.S. Treasury Markets: Steps Toward Increased Resilience," G30 Working Group on Treasury Market Liquidity, Group of 30, Washington, D.C., July, 2021.
Testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy hearing on “Building a Stronger Financial System: Opportunities of a Central Bank Digital Currency,” June 9, 2021.
"Central Bank Digital Currency: Principles for Technical Implementation," with Kelly Mathieson and Darko Pilav, Digital Asset White Paper, April, 2021.
"Reforms of China's Corporate Sector and the Application of State Support," Teaching Note, Stanford Graduate School of Business, with Zhe Geng, Hala Moussawi, and Jun Pan, December, 2020.
"Market Fragmentation," with Daniel Chen, American Economic Review, Volume 111 (2021), pages 2247-2274. [Online Appendix.] Link to published article.
"Treasury Market Structure," Podcast, Federal Reserve Bank of Chicago, interview of Barbara Novick, Lou Crandall, and Kenneth Garbade, January, 2021.
"Robust Benchmark Design" (with Piotr Dworczak), Journal of Financial Economics, Vol. 142 (2021), pp. 775-802.
"Augmenting Markets with Mechanisms" (with Sam Antill), Review of Economic Studies, Volume 88, Issue 4, July 2021, Pages 1665-1719. Link to published article.
"How many credit ratings is enough?," Remarks for presentation at the Roundtable on the Desired Standard for Credit Ratings in Israel’s Debt Market, Israel Securities Authority, August, 2020.
Project advisor, "Digital Currencies and Stablecoins: Risks, Opportunities, and Challenges Ahead," Working Group on Digital Currencies, Group of 30, Washington, D.C., July, 2020.
Discussion of "The Market Events of Mid-September 2019," (Gara Afonso, Marco Cipriani, Adam Copeland, Anna Kovner, Gabriele La Spada, and Antoine Martin) and "U.S. Banks and Global Liquidity," (Ricardo Correa, Wenxin Du, and Gordon Liao), NBER Summer Institute 2020, Macro, Money and Financial Markets. This discussion draws from work with Adam Copeland and David Yilin Yang, July 9, 2020.
"Debt, Stability and Recovery Under Covid19," Podcast interview conducted by Stanford University student Catherine Gu, Pandemic Pulse, May 27, 2020.
"Still the World’s Safe Haven? -- Redesigning the U.S. Treasury Market After the COVID- 19 Crisis," Hutchins Center Working Paper Number 62, Brookings Institution, May, 2020. [Slides] [Video of paper presentation at FutFinInfo 2020]
"Interoperable Payment Systems and the Role of Central Bank Digital Currencies," May, 2020, to appear in "Finance and Insurance Reloaded," Institut Louis Bachelier Annual Report, 2020.
"Payment System Innovation," The Global Economy and Financial Stability Conference, Booth School, University of Chicago, Miami, February, 2020.
“Cyber Runs,” with Joshua Younger, Hutchins Center Working Paper, Brookings Institution, June, 2019.
"Digital Currencies and Fast Payment Systems: Disruption is Coming," for presentation at the Asian Monetary Policy Forum, preliminary draft, Graduate School of Business, Stanford University, May, 2019.
"Prone to Fail: The Pre-Crisis Financial System," Journal of Economic Perspectives, Volume 33 (2019), pages 81-106. (Slides)
"Funding Value Adjustments," (with Leif Andersen and Yang Song), Journal of Finance, Volume 74 (2019), pages 145-192.
"Compression Auctions, With an Application to LIBOR-SOFR Swap Conversion," Technical Note, Graduate School of Business, Stanford University, September, 2018.
"Swap Markets: Post LIBOR/EURIBOR," Speevr Video Interview, April, 2018.
"Post-Crisis Bank Regulations and Financial Market Liquidity," Thirteenth Paolo Baffi Lecture on Money and Finance, Banca d'Italia, Eurosystem, March 2018.
"A Review of Financial Reform," Speevr Video Interview, April, 2018.
"Notes on LIBOR Conversion," Graduate School of Business, Stanford University, January, 2018.
"Corporate Credit Risk Premia" (with Antje Berndt, Rohan Douglas, and Mark Ferguson), Review of Finance, Volume 22 (2018), pp. 419-454.
"Dynamic Directed Random Matching" (with Lei Qiao and Yeneng Sun), Journal of Economic Theory, Vol. 143 (2018) pp. 124-183.
In Memoriam, Kenneth J. Arrow (1921-2017), American Finance Association, November, 2017.
"Benchmarks in Search Markets" (with Piotr Dworczak and Haoxiang Zhu), Journal of Finance. Vol. 72 (2017), 1983-2084. First Prize, Amundi Smith Breeden Prizes of the American Finance Association. Appendix of additional results.
"Converting LIBOR Contracts to New Benchmarks: An Auction-and-Protocol Approach," GRI and IEOR Financial Engineering Practitioners Seminar, New York, October 24, 2017.
"Size Discovery" (with Haoxiang Zhu), Review of Financial Studies, Volume 30 (2017), pages 1095-1150. First Prize, AQR Insight Award, May, 2016 (with technical appendix).
"Size Discovery Protocols are not on the Efficient Frontier," Risk, May 24, 2017.
"What to do about Libor?" Risk, April 24, 2017.
"The Covered Interest Parity Conundrum," Risk, March 27, 2017.
"CCPs should prep to quash Sifi swap termination stays," Risk, February 22, 2017.
"Efficient Contracting in Network Financial Markets" (with Chaojun Wang), Working paper, Graduate School of Business, Stanford University, January, 2017.
"FVA: Off the Mark," Risk, January 24, 2017.
"Why the leverage ratio distorts market-making," Risk, January 3, 2017.
"Passthrough Efficiency in the Fed’s New Monetary Policy Setting" (with Arvind Krishnamurthy), in Richard A. Babson, editor, Designing Resilient Monetary Policy Frameworks for the Future, A Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 25-27, 2016, Federal Reserve Bank of Kansas City, pages 21-102. Bloomberg radio interview (audio), August 30, 2016.
"Financial Regulatory Reform After the Crisis: An Assessment," Management Science, Volume 64 (2018), pages 4471-4965. Presented at ECB Forum on Central Banking, Sintra, Portugal, June, 2016 (presentation slides; presentation video, beginning at minute 5:00).
