Banking, Risk Management, and Regulation

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.

"The Decline of Too Big to Fail," with Antje Berndt and Yichao Zhu, Working paper, Australia National University, June, 2022.

Technology and Finance, with Thierry Foucault, Laura Veldkamp, and Xavier Vives, CEPR Press, 2022.

"Dollar Funding Stresses in China," with Laura Kodres and Leslie Sheng Shen, Policy Note, Graduate School of Business, Stanford University, May, 2022.

"Robust Benchmark Design" (with Piotr Dworczak),  Journal of Financial Economics, Vol. 142 (2021), pp. 775-802.

Project advisor, "Digital Currencies and Stablecoins: Risks, Opportunities, and Challenges Ahead," Working Group on Digital Currencies, Group of 30, Washington, D.C., July, 2020.

"Across-the-Curve Credit Spread Indices," with Antje Berndt and Yichao Zhu, Stanford Graduate School of Business, July, 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]

Cyber Runs,” with Joshua Younger, Hutchins Center Working Paper, Brookings Institution, June, 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.

"Post-Crisis Bank Regulations and Financial Market Liquidity," Thirteenth Paolo Baffi Lecture on Money and Finance, Banca d'Italia, Eurosystem,  March 2018.

"Robust Benchmark Design" (with Piotr Dworczak), Working Paper, Graduate School of Business, Stanford University, March, 2018.

"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).

"Systemic Risk in Financial Systems and Capital Markets in Relationship with the Proposed Draft Capital Markets Stability Act," Expert Report submitted to Canada's Department of Justice, May 2016.

"Central Clearing and Collateral Demand" (with Martin Scheicher and Guillaume Vuillemey), Journal of Financial Economics, Vol. 116 (2015), pp. 237-256.

"Reforming LIBOR and Other Financial-Market Benchmarks" (with Jeremy Stein),  Journal of Economic Perspectives, Volume 29 (Spring 2015), pp. 191-212.

"Resolution of Failing Central Counterparties," in Making Failure Feasible: How Bankruptcy Reform Can End 'Too Big To Fail', edited by Thomas Jackson, Kenneth Scott and John E. Taylor, Hoover Institution Press, 2015.

Systemic Risk Exposures: A 10-by-10-by-10 Approach,” in Systemic Risk and Macro Modeling, Markus K. Brunnermeier and Arvind Krishnamurthy, editors, University of Chicago Press, 2014.

"Challenges to A Policy Treatment of Speculative Trading Motivated by Differences in Beliefs," forthcoming, Journal of Legal Studies, 2014.

"Financial Market Infrastructure: Too Important to Fail," in The U.S. Financial System – Five Years After the Crisis, edited by Martin Bailey and John Taylor, Hoover Institution and Brookings Institute, 2014.

"Aligning Incentives at Systemically Important Financial Institutions," The Squam Lake Group, March, 2013.

"Drawing Boundaries Around and Through the Banking System,"  Chapter 1.2, World Economic Forum, Financial Development Report, October 31, 2012.

"Replumbing Our Financial System — Uneven Progress," International Journal of Central Banking 2013, Volume 9, Supplement 1: 251-280.

"Key Mechanics of the U.S. Tri-Party Repo Market" (with Adam Copeland, Antoine Martin, and Susan McLaughlin), Economic Policy Review of the Federal Reserve Bank of New York, October, 2012.

"A Dialogue on the Costs and Benefits of Automatic Stays for Derivatives and Repurchase Agreements" (with David Skeel), U of Penn, Inst for Law & Econ Research Paper No. 12-02, January 2012. In Bankruptcy Not Bailout: A Special Chapter 14, edited by  Kenneth E. Scott and John B. Taylor, Hoover Press, 2012.

"Does a Central Clearing Counterparty Reduce Counterparty Risk?" (with Haoxiang Zhu), Review of Asset Pricing Studies 2011, Volume 1: 74-95.

The Squam Lake Report: Fixing the Financial System, Princeton University Press, 2010

How Big Banks Fail: and What To Do About It, Princeton University Press, 2010

"The Failure Mechanics of Dealer Banks," Journal of Economic Perspectives 2010, Volume 24: 51-72.

"Policy Perspectives on OTC Derivatives Market Infrastructure" (with Ada Li and Theo Lubke), Staff Report Number 424, Federal Reserve Bank of New York, January, 2010.

"Policy Issues Facing the Market for Credit Derivatives" in The Road Ahead for the Fed, edited by John D. Ciorciari and John B. Taylor, Hoover Institution Press, 2009.

"Contractual Methods for Out-of-Court Restructuring of Systemically Important Financial Institutions," Submission requested by the U.S. Treasury Working Group on Bank Capital, PRELIMINARY DRAFT: November 9, 2009, Stanford University.

"How Should We Regulate Derivatives Markets," Briefing Paper Number 5, The Pew Financial Reform Project, 2009.

Senate Testimony on Credit Derivatives, July, 2008.

"Innovations in Credit Risk Transfer: Implications for Financial Stability,'' Graduate School of Business, Stanford University, June, 2007, prepared for the Bank of International Settlements.

"Large Portfolio Losses'' (with Amir Dembo and Jean-Dominique Deuschel), Finance and Stochastics 2004, Volume 8: 3-16.  The publication is available at

"Market Pricing of Deposit Insurance'' (with Robert Jarrow, Amiyatosh Purnanandam, and Wei Yang), Journal of Financial Services Research 2003, Volume 24: 93-119. The publication is available at

"Liquidation Risk'' (with Alexandre Ziegler),  Financial Analysts Journal May-June 2003: pp 42-51.  

"Analytical Value at Risk with Jumps and Credit Risk" with Jun Pan, Finance and Stochastics 2001, Volume 5: 155-180.  The publication is available at


655 Knight Way
Graduate School of Business
Stanford University, Stanford, CA 94305-7298

Curriculum Vitae