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"What Does Anticipated Monetary Policy Do?" was published in the Journal of Monetary Economics.

Substantially revised working paper version available here.  Draft of online appendix available here.

"Central Counterparties and Systemic Liquidity Risk" is forthcoming in the International Journal of Central Banking.

I discussed Schmid, Valaitis, and Villa's "Government Debt Management with Real and Nominal Bonds" at the Bank of Canada/SF Fed conference on fixed-income and macro-finance research in Ottawa in May.  Slides available here.

I authored a chapter on inflation-hedging products, with Stefania D'Amico, for the Research Handbook of Financial Markets.  Working paper version available here.

We also have a new working paper, "One Asset Does Not Fit All: Inflation Hedging by Index and Horizon," which contains some related empirical work.

I have posted a draft of a new paper, "Real Yields and the Transmission of Central Bank Balance-Sheet Policies."  The paper investigates policy options when long-term nominal yields are constrained at their lower bound and, in particular, proposes inflation-indexed term lending as a potential way to provide stimulus in that environment.  Comments welcome!

The paper was recently presented at the Society for Economic Dynamics.  Slides available here.

Here is a little note on how monetary policy has affected the performance of the stock market during the COVID period.  (Spoiler alert: a lot, and mostly through the equity premium.)  Comments welcome!

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