NEWS

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

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 Western Economic Association International and the Society for Economic Dynamics.  Slides for the latter presentation 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!

Stefania D'Amico and I have written a chapter on inflation hedging for the forthcoming Research Handbook of Financial Markets.  The paper was presented at a conference for the handbook in November.

I presented "Securities Financing and Asset Markets: New Evidence" at the Midwest Finance Association in March.  Yesoel Hu was the discussant.  Slides available here.