Research Overview
Research Vision and Agenda — Read the essay (PDF) →
My research studies how the financial system supports exchange and production—and how disruptions to liquidity and credit become macroeconomic crises. I combine economic theory with quantitative models to understand these mechanisms and their implications for policy.
Payments, Liquidity, and Production
Production depends on the ability to make payments when they are due. My work examines how asymmetric information limits the liquidity of assets, how financial constraints propagate through production networks, and how delays in payment chains reduce aggregate productivity.
Related work: Endogenous Liquidity and the Business Cycle; Distortions in Production Networks; A Theory of Payment-Chain Crises.
Banks and Monetary Policy
Banks create liquid claims and manage the settlement of payments while financing illiquid investments. My research explores how interbank markets, reserve availability, bank capital, and accounting rules shape credit provision and the transmission of monetary policy.
Related work: Banks, Liquidity Management and Monetary Policy; A Q-Theory of Banks; A Model of Credit, Money, Interest, and Prices; The Heterogeneous Bank Lending Channel of Monetary Policy.
Dollar Liquidity and International Finance
The demand for dollar liquidity links financial institutions’ balance sheets to exchange rates and international funding markets. I study how settlement risk generates convenience yields and how central banks’ quantity-based tools affect liquidity conditions in dollarized economies.
Related work: Scrambling for Dollars; Dollar Liquidity Flows in a Small-Open Economy.
Public Debt and Monetary–Fiscal Policy
Government financing and monetary policy interact through bond markets, debt maturity, and inflation expectations. My work examines how liquidity costs shape sovereign debt management and how anticipated fiscal reforms influence inflation and monetary policy.
Related work: Debt-Maturity Management with Liquidity Costs; Decomposing Optimal Debt Maturity; Sticky Inflation.