I'm a senior economist in the Bank of England's financial stability directorate.
I completed my PhD studies at the Graduate Institute of International Studies (Geneva) under the supervision of Cédric Tille, Marc Flandreau and Charles Calomiris (Columbia University, external expert).
My research deals with banking, political economy and financial history.
My current policy work focuses on macro-prudential policy strategy; previously I worked on the Bank of England's stress-testing strategy.
Bank of England
London EC2R 6DA
* The material posted on this website reflects my own views and not the Bank of England's.
Working papers ______________________________________________________________________
Lending Relationships and the Collateral Channel. with Gareth Anderson (Oxford and IMF), Saleem Bahaj, Angus Foulis, and Gabor Pinter (Bank of England).
Center for Macroeconomics working paper (2018); Revise and resubmit: Review of Finance.
Presentations: Chicago Financial Intermediation Conference (2018*), Royal Economic Society (2018*), GRETA 2018 (Venice) Econometric Society winter meeting (Edinburgh, 2016*). *: by co-author.
Liquidity Holdings, Diversification, and Aggregate Shocks
Bank of England Staff Working Paper 698 (2017); Revise and resubmit: Journal of Money, Credit, and Banking.
Presentations: Toulouse School of Economics-Banque de France research seminar (Paris, 2015); Graduate Institute (Geneva, 2014).
Dis-integrating Credit Markets: Diversification, Securitization, and Lending in a Recovery
Bank of England Staff Working Paper 617 (2016); previously circulated as "Riders of the Storm: Economic Shock and Bank Lending in a Natural Experiment" (mimeo).
Presentations: EBRD (London, 2016), Atlanta Fed Real Estate conference (New Orleans, 2015), Financial Intermediation Research Society (Reykjavik, 2015), 8th CEPR Swiss Winter Conference of Financial Intermediation (Lenzerheide, 2015), Bocconi Carefin conference (Milan, 2014), 3rd World Bank-Banco de Espana conference (Madrid, 2014), Erasmus Credit conference (Rotterdam, 2014), UniCredit Young Economist conference (Belgrade, 2014), Bank of England (London, 2014), De Nederlandsche Bank (Amsterdam, 2013).
Political Borders and Bank Lending in Post-Crisis America. with Andrew K. Rose (Berkeley-Haas).
Review of Finance (2019). CEPR Discussion Paper 11595 (2016); NBER Working Paper 22806 (2016); Bank of England Staff Working Paper 629 (2016). Lead feature in: Cato Research Brief in Economic Policy 67 (2017).
Presentations: Chicago Booth Political Economy Conference (2017), Financial Intermediation Research Society (Hong Kong, 2017), BoE / EBRD 6th MoFiR Workshop on Banking (London, 2017), Chicago Financial Intermediation Conference (2017), CEPR Swiss Winter Financial Intermediation conference (Lenzerheide, 2017; poster), Berkeley University (2017; by co-author), GSE Summer Forum (Barcelona, 2016 ), NUS Business School (Singapore, 2016; by co-author), 2nd IWH FIN FIRE Workshop on Challenges to Financial Stability (Halle, 2016).
”High and Dry”: The Liquidity and Credit of Foreign Government Debt in the First Age of Globalization (1880-1910); with Marc Flandreau (University of Pennsylvania).
Presentations: Banque de France-Sciences Po Economic History & Policy conference (Paris, 2015), 8th Erasmus Liquidity conference (Rotterdam,2015)
Work in progress ____________________________________________________________________
Separating Retail and Investment Banking: Evidence from the UK; with David Elliott (Imperial College and Bank of England). Draft available upon request.
Presentations: Imperial College (London, 2019*), Bank of England-Bank of Japan-ECB research workshop (London, 2020), FIRS 2020 (Budapest, scheduled).
Worried Depositors; with Pablo Slutzky (Maryland University). Draft available upon request
Presentations: Federal Reserve 2020 Day Ahead Conference (San Diego, scheduled), Biennial Bocconi-Banca d'Italia conference (Rome, 2018); MoFiR workshop (Ancona, 2018); Halle University (2017; invited seminar), Maryland University (2017; by co-author), Federal Reserve Board (2017; by co-author); Michigan State University (2017; by co-author); Columbia University (2016; by co-author)
Invited discussions __________________________________________________________________
Bank Competition and Targeted Monetary Policy (Benetton and Fantino)
EuroFit conference (UCL, 2018)
Pushing Boundaries: Political Redistricting and Consumer Credit (Akey, Dobridge, Heimer, and Lewellen)
SFS Cavalcade (Yale, 2018)
Liquidity Requirements and Bank Deposits: Evidence from Ethiopia (Limodio and Strobbe)
Workshop in Empirical Banking (National Bank of Belgium, Brussels, 2017)
Nascent Markets: Understanding the Success and Failure of New Stock Markets (Beck et al.)
Banque de France conference on capital market integration (Paris, 2017)
Decision-making Delegation in Banks (Dlugosz, Gam, Gopalan, and Skrastins)
GSE Summer Forum (Barcelona, 2017)
Credit, Labor, and Political Unrest: Evidence from 1930s China (Braggion, Manconi and Zhu)
CEPR Swiss Winter Financial Intermediation conference (Lenzerheide, 2017)
Tracing Out Capital Flows (Romero-Cortes and Strahan)
American Real Estate and Urban Economics Association Meetings (San Francisco, 2016)
What Drives Banks' Geographic Expansion? (Gropp, Noth and Schuewer)
American Finance Association Meetings (San Francisco, 2016)
Review of Financial Studies, Review of Economics and Statistics, Review of Finance, Real Estate Economics, Journal of Banking and Finance.
The "question" or the "answer"? Market reaction to UK stress test
with Jeremy Chiu (Bank of England) and Evarist Stoja (Bristol University)