Working Papers

Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings (with Mitali Das, Gita Gopinath, and Taehoon Kim) November 2022.

Monetary Policy When the Central Bank Shapes Financial-Market Sentiment (with Anil K Kashyap) August 2022.

How Should U.S. Bank Regulators Respond to the COVID-19 Crisis? (with Michael Blank, Samuel G. Hanson, and Adi Sunderam) June 2020.

The Decline of Big-Bank Lending to Small Business: Dynamic Impacts on Local Credit and Labor Markets (with Brian S. Chen and Samuel G. Hanson) March 2017, revised September 2017.

The Financial Regulatory Reform Agenda in 2017 (with Robin Greenwood, Samuel G. Hanson and Adi Sunderam) Feburary 2017.

An Analysis of the Impact of "Substantially Heightened" Capital Requirements on Large Financial Institutions (with Anil k Kashyap and Samuel Hanson) Harvard working paper.

Do Hedge Funds Profit from Mutual-Fund Distress? (with Joseph Chen, Samuel Hanson, and Harrison Hong) NBER working paper #13786.