Recent publications and working papers.
Stabilizing Credit When Nonperforming Loans Surge: The Role of Asset Management Companies,(with E. O'Brien, R. Martin and U. Peiris), Journal of Economic Dynamics and Control, Volume 183, 105249,February 2026
Lecture Notes on General Equilibrium and Financial Frictions,(with D. Pesch), forthcoming,2026
Unveiling the power of state activism in times of distress,(with A. Hryckiewicz, N. Kryg and O. Zadorozhna), Economic Analysis and Policy, Volume 86, 1346 376,June 2025
Credit Risk and Discontinuous Effects of Monetary Reverse Transactions,(with D. Voliotis), Revue d'Economie Politique, Volume 135, Number 4, 621 - 641,2025
Capital Flow Freezes,(with M. U. Peiris and A. Sokolova), Economic Theory, Volume 79, 853 - 887,2025
The Distributional Consequences of Green Capital Regulation,(with A. Khemka), mimeo, University of Oxford, Saïd Business School,2025
Monetary Policy in a Warming World: Balancing Price Stability and the Green Transition,(with Y. Tan and X. Wang), mimeo, University of Oxford, Saïd Business School,2025
Financial and real effects of pandemic credit policies: an application to Chile,(with L. Cabezas, J. Martinez and U. Peiris), Working Papers Central Bank of Chile 990,2025
Distressed Assets and Fiscal-Monetary Support: Are AMCs a Third Way?,(with R. Martin, E. O'Brien and U. Peiris), ECB Working Paper No. 2025/3023,2025
On bankruptcy in general equilibrium with uncertainty,(with Klaus Ritzberger), Journal of Economic Theory, Volume 218, 105838,June 2024
A Computable General Equilibrium Model of the Monetary Policy Implications for Financial Stability in South Africa,(with C. Beyers, K. A. Essel-Mensah), South African Journal of Economics, 1 - 29,June 2024
Commodity Cycles and Financial Instability in Emerging Economies,(with M. U. Peiris and A. Shirobokov), Annals of Finance, Volume 20, 167 - 197,May 2024
Optimal Bank Regulation In the Presence of Credit and Run-Risk,(with Anil Kashyap and Alexandros P. Vardoulakis), Journal of Political Economy, Volume 132, Number 3, 772 - 823,March 2024
Does "Lean Against the Wind" monetary policy improve welfare in a commodity exporter?,(with M. U. Peiris and A. Shirobokov), Journal of International Money and Finance, Volume 141, 103012,March 2024
The Impact of Beliefs on Price Formation,(with D. Pesch), mimeo, University of Oxford,2024
Bank resolution mechanisms revisited: Towards a new era of restructuring,(with A. Hryckiewicz and N. Kryg), Journal of Financial Stability, Volume 67, 101158,August 2023
Bank Credit, Inflation, and Default Risks over an Infinite Horizon,(with C.A.E. Goodhart and Xuan Wang), Journal of Financial Stability, Volume 67, 101131,August 2023
Support for Small Businesses amid COVID-19,(with C.A.E. Goodhart and Xuan Wang), Economica, Volume 90, Issue 358, 612 - 652,April 2023
Default and Determinacy under Quantitative Easing,(with N. Romanidis), Economic Theory, 74, 95-111,2022
An Assessment of the European's Bank Bailout Policies since the Global Financial Crisis and the Proposal for Reforms: a Comparison with the US Experience,(with A. Hryckiewicz and N. Kryg), Future Europe, Issue 2: Section 3,2022
A Computable General Equilibrium Model as a Banking Sector Regulatory Tool in South Africa,(with C. Beyers, A. De Freitas, K. A. Essel-Mensah and R. Seymore), South African Journal of Economics, Volume 90, Issue 1, 93-120,2022
Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy,(with C. Goodhart, U. Peiris and X. Wang), CEPR Discussion Paper,2022
A Computable General Equilibrium Model for Banking Sector Risk Assessment in South Africa,(with C. Beyers, A. De Freitas, K. A. Essel-Mensah and R. Seymore), Annals of Finance, 16, 195-218,2020
Macroprudential Policy and Financial (In)Stability Analysis in the Russian Federation,(with M. Andreev, M. U. Peiris and A. Shirobokov), Russian Journal of Money and Finance, V. 79, 2,September 2019