Working Papers

Working papers and manuscripts.

Lecture Notes on General Equilibrium and Financial Frictions,(with D. Pesch), forthcoming,2026
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
Climate Change, Monetary Policy, and Price Stability in South Africa,(with Y. Tan and X. Wang), South Africa Reserve Bank Working Paper No. 11089,2025
Climate Change, Macro-prudential Policy Responses and their Distributional Consequences in South Africa,(with A. Khemka and C. Laskaridis), South Africa Reserve Bank Working Paper No. 11090,2025
A Macro-Finance Model of Credit Spreads,(with C. Hyland, T. Papamichalis and N. Romanidis), SSRN No 5313973,2025
The Impact of Beliefs on Price Formation,(with D. Pesch), mimeo, University of Oxford,2024
Navigating the Digital Frontier: Unraveling the Impact of Bank Technology Innovations on Idiosyncratic and Systemic Risks,(with A. Hryckiewicz, K. B. Tchorzewska and M. Borsuk), Materiały i Studia, 35(367), 1 - 64,January 2024
Corporate Legacy Debt, Inflation, and the Efficacy of Monetary Policy,(with C. Goodhart, U. Peiris and X. Wang), CEPR Discussion Paper,2022
The Zero Lower Bound and Financial Stability: A New Role for Central Banks?,(with T. Schulze), SSRN, 2020-07 "How does macroprudential regulation change bank credit supply?" (with Anil Kashyap and Alexandros Vardoulakis), NBER working paper 20165, May 20,2014
Policy Uncertainty and Endogenous Default,(with K. Ahn and L. Wang), mimeo, University of Oxford, Saïd Business School,2013
Endogenous Default in a DSGE Framework with Liquidity and Production,(with K. Ahn and C.A.E. Goodhart), mimeo, University of Oxford, Saïd Business School,2013
Analysis of Monetary Policy and Financial Stability: A New Paradigm,(with C.A.E. Goodhart and C. Osorio), CESifo Working Paper No. 2885, CESifo Group Munich,2009
The Microfoundations of Default in General Equilibrium with Incomplete Markets,Bank of England, mimeo,2001
Book vs. Fair Value Accounting in Banking and Intertemporal Smoothing,(with X. Freixas), OFRC fe-13, University of Oxford, Saïd Business School, 2004, (awarded the 2004 Bank Sabatell prize for the best work on the economics of banking) "The Microfoundat,2001
Lecture Notes on G.E.I., Money and Financial Stability,Bank of England Intranet Website,2000
A Beginner's Guide to Incomplete Asset Markets, Money and Financial Stability,Bank of England, mimeo,2000
The European Persistence of Unemployment and the Phillips Curve Relation,mimeo, Cowles Foundation for Research in Economics, Yale University, 1994.,1994
The Persistence of Investment Inefficiencies: The Dynamics of Default and Endogenous Leverage,(with T. Papamichalis and N. Romanidis), SSRN No 3949091.

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