Working Papers​​

​

   12.  Bank to Non-Bank Lending and the Reallocation of Credit 

          [PDF] [SSRN] 

 joint with Jane Li (Columbia), Caterina Mendicino (ECB), and Dominik Supera (Columbia)

​​​​

   11. The Effect of Instant Payments on the Banking System: Liquidity Transformation and Risk-taking 

         [PDF] [SSRN] 

 joint with Ding Ding (Wharton), Rodrigo Barbone Gonzalez (Bank of Brazil), and Yao Zeng (Wharton)

• ​Media mentions: Central Banking, Valor Econômico​​

​

   10. The Dynamics of Deposit Flightiness and its Impact on Financial Stability 

         [PDF] [SSRN]

joint with Kristian Blickle (New York Fed), Jane Li (Columbia) and Xu Lu (UW Seattle)​​​

• ​Media mentions: New York Fed

​​

​​​​

Accepted and Published Papers

​

  ​ 9. Stablecoin Runs and the Centralization of Arbitrage 
        [PDF] [SSRN]

joint with Yao Zeng (Wharton) and Anthony Lee Zhang (Chicago Booth)

• Review of Financial Studies, Accepted. 

• Mentioned by the IMF Global Financial Stability Report

• ​Media mentions: Financial Times, Forbes, NPR Planet Money, NPR Planet Money, Owl Explains Podcast, Central Banking, Chicago Booth Review, Chicago Booth Review​

​

     8. The Passthrough of Treasury Supply to Bank Deposits 

         [PDF] [SSRN]

joint with Wenhao Li (USC Marshall) and Yang Zhao (Amazon)​

• Journal of Financial Economics, Accepted. 

• Arthur Warga Award for Best Paper in Fixed Income at SFS Cavalcade North America

• Media mentions: Central Banking, PR Newswire

​​

     7. The Demand and Supply of Convenience Assets 

         [PDF] [SSRN] [Published Version]

joint with Arvind Krishnamurthy (Stanford GSB)

• Annual Review of Financial Economics, 17, (2025), 225-242

​

     6. Bank Debt, Fund Equity, and Swing Pricing in Liquidity Provision 

         [PDF] [SSRN] [Published Version]

joint with Kairong Xiao (Columbia GSB) and Yao Zeng (Wharton)

• Review of Financial Studies, Forthcoming. 

• Mentioned in the SEC's proposed rule on Money Market Fund Reforms

• Mentioned in the SEC's proposed rule on Open-end Fund Liquidity Risk Management Programs and Swing Pricing

• Media mentions: Wharton Initiative on Financial Policy and Regulation

​​

     5. Steering a Ship in Illiquid Waters: Active Management of Passive Funds 

         [PDF] [SSRN] [Published Version]

joint with Naz Koont (Columbia GSB), Lubos Pastor (Chicago Booth), and Yao Zeng (Wharton)

• Review of Financial Studies, 38, no.10 (2025), 2887–2935.

• Media mentions: Financial Times, Financial Times, Barron's, ETF Stream, Becker Friedman Institute, Chicago Booth Review, Knowledge@Wharton, New York Fed​​

​

    4. The Reserve Supply Channel of Unconventional Monetary Policy

        [PDF] [SSRN] [Published Version]

joint with William Diamond (Wharton) and Zhengyang Jiang (Kellogg)

• Journal of Financial Economics, 159: 103887, September 2024

• Editor's Choice/Lead Article

• Media mentions: NBER Digest, Central Banking, Richmond Fed, Wharton Rodney White Center

 

    ​3. Monetary Policy Transmission in Segmented Markets

         [PDF] [SSRN] [Published Version]

joint with Jens Eisenschmidt (Morgan Stanley) and Anthony Lee Zhang (Chicago Booth)

• Journal of Financial Economics, 151: 103738, January 2024

• Mentioned by Isabel Schnabel, Member of the Executive Board of the ECB, in her speech on  Shifting Tides in Euro Area Money Markets: From the Global Financial Crisis to the COVID-19 Pandemic

• Media mentions: Chicago Booth Review, Central Banking​

​

    2. Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity 

          [PDF] [SSRN] [Published Version]

joint with Kairong Xiao (Columbia GSB) and Yao Zeng (Wharton)

• Review of Financial Studies, 35(10): 4674-711, October 2022

• Replicated for a sample of global funds in the IMF Financial Stability Report

• Mentioned in the SEC's proposed rule on Open-end Fund Liquidity Risk Management Programs and Swing Pricing

• Mentioned in the SEC's proposed rule on Money Market Fund Reforms

• Mentioned in the Federal Reserve's November 2021 Financial Stability Report 

• Mentioned by Nellie Liang, Under Secretary for Domestic Finance, in her remarks at the Global Banking and Finance Conference

• Mentioned by Lorie K. Logan, Executive Vice President of the Federal Reserve, in her remarks on Treasury Market Liquidity and Early Lessons from the Pandemic Shock

• Mentioned by the Americans for Financial Reform Education Fund (AFREF) in a Comment on Potential Money Market Fund Reform Measures in the President’s Working Group Report

​​

1. Intermediation in the Interbank Lending Market

           [PDF] [SSRN] [Published Version]

   joint with Ben Craig (Cleveland Fed)

• Journal of Financial Economics, 145(2): 179-207, August 2022

• AQR Top Finance Graduate Award 2018

• Finance Theory Group Best Paper Award (Second Prize)​