Working Papers

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   11. The Demand and Supply of Safe and Liquid Assets

joint with Arvind Krishnamurthy (Stanford GSB)

• Prepared for The Annual Review of Financial Economics

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

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

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

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

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  ​ 8. Stablecoin Runs and the Centralization of Arbitrage 

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

• Review of Financial Studies, R&R

• Mentioned by the IMF Global Financial Stability Report

• ​Media mentions: Chicago Booth Review​,  Forbes​​​​​

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    7. The Passthrough of Treasury Supply to Bank Deposits 

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

• Journal of Financial Economics, R&R

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

• Media mentions: Central Banking, PR Newswire

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Accepted and Published Papers

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

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

• Review of Financial Studies, Accepted

• 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

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

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

• Review of Financial Studies, Forthcoming

• Media mentions: Financial Times, Financial Times, Barron's, ETF Stream, Becker Friedman Institute, Chicago Booth Review, Knowledge@Wharton, Liberty Street Economics​​

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    4. The Reserve Supply Channel of Unconventional Monetary Policy

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, Wharton Rodney White Center

 

    ​3. Monetary Policy Transmission in Segmented Markets

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​

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    2. Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity 

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

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1. Intermediation in the Interbank Lending Market

    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)​