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Working Papers

The Dynamics of Deposit Flightiness and its Impact on Financial Stability 

joint with Jane Li (Columbia) and Xu Lu (UW Seattle)

Stablecoin Runs and the Centralization of Arbitrage 

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

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)

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

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

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


Accepted and Published Papers

The Reserve Supply Channel of Unconventional Monetary Policy

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

Monetary Policy Transmission in Segmented Markets

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

Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity 

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

Intermediation in the Interbank Lending Market

joint with Ben Craig (Cleveland Fed)

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