Refereed journal articles

“The Fed Takes on Corporate Credit Risk: An Analysis of the Efficacy of the SMCCF,” with Simon Gilchrist, Bin Wei, and Vivian Z. Yue. 2024. Journal of Monetary Economics 103573. https://doi.org/10.1016/j.jmoneco.2024.103573

"Financial Heterogeneity and Monetary Union," with Simon Gilchrist, Jae Sim, and Raphael Schoenle. 2023. Journal of Monetary Economics. 139(October): 21–40. https://doi.org/10.1016/j.jmoneco.2023.06.002

"Sovereign Risk and Financial Risk," with Simon Gilchrist, Bin Wei, and Vivian Yue. 2022. Journal of International Economics 136(May): 103603. https://doi.org/10.1016/j.jinteco.2022.103603

"Income Inequality and the Depth of Economic Downturns," with Emanuel Kohlscheen and Marco Jacopo Lombardi. 2021. Economic Letters 205(August): 109934. https://doi.org/10.1016/j.econlet.2021.109934

"US Monetary Policy and International Bond Markets," with Simon Gilchrist and Vivan Yue. 2019. Journal of Money, Credit and Banking 51(S1): 127–161. https://doi.org/10.1111/jmcb.12667

"Interest Rate Risk and Bank Equity Valuations," with William B. English and Skander J. Van den Heuvel. 2018. Journal of Monetary Economics 98(October): 80–97. https://doi.org/10.1016/j.jmoneco.2018.04.010

"Comment on Bank Liabilities Channel." 2017. Journal of Monetary Economics 89(August): 45–50. https://doi.org/10.1016/j.jmoneco.2017.03.009

"Credit-Market Sentiment and the Business Cycle," with David López-Salido and Jeremy C. Stein. 2017: 1373–1426. The Quarterly Journal of Economics 132(3). https://doi.org/10.1093/qje/qjx014

"Inflation Dynamics During the Financial Crisis," with Simon Gilchrist, Jae Sim, and Raphael Schoenle. 2017. American Economic Review 107(3): 785–823. https://doi.org/10.1257/aer.20150248

"The Macroeconomic Impact of Financial and Uncertainty Shocks," with Dario Caldara, Cristina Fuentes-Albero, and Simon Gilchrist. 2016. European Economic Review 88(September): 185–207. https://doi.org/10.1016/j.euroecorev.2016.02.020

"Monetary Policy and Real Borrowing Costs at the Zero Lower Bound," with Simon Gilchrist and David López-Salido. 2015. American Economic Journal: Macroeconomics 7(1): 77–109. https://doi.org/10.1257/mac.20130324

"Stress-testing US Bank Holding Companies: A Dynamic Panel Quantile Regression Approach," with Franciso B. Covas and Ben Rump. 2014. International Journal of Forecasting 30(3): 691–713. https://doi.org/10.1016/j.ijforecast.2013.11.003

"Changes in Bank Lending Standards and the Macroeconomy," with William F. Bassett, Mary Beth Chosak, and John C. Driscoll. 2014. Journal of Monetary Economics 62 (March): 23–40. https://doi.org/10.1016/j.jmoneco.2013.12.005

"Credit Spreads as Predictors of Real-time Economic Activity: A Bayesian Model-averaging Approach," with Jon Faust, Simon Gilchrist, and Jonathan H. Wright. 2013. The Review of Economics and Statistics 95(5): 1501–1519. http://www.jstor.org/stable/43554844

"The Impact of the Federal Reserve's Large-scale Asset Purchase Programs on Corporate Credit Risk," with Simon Gilchrist. 2013. Journal of Money, Credit and Banking 45(s2): 29–57. https://doi.org/10.1111/jmcb.12070

"A Discussion of 'Monetary Policy, Macroprudential Policy, and Banking Stability: Evidence from the Euro Area.'" 2013(March): 171–182. International Journal of Central Banking.

"Misallocation and Financial Market Frictions: Some Direct Evidence from the Dispersion in Borrowing Costs," with Simon Gilchrist and Jae Sim. 2013. Review of Economic Dynamics 16(1): 159–176. https://doi.org/10.1016/j.red.2012.11.001

"Credit Spreads and Business Cycle Fluctuations," with Simon Gilchrist. 2012. American Economic Review 102(4): 1692–1720. https://doi.org/10.1257/aer.102.4.1692

"Monetary Policy and Credit Supply Shocks," with Simon Gilchrist. 2011. IMF Economic Review 59: 195–232. https://doi.org/10.1057/imfer.2011.9

"Credit Market Shocks and Economic Fluctuations: Evidence from Corporate Bond and Stock Markets," with Simon Gilchrist and Vladimir Yankov. 2009. Journal of Monetary Economics 5(4): 471–493. https://doi.org/10.1016/j.jmoneco.2009.03.017

"Inventory Dynamics and Business Cycles: What Has Changed?," with Jonathan McCarthy. 2007. Journal of Money, Credit and Banking 39(2-3): 591–613. https://doi.org/10.1111/j.0022-2879.2007.00037.x

Books chapters and conference proceedings

"Banks," with Refet S. Gürkaynak and Jonathan H. Wright, in Research Handbook of Financial Markets, eds. Refet S. Gürkaynak and Jonathan H. Wright. 2023. Northampton, MA: Edward Elgar Publishing.

"Discussion of 'Corporate Indebtedness and Macroeconomic Stabilisation from a Long-Term Perspective.'" 2021. In Beyond the Pandemic: The Future of Monetary Policy, proceedings of the European Central Bank Forum on Central Banking.

"Trade Exposure and the Evolution of Inflation Dynamics," with Simon Gilchrist. 2020. In Changing Inflation Dynamics, Evolving Monetary Policy, ed. Gonzalo Castex, Jordi Galí, and Diego Saravia, 173–226. Series on Central Banking, Analysis, and Economic Policies. Santiago, Chile: Banco Central de Chile.

"The Response of Sovereign Bond Yields to US Monetary Policy," with Simon Gilchrist and Vivian Yue. 2016. in Monetary Policy through Asset Markets: Lessons from Unconventional Measures and Implications for an Integrated World, ed. Elías Albagli, Diego Saravia, and Michael Woodford, 257–283. Series on Central Banking, Analysis, and Economic Policies. Santiago Chile: Central Bank of Chile.

"Customer Markets and Financial Frictions: Implications for Inflation Dynamics," with Simon Gilchrist. 2015. In Inflation Dynamics and Monetary Policy, proceedings of the Jackson Hole Economic Policy Symposium.

"Improving Our Ability to Monitor Bank Lending," with William F. Bassett, Simon Gilchrist, and Gretchen C. Weinbach. 2014. In Risk Topography: Systemic Risk and Macro Modeling, ed. Marcus Brunnermeier and Arvind Krishnamurthy, 149–161. National Bureau of Economic Research. Chicago: University of Chicago Press.

"Bank Lending and Credit Supply Shocks," with Simon Gilchrist. 2020. In The Global Macro Economy and Finance, ed. Franklin Allen, Masahiko Aoki, Jean-Paul Fitoussi, Nobuhiro Kiyotaki, Roger Gordon, and Joseph E. Stiglitz, 154–176. International Economic Association Series. London: Palgrave Macmillan. https://doi.org/10.1057/9781137034250_9

"Credit Supply Shocks and Economic Activity in a Financial Accelerator Model," with Simon Gilchrist. Conference paper presented at "Rethinking Finance: Perspectives on the Crisis," Russell Sage Foundation and the Century Foundation, New York, April 13, 2012.

"Frictions in the Markets for Corporate Debt and Credit Derivatives," with Andrew Levin and Roberto Perli. 2005. Proceedings of the Fourth Central Bank Conference on Risk Management and Systemic Risk.

"The Importance of Credit for Macroeconomic Activity: Identification through Heterogeneity," with Simon Gilchrist. 1998. In Market Behaviour and Macroeconomic Modelling, ed. Steven Brakman, Hans Ees, and Simon K. Kuipers, 129–157. London: Palgrave Macmillan. https://doi.org/10.1007/978-1-349-26732-3_5

Policy publications

“Do High Markups Reduce the Pass-through of Cost-push Shocks?” with Enisse Kharroubi, Renée Spigt, Deniz Igan, and Koji Takahashi. 2024. SUERF Policy Brief No. 901.

“Money Growth and the Post-pandemic Surge in Inflation,” with Claudio Borio and Boris Hofmann. 2024. Revue D’Economie Financiere 153: 165–176.

“Money Growth and the Post-pandemic Inflation Surge: Updating the Evidence,” with Claudio Borio and Boris Hofmann. 2024. VoxEU, Centre for Economic Policy Research, January 24.

“Interest Rate Risk of Non-financial Firms: Who hedges, and Does It Help?” with Ryan Banerjee, Julián Caballero, Enisse Kharroubi, and Renée Spigt. 2023. Bank of International Settlements Bulletin No. 81

"The Two-Regime View of Inflation," with Claudio Borio, Marco Jacopo Lombardi, and James Yetman. Foreward by Agustín Carstens. 2023. Bank of International Settlements Papers No. 133.

"Does Money Growth Help Explain the Recent Inflation Surge?" with Claudio Borio and Boris Hoffman. 2023. Bank of International Settlements Bulletin No. 67.

"Front-loading Monetary Tightening: Pros and Cons," with Paolo Cavallino, Giulio Cornelli, and Peter Hördahl. 2022. Bank of International Settlements Bulletin No. 63.

"Introducing the Credit Market Sentiment Index" with Danilo Leiva-León, Gabriel Pérez-Quirós, Horacio Sapriza, and Francisco Vazquez-Grande. 2022. Federal Reserve Bank of Richmond Economic Brief 22-33.

"Looking under the Hood: The Two Faces of Inflation," with Claudio Borio, Piti Disyatat, and Dora Xia. 2022. VoxEU, January 25. 

"The Term Structure of the Excess Bond Premium: Measures and Implications," with Simon Gilchrist, Bin Wei, and Vivian Z. Yue. 2021. Federal Reserve Bank of Atlanta Policy Hub No. 2021-12.  

"Second-round Effects Feature Less Prominently in Inflation Dynamics," with Claudio Borio, Piti Disyatat, and Dora Xia. 2021. Bank of International Settlements Quarterly Review.

"Monetary Policy, Relative Prices and Inflation Control: Flexibility Born Out of Success," with Claudio Borio, Piti Disyatat and Dora Xia. 2021. Bank of International Settlements Quarterly Review. September.

"Covid-19 and SARS: What Do Stock Markets Tell Us?" with Fernando Avalos. 2020. Bank of International Settlements Quarterly Review.

"The Outlook for Business Bankruptcies," with Ryan Niladri Banerjee and Giulio Cornelli. 2020. Bank of International Settlements Bulletin No. 30.

"Recession Risk and the Excess Bond Premium," with Giovanni Favara, Simon Gilchrist, and Kurt F. Lewis. 2016. FEDS Notes. April 8.

"Recent Developments in Business Lending by Commercial Banks," with William F. Bassett. 2001. Federal Reserve Bulletin. December

"Profits and Balance Sheet Developments at US Commercial Banks in 2000," with William F. Bassett. 2000. Federal Reserve Bulletin. June.

"Profits and Balance Sheet Developments at US Commercial Banks in 1999," with William F. Bassett. 1998. Federal Reserve Bulletin. June.

Working papers and other unpublished papers

“The Fed Takes on Corporate Credit Risk: An Analysis of the Efficacy of the SMCCF,” with Simon Gilchrist, Bin Wei, and Vivian Z. Yue. 2024. Federal Reserve Bank of Boston Research Department Working Papers No. 24-2. https://doi.org/10.29412/res.wp.2024.02

“Markups and the Asymmetric Pass-through of Cost Push Shocks,” with Enisse Kharroubi, Renée Spigt, Deniz Igan, and Koji Takahashi. 2023. Bank of International Settlements Working Papers No. 1150.

"The Fed Takes on Corporate Credit Risk: An Analysis of the Efficacy of the SMCCF," with Simon Gilchrist, Bin Wei, and Vivian Yue. 2021. Bank of International Settlements Working Papers No. 963.

"Uncertainty, Financial Frictions, and Investment Dynamics," with Simon Gilchrist and Jae Sim. 2014. National Bureau of Economic Research Working Paper No. 20038. https://doi.org/10.3386/w20038

"Investment and the Cost of Capital: New Evidence from the Corporate Bond Market," with Simon Gilchrist. 2007. National Bureau of Economic Research Working Paper No. 13174. https://doi.org/1010.3386/w13174

"The Magnitude and Cyclical Behavior of Financial Market Frictions," with Andrew T. Levin and Fabio M. Natalucci. 2003. Finance and Economics Discussion Series, Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, DC.

"Microeconomic Inventory Adjustment and Aggregate Dynamics," with J. McCarthy. 1999. Bank of International Settlements Working Papers No. 63.