Papers
Uploaded: May 12, 2025
The Quiet Hand of Regulation: Harnessing Uncertainty and Disagreement
Regulating externalities is a major challenge when economic agents face uncertainty and disagreement. Traditional Pigouvian and Coasean approaches...
Uploaded: Apr 9, 2025
Is 24/7 Trading Better?
In a dynamic model of large traders who manage inventory risk, we show that a daily market closure...
Uploaded: Apr 30, 2025
Comparing Search and Intermediation Frictions Across Fixed-Income Markets
We develop a two-asset search-and-bargaining model of OTC trading to estimate frictions and welfare losses in the UK...
Uploaded: May 1, 2025
A Theory of Corporate Communication
How should we expect firms to communicate with their shareholders in the presence of uncertainty? This paper studies...
Uploaded: Jun 5, 2025
Bank fragility and risk management
Shocks to a bank’s ability to raise liquidity at short notice can trigger depositor panics. Why don’t banks...
Uploaded: Jun 11, 2025
Green Capital Requirements
We study bank capital requirements as a tool to address climate-related financial risks and evaluate whether a prudential...