We propose a model with costly international financial intermediation that links exchange
rate movements to shifts in the demand for domestically produced goods relative to the …

The 2022 inflation surge has renewed interest in the drivers of inflation, with special
attention on the role of oil and other commodity prices given the large increase in these …

This paper documents puzzling discrepancies in the Treasury cash and repo markets during
the GFC and Covid-19. To explain these empirical observations, I develop a New Keynesian …

This study utilizes a local projections framework to analyze the macroeconomic and financial
market repercussions of an unanticipated increase in US corporate bond spreads …

The sample runs from 1980Q1 through 2019Q4. Due to missing data coverage for some
countries, the panel is unbalanced, with the initial period varying by country. The sample …