I am a Research Economist in the Monetary Analysis Directorate at the Bank of England and a member of the Centre for Macroeconomics.
I received my Ph.D. in Economics from New York University in 2019.
My research interests are in macroeconomics and monetary economics.
IMPERFECT PASS-THROUGH TO DEPOSIT RATES AND MONETARY POLICY TRANSMISSION
I study a monetary model which is consistent with three salient features of the transmission of monetary policy. First, deposit rates adjust partially to changes in the Federal Funds rate. Second, banks substitute deposits with other liabilities in response to contractionary monetary policy changes. Finally, contractionary monetary policy shocks increase credit spreads, and in particular mortgage spreads. In the model, banks have market power in the deposit market, invest in long-duration assets but borrow using short-duration liabilities, and have a dividend-smoothing motive. Moreover, demand for banks' deposits has a dynamic component: it responds gradually to changes in current and past deposit rates, as in the literature on customer markets. I use the model to study the implications of imperfect pass-through to deposit rates for monetary policy transmission and find that the imperfect pass-through to deposit rates amplifies the response of output to monetary policy changes.
‘AND YET, IT MOVES’: INTERGENERATIONAL MOBILITY IN ITALY - NEW VERSION! (submitted)
with Paolo Acciari (Ministry of Economy and Finance of Italy) and Gianluca Violante (Princeton University)
MACROECONOMIC FLUCTUATIONS AND COUNTERCYCLICAL INCOME RISK
What are the quantitative implications of countercyclical labor earnings risk? This paper investigates the welfare effects of eliminating business cycles when households face cyclical changes in the skewness of the labor earnings distribution as estimated by Guvenen, Ozkan and Song (2014). Using a heterogeneous agent, general equilibrium model with aggregate shocks I find that the average welfare effect can be as large as 9% of lifetime consumption. The welfare gain comes entirely from removing cyclical changes in the distribution of persistent idiosyncratic shocks. At the individual level, the welfare gain is increasing in earnings and decreasing in wealth. Low-earnings, low-wealth households however have little to lose from countercyclical risk and prefer the economy with aggregate fluctuations.
Works In Progress
MARKET CONCENTRATION AND INVESTMENT CYCLICALITY
with Peifan Wu (University of British Columbia)
HOUSEHOLD INCOME AND DEBT
with John Barrdear (Bank of England) and Fergus Cumming (Bank of England)
COMPETITION AND FINANCIAL STABILITY IN THE UK MORTGAGE MARKET
with Arthur Taburet (London School of Economics) and Quynh-Anh Vo (Bank of England)