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 - NEW VERSION! (submitted)
I document three salient features of the transmission of monetary policy shocks: imperfect pass-through to deposit rates, impact on credit spreads, and substitution between deposits and other bank liabilities. I develop a monetary model consistent with these facts, where banks have market power on deposits, a duration-mismatched balance sheet, and a dividend-smoothing motive. Deposit demand has a dynamic component, as in the literature on customer markets. A financial friction makes non-deposit funding supply imperfectly elastic. The model indicates that imperfect pass-through to deposit rates is an important source of amplification of monetary policy shocks.
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 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)