Senior Economist, Research Department, International Monetary Fund
Current position: Senior Economist, IMF Research Department, 2012 - Present.
Previous positions: Prior to joining the Research Department I rotated between area departments at the IMF working on country desks (most recently the United States and Canada) and the IMF institute where I have taught courses in Econometrics and Macroeconomics.
Interests: Financial Intermediation and Regulation, Macro-Finance, Political Economy, Applied Econometrics.
Education: Ph.D. in Economics, University of Southern California, 2008. M.A. in Mathematical Economics and Econometrics, University of Toulouse, France, 2003.
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1. Bank Capital: A Seawall Approach (with Dell'Ariccia, G., L. Laeven, L. Ratnovski, H. Tong), 2017. International Journal of Central Banking . Forthcoming. Coverage: Finance and Development
2. " Housing finance and real-estate booms: a cross-country perspective.'' (with Cerutti, E. and Dell'Ariccia, G.), 2017. Journal of Housing Economics . 38, pp.1-13. See also, Staff Discussion Notes.
3. " Borrower Protection and the Supply of Credit: Evidence from Foreclosure Laws,'' (with Yangfan Sun), 2016. Journal of Financial Economics.
4. " What Fuels the Boom Drives the Bust: Regulation and the Mortgage Crisis,'' (with Ning Fu), 2016. Economic Journal. Coverage: Wall Street Journal, VoxEU.
5. " Banks' Liability Structure and Mortgage Lending During the Financial Crisis,'' (with Kazim Kazimov), 2015. Journal of Financial Economics 116, no. 3 (2015): 565-582 . Best Paper Award, International Finance and Banking Society (2012). Online Appendix.
6. "Growth and Strategic Savings," (with Nathaniel Arnold), 2014. Economic Inquiry.
7. "Sudden Stops, Output Drops, and Credit Collapses,", 2014. Macroeconomic Dynamics.
8. "Oil Windfalls in Ghana: A DSGE Approach," (with Jan Gottschalk and Rafael Portillo), 2012. Journal of African Economies.
9. "Remittances and Institutions: Are Remittances a Curse?," (with Yasser Abdih, Ralph Chami, Peter Montiel), 2012. World Development.
Media coverage: Financial Times, The Economist, VOX , The Sunday Times, The New Republic, VoxEU, Quartz, ProMarket Stigler Center, University of Chicago, Valor, GGN, FT Alphaville, The Australian, Regulatory Report, Central Banking, Tarbell, Reddit and others
Work in progress
1. "The Impact of the Rise in Securitization on the Real Sector" with Yang Liu
2. "The Spillovers of the ECB's UMP" with Camelia Minoui and Filippos Petroulakis
Selected policy papers
3. "U.S. Household Wealth and Saving: The Micro Story Behind the Macro Dynamics,'' 2012. With Oya Celasun, Daniel Cooper, and Rahul Giri.
4. " The Residential Construction Sector: When Will It Emerge From Its Rubble? ,'' 2012, with Julien Reynaud.