Current working papers:

Allocating Losses: Bail-ins, Bailouts and Bank Regulation, with Yuilyan Mitkov, Discussion Paper No. 091, Collaborative Research Center Transregio 224, Universities of Bonn and Mannheim. Revised December 2021.

Presentation slides

Aggregate Liquidity Management, with Daniel Sanches, Federal Reserve Bank of Philadelphia Working Paper 16-32, November 2016.

Work in progress:

Transparency vs. Ambiguity in Bailout Policy (with Ok Lee)

Private sunspots (with Yuliyan Mitkov)

Older unpublished work:

Floor systems and the Friedman rule: The fiscal arithmetic of open market operations, with Antoine Martin and Jamie McAndrews. Federal Reserve Bank of New York Staff Report No. 754, December 2015.

Presentation slides

Liquidity Crises and Discount Window Lending: Theory and Implications for the Dollarization Debate, with Gaetano Antinolfi, Centro de Investigacion Economica Discussion Paper 00-02, ITAM, September 2000.