Research
Working Papers
Monetary Policy in the Presence of Tail Risks
Winner of the Princeton Macro, Money, and International Finance Young Researcher Award
Abstract & presentations
This paper develops a New-Keynesian macro-finance model in which higher-order uncertainty directly affects asset prices, the natural rate, and optimal policy.
Presented at: LSE Macro PhD Workshop; Macro, Money and International Finance Conference; St Andrews Workshop in Macroeconomics; PSE-CEPR Policy Forum; Central Bank Research Association (CEBRA) Annual Meeting
Our Deficit, Your Problem: Fiscal Sustainability and Exchange Rates
Abstract & presentations
We develop and estimate an open-economy present-value framework showing that debt fluctuations reflect both surplus revisions and discount-rate news tied to global yields and exchange-rate expectations. A two-country model demonstrates how fiscal shocks in a hegemon propagate internationally through exchange rates and real interest rates, generating fiscal contagion.
Presented at: Austrian National Bank; University of Konstanz; LSE Macro PhD Workshop; Macro, Money and International Finance Conference; Econometric Society North American Summer Meeting; GRAPE; Econometric Society European Meeting; 6th Oxford/Federal Reserve Bank of New York/Bank of England Monetary Economics Conference; CEPR European Economic Policy RPN
Pricing the Left Tail: Consumption Skewness and Expected Returns
Abstract & presentations
We propose a novel approach to flexibly estimate the conditional distribution of aggregate consumption growth. We document that Kelly skewness of consumption growth is priced in the cross-section and time series of equity returns.
Presented at: University of Oxford Internal Seminar
A Macro-Finance Model of Credit Spreads
Abstract & presentations
This paper shows that fluctuations in corporate credit spreads are driven primarily by the time-varying risk-bearing capacity of financial intermediaries rather than firm fundamentals. We develop a continuous-time heterogeneous-agent model that resolves the credit-spread puzzle, highlights the non-neutrality of default, and characterizes the welfare trade-offs of default penalties.
Presented at: SAET 2025; Cowles Foundation 20th Annual Conference on General Equilibrium and its Applications; SAET-EWET 2026; Mathematics in Finance 2026
The Inequality Multiplier: Market Inelasticity and the Persistence of Wealth Inequality
Winner of Best Doctoral Paper at Saïd Business School, 2024
Abstract & presentations
We show that rising income inequality, interacting with inelastic asset markets, generates a self-reinforcing “inequality multiplier” through asset price revaluation. A calibrated general equilibrium model matches U.S. trends in equity prices, debt, and wealth concentration, linking financial market structure to persistent wealth inequality.
Presented at: Bank of England Macro Brown Bag; Asian Finance Association, Taipei; Trans-Atlantic Doctoral Conference, London Business School; Rethinking Economic Theory Conference, Athens; ISB Summer Research
Publications
Multilayer Networks For Text Analysis With Multiple Data Types
Winner of Best Thesis at University of Sydney Mathematics Department
Abstract
We propose a multilayer network framework using stochastic block models to jointly analyze text, metadata, and hyperlinks within a unified probabilistic structure. The approach improves topic detection and link prediction across diverse large-scale document datasets.
Work in Progress
Demographic Trends and the Market Price of Risk
Dollar Diplomacy and Global Imbalances: Evidence from the Plaza and Louvre Accords
Running Towards Disaster: Bank Runs, Rare Disasters, and Asset Prices
How to Shrink a Central Bank: The Dynamics of Quantitative Tightening
The Investor Composition of Public Debt
Financial Stability Implications of Central Bank Digital Currencies: A Solution in Search of a Problem?
Winner of Best Doctoral Paper at Saïd Business School, 2023