Selected Working Papers

Government Debt in Mature Economies. Safe or Risky?

(with Roberto Gomez Cram and Howard Kung) [Link]

paper prepared for Jackson Hole Evonomic Symposium

Can U.S. Treasury Markets Add and Subtract? 

(with Roberto Gomez Cram and Howard Kung) [Link]

Implications of Asset Market Data for Equilibrium Models of Exchange Rates

(with Zhengyang Jiang and Arvind Krishnamurthy) [Link]

What about Japan?

(with YiLi Chien and Harold L. Cole) [Link]

Financial and Total Wealth Inequality with Declining Interest Rates

(with Greenwald, Daniel and Leombroni, Matteo, and Van Nieuwerburgh, Stijn) [Link]

Exorbitant Privilege Gained and Lost: Fiscal Implications

(with Zefeng Chen, Zhengyang Jiang, Stijn Van Nieuwerburgh, Mindy Z. Xiaolan) [Link]

The Rest of the World’s Dollar-Weighted Return on U.S. Treasurys

(with Jiang, Zhengyang and Krishnamurthy, Arvind) [Link]

Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect

(with Zhengyang Jiang, and Arvind Krishnamurthy) [Link]

Measuring U.S. Fiscal Capacity using Discounted Cash Flow Analysis

(with Zhengyang Jiang, Stijn Van Nieuwerburgh, Mindy Z. Xiaolan) [Link]

What Determines the Government’s Funding Costs when r=g? Unpleasant Fiscal Asset Pricing Arithmetic

(with Jiang, Zhengyang and Van Nieuwerburgh, Stijn and Xiaolan, Mindy Z.,) [Link]

Quantifying U.S. Treasury Investor Optimism

(with Zhengyang Jiang, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan) [Link]

Bond Convenience Yields in the Eurozone Currency Union

(with Jiang, Zhengyang and Van Nieuwerburgh, Stijn and Xiaolan, Mindy Z.) [Link]

Manufacturing Risk-free Government Debt

(with Zhengyang Jiang, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan) [Link]

Spending Less After (Seemingly) Bad News

(with Mark J. Garmaise and Yaron Levi) [Link]

Post-FOMC Announcement Drift in U.S. Bond Markets

(with Jordan Brooks and Michael Katz) [Link]