Selected Working Papers

Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect

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

Bond Convenience Yields in the Eurozone Currency Union

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

Dollar Safety and the Global Financial Cycle

(with Zhengyang Jiang and Arvind Krishnamurthy) [Link]

Exorbitant Privilege Gained and Lost: Fiscal Implications

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

Financial and Total Wealth Inequality with Declining Interest Rates

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

Manufacturing Risk-free Government Debt

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

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

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

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

(with Jordan Brooks and Michael Katz) [Link]

Quantifying U.S. Treasury Investor Optimism

(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]

US Government Debt Valuation Puzzle

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

• Reply to John Cochrane’s 07/06 blog post

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

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

What Drives Variation in the U.S. Debt/Output Ratio? The Dogs that Didn’t Bark

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