Selected Working Papers

Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect

(with Zhengyang Jiang, and Arvind Krishnamurthy)

Bond Convenience Yields in the Eurozone Currency Union

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

Dollar Safety and the Global Financial Cycle

(with Zhengyang Jiang and Arvind Krishnamurthy)

Exorbitant Privilege Gained and Lost: Fiscal Implications

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

Financial and Total Wealth Inequality with Declining Interest Rates

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

Manufacturing Risk-free Government Debt

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

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

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

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

(with Jordan Brooks and Michael Katz)

Quantifying U.S. Treasury Investor Optimism

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

Spending Less After (Seemingly) Bad News

(with Mark J. Garmaise and Yaron Levi)

US Government Debt Valuation Puzzle

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

• 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)

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.,)

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.)