Working Papers and Current Projects

Climate Change and Pandemics

(NEW) "Climate Transition Risks and the Energy Sector" (with Stefano Giglio, Stefano Pastore, Johannes Strobel, Zhenhao Tan and Tiffany Yong), January 2025
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(NEW) "Strategic Commitments to Decarbonize: The Role of Large Firms, Common Ownership, and Governments" (with Robert Engle and Olivier Wang), December 2024
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- Synopsis of the article published by Harvard Law School Forum on Corporate Governance (February 2025)

"How Do Supply Shocks to Inflation Generalize? Evidence from the Pandemic Era in Europe" (with Matteo Crosignani, Tim Eisert and Christian Eufinger), Working Paper, October 2023, revised April 2025
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“Do Firms Mitigate Climate Impact on Employment? Evidence from US Heat Shocks” (with Abhishek Bhardwaj and Tuomas Tomunen), August 2023, revised December 2024
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“Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress” (with Tim Johnson, Suresh Sundaresan and Tuomas Tomunen), July 2022, revised November 2024
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- Listen to the VoxTalk on the paper with Tim Phillips, CEPR
- Winner of the 2022 Jack Treynor Prize (one of three), sponsored by the Q-Group (The Institute for Quantitative Research in Finance)
- Covered in the 2023 Economic Report of the President

"International Policy Coordination in a Multisectoral Model of Trade and Health Policy " (with Zhengyang Jiang, Robert Richmond and Elu von Thadden), May 2024
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- Earlier draft: "Divided We Fall: International Health and Trade Coordination During a Pandemic" (with Zhengyang Jiang, Robert Richmond and Elu von Thadden), November 2020, revised June 2022
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"Disasters with Unobservable Duration and Frequency: Intensified Responses and Diminished Preparedness" (with Timothy Johnson, Suresh Sundaresan and Steven Zheng), March 2024, revised December 2024
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Banking and Crises - Liquidity, Systemic Risk, Regulation, Sovereign Debt, Government Guarantees

(NEW) "Tariff War Shock and the Convenience Yield of US Treasuries -- A Hedging Perspective" (with Toomas Laarits), April 2025, revised May 2025
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(NEW) "Systemic Risk Measures: From the Panic of 1907 to the Banking Stress of 2023" (with Markus Brunnermeier and Diane Pierret), November 2024, revised May 2025 (earlier titled "Systemic Risk Measures: Taking Stock from 1927 to 2023")
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(NEW) "Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity" (with Manasa Gopal and Sascha Steffen), April 2025
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"Shadow Always Touches the Feet: Implications of Bank Credit Lines to Non-Bank Financial Intermediaries" (with Manasa Gopal, Maximilian Jager and Sascha Steffen), May 2024, revised March 2025
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"Where Do Banks End and NBFIs Begin?" (with Nicola Cetorelli and Bruce Tuckman), March 2024
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- Covered in Finance Times "The Increasingly Blurred Lines Between Banks and NBFIs" (May 9, 2024)

"When do Treasuries Earn the Convenience Yield? — A Hedging Perspective" (with Toomas Laarits), November 2023, revised January 2025
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"Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets" (with Rahul Chauhan, Raghuram Rajan and Sascha Steffen), August 2022, revised December 2024
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- An earlier draft was circulated under the title "Liquidity Dependence: Why Shrinking Central Bank Balance Sheets is an Uphill Task", August 2022, as prepared for the Federal Reserve Bank of Kansas City Jackson Hole Economic Symposium 2022 on Reassessing Constraints on the Economy and Policy
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- Covered in Bloomberg and Fortune (August 27, 2022), Op-eds "Where has all the liquidity gone?" in Project Syndicate (Oct 7, 2022), "Quantitative Easing Left the Banking System Vulnerable" in Barron's (March 17, 2023), "The Fed and Bank Failures" in ProMarket (March 28, 2023), "The Fed's Role in the Bank Failures" in Project Syndicate (March 28, 2023), Bank Failures: What's the Fed's role? in Ideas For India (March 31, 2023) - all with Raghuram Rajan.

"Zombie Lending and Policy Traps" (with Simone Lenzu and Olivier Wang), September 2021, revised September 2024
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"Deposit and Credit Reallocation in a Banking Panic: The Role of State-Owned Banks" (with Nirupama Kulkarni, Prachi Mishra, and N.R. Prabhala), November 2015, revised January 2025 (earlier titled "Government Guarantees and Bank Vulnerability During a Crisis: Evidence from an Emerging Market")
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"The End of Market Discipline? Investor Expectations of Implicit State Guarantees" (with D. Anginer and A.J. Warburton), June 2014, revised July 2022
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"Investment and Contagion Tradeoffs between Fair Value and Historical Cost Accounting" (with Saptarshi Mukherjee and Rangarajan K. Sundaram), December 2021
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Corporate Finance - Cash Management, Incentive Compensation, Bankruptcy Systems, Private Equity and Corporate Governance

"Corporate Resiliency and the Choice Between Financial and Operational Hedging" (with Heitor Almeida, Yakov Amihud and Ping Liu), May 2021, revised April 2025 (earlier titled "Efficiency or Resiliency? Corporate Choice between Financial and Operational Hedging")
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"The Sensitivity of Cash Savings to the Cost of Capital" (with Soku Byoun and Zhaoxia Xu), June 2020, revised May 2024
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