Working papers

Hedge funds and the Treasury cash-futures disconnect, with Daniel Barth (2021).
What risks are posed by hedge fund arbitrage in the Treasury market?

Corporate finance under safe asset scarcity, (2018).
How does government borrowing affect the corporate sector?


Identification is not causality, and vice versa, with Toni Whited. Review of Corporate Finance Studies, 7 (2018), 1-21.
What do economists mean when they talk about identification?

Estimating and testing dynamic corporate finance models, with Santiago Bazdresch and Toni Whited. Review of Financial Studies, 31 (2018), 322-361. Code.
How should economists use data to discipline dynamic models?


Identification with models and exogenous data variation, with Toni Whited. Foundations and Trends in Accounting, 10 (2016), 361-375.

Shorter papers and policy briefs

Intraday timing of general collateral repo markets, with Kevin Clark, Adam Copeland, Antoine Martin, Mark Paddrik and Benjamin Taylor. Federal Reserve Bank of New York Liberty Street Economics (2021).
Why does so much repo activity occur early in the morning?

Who participates in cleared repo markets? with Luke Olson. OFR Brief 21-01 (2021).

How competitive are U.S. Treasury repo markets? with Adam Copeland, Antoine Martin, Matthew McCormick, William Riordan, Kevin Clark, and Tim Wessel. Federal Reserve Bank of New York Liberty Street Economics (2021).

Basis trades and Treasury market illiquidity, with Daniel Barth. OFR Brief 20-01 (2020).
How did hedge funds contribute to Treasury market illiquidity in March of 2020?