Principal Economist, Financial Stability Assessment Section, Federal Reserve Board
The Review of Financial Studies, 36(7), 2922–2961
The relationship between financial risk and economic growth is complex. This column finds that perceptions of high risk unambiguously harm growth...
We investigate the causal impact of financial risk on economic growth, using a panel spanning 150 years and 74 countries. Persistent low risk...
The Review of Financial Studies, Volume 31, Issue 7, Pages 2774–2805.
Reliable indicators of future financial crises are important for policymakers and practitioners. While most indicators consider an observation of high...
We study the effects of stock market volatility on risk-taking and financial crises by constructing a cross-country database spanning up to 211 years...
Does low volatility in financial markets mean that another financial crisis is more likely? And should we be worried when everything is OK? This...
