Work in progress


Banking regulation with heterogenous banking systems,  with F. Collard, A. Freitag, U. Lewrick

Banking regulations and market liquidity,  with F. Collard,  U. Lewrick


Working papers


Macroeconomics of bank capital and liquidity regulations, with F. Collard

A quantitative macro model to study the transmission channels of capital and liquidity regulations, how these regulations interact and  whether they have unintended effects. The paper also offers some guidance as to how capital and liquidity regulations should be coordinated.

Material for central bankers: replication and benchmarking with other countries 


The collateral composition channel, with R. Cooper


Financial imbalances and financial fragility

Financial integration overall improves the allocation of world savings, but also entails capital flows from less financially developed to more financially developed countries. When the latter do not have the capacity to absorb those flows, a financial crisis may break-out, and spread internationally.


Credit chains and the propagation of financial distress

How an adverse liquidity shock may propagate when firms borrow from and lend to each other, in a trade credit chain.  Following the shock, illiquid firms may become insolvent.


Credit rationing, output gap, and business cycles

An early version of a real business cycle model with Kiyotaki and Moore (1997)’s collateral constraint