• A Framework for Understanding the Vulnerabilities of New Money-Like Products, 2026, Journal of Financial Crises 8:3, 1-34.  With Patrick McCabe, JP Perez-Sangimino, and Nathan Swem.

"New money-like products, such as...stablecoins, could be transformative for finance...We introduce a framework to analyze the vulnerabilities of new products by comparing their features to those that contribute to vulnerabilities in MMFs..." 

• Are retail prime money market fund investors increasingly more sensitive to stress events?, 2025, Economics Letters 255:112474. With John Levin, Lina Lu, Antoine Malfroy-Camine, and Nico Oefele.

"...Using impulse response analysis, we examine the degree to which retail investors’ redemption sensitivity has evolved over these two stress periods. We find that, on average, net outflows from retail prime MMFs increased from 2008 to 2020..." 

• Swing Pricing Calibration: Using ETFs to Infer Swing Factors for Mutual Funds, 2023, Financial Analysts Journal 80:1, 30-40. With John Levin, Victoria Liu, Noam Tanner, Antoine Malfroy-Camine, and Sean Baker.

"...We use the pricing dynamics of exchange-traded funds that invest primarily in short-term debt to infer a range of swing-factor-proxies for mutual funds that invest in similar assets. These proxies could be useful to inform swing factors...for certain bond funds, during periods of stress." 

• The Money Market Mutual Fund Liquidity Facility, 2022, Economic Policy Review 27:2. With Marco Cipriani, Ryan M. Craver, and Gabriele La Spada.

"In this article, the authors discuss the run on prime money market funds (MMFs) that occurred in March 2020...and describe the Money Market Mutual Fund Liquidity Facility (MMLF)... They show that the MMLF...was an important tool in stemming investor outflows from MMFs..." 

• The Shift from Active to Passive Investing: Risks to Financial Stability?, 2020, Financial Analysts Journal 76:4, 23-39. With Mathias Kruttli, Patrick McCabe, and Emilio Osambela.

"The past two decades have seen a significant shift from active to passive investment strategies. We examined how this shift affects financial stability...Some passive strategies amplify market volatility,... and the shift has increased industry concentration but has diminished some liquidity and redemption risks."

• Liquidity Transformation Risks in U.S. Bank Loan and High-Yield Mutual Funds: A 2026 Update, 2026, Supervisory Research and Statistics Working Paper.  With Sean Baker, Fang Cai, Logan George, and Erik Larsson.

• A Framework for Understanding the Vulnerabilities of New Money-Like Products, 2026, Supervisory Research and Analysis Working Paper. With Patrick McCabe, JP Perez-Sangimino, and Nathan Swem.

• Technology Providers and Financial Stability: Overview of Risks and Regulatory Frameworks, 2025, Supervisory Research and Analysis Working Paper. With Gene Amromin, Cindy Hull, Emma Weiss, Rebecca Chmielewski, Patty Cowperthwait, Brett Solimine, Fal Brauning, Siobhan Sanders, Lorenzo Garza, Sam Schulhofer-Wohl, Amy Chapel, and Meeoak Cho.

• Are retail prime money market fund investors increasingly more sensitive to stress events?, 2025, Supervisory Research and Analysis Note. With John Levin, Lina Lu, Antoine Malfroy-Camine, and Nico Oefele.

• Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?, 2023, Supervisory Research and Analysis Working Paper. With Pablo D. Azar, Marco Cipriani, Thomas M. Eisenbach, Catherine Huang, Mattia Landoni, Gabriele La Spada, Marco Macchiavelli, Antoine Malfroy-Camine, and J. Christina Wang.  [Revise and resubmit, Journal of Financial and Quantitative Analysis.]

• Swing Pricing Calibration, 2022, Supervisory Research and Analysis Working Paper. With Victoria Liu and Lina Lu.

• Swing Pricing Calibration: A Simple Thought Exercise Using ETF Pricing Dynamics to Infer Swing Factors for Mutual Funds, 2022, Supervisory Research and Analysis Note. With John Levin, Victoria Liu, Noam Tanner, Antoine Malfroy-Camine, and Sean Baker.

• The Money Market Mutual Fund Liquidity Facility, 2021, Supervisory Research and Analysis Working Paper. With Marco Cipriani, Ryan Craver, and Gabriele La Spada.

• Money Market Mutual Funds: Runs, Emergency Liquidity Facilities, and Potential Reforms, 2021 Supervisory Research and Analysis Note. With Siobhan Sanders.

• Liquidity Transformation Risks in U.S. Bank Loan and High-Yield Mutual Funds, 2019, Supervisory Research and Analysis Note. With Fang Cai.

• Reach for Yield by U.S. Public Pension Funds, 2019, Supervisory Research and Analysis Working Paper. With Lina Lu, Matthew Pritsker, Andrei Zlate, and James Bohn.

• The Shift from Active to Passive Investing: Potential Risks to Financial Stability?, 2019, Supervisory Research and Analysis Working Paper. With Mathias Kruttli, Patrick McCabe, Emilio Osambela, and Chae Hee Shin.

• The Intersection of U.S. Money Market Mutual Fund Reforms, Bank Liquidity Requirements, and the Federal Home Loan Bank System, 2017, Supervisory Research and Analysis Working Paper. With Viktoria Baklanova.

• The Stability of Prime Money Market Mutual Funds: Sponsor Support from 2007 to 2011, 2012, Supervisory Research and Analysis Working Paper. With Steffanie A. Brady, and Nathaniel R. Cooper.

• Emergency Lending Facilities: Lessons from a Comparison of the MMLF and the BTFP. With Elizabeth Klee, Mattia Landoni, Lina Lu, and Leslie Shen.

• Short-Term Investment Vehicles. With Marco Cipriani, Logan Herman, Kurt Kostyu, Adam Minson, William Riordan, and Siobhan Sanders.

• Non-Traded Business Development Companies: Valuations, Illiquidity, and Flow-Performance Sensitivity. With Johannes Wasner.