Policy & Other Writings
Selected policy work
Big data, machine learning and artificial intelligence
Survey evidence on gen AI and households: job prospects amid trust concerns (2024), with I. Aldasoro, O. Armantier, L. Gambacorta, and T. Oliviero, BIS Bulletin No 86
The impact of artificial intelligence on output and inflation (2024), with I. Aldasoro, L. Gambacorta, and D. Rees, BIS Working Paper No 1179
Artificial intelligence in central banking (2024), with D. Araujo, L. Gambacorta, and B. Tissot, BIS Bulletin No 84
Cyber risk in central banking (2022), with L. Gambacorta, T. Leach, B. Legros and D. Whyte, BIS Working Paper No 1039
Big data in Asian central banks (2022), with G. Cornelli, L. Gambacorta and B.Tissot, IFC Working Paper No 21
Big data and machine learning in central banking (2021), with L. Gambacorta and J.-M. Serena, BIS Working Paper No 930
Use of big data sources and applications at central banks (2021), with L. Gambacorta, J.-M. Serena and B.Tissot, IFC Report no 12
Crypto/DeFi/CBDC
The tokenisation continuum (2023), with I. Aldasoro, L. Gambacorta, R. Garratt and P. Koo Wilkens, BIS Bulletin No 72
Crypto trading and Bitcoin prices: evidence from a new database of retail adoption, with R. Auer, G. Cornelli, J. Frost and L. Gambacorta
Read coverage in the NY Times, Financial Times 1, Financial Times 2, and Bloomberg
DeFi lending: intermediation without information? (2022), with S. Aramonte, W. Huang and A. Schrimpf, BIS Bulletin No 57
Crypto shocks and retail losses (2023), with G. Cornelli, J. Frost and L. Gambacorta, BIS Bulletin No 69
Blockchain scalability and the fragmentation of crypto (2022), with F. Boissay, G. Cornelli and J. Frost, BIS Bulletin No 56
Central bank digital currencies and data in the digital age: A triple imperative (2021), with R. Auer, J. Frost, L. Gambacorta and H.S. Shin, in CEPR e-book "Central Bank Digital Currency: Considerations, Projects, Outlook"
Fintech/Big tech/privacy
Big techs in finance (2024), with J. Frost, L. Gambacorta and V. Shreeti, BIS Working Paper No 1129
Nothing to hide? Gender and age differences in willingness to share data (2024), with O. Amantier, J. Frost, A. Fuster and K. Shue, BIS Bulletin No 42
Population aging and the digital divide (2022), with J. Frost, L. Gambacorta and H. Qiu, SUERF Policy Brief No 270
Funding for fintechs: patterns and drivers (2021), with G. Cornelli, L. Franco, and J. Frost, BIS Quarterly Review, September
Whom do consumers trust with their data? US survey evidence (2021), with O. Amantier, J. Frost, A. Fuster and K. Shue, BIS Bulletin No 42
Technological capacity and firms' recovery from Covid-19 (2021), with M. Erdem, G. Franco, L. Gambacorta and A. Illes, Economics Letters 209(110102), (PDF, SSRN)
Non-banks
Who borrows from money market funds? (2023), with I. Aldasoro, BIS Quarterly Review, December
A friend in need is a friend indeed? Nonbanks and lending relationships during crises (2023), with I. Aldasoro and H. Zhou, SUERF Policy Brief No 557
Money market funds and the convenience yield of safe assets (2024), with E. Eren and S. Malamoud, SUERF Policy Brief No 772
Non-bank lenders in the syndicated loan market (2022), with I. Aldasoro and H. Zhou, BIS Quarterly Review, March
Other topics
Recessions and mortality: a global perspective (2022), with B. Hofmann, Economics Letters 220(110860), (PDF, SSRN)
Could housing booms undermine productivity growth? (2020), SUERF Policy Brief No 40
Covid-19 and regional employment in Europe (2020), with L. Gambacorta, BIS Bulletin No 16 (Data for maps in Graph 2)
Identifying regions at risk with Google Trends: the impact of Covid-19 on US labour markets (2020), with L. Gambacorta, BIS Bulletin No 8
Credit-Supply Shocks and Firm Productivity in Italy (2018), with M. Raissi and A. Weber, Journal of International Money and Finance 87(10), pp 150-171, 2018, (PDF, SSRN)
Blogs, columns, etc
Does income inequality affect small firms?, Liberty Street Economics
Privacy regulation, fintech lending, and financial incusion, VoxEU.org
Inequality and the Decline of Small Business, with T. Drechsel and D. Lee, EFIP Research Brief
Mind the gap - is fintech closing the gender gap in access to financial services? (2021), with S. Chen, J. Forst, L. Gambacorta and H.S. Shin, World Bank Blog All About Finance
Digging for gold: how regulatory sandboxes help fintechs raise funding (2021), with G. Cornelli, L. Gambacorta and O. Merrouche, VoxEU.org
How international trade disciplines the internal capital market and reduces the conglomerate discount (2020), with D. Marin, D. Suverato and T. Verdier, VoxEU.org
How failing banks paved Hitler's path to power: Financial crisis and right-wing extremism in Germany, 1931-33 (2019), with J.-L. Peydro and H.-J. Voth, VoxEU.org
Die deutsche Bankenkrise und Hitlers Weg an die Macht: Lehren aus der Geschichte (2019), with J.-L. Peydro and H.-J. Voth, Ökonomenstimme.org