Research

Working Papers

• Fiscal Insurance and the Pricing of Government Debt

  Draft
  + Abstract
  I examine how government debt impacts bond pricing when fiscal policy intersects with uninsurable risks. Debt issuance erodes fiscal insurance and hurts welfare beyond a debt threshold. Debt thresholds vary with foreign demand levels and tax progressivity. Ricardian neutrality applies in incomplete markets with lump-sum taxation.

• A Preferred-Habitat Model with a Corporate Sector

  2024 The WFA Brattle Group PhD Candidate Awards for Outstanding Research 2024 NFA Best PhD Student Paper Award 2023 Yiran Fan Memorial Fellowship
  Draft SSRN
  + Abstract
  I study the interactions between interest rate risk, credit risk, and bond quantities in Treasury and corporate bond yields. A decline in Treasury supply can adversely impact corporate yields by raising the price of credit risk.

• The Demand for Safe Assets

  With Angelo Ranaldo and Enzo Rossi

  2025 Arnold Zellner Doctoral Prize
  Draft SSRN SFI SNB
  + Abstract
  We analyze how investment horizon heterogeneity shapes safe asset demand and auction bidding, using Swiss Treasury auction data with granular bidder-level information.

• The Convenience Yield and the Demand for U.S. Treasury Securities

  Liew Fama-Miller Fellowship for Best 2nd Year Paper
  Draft SSRN
  + Abstract
  I investigate heterogeneous investor preferences for non-pecuniary Treasury attributes. Depository institutions and brokers value Treasury convenience, while households and pension funds find it less attractive.

Policy Papers

• Swiss Treasury Bond Auctions: An Update

  With Marco Gortan, Angelo Ranaldo, and Enzo Rossi

  SNB
  + Abstract
  We update historical Swiss Treasury auction data from 1980–2023 with granular bidder-level information, published through the Swiss National Bank.