Working Papers

Creditable capital: macroprudential regulation and bank lending in stress
With Aakriti Mathur and Aniruddha Rajan
[Bank of England Staff Working Paper No. 1,011 | January 2023]
Conferences presented at: American Economics Association (New Orleans, 2023), European Economics Association (Milan, 2022), Fourth Conference on Financial Stability - Banco de Espana & CEMFI (Madrid, 2023 - with YouTube link), 7th Annual Columbia SIPA / BPI Bank Regulation (New York, 2023), Fifth Biennial Conference on Financial Stability - Banco de Mexico (Mexico City, 2023) BCBS-CGFS (BIS, 2022)
Press Coverage: []

Getting through: Communicating complex information
With Michael McMahon
[Bank of England Staff Working Paper No. 1,047 | October 2023] and [CEPR Discussion Paper 18,357 | October 2023]
Conferences presented at:  European Economics Association (Barcelona, 2023), Money Macro and Finance (Portsmouth, 2023), Money-Macro-Finance (Warsaw, 2023), Economics with Non-Traditional Data & Analytical Tools (King's College London, 2023)
Twitter: [Summary Thread]
Press Coverage: []

Banks' window-dressing of the G-SIB framework: causal evidence from a quantitative impact study
With Renzo Corrias and Peter Welz
[BCBS Working Paper No. 42 | March 2024] 
Twitter: [Summary Thread]
Press Coverage: [Reuters | Business Times |]

Works in Progress 

Inflation dynamics over the net-zero transition: Carbon price shocks in a rationally inattentive world (link, last updated December 2023)

Policy Impact

Policy changes

Basel Committee consults on measures to address window-dressing in the G-SIB framework - Basel Committee on Banking Supervision, March 2024

Speeches (to which analysis has contributed)

Monetary policy as engineering?  - Sarah Breeden, December 2023 (Deputy Governor, Financial Stability, Bank of England)

Climate policy and monetary policy: interactions and implications - Catherine Mann, November 2023 (External MPC member, Bank of England) 

Bufferati - Sam Woods, May 2022 (Deputy Governor, Prudential Regulation Authority, Bank of England)

Emerging prudential lessons from the Covid stress - Vicky Saporta, July 2021 (Executive Director,  Prudential Policy, Bank of England)

Media Coverage

"Global banking watchdog cracks down on big lenders gaming capital requirements" in Reuters, Mar 2024

"Capital buffers not all working as intended - BoE paper" in Central Banking, Jan 2023

"'Conceptual complexity' has risen in BoE publications, research finds" in Central Banking, Nov 2023

Research Assistance

The language of rules - textual complexity in banking reforms
[Bank of England Staff Working Paper No. 834 | November 2021]