Skip to content Skip to navigation


The Mizuho Financial Group Professor of Finance
Senior Fellow, Stanford Institute for Economic Policy Research
Spence Faculty Fellow for 2019-2020

News Mentions

Pay a Bounty to Develop a Covid-19 Vaccine Faster, Bloomberg News, March 31, 2020.

Why the World Needs a COVID-19 Vaccine Price Guarantee, Chicago Booth IGM Forum, March 23, 2020.

Recent Research

What Determines the Government’s Funding Costs when r=g? Unpleasant Fiscal Asset Pricing Arithmetic, (with Jiang, Zhengyang and Van Nieuwerburgh, Stijn and Xiaolan, Mindy Z.,)

Financial and Total Wealth Inequality with Declining Interest Rates, (with Greenwald, Daniel and Leombroni, Matteo, and Van Nieuwerburgh, Stijn)

US Government Debt Valuation Puzzle, (with Zhengyang Jiang, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan), October 14, 2019. [Data]

Manufacturing Risk-free Government Debt, (with Zhengyang Jiang, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan), July 8, 2020.

Spending Less After (Seemingly) Bad News, (with Mark J. Garmaise and Yaron Levi), October 17, 2019.

Mind the Gap in Sovereign Debt Markets: The U.S. Treasury basis and the Dollar Risk Factor, (with Arvind Krishnamurthy), August 29, 2019.

  • Prepared for the 2019 Jackson Hole Symposium hosted by the Kansas City Federal Reserve Bank

Dollar Safety and the Global Financial Cycle, (with Zhengyang Jiang anf Arvind Krishnamurthy), July 12, 2019.

Foreign Safe Asset Demand and the Dollar Exchange Rate, (with Zhenyang Jiang and Arvind Krishnamurhy, March 23, 2019.

Post-FOMC Announcement Drift in U.S. Bond Markets, (with Jordan Brooks and Michael Katz), December 12, 2017.