Economist
Federal Reserve Board
[email protected]
[email protected]
I am an economist at the Board of Governors of the Federal Reserve System. My research interests include macrofinance, asset pricing, and financial intermediation.
I received my Ph.D. in financial economics from the Yale School of Management. Previously, I was an economist at Morgan Stanley and a research associate at the Yale Program on Financial Stability.
Feb 2023 | Updated draft of Making Money posted |
Feb 2023 | New VoxEU column about Leverage and Stablecoin Pegs |
Feb 2023 | Cash-Hedged Stock Returns won the best paper award in the investments category at the 2023 SWFA |
Dec 2022 | Investor Information and Bank Instability During the Euro Crisis is forthcoming at the Journal of Financial Stability |
Dec 2022 | New working paper: Leverage and Stablecoin Pegs |
Sep 2022 | Cash-Hedged Stock Returns is a semifinalist for the 2022 FMA best paper in the investments category |
Jun 2022 | New working paper: Cash-Hedged Stock Returns |
Making Money
with Gary B. Gorton and Sharon Y. Ross
Abstract · PDF · SSRN · NBER WP #29710
It is hard for private agents to produce money that circulates at par with no questions asked about its backing. Privately-produced money was last circulated in the U.S. before the Civil War as private banknotes. Stablecoins are new privately-produced money. Stablecoins are currently used to facilitate crypto trading. But could stablecoins eventually circulate as a hand-to-hand currency? We study pre-Civil War banknotes to determine what forces pushed these monies from a negative convenience yield to a positive convenience yield. We then ask whether the same forces affect stablecoins, pushing them toward positive convenience yields.
The Collateral Premium and Levered Safe-Asset Production
2020 BlackRock Applied Research Award Finalist
Abstract · PDF · SSRN · FEDS WP #2022–046
Cash-Hedged Stock Returns
with Landon J. Ross and Sharon Y. Ross
2023 SWFA best paper award winner in investments
2022 FMA best paper semifinalist in investments
Abstract · PDF · SSRN · FEDS WP #2022–055 · OFR WP #22–03
Leverage and Stablecoin Pegs
with Gary B. Gorton, Elizabeth C. Klee, Sharon Y. Ross, and Alexandros Vardoulakis
Abstract · SSRN · NBER WP #30796 · VoxEU Column
Safe-Asset Migration
Abstract · PDF · SSRN
Investor Information and Bank Instability During the Euro Crisis
with Silvia Iorgova
Journal of Financial Stability (2023)
Abstract · PDF · Published Version
Who Ran on Repo?
with Gary B. Gorton and Andrew Metrick
AEA Papers and Proceedings (2020)
Abstract · PDF · Published Version
Decomposing Deviations from Covered-Interest Parity
with Tobias J. Moskowitz, Sharon Y. Ross, and Kaushik Vasudevan
Convenience Stores
with Gary B. Gorton and Sharon Y. Ross
Pricing With Almost-Arbitrages
with Sharon Y. Ross
Capital in the Financial Crisis
with Timothy F. Geithner and Andrew Metrick
Forecasting the Economy During Covid-19 Link · PDF
with Sharon Y. Ross
May 26, 2020, Yale Program on Financial Stability
A Long Way to Go for Emerging Markets Link · PDF
with Ahyan Panjwani
April 26, 2020, Yale Program on Financial Stability
Fed Actions Support Agency Mortgage REITs Link · PDF
with Sharon Y. Ross
April 22, 2020, Yale Program on Financial Stability
The FHLBs During the Coronavirus Crisis, Part 2 Link · PDF
April 6, 2020, Yale Program on Financial Stability
Flight from Maturity During the Coronavirus Crisis Link · PDF
with Sharon Y. Ross, Gary B. Gorton, and Andrew Metrick
March 26, 2020, Yale Program on Financial Stability
The FHLBs During the Coronavirus Crisis, Part 1 Link · PDF
March 24, 2020, Yale Program on Financial Stability
© Chase P. Ross 2023 ⁂ All Rights Reserved