Research


Six questions, twenty years,
three continents

The work is organised by theme. Each section opens with the pieces that define it. The full record — with formal citations — is under Publications.
  

Central banking & financial stability

How financial systems stay resilient — macroprudential frameworks, systemic risk beyond banks, and how a central bank communicates risk. Runs from early skepticism of the post-GFC consensus to leading the RBA’s flagship stability publication.

RBA’s Financial Stability Review Transformation , Reserve Bank of Australia, 2023/24
-> Led the redesign of the Bank’s flagship stability publication — sharper risk assessment, written for policymakers rather than specialists.
Macroprudential Policy: A Silver Bullet or Refighting the Last War?, Milken Institute · republished in Chinese by NAFMII, 2015
-> An early, skeptical assessment of the post-GFC macroprudential consensus.
More in this theme
Central Counterparties Help, But Do Not Assure Financial Stability, Milken Institute · republished in Chinese by NAFMII, 2017
The Asset Management Industry and Systemic Risk: Is There a Connection?, Milken Institute · republished in Chinese by NAFMII, 2016
Dodd-Frank: Washington, We Have a Problem, Milken Institute · Banking & Financial Services Policy Report, 2016
Macroprudential Policy: What Does It Really Mean?, Banking & Financial Services Policy Report, 2015

Digital money & tech regulation 

How new forms of money and BigTech should be governed — CBDCs, crypto-assets, and the data trade-offs in regulating technology. Much of it written for the G20 through the T20 process.
The Promise and Peril of Digital Currency in a Global Economy, Milken Institute Review, 2020
-> The case for a global regulatory framework before digital money outruns it.
The (Near) Future of Central Bank Digital Currencies, Istituto Affari Internazionali, book chapter, 2021
More in this theme

ESG & sustainable finance

Why ESG ratings diverge, what a common framework would take, and what the G20 can do about it — before greenwashing became a supervisory concern.
ESG Ratings: The Road Ahead, Milken Institute, 2020
-> The divergence problem in ESG ratings, diagnosed before it became consensus.
ESG Investing: Toward a Common Framework, Istituto Affari Internazionali, book chapter, 2022

 Global capital flows & investment 

Where foreign capital goes and why — anchored by the Global Opportunity Index, a flagship annual ranking of countries’ attractiveness to investors, with regional deep dives from Southeast Asia to the GCC and Latin America.

 
Global Opportunity Index — annual series, Milken Institute, 2016–2023 interactive website, 2016–23
-> Flagship index ranking countries’ attractiveness to foreign investors; eight annual editions with regional focus reports.
Trade Finance: A Catalyst for Asian Growth, Milken Institute · republished in Chinese by NAFMII, 2015
More in this theme

Data-driven policy: health & communities 

Applying a machine learning clustering approaches to public health and US communities — the cost of dementia and obesity, health literacy gaps, and county-level data tools used by policymakers and journalists, including a six-part USA TODAY investigation.
The Community Explorer: Informing Policy with County-Level Data, Milken Institute, interactive tool, 2021–22
-> County-level profiles of US diversity built to inform policy; the COVID-19 version underpinned a six-part USA TODAY investigation.
More in this theme
COVID-19 Explorer 2.0, Milken Institute, interactive tool, 2022
Community Explorer dashboard, Milken Institute, interactive tool, 2022
Labor Market Explorer 2.0,  Milken Institute, interactive tool, 2022

Econometrics & International Finance

The academic foundations: time-series econometrics applied to exchange rates, purchasing power parity, and euro-area convergence. Published in the Journal of Money, Credit and Banking, Economic Policy, the Journal of Banking and Finance, and Econometric Reviews, among others.
State of the Art Unit Root Tests and Purchasing Power Parity, Journal of Money, Credit and Banking · with Murray & Papell, 2005
-> What modern unit root testing actually says about PPP .
Do Real Exchange Rate Appreciations Matter for Growth?, Economic Policy,  with Bussière & Tille, 2015
-> The drivers of an appreciation, not the appreciation itself, determine the growth cost.
Commodity and Equity Markets: Some Stylized Facts from a Copula Approach, Journal of Banking and Finance,  with Delatte, 2013
Panel Unit Root with Good Power in Small Samples, Econometric Reviews · lead article, 2009
-> Unit root testing with better power in the small samples typical of macroeconomic data.
More in this theme
Convergence of Euro Area Inflation Rates, Journal of International Money and Finance, with Papell, 2012
Equilibrium Exchange Rate and Competitiveness within the Euro Area, Bulletin de la Banque de France, with Durand, 2012
Evidence of Purchasing Power Parity for the Floating Regime Period, Journal of International Money and Finance, 2008
Convergence to Purchasing Power Parity at the Commencement of the Euro, Review of International Economics, lead article, with Papell, 2007

Interactive data tools

The Global Opportunity Index, Community Explorer, Labor Market Explorer, COVID-19 Explorer, and Tech-Regulation Tracker — all in one place.

Explore the tools →

Looking for something older or narrower? The complete chronological record is in the Milken Institute archive and the formal citation list under Publications.

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