Research
The projects behind the four lines of work.
Each project carries its own argument, data and outputs. The published record is on Publications; commissioned work runs through Advisory.
Monetary architecture and hierarchy
Money as a hierarchy of interlocking balance sheets, crises as the moment they stop clearing. The methodological core of everything else here.
Balance-sheet modelling and monetary architecture
The framework behind the public Monetary Architecture Online Tool; long-run financial flows from 1870; crisis dynamics through balance sheets.
Asymmetries, imbalances and fragmentation in the eurozone
The euro area's imbalances traced to its plumbing: CCPs, CSDs, the ECB and the national central banks. Three empirical pillars.
Monetary subordination in the eurozone
Monetary hierarchy, hybrid money and selective fragmentation as the three pillars of subordination inside a monetary union.
Transformation of the eurozone architecture
Contagion across euro-area and US balance sheets as the endogenous force that reshaped the EMU, from the financial crisis to 2014.
Macro-financial strategy and research
Where the pressure sits in a system, and what it takes to move it.
Defence and security economics
Capability is downstream of industrial structure and financing.
Shipping and trade finance
The freight rate is the output; the credit chain is the mechanism.