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I am a Research Economist at the Bank of England and a member of the Centre for Macroeconomics. I completed my PhD in Economics at the University of Cambridge in 2023. 

You can reach me at daostry@gmail.com and find me on: LinkedIn | Bank of England | CEPR | Google Scholar | IDEAS

Research Updates:

[December 2025] New Draft: Topography of the FX Derivatives Market: A View from London

We use 100 million transactions in the London FX derivatives market to study the motives behind financial and non-financial firms' derivatives use, trace how the entire market adjusts to macro developments, and identify which firms help transmit aggregate shocks to exchange rates.

[December 2025] New Draft: Firm Risk Premia and Monetary Policy Transmission 

Monetary policy easings compress credit spreads more for higher-risk-premia (higher-EBP) firms whereas lower-risk-premia firms increase investment by more. Credit supply shocks generate a similar pattern of heterogeneity. A model in which firms' risk premia arise endogenously from the combination of firm-specific default-risk `betas' and financial intermediary constraints explains these results.

[September 2025] New Draft: U.S. Risk and Treasury Convenience

We establish a link between the declines in the U.S.'s pecuniary and non-pecuniary exorbitant privilege: rising relative U.S. permanent risk—inferred from equity premia—and falling convenience yields on long-maturity Treasuries are two sides of the same coin. 

[July 2025] New Paper & VoxEU Blog: Trading Blows: The Exchange-Rate Response to Tariffs and Retaliations

Over the 2018-20 period, the U.S. dollar appreciated when U.S. tariffs were imposed unilaterally, but depreciated when other countries threatened to retaliate. In 2025, when nearly all U.S. tariffs were retaliated against, the dollar again depreciated. However, in contrast to 2018-20, long-maturity Treasury yields rose in 2025, instead of fell. This difference may reflect that U.S. tariffs in 2025 were significantly larger, more frequent and targeted a broader set of countries.  

[April 2024] New Publication: The Asymmetric Effects of Quantitative Tightening and Easing on Financial Markets      Economics Letters (2024)

[February 2024] New Draft: Granular Banking Flows and Exchange-Rate Dynamics 

[June 2023] New Paper: Tails of Foreign Exchange-at-Risk (FEaR)