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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:

[September 2026] 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 2026] 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. 

[March 2026] New Draft: Granular Banking Flows and Exchange-Rate Dynamics 

We identify exogenous net flows by UK global banks into US dollar debt to study the structural drivers of exchange-rate risk premia. We document a structural shift in the compensation banks require to intermediate capital flows—from being price inelastic before the GFC to price elastic after—which we link to a meaningful increase in their FX hedging using derivatives.

[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.