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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. During my studies, I was a Dissertation Fellow at the Federal Reserve Board.

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

Research Updates:

[April 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. 

[March 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 currency risk management by all types of financial and non-financial firms and examine how the market equilibrates as the macro environment shifts.

[September 2024] New Draft: Firm Financial Conditions and the Transmission of Monetary Policy 

While monetary policy easing shocks compress credit spreads more for riskier firms, safer firms' investment responds more. Further, credit supply shocks replicate monetary policy’s heterogeneous effects, whereas credit demand shocks elicit homogeneous firm responses. A model in which safer firms have flatter marginal benefit curves for capital rationalizes firms’ price and quantity reactions to these three shocks. 

[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)

[April 2025] New Paper: Trading Blows: The Response of Exchange Rates to Tariffs, Retaliation and Threats

U.S. import tariff announcements appreciate the dollar only conditional on no Foreign retaliation. The dollar depreciates strongly and U.S. yields fall in a Trade War on growth fears.