Hello, I'm Umang.


I am a finance PhD candidate at the University of Iowa, and an academic visitor at the Bank of England. My research interests include financial intermediation, asset pricing, market microstructure, and household finance.


I am on the 2025-26 job market! Here's my CV.


My job market paper studies frictions in cross-border US dollar liquidity, a major concern in the current policy environment. I show that global banks offset wholesale funding shortfalls using synthetic funding - combining foreign currency deposits with foreign exchange swaps - which affects the pricing and availability of US dollar credit. My other projects explore the role of financial intermediaries in over-the-counter markets, and information asymmetries in non-intermediated markets.


I spent Fall 2024 at the Harvard Business School and Summer 2025 at the Bank for International Settlements, Switzerland. Before graduate school, I worked at the Fixed Income and Foreign Exchange Markets division of J.P. Morgan, and graduated from the Indian Institute of Management Lucknow.