Publications

A single copy of each article may be downloaded and printed for the reader's personal research and study only.

"Whatever-It-Takes Policymaking during the Pandemic," Journal of International Economics, forthcoming. NBER working paper W32115, February 2024. [link]

“Revisiting Exchange Rate Rules,” IMF Economic Review, 2020, 68 (3), 693-719. [link]

 

“International Dimensions of the Great Recession and the Weak Recovery,” in Eskander Alvi, ed. Confronting Policy Challenges of the Great Recession: Lessons for Macroeconomic Policy, 51st Werner Sichel Lecture Series, (Kalamazoo, MI: Upjohn Press, 2017), 107-124.[link]

 

"Exchange Rate Implications of Reserve Changes: How Non-EZ European Countries Fared during the Great Recession,” Comparative Economic Studies, 2014, 56, 229-252. [link]

 

“Do Sales of Foreign Exchange Reserves Lead to Currency Appreciation?” with Rasmus Fatum and Pavel Vacek, Journal of Money, Credit and Banking, vol. 45, 5, 2013, 867-890. [link]

 

"Forecasting the Recovery from the Great Recession: Is This Time Different?” with Matthew D. Shapiro, American Economic Review Papers and Proceedings 2013, 103 (3): 147-152. [link] NBER Working Paper 18751 [Paper and Appendix], [data files]

 

"The Euro Crisis," with Linda Tesar, in The Economic Outlook for 2013, Sixtieth Annual Conference of the Economic Outlook, Ann Arbor, Michigan, 2013, 144-158. [Paper]

 

“International Reserves and the Global Financial Crisis,” with Yuko Hashimoto and Takatoshi Ito, Journal of International Economics, vol. 88, No. 2, 2012, 388-406. [link] NBER Working Paper 17362 [Paper and Appendix B]

 

"Foreign Reserve Management During the Global Financial Crisis," Journal of International Money and Finance, 31, 8, 2012, 2017-2037. [link]

 

“Foreign Ownership and Firm Performance: Emerging-Market Acquisitions in the United States,” with Anusha Chari and Wenjie Chen, IMF Economic Review, vol. 60, No.1, 2012, 1-42. [link]

 

“International Reserves and Underdeveloped Capital Markets”, in NBER International Seminar on Macroeconomics 2009, edited by Lucrezia Reichlin and Kenneth West, University of Chicago Press for the NBER, 2010, 193-221. [Paper]

 

"The Influence of Actual and Unrequited Interventions" (with Freyan Panthaki), International Journal of Finance and Economics, 12, 2007, 171-200. [Abstract and Paper]

 

"International Borrowing and Macroeconomic Performance in Argentina" (with Linda Tesar), in Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, edited by Sebastian Edwards, University of Chicago Press for the NBER, 2007, 297-342. [link]

 

"The European Central Bank, the Euro, and Global Financial Markets", Journal of Economic Perspectives, 20, 4, Fall 2006, 67-88. [Paper]

 

"When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements?", Journal of International Money and Finance, 25, 2006, 1051-1071. [Abstract and Paper]

 

"Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis" (with Sebastian Auguste, Herman Kamil and Linda Tesar), Journal of Monetary Economics, 53, 2006, 1259-1295. [Abstract and Paper] 

 

"What Defines 'News' in Foreign Exchange Markets? (with Freyan Panthaki), Journal of International Money and Finance, 25, 2006, 168-198. [Abstract and Paper] 

 

"Exchange Rate Exposure" (with Linda Tesar), Journal of International Economics , 68, 1, 188-218, January 2006. [Abstract and Paper]

 

"The Market Microstructure of Central Bank Intervention" Journal of International Economics, Vol 59/1, 25-45, January 2003. [Abstract and Paper] 

 

"A Re-Examination of Exchange Rate Exposure" (with Linda Tesar), American Economic Review, Vol. 91, No. 2, Papers and Proceedings, 396-399, May 2001. [Paper] 

 

"Trade and Exposure" (with Linda Tesar), American Economic Review, Vol. 91, No. 2, Papers and Proceedings, 367-370, May 2001. [Paper] 

 

"The Dollar Exposure of Japanese Companies", Journal of the Japanese and International Economies, 12, 388-405, December 1998. [Abstract and Paper] 

 

"Central Bank Intervention and Exchange Rate Volatility", Journal of International Money and Finance, 17, 1, 161-190, February 1998. [Abstract and Paper] 

 

"Does Foreign Exchange Intervention Matter? The Portfolio Effect" (with Jeff Frankel), American Economic Review, Vol. 83, No. 5, 1356-1369, December 1993. [Abstract and Paper]

 

"Intramarginal Intervention in the EMS and the Target-Zone Model of Exchange Rate Behavior" (with Peter Kenen), European Economic Review, Vol 36, 1523-1532, December 1992. [Abstract and Paper]

 

"Effects of the Changing U.S. Age Distribution on Macroeconomic Equations" (with Ray Fair), American Economic Review, Vol 81, No. 5, 1276-1294, December 1991. [Abstract and Paper] 

 

"Market Responses to Coordinated Central Bank Intervention", Carnegie Rochester Series on Public Policy, Vol. 32, 121-164, Spring 1990. [Abstract and Paper] 

 

"Forecasting the Depression: Harvard Versus Yale" (with Ray Fair and Matthew Shapiro), American Economic Review, Vol 78, 4, 595-612, September 1988. [Abstract and Paper] 

 

"Are Foreign Exchange Forecasts Rational? New Evidence from Survey Data", Economics Letters, 21, 3, 277-281, 1986. [Paper]