Archive of NBER Papers on International Finance and Macroeconomics Program

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w25412 Olivier Coibion
Yuriy Gorodnichenko
Tiziano Ropele

Inflation Expectations and Firm Decisions: New Causal Evidence
w25410 Matteo Maggiori
Brent Neiman
Jesse Schreger

The Rise of the Dollar and Fall of the Euro as International Currencies
w25409 Michael D. Bordo
The Imbalances of the Bretton Woods System 1965 to 1973: U.S. Inflation, The Elephant in the Room
w25407 Joseph Abadi
Markus Brunnermeier

Blockchain Economics
w25402 Davide Furceri
Swarnali A. Hannan
Jonathan D. Ostry
Andrew K. Rose

Macroeconomic Consequences of Tariffs
w25397 Charles Engel
Steve Pak Yeung Wu

Liquidity and Exchange Rates: An Empirical Investigation
w25380 Stephanie Schmitt-Grohé
Martín Uribe

Exchange Rates and Uncovered Interest Differentials: The Role of Permanent Monetary Shocks
w25373 Markus K. Brunnermeier
Lunyang Huang

A Global Safe Asset for and from Emerging Market Economies
w25353 Samuel P. Fraiberger
Do Lee
Damien Puy
Romain Rancière

Media Sentiment and International Asset Prices
w25351 Assaf Razin
High Tech and Venture Capital Inflows: The case of Israel
w25347 Christopher L. House
Christian Proebsting
Linda L. Tesar

Quantifying the Benefits of Labor Mobility in a Currency Union
w25340 Javier Bianchi
Jorge Mondragon

Monetary Independence and Rollover Crises
w25319 Fiorella De Fiore
Marie Hoerova
Harald Uhlig

Money Markets, Collateral and Monetary Policy
w25296 Wei Xiong
The Mandarin Model of Growth
w25276 Riccardo Colacito
Mariano Max Croce
Yang Liu
Ivan Shaliastovich

Volatility Risk Pass-through
w25256 Pablo A. Gluzmann
Martin M. Guzman
Joseph E. Stiglitz

An Analysis of Puerto Rico's Debt Relief Needs to Restore Debt Sustainability
w25219 Barry Eichengreen
Rebecca Mari
Gregory Thwaites

Will Brexit Age Well? Cohorts, Seasoning and the Age-Leave Gradient, Past, Present and Future
w25206 Mikhail Chernov
Drew D. Creal

International Yield Curves and Currency Puzzles
w25203 José L. Fillat
Stefania Garetto
Arthur V. Smith

What are the Consequences of Global Banking for the International Transmission of Shocks? A Quantitative Analysis
w25170 Gabriel Garber
Atif Mian
Jacopo Ponticelli
Amir Sufi

Household Debt and Recession in Brazil
w25138 Alberto Cavallo
More Amazon Effects: Online Competition and Pricing Behaviors
w25120 Felix Tintelnot
Ayumu Ken Kikkawa
Magne Mogstad
Emmanuel Dhyne

Trade and Domestic Production Networks
w25111 Sihao Chen
Michael B. Devereux
Jenny Xu
Kang Shi

Exchange Rates, Local Currency Pricing and International Tax Policies
w25092 Robert J. Hodrick
Tuomas Tomunen

Taking the Cochrane-Piazzesi Term Structure Model Out of Sample: More Data, Additional Currencies, and FX Implications
w25091 Gaetano Basso
Francesco D'Amuri
Giovanni Peri

Immigrants, Labor Market Dynamics and Adjustment to Shocks in the Euro Area
w25083 Toni Ahnert
Kristin Forbes
Christian Friedrich
Dennis Reinhardt

Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
w25076 Michael B. Devereux
Gregor W. Smith

Commodity Currencies and Monetary Policy
w25073 Pablo D'Erasmo
Enrique G. Mendoza

History Remembered: Optimal Sovereign Default on Domestic and External Debt
w25048 Julien Bengui
Javier Bianchi

Macroprudential Policy with Leakages
w25039 Marco Del Negro
Domenico Giannone
Marc P. Giannoni
Andrea Tambalotti

Global Trends in Interest Rates
w25032 Anna Cieslak
Andreas Schrimpf

Non-Monetary News in Central Bank Communication
w25031 Sergio Rebelo
Neng Wang
Jinqiang Yang

Rare Disasters, Financial Development, and Sovereign Debt
w25029 Maria Borga
Cecilia Caliandro

Eliminating the Pass-Through: Towards FDI Statistics that Better Capture the Financial and Economic Linkages between Countries
w25021 Atsushi Inoue
Barbara Rossi

The Effects of Conventional and Unconventional Monetary Policy on Exchange Rates
w25012 Joshua Aizenman
Yothin Jinjarak
Hien Thi Kim Nguyen
Donghyun Park

Fiscal Space and Government-Spending & Tax-Rate Cyclicality Patterns: A Cross-Country Comparison, 1960-2016
w25011 Marina Azzimonti
Vincenzo Quadrini

International Spillovers and 'Ex-ante' Efficient Bailouts
w25004 Jose A. Lopez
Andrew K. Rose
Mark M. Spiegel

Why Have Negative Nominal Interest Rates Had Such a Small Effect on Bank Performance? Cross Country Evidence
w24995 Alexander Bick
Bettina Brüggemann
Nicola Fuchs-Schündeln
Hannah Paule-Paludkiewicz

Long-term Changes in Married Couples' Labor Supply and Taxes: Evidence from the US and Europe Since the 1980s
w24989 Björn Richter
Moritz Schularick
Ilhyock Shim

The Costs of Macroprudential Policy
w24983 Thomas Wright
Gabriel Zucman

The Exorbitant Tax Privilege
w24981 Luigi Bocola
Gideon Bornstein
Alessandro Dovis

Quantitative Sovereign Default Models and the European Debt Crisis
w24967 Francis X. Diebold
Minchul Shin

Machine Learning for Regularized Survey Forecast Combination: Partially-Egalitarian Lasso and its Derivatives
w24927 David N.F. Bell
David G. Blanchflower

Underemployment in the US and Europe
w24919 Assaf Razin
Efraim Sadka

The Welfare State besides Globalization Forces
w24915 Jennifer Bruner
Dylan G. Rassier
Kim J. Ruhl

Multinational Profit Shifting and Measures throughout Economic Accounts
w24900 Lubos Pastor
Pietro Veronesi

Inequality Aversion, Populism, and the Backlash Against Globalization
w24890 Harold Cole
Daniel Neuhann
Guillermo Ordoñez

A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information
w24817 Andrew K. Rose
Currency Wars? Unconventional Monetary Policy Does Not Stimulate Exports
w24807 Cecile Gaubert
Oleg Itskhoki

Granular Comparative Advantage
w24773 Kristin Forbes
Ida Hjortsoe
Tsvetelina Nenova

The Shocks Matter: Improving Our Estimates of Exchange Rate Pass-Through
w24761 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

Benchmarking Portfolio Flows
w24754 Assaf Razin
Efraim Sadka

Welfare-State Remedy to Globalization and Aging Forces
w24741 Patrick J. Kehoe
Virgiliu Midrigan
Elena Pastorino

Evolution of Modern Business Cycle Models: Accounting for the Great Recession
w24735 Richard H. Clarida
The Factor Content of Equilibrium Exchange Rates
w24734 Greg Kaplan
Giovanni L. Violante

Microeconomic Heterogeneity and Macroeconomic Shocks
w24706 Andrew G. Atkeson
Adrien d'Avernas
Andrea L. Eisfeldt
Pierre-Olivier Weill

Government Guarantees and the Valuation of American Banks
w24702 Omar Barbiero
Emmanuel Farhi
Gita Gopinath
Oleg Itskhoki

The Macroeconomics of Border Taxes
w24701 Thomas R. Tørsløv
Ludvig S. Wier
Gabriel Zucman

The Missing Profits of Nations
w24697 Ulrike Malmendier
Demian Pouzo
Victoria Vanasco

Investor Experiences and Financial Market Dynamics
w24685 Paul Beaudry
Tim Willems

On the Macroeconomic Consequences of Over-Optimism
w24683 Mark A. Aguiar
Manuel Amador

Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models
w24682 Manuel Amador
Christopher Phelan

Reputation and Sovereign Default
w24677 Òscar Jordà
Moritz Schularick
Alan M. Taylor
Felix Ward

Global Financial Cycles and Risk Premiums
w24673 Matteo Maggiori
Brent Neiman
Jesse Schreger

International Currencies and Capital Allocation
w24671 Charles Engel
Jungjae Park

Debauchery and Original Sin: The Currency Composition of Sovereign Debt
w24655 Andres Blanco
Javier Cravino

Price Rigidities and Relative PPP
w24654 Javier Cravino
Ting Lan
Andrei A. Levchenko

Price Stickiness along the Income Distribution and the Effects of Monetary Policy
w24648 Benjamin Lester
Ali Shourideh
Venky Venkateswaran
Ariel Zetlin-Jones

Market-making with Search and Information Frictions
w24646 Luis M. Viceira
Zixuan (Kevin) Wang

Global Portfolio Diversification for Long-Horizon Investors
w24633 Laura Alfaro
Alejandro Cuñat
Harald Fadinger
Yanping Liu

The Real Exchange Rate, Innovation and Productivity: Heterogeneity, Asymmetries and Hysteresis
w24569 Christopher Busch
David Domeij
Fatih Guvenen
Rocio Madera

Asymmetric Business-Cycle Risk and Social Insurance
w24563 Mikhail Chernov
Drew D. Creal

Multihorizon Currency Returns and Purchasing Power Parity
w24560 Felipe Benguria
Felipe Saffie
Sergio Urzúa

The Transmission of Commodity Price Super-Cycles
w24555 Sebnem Kalemli-Ozcan
Luc Laeven
David Moreno

Debt Overhang, Rollover Risk, and Corporate Investment: Evidence from the European Crisis
w24550 Juliane Begenau
Maryam Farboodi
Laura Veldkamp

Big Data in Finance and the Growth of Large Firms
w24549 Mathias Drehmann
Mikael Juselius
Anton Korinek

Going With the Flows: New Borrowing, Debt Service and the Transmission of Credit Booms
w24513 Yi Huang
Ugo Panizza
Richard Portes

Corporate Foreign Bond Issuance and Interfirm Loans in China
w24503 Paul Bergin
Ling Feng
Ching-Yi Lin

Financial Frictions and Trade Dynamics
w24502 David N.F. Bell
David G. Blanchflower

The Lack of Wage Growth and the Falling NAIRU
w24496 Marina Halac
Pierre Yared

Instrument-Based vs. Target-Based Rules
w24485 Gita Gopinath
Jeremy C. Stein

Banking, Trade, and the making of a Dominant Currency
w24483 Linda Schilling
Harald Uhlig

Some Simple Bitcoin Economics
w24474 Norman Loayza
Amine Ouazad
Romain Rancière

Financial Development, Growth, and Crisis: Is There a Trade-Off?
w24463 Roberto Chang
Foreign Exchange Intervention Redux
w24454 Claudia M. Buch
Matthieu Bussiere
Linda Goldberg
Robert Hills

The International Transmission of Monetary Policy
w24448 Kenny Ching
Joshua S. Gans
Scott Stern

Control Versus Execution: Endogenous Appropriability and Entrepreneurial Strategy
w24443 Viral V. Acharya
Arvind Krishnamurthy

Capital Flow Management with Multiple Instruments
w24439 Zhengyang Jiang
Arvind Krishnamurthy
Hanno Lustig

Foreign Safe Asset Demand and the Dollar Exchange Rate
w24436 Yan Bai
Dan Lu
Xu Tian

Do Financial Frictions Explain Chinese Firms' Saving and Misallocation?
w24433 Charles W. Calomiris
Mauricio Larrain
Sergio L. Schmukler

Capital Inflows, Equity Issuance Activity, and Corporate Investment
w24430 Charles W. Calomiris
Harry Mamaysky

How News and Its Context Drive Risk and Returns Around the World
w24419 Maxim Pinkovskiy
Xavier Sala-i-Martin

Shining a Light on Purchasing Power Parities
w24406 Arun G. Chandrasekhar
Robert Townsend
Juan Pablo Xandri

Financial Centrality and Liquidity Provision
w24404 Loukas Karabarbounis
Brent Neiman

Accounting for Factorless Income
w24400 Ricardo J. Caballero
Alp Simsek

Reach for Yield and Fickle Capital Flows
w24367 Sebastian Edwards
Keynes on the Sequencing of Economic Policy: Recovery and Reform in 1933
w24362 Julian Kozlowski
Laura Veldkamp
Venky Venkateswaran

The Tail that Keeps the Riskless Rate Low
w24353 Alessandro Barattieri
Matteo Cacciatore
Fabio Ghironi

Protectionism and the Business Cycle
w24346 Grace Xing Hu
Jun Pan
Jiang Wang

Chinese Capital Market: An Empirical Overview
w24342 Matthieu Bussiere
Menzie D. Chinn
Laurent Ferrara
Jonas Heipertz

The New Fama Puzzle
w24336 Enrique G. Mendoza
Eugenio I. Rojas

Positive and Normative Implications of Liability Dollarization for Sudden Stops Models of Macroprudential Policy
w24330 Shang-Jin Wei
Managing Financial Globalization: Insights from the Recent Literature
w24325 Ambrogio Cesa-Bianchi
M. Hashem Pesaran
Alessandro Rebucci

Uncertainty and Economic Activity: A Multi-Country Perspective
w24322 Atif R. Mian
Amir Sufi

Finance and Business Cycles: The Credit-Driven Household Demand Channel
w24320 Nelson Camanho
Harald Hau
Hélène Rey

Global Portfolio Rebalancing and Exchange Rates
w24292 Alberto Cavallo
W. Erwin Diewert
Robert C. Feenstra
Robert Inklaar
Marcel P. Timmer

Using Online Prices for Measuring Real Consumption Across Countries
w24286 Linda S. Goldberg
Signe Krogstrup

International Capital Flow Pressures
w24283 Assaf Razin
Israel's Immigration Story: Winners and Losers
w24266 Grace Weishi Gu
Eswar Prasad

New Evidence on Cyclical Variation in Labor Costs in the U.S.
w24258 Daniel R. Feenberg
Clinton Tepper
Ivo Welch

Are Interest Rates Really Low?
w24241 Ron Alquist
Nicolas Berman
Rahul Mukherjee
Linda Tesar

Financial Constraints, Institutions, and Foreign Ownership
w24234 Alberto Martin
Jaume Ventura

The Macroeconomics of Rational Bubbles: A User's Guide
w24230 Zheng Michael Song
Wei Xiong

Risks in China's Financial System
w24204 Assaf Razin
Efraim Sadka

International Tax Reforms with Flexible Prices
w24195 Michael D. Bordo
Robert N. McCauley

Triffin: dilemma or myth?
w24184 Shang-Jin Wei
Jing Zhou

Quality of Public Governance and the Capital Structure of Nations and Firms
w24165 Anna M. Stansbury
Lawrence H. Summers

Productivity and Pay: Is the link broken?
w24152 Anton Korinek
Regulating Capital Flows to Emerging Markets: An Externality View
w24149 John B. Taylor
Rules Versus Discretion: Assessing the Debate Over the Conduct of Monetary Policy
w24145 Barry Eichengreen
Arnaud J. Mehl
Livia Chitu

Mars or Mercury? The Geopolitics of International Currency Choice
w24143 David Hirshleifer
Chong Huang
Siew Hong Teoh

Index Investing and Asset Pricing under Information Asymmetry and Ambiguity Aversion
w24132 Eduardo Dávila
Ansgar Walther

Does Size Matter? Bailouts with Large and Small Banks
w24126 Mark Gertler
Nobuhiro Kiyotaki
Andrea Prestipino

A Macroeconomic Model with Financial Panics
w24122 Yuriy Gorodnichenko
Walker Ray

The Effects of Quantitative Easing: Taking a Cue from Treasury Auctions
w24112 Òscar Jordà
Katharina Knoll
Dmitry Kuvshinov
Moritz Schularick
Alan M. Taylor

The Rate of Return on Everything, 1870-2015
w24108 Anusha Chari
Ryan Leary
Toan Phan

The Costs of (sub)Sovereign Default Risk: Evidence from Puerto Rico
w24105 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Financial Spillovers and Macroprudential Policies
w24093 Mario J. Crucini
Nam T. Vu

Did the American Recovery and Reinvestment Act Help Counties Most Affected by the Great Recession?
w24071 Justin R. Pierce
Peter K. Schott

Investment Responses to Trade Liberalization: Evidence from U.S. Industries and Plants
w24068 Olivier J. Blanchard
Mitali Das

A New Index of Debt Sustainability
w24059 Charles Engel
Dohyeon Lee
Chang Liu
Chenxin Liu
Steve Pak Yeung Wu

The Uncovered Interest Parity Puzzle, Exchange Rate Forecasting, and Taylor Rules
w24031 Cristina Arellano
Yan Bai
Sandra Lizarazo

Sovereign Risk Contagion
w24027 Robert C. Johnson
Measuring Global Value Chains
w23993 Lars E.O. Svensson
What Rule for the Federal Reserve? Forecast Targeting
w23994 Amine Ouazad
Romain Rancière

City Equilibrium with Borrowing Constraints: Structural Estimation and General Equilibrium Effects
w23988 Emine Boz
Gita Gopinath
Mikkel Plagborg-Møller

Global Trade and the Dollar
w23985 Arvind Krishnamurthy
Stefan Nagel
Annette Vissing-Jorgensen

ECB Policies Involving Government Bond Purchases: Impact and Channels
w23984 Luigi Bocola
Guido Lorenzoni

Financial Crises, Dollarization, and Lending of Last Resort in Open Economies
w23977 Martín Uribe
The Neo-Fisher Effect in the United States and Japan
w23975 Graciela L. Kaminsky
The Center and the Periphery: Two Hundred Years of International Borrowing Cycles
w23968 Emi Nakamura
Jón Steinsson

Identification in Macroeconomics
w23960 Matteo Cacciatore
Romain Duval
Giuseppe Fiori
Fabio Ghironi

Market Reforms at the Zero Lower Bound
w23950 Joshua Aizenman
Yothin Jinjarak
Nam Ngo
Ilan Noy

Vocational Education, Manufacturing, and Income Distribution: International Evidence and Case Studies
w23942 Alessandro Dovis
Rishabh Kirpalani

Fiscal Rules, Bailouts, and Reputation in Federal Governments
w23921 Anusha Chari
Peter Blair Henry
Racha Moussa

Does Capital Scarcity Matter?
w23886 Valentin Haddad
Serhiy Kozak
Shrihari Santosh

Predicting Relative Returns
w23864 Tamon Asonuma
Dirk Niepelt
Romain Rancière

Sovereign Bond Prices, Haircuts and Maturity
w23841 Ambrogio Cesa-Bianchi
Andrea Ferrero
Alessandro Rebucci

International Credit Supply Shocks
w23836 Fabio Ghironi
Macro Needs Micro
w23835 Cristina Arellano
Yan Bai
Gabriel Mihalache

Default Risk, Sectoral Reallocation, and Persistent Recessions
w23805 Annette Alstadsæter
Niels Johannesen
Gabriel Zucman

Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality
w23800 Ross Levine
Chen Lin
Wensi Xie

The Origins of Financial Development: How the African Slave Trade Continues to Influence Modern Finance
w23795 Joseph E. Stiglitz
Where Modern Macroeconomics Went Wrong
w23773 Hanno Lustig
Robert J. Richmond

Gravity in FX R-Squared: Understanding the Factor Structure in Exchange Rates
w23764 Kimberly A. Berg
Nelson Mark

Global Macro Risks in Currency Excess Returns
w23759 Wenxin Du
Joanne Im
Jesse Schreger

The U.S. Treasury Premium
w23755 Mark D. Flood
Dror Y. Kenett
Robin L. Lumsdaine
Jonathan K. Simon

The Complexity of Bank Holding Companies: A Topological Approach
w23754 Jeffrey A. Frankel
Ayako Saiki

Does It Matter If Statistical Agencies Frame the Month's CPI Reporton a 1-Month or 12-month Basis?
w23747 Benjamin Bernard
Agostino Capponi
Joseph E. Stiglitz

Bail-ins and Bail-outs: Incentives, Connectivity, and Systemic Stability
w23746 Marek Jarociński
Bartosz Maćkowiak

Monetary-Fiscal Interactions and the Euro Area's Malaise
w23726 Ryan Greenaway-McGrevy
Donggyu Sul
Nelson Mark
Jyh-Lin Wu

Identifying Exchange Rate Common Factors
w23716 Thomas Drechsel
Silvana Tenreyro

Commodity Booms and Busts in Emerging Economies
w23713 Assaf Razin
Efraim Sadka

Migration-Induced Redistribution with and without Migrant's Voting
w23705 Javier Cravino
Samuel E. Haltenhof

Real Exchange Rates, Income per Capita, and Sectoral Input Shares
w23699 Eugenio Cerutti
Stijn Claessens
Andrew K. Rose

How Important is the Global Financial Cycle? Evidence from Capital Flows
w23694 Greg Kaplan
Kurt Mitman
Giovanni L. Violante

The Housing Boom and Bust: Model Meets Evidence
w23685 Francis X. Diebold
Laura Liu
Kamil Yilmaz

Commodity Connectedness
w23671 J. Scott Davis
Eric van Wincoop

Globalization and the Increasing Correlation between Capital Inflows and Outflows
w23663 Jeffrey A. Frankel
Systematic Managed Floating
w23651 Elena Gerko
Hélène Rey

Monetary Policy in the Capitals of Capital
w23643 Christian Fons-Rosen
Sebnem Kalemli-Ozcan
Bent E. Sorensen
Carolina Villegas-Sanchez
Vadym Volosovych

Foreign Investment and Domestic Productivity: Identifying Knowledge Spillovers and Competition Effects
w23628 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

The Effects of U.S. Monetary Policy on Emerging Market Economies' Sovereign and Corporate Bond Markets
w23620 Itzik Fadlon
David Laibson

Paternalism and Pseudo-Rationality
w23614 Ricardo J. Caballero
Alp Simsek

A Risk-centric Model of Demand Recessions and Speculation
w23612 Patrick Bolton
Haizhou Huang

The Capital Structure of Nations
w23598 Zhuo Chen
Zhiguo He
Chun Liu

The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes
w23572 Jonas Heipertz
Amine Ouazad
Romain Rancière
Natacha Valla

Balance-Sheet Diversification in General Equilibrium: Identification and Network Effects
w23565 Stefan Avdjiev
Leonardo Gambacorta
Linda S. Goldberg
Stefano Schiaffi

The Shifting Drivers of Global Liquidity
w23562 Richard H. Clarida
The Global Factor in Neutral Policy Rates: Some Implications for Exchange Rates, Monetary Policy, and Policy Coordination
w23559 Dani Rodrik
Populism and the Economics of Globalization
w23546 Nittai K. Bergman
Rajkamal Iyer
Richard T. Thakor

The Effect of Cash Injections: Evidence from the 1980s Farm Debt Crisis
w23536 Mary Amiti
Patrick McGuire
David E. Weinstein

Supply- and Demand-side Factors in Global Banking
w23515 Dean Corbae
Pablo D'Erasmo

Reorganization or Liquidation: Bankruptcy Choice and Firm Dynamics
w23503 Javier Cravino
Sebastian Sotelo

Trade Induced Structural Change and the Skill Premium
w23494 SeHyoun Ahn
Greg Kaplan
Benjamin Moll
Thomas Winberry
Christian Wolf

When Inequality Matters for Macro and Macro Matters for Inequality
w23474 Anusha Chari
Karlye Dilts Stedman
Christian Lundblad

Taper Tantrums: QE, its Aftermath and Emerging Market Capital Flows
w23467 Joshua Aizenman
Yothin Jinjarak
Gemma Estrada
Shu Tian

Flexibility of Adjustment to Shocks: Economic Growth and Volatility of Middle-Income Countries Before and After the Global Financial Crisis of 2008
w23456 Pol Antràs
Alonso de Gortari

On the Geography of Global Value Chains
w23440 Maurice Obstfeld
Alan M. Taylor

International Monetary Relations: Taking Finance Seriously
w23409 Javier Cravino
Andrei A. Levchenko

The Distributional Consequences of Large Devaluations
w23407 Laura Alfaro
Gonzalo Asis
Anusha Chari
Ugo Panizza

Lessons Unlearned? Corporate Debt in Emerging Markets
w23401 Oleg Itskhoki
Dmitry Mukhin

Exchange Rate Disconnect in General Equilibrium
w23394 Kewei Hou
Chen Xue
Lu Zhang

Replicating Anomalies
w23391 Christopher L. House
Ana-Maria Mocanu
Matthew D. Shapiro

Stimulus Effects of Investment Tax Incentives: Production versus Purchases
w23385 Alberto Alesina
Omar Barbiero
Carlo Favero
Francesco Giavazzi
Matteo Paradisi

The Effects of Fiscal Consolidations: Theory and Evidence
w23370 Laura Alfaro
Fabio Kanczuk

Fiscal Rules and Sovereign Default
w23363 Philippe Bacchetta
Eric van Wincoop

Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns
w23359 Fabio Castiglionesi
Fabio Feriozzi
Guido Lorenzoni

Financial Integration and Liquidity Crises
w23341 Woo Jin Choi
Alan M. Taylor

Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate
w23332 Lorenzo Caliendo
Fernando Parro
Aleh Tsyvinski

Distortions and the Structure of the World Economy
w23327 Takatoshi Ito
Masahiro Yamada

Did the Reform Fix the London Fix Problem?
w23324 Fatih Guvenen
Raymond J. Mataloni
Dylan G. Rassier
Kim J. Ruhl

Offshore Profit Shifting and Domestic Productivity Measurement
w23316 Falk Brauning
Victoria Ivashina

Monetary Policy and Global Banking
w23314 Cristina Arellano
Yan Bai
Luigi Bocola

Sovereign Default Risk and Firm Heterogeneity
w23312 Mark Aguiar
Satyajit Chatterjee
Harold Cole
Zachary Stangebye

Self-Fulfilling Debt Crises, Revisited: The Art of the Desperate Deal
w23304 Olivier Coibion
Yuriy Gorodnichenko
Rupal Kamdar

The Formation of Expectations, Inflation and the Phillips Curve
w23293 Vahid Gholampour
Eric van Wincoop

What can we Learn from Euro-Dollar Tweets?
w23280 Jorge Abad
Marco D'Errico
Neill Killeen
Vera Luz
Tuomas Peltonen
Richard Portes
Teresa Urbano

Mapping the Interconnectedness between EU Banks and Shadow Banking Entities
w23267 Yin-Wong Cheung
Menzie D. Chinn
Antonio Garcia Pascual
Yi Zhang

Exchange Rate Prediction Redux: New Models, New Data, New Currencies
w23266 Manuel Amador
Javier Bianchi
Luigi Bocola
Fabrizio Perri

Exchange Rate Policies at the Zero Lower Bound
w23251 Assaf Razin
Globalization Policies and Israel's Brain Drain
w23246 Raphael A. Auer
Andrei A. Levchenko
Philip Sauré

International Inflation Spillovers Through Input Linkages
w23245 Nuno Coimbra
Hélène Rey

Financial Cycles with Heterogeneous Intermediaries
w23235 Patrick J. Kehoe
Elena Pastorino

Financial Markets and Fiscal Unions
w23223 Assaf Razin
Globalized Israel: High Tech Prowess and Buttressing FDI
w23217 Ellen R. McGrattan
Andrea Waddle

The Impact of Brexit on Foreign Investment and Production
w23210 Assaf Razin
Israel's Immigration Story: Globalization Lessons
w23206 Joel Hasbrouck
Richard M. Levich

FX Market Metrics: New Findings Based on CLS Bank Settlement Data
w23205 Tamim Bayoumi
Barry Eichengreen

Aftershocks of Monetary Unification: Hysteresis with a Financial Twist
w23204 Sebastian Edwards
The London Monetary and Economic Conference of 1933 and the End of The Great Depression: A "Change of Regime" Analysis
w23191 Robin Greenwood
Andrei Shleifer
Yang You

Bubbles for Fama
w23169 Enrique Alberola
Gianluca Benigno

Revisiting the Commodity Curse: A Financial Perspective
w23175 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

Currency Matters: Analyzing International Bond Portfolios
w23172 Joshua K. Hausman
Paul W. Rhode
Johannes F. Wieland

Recovery from the Great Depression: The Farm Channel in Spring 1933
w23170 Wenxin Du
Alexander Tepper
Adrien Verdelhan

Deviations from Covered Interest Rate Parity
w23158 Martin Eichenbaum
Benjamin K. Johannsen
Sergio Rebelo

Monetary Policy and the Predictability of Nominal Exchange Rates
w23152 Alexander Wagner
Richard J. Zeckhauser
Alexandre Ziegler

Company Stock Reactions to the 2016 Election Shock: Trump, Taxes and Trade
w23151 Julio A. Carrillo
Enrique G. Mendoza
Victoria Nuguer
Jessica Roldán-Peña

Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies
w23149 Julian di Giovanni
Sebnem Kalemli-Ozcan
Mehmet Fatih Ulu
Yusuf Soner Baskaya

International Spillovers and Local Credit Cycles
w23147 Christopher L. House
Christian Proebsting
Linda L. Tesar

Austerity in the Aftermath of the Great Recession
w23143 David Berger
Joseph Vavra

Shocks vs. Responsiveness: What Drives Time-Varying Dispersion?
w23141 Sebastian Edwards
Keynes and the Dollar in 1933
w23140 Mert Demirer
Francis X. Diebold
Laura Liu
Kamil Yılmaz

Estimating Global Bank Network Connectedness
w23135 Ethan Ilzetzki
Carmen M. Reinhart
Kenneth S. Rogoff

The Country Chronologies to Exchange Rate Arrangements into the 21st Century: Will the Anchor Currency Hold?
w23134 Ethan Ilzetzki
Carmen M. Reinhart
Kenneth S. Rogoff

Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?
w23133 Peter Chen
Loukas Karabarbounis
Brent Neiman

The Global Rise of Corporate Saving
w23124 Geert Bekaert
Arnaud Mehl

On the Global Financial Market Integration "Swoosh" and the Trilemma
w23116 Stefan Avdjiev
Bryan Hardy
Sebnem Kalemli-Ozcan
Luis Servén

Gross Capital Flows by Banks, Corporates and Sovereigns
w23109 Roger E.A. Farmer
Post Keynesian Dynamic Stochastic General Equilibrium Theory
w23074 Òscar Jordà
Moritz Schularick
Alan M. Taylor

The effects of quasi-random monetary experiments
w23065 Karen K. Lewis
Edith X. Liu

Disaster Risk and Asset Returns: An International Perspective
w23061 Assaf Razin
Israel's Triumph over Inflation: The Long and Winding Road
w23055 Douglas W. Diamond
Yunzhi Hu
Raghuram G. Rajan

Pledgeability, Industry Liquidity, and Financing Cycles
w23037 Douglas A. Irwin
The Missing Bretton Woods Debate over Flexible Exchange Rates
w23010 Gur Aminadav
Elias Papaioannou

Corporate Control around the World
w23004 Anton Korinek
Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation
w22990 Cristina Arellano
Yan Bai
Patrick J. Kehoe

Financial Frictions and Fluctuations in Volatility
w22974 Robert C. Johnson
Guillermo Noguera

A Portrait of Trade in Value Added over Four Decades
w22971 Stephanie Schmitt-Grohé
Martín Uribe

Adjustment to Small, Large, and Sunspot Shocks in Open Economies With Stock Collateral Constraints
w22948 Laurence Ball
Anusha Chari
Prachi Mishra

Understanding Inflation in India
w22943 Gita Gopinath
Emine Boz
Camila Casas
Federico J. Díez
Pierre-Olivier Gourinchas
Mikkel Plagborg-Møller

Dominant Currency Paradigm
w22874 Claudia M. Buch
Linda Goldberg

Cross-Border Prudential Policy Spillovers: How Much? How Important? Evidence from the International Banking Research Network
w22872 Joshua Aizenman
Yin-Wong Cheung
Hiro Ito

The Interest Rate Effect on Private Saving: Alternative Perspectives
w22868 Enrique G. Mendoza
Macroprudential Policy: Promise and Challenges
w22866 Martín Uribe
Is The Monetarist Arithmetic Unpleasant?
w22863 Alberto Alesina
Gualtiero Azzalini
Carlo Favero
Francesco Giavazzi
Armando Miano

Is it the "How" or the "When" that Matters in Fiscal Adjustments?
w22847 Mark Aguiar
Manuel Amador
Hugo Hopenhayn
Iván Werning

Take the Short Route: Equilibrium Default and Debt Maturity
w22844 Kris James Mitchener
Gonçalo Pina

Pegxit Pressure: Evidence from the Classical Gold Standard
w22838 Martin Guzman
Joseph E. Stiglitz

Pseudo-wealth and Consumption Fluctuations
w22833 Andrés Fernández
Stephanie Schmitt-Grohé
Martín Uribe

World Shocks, World Prices, and Business Cycles: An Empirical Investigation
w22820 Takatoshi Ito
Masahiro Yamada

Puzzles in the Forex Tokyo "Fixing": Order Imbalances and Biased Pricing by Banks
w22819 Graciela L. Kaminsky
International Borrowing Cycles: A New Historical Database
w22812 Xuehui Han
Shang-Jin Wei

International Transmissions of Monetary Shocks: Between a Trilemma and a Dilemma
w22806 Matthieu Chavaz
Andrew K. Rose

Political Borders and Bank Lending in Post-Crisis America
w22801 Chong-En Bai
Chang-Tai Hsieh
Zheng Michael Song

The Long Shadow of a Fiscal Expansion
w22790 Tarek A. Hassan
Thomas M. Mertens
Tony Zhang

Currency Manipulation
w22789 Edward Glaeser
Wei Huang
Yueran Ma
Andrei Shleifer

A Real Estate Boom with Chinese Characteristics
w22758 Richard H. Clarida
Ildikó Magyari

International Financial Adjustment in a Canonical Open Economy Growth Model
w22755 Takatoshi Ito
A New Financial Order in Asia: Will a RMB bloc emerge?
w22751 Ricardo J. Caballero
Alp Simsek

A Model of Fickle Capital Flows and Retrenchment
w22747 David S. Jacks
Se Yan
Liuyan Zhao

Silver Points, Silver Flows, and the Measure of Chinese Financial Integration
w22743 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Macrofinancial History and the New Business Cycle Facts
w22741 Kristin Forbes
Ida Hjortsoe
Tsvetelina Nenova

Current Account Deficits During Heightened Risk: Menacing or Mitigating?
w22737 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Balance Sheet Effects on Monetary and Financial Spillovers: The East Asian Crisis Plus 20
w22705 Marina Azzimonti
The Politics of FDI Expropriation
w22699 Joshua Aizenman
Yothin Jinjarak
Huanhuan Zheng

House Valuations and Economic Growth: Some International Evidence
w22695 Matthew Baron
Wei Xiong

Credit Expansion and Neglected Crash Risk
w22694 Luigi Bocola
Alessandro Dovis

Self-Fulfilling Debt Crises: A Quantitative Analysis
w22678 Andrew K. Rose
Why Do Estimates of the EMU Effect On Trade Vary so Much?
w22663 Pedro Brinca
V. V. Chari
Patrick J. Kehoe
Ellen McGrattan

Accounting for Business Cycles
w22650 Kaiji Chen
Patrick Higgins
Daniel F. Waggoner
and Tao Zha

Impacts of Monetary Stimulus on Credit Allocation and the Macroeconomy: Evidence from China
w22645 Jose Berrospide
Ricardo Correa
Linda Goldberg
Friederike Niepmann

International Banking and Cross-border Effects of Regulation: Lessons from the United States
w22618 Pierre-Olivier Gourinchas
Hélène Rey

Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound
w22615 Francis X. Diebold
Frank Schorfheide
Minchul Shin

Real-Time Forecast Evaluation of DSGE Models with Stochastic Volatility
w22614 Patrick Kehoe
Elena Pastorino
Virgiliu Midrigan

Debt Constraints and Employment
w22594 Julien Bengui
Javier Bianchi
Louphou Coulibaly

Financial Safety Nets
w22592 Wenxin Du
Carolin E. Pflueger
Jesse Schreger

Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
w22576 Jacob Boudoukh
Jordan Brooks
Matthew Richardson
Zhikai Xu

The Complexity of Liquidity: The Extraordinary Case of Sovereign Bonds
w22567 Assaf Razin
Steven Rosefielde

Israel and the 1990-2015 Global Developments: Riding with the Global Flows and Weathering the Storms
w22564 Johannes F. Schmieder
Till von Wachter

The Effects of Unemployment Insurance Benefits: New Evidence and Interpretation
w22563 Francesco D’Acunto
Daniel Hoang
Michael Weber

The Effect of Unconventional Fiscal Policy on Consumption Expenditure
w22557 Gregori Galofré-Vilà
Martin McKee
Christopher M. Meissner
David Stuckler

The Economic Consequences of the 1953 London Debt Agreement
w22539 Yin-Wong Cheung
Menzie Chinn
Xin Nong

Estimating Currency Misalignment Using the Penn Effect: It's Not as Simple As It Looks
w22538 Arnaud Costinot
Dave Donaldson
Margaret Kyle
Heidi Williams

The More We Die, The More We Sell? A Simple Test of the Home-Market Effect
w22535 Guillermo A. Calvo
From Chronic Inflation to Chronic Deflation: Focusing on Expectations and Liquidity Disarray Since WWII
w22533 Markus K. Brunnermeier
Yuliy Sannikov

The I Theory of Money
w22509 Pablo D'Erasmo
Enrique G. Mendoza

Optimal Domestic (and External) Sovereign Default
w22506 Craig Benedict
Mario J. Crucini
Anthony Landry

On What States Do Prices Depend? Answers From Ecuador
w22498 Javier Cravino
Andrei A. Levchenko

Multinational Firms and International Business Cycle Transmission
w22489 Jordi Galí
Tommaso Monacelli

Understanding the Gains from Wage Flexibility: The Exchange Rate Connection
w22481 Stephanie Schmitt-Grohé
Martín Uribe

Is Optimal Capital-Control Policy Countercyclical In Open-Economy Models With Collateral Constraints?
w22466 Vahagn Galstyan
Philip R. Lane
Caroline Mehigan
Rogelio Mercado

The Holders and Issuers of International Portfolio Securities
w22460 Kan Chen
Mario Crucini

Trends and Cycles in Small Open Economies: Making The Case For A General Equilibrium Approach
w22444 Eduardo Dávila
Anton Korinek

Pecuniary Externalities in Economies with Financial Frictions
w22388 Olivier Blanchard
Currency Wars, Coordination, and Capital Controls
w22377 Roberto Chang
Andrés Fernández
Adam Gulan

Bond Finance, Bank Credit, and Aggregate Fluctuations in an Open Economy
w22370 Pierre-Olivier Gourinchas
Thomas Philippon
Dimitri Vayanos

The Analytics of the Greek Crisis
w22368 Antonio Ciccone
Elias Papaioannou

Estimating Cross-Industry Cross-Country Interaction Models Using Benchmark Industry Characteristics
w22361 Fernando E. Alvarez
Francesco Lippi
Juan Passadore

Are State and Time Dependent Models Really Different?
w22349 Jeffrey A. Frankel
Jesse Schreger

Bias in Official Fiscal Forecasts: Can Private Forecasts Help?
w22343 Markus K. Brunnermeier
Yuliy Sannikov

Macro, Money and Finance: A Continuous Time Approach
w22336 Marina Azzimonti
Does Partisan Conflict Deter FDI Inflows to the US?
w22335 Yusuf Soner Baskaya
Sebnem Kalemli-Ozcan

Sovereign Risk and Bank Lending: Evidence from 1999 Turkish Earthquake
w22334 Jingting Fan
Sebnem Kalemli-Ozcan

Emergence of Asia: Reforms, Corporate Savings, and Global Imbalances
w22330 Harold Cole
Daniel Neuhann
Guillermo Ordoñez

Debt Crises: For Whom the Bell Tolls
w22329 Assaf Razin
Efraim Sadka

Migration and Redistribution: Why the Federal Governance of an Economic Union Matters
w22307 Kristin Forbes
Dennis Reinhardt
Tomasz Wieladek

The Spillovers, Interactions, and (Un)Intended Consequences of Monetary and Regulatory Policies
w22304 Carlos A. Vegh
Guillermo Vuletin

Unsticking the Flypaper Effect Using Distortionary Taxation
w22299 Gauti B. Eggertsson
Neil R. Mehrotra
Sanjay R. Singh
Lawrence H. Summers

A Contagious Malady? Open Economy Dimensions of Secular Stagnation
w22298 Manuel Amador
Javier Bianchi
Luigi Bocola
Fabrizio Perri

Reverse Speculative Attacks
w22297 George-Marios Angeletos
Chen Lian

Incomplete Information in Macroeconomics: Accommodating Frictions in Coordination
w22295 Emmanuel Farhi
Matteo Maggiori

A Model of the International Monetary System
w22283 Ambrogio Cesa-Bianchi
Alessandro Rebucci

Does Easing Monetary Policy Increase Financial Instability?
w22271 Zhiguo He
Arvind Krishnamurthy
Konstantin Milbradt

A Model of Safe Asset Determination
w22270 Benjamin Hébert
Jesse Schreger

The Costs of Sovereign Default: Evidence from Argentina
w22268 Joshua Aizenman
Hiro Ito

East Asian Economies and Financial Globalization In the Post-Crisis World
w22264 Stephanie Schmitt-Grohé
Martín Uribe

Multiple Equilibria in Open Economy Models with Collateral Constraints: Overborrowing Revisited
w22224 Gianluca Benigno
Huigang Chen
Christopher Otrok
Alessandro Rebucci
Eric R. Young

Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective
w22198 Nicholas Ford
Charles Yuji Horioka

The 'Real' Explanation of the PPP Puzzle
w22196 Robert E. Hall
The Role of the Growth of Risk-Averse Wealth in the Decline of the Safe Real Interest Rate
w22191 Assaf Razin
Efraim Sadka

How Migration Can Change Income Inequality?
w22175 Mario J. Crucini
Gregor W. Smith

Distance and Time Effects in Swedish Commodity Prices, 1732-1914
w22169 Nicola Cetorelli
Linda S. Goldberg

Organizational Complexity and Balance Sheet Management in Global Banks
w22161 Zhi Da
Borja Larrain
Clemens Sialm
José Tessada

Coordinated Noise Trading: Evidence from Pension Fund Reallocations
w22153 Ross Levine
Chen Lin
Wensi Xie

Corporate Resilience to Banking Crises: The Roles of Trust and Trade Credit
w22147 Michael E. Waugh
B. Ravikumar

Measuring Openness to Trade
w22142 Alberto F. Cavallo
Are Online and Offline Prices Similar? Evidence from Large Multi-Channel Retailers
w22139 Olivier Jeanne
Damiano Sandri

Optimal Reserves in Financially Closed Economies
w22133 Markus K. Brunnermeier
Yuliy Sannikov

On the Optimal Inflation Rate
w22128 Matteo Cacciatore
Romain Duval
Giuseppe Fiori
Fabio Ghironi

Market Reforms in the Time of Imbalance
w22125 Mark Aguiar
Satyajit Chatterjee
Harold Cole
Zachary Stangebye

Quantitative Models of Sovereign Debt Crises
w22119 Mary Amiti
Oleg Itskhoki
Jozef Konings

International Shocks and Domestic Prices: How Large Are Strategic Complementarities?
w22111 Alberto Cavallo
Roberto Rigobon

The Billion Prices Project: Using Online Prices for Measurement and Research
w22103 Alberto Cavallo
Guillermo Cruces
Ricardo Perez-Truglia

Learning from Potentially-Biased Statistics: Household Inflation Perceptions and Expectations in Argentina
w22097 Joshua Aizenman
Optimal Currency Area: A 20th Century Idea For the 21st Century?
w22081 Nicholas Ford
Charles Yuji Horioka

The "Real" Explanation of the Feldstein-Horioka Puzzle
w22059 Michael D. Bordo
Christopher M. Meissner

Fiscal and Financial Crises
w22056 Weerachart T. Kilenthong
Robert M. Townsend

A Market Based Solution for Fire Sales and Other Pecuniary Externalities
w22044 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Safe Asset Scarcity and Aggregate Demand
w22023 Hanno Lustig
Adrien Verdelhan

Does Incomplete Spanning in International Financial Markets Help to Explain Exchange Rates?
w22017 Zhiguo He
Arvind Krishnamurthy
Konstantin Milbradt

What Makes US Government Bonds Safe Assets?
w22008 Gary Gorton
Guillermo Ordoñez

Good Booms, Bad Booms
w22005 Diego Anzoategui
Diego Comin
Mark Gertler
Joseba Martinez

Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence
w21993 Markus K. Brunnermeier
Luis Garicano
Philip Lane
Marco Pagano
Ricardo Reis
Tano Santos
David Thesmar
Stijn Van Nieuwerburgh
Dimitri Vayanos

The Sovereign-Bank Diabolic Loop and ESBies
w21984 Paolo Bertoletti
Federico Etro
Ina Simonovska

International Trade with Indirect Additivity
w21981 Anya Kleymenova
Andrew K. Rose
Tomasz Wieladek

Does Government Intervention Affect Banking Globalization?
w21979 Paul R. Bergin
Reuven Glick
Jyh-Lin Wu

Conditional PPP and Real Exchange Rate Convergence in the Euro Area
w21977 Urban J. Jermann
Financial Markets' Views about the Euro-Swiss Franc Floor
w21958 Carmen M. Reinhart
Vincent Reinhart
Christoph Trebesch

Global Cycles: Capital Flows, Commodities, and Sovereign Defaults, 1815-2015
w21956 Martin Beraja
Erik Hurst
Juan Ospina

The Aggregate Implications of Regional Business Cycles
w21955 Roberto Chang
Andrés Velasco

Financial Frictions and Unconventional Monetary Policy in Emerging Economies
w21954 Takatoshi Ito
Japanization: Is it Endemic or Epidemic?
w21948 Alessandro Dovis
Mikhail Golosov
Ali Shourideh

Political Economy of Sovereign Debt: A Theory of Cycles of Populism and Austerity
w21938 Shin-ichi Fukuda
Strong Sterling Pound and Weak European Currencies in the Crises: Evidence from Covered Interest Parity of Secured Rates
w21935 Doireann Fitzgerald
Stefanie Haller
Yaniv Yedid-Levi

How Exporters Grow
w21920 Zhiguo He
Bryan Kelly
Asaf Manela

Intermediary Asset Pricing: New Evidence from Many Asset Classes
w21898 Jonathan Heathcote
Fabrizio Perri

On the Desirability of Capital Controls
w21897 Greg Kaplan
Benjamin Moll
Giovanni L. Violante

Monetary Policy According to HANK
w21885 Julian di Giovanni
Andrei A. Levchenko
Isabelle Mejean

The Micro Origins of International Business Cycle Comovement
w21884 Barry Eichengreen
Romain Lafarguette
Arnaud Mehl

Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market
w21878 Jeffrey A. Frankel
International Coordination
w21852 Hélène Rey
International Channels of Transmission of Monetary Policy and the Mundellian Trilemma
w21847 Konrad B. Burchardi
Thomas Chaney
Tarek A. Hassan

Migrants, Ancestors, and Investments
w21843 Emmanuel Farhi
Jean Tirole

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops
w21840 Jose Asturias
Sewon Hur
Timothy J. Kehoe
Kim J. Ruhl

The Interaction and Sequencing of Policy Reforms
w21817 Nicolas Coeurdacier
Hélène Rey
Pablo Winant

Financial Integration and Growth in a Risky World
w21813 Jeffrey Frankel
The Plaza Accord, 30 Years Later
w21805 Carmen M. Reinhart
Christoph Trebesch

The International Monetary Fund: 70 Years of Reinvention
w21793 Joshua Aizenman
International Coordination and Precautionary Policies
w21791 Michael B. Devereux
Eric R. Young
Changhua Yu

A New Dilemma: Capital Controls and Monetary Policy in Sudden Stop Economies
w21784 Matteo Cacciatore
Romain Duval
Giuseppe Fiori
Fabio Ghironi

Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies
w21774 Jonathan Eaton
Samuel S. Kortum
Brent Neiman

Obstfeld and Rogoff's International Macro Puzzles: A Quantitative Assessment
w21773 David Backus
Chase Coleman
Axelle Ferriere
Spencer Lyon

Pareto Weights as Wedges in Two-Country Models
w21760 Pablo D. Fajgelbaum
Eduardo Morales
Juan Carlos Suárez Serrato
Owen M. Zidar

State Taxes and Spatial Misallocation
w21755 Joshua Aizenman
Yothin Jinjarak
Jungsuk Kim
Donghyun Park

Tax Revenue Trends in Asia and Latin America: A Comparative Analysis
w21753 Gordon H. Hanson
Nelson Lind
Marc-Andreas Muendler

The Dynamics of Comparative Advantage
w21744 Lee E. Ohanian
Paulina Restrepo-Echavarria
Mark L. J. Wright

Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America
w21737 Ryan Banerjee
Michael B. Devereux
Giovanni Lombardo

Self-Oriented Monetary Policy, Global Financial Markets and Excess Volatility of International Capital Flows
w21734 Charles Yuji Horioka
Akiko Terada-Hagiwara
Takaaki Nomoto

Explaining Foreign Holdings of Asia's Debt Securities: The Feldstein-Horioka Paradox Revisited
w21722 Silvia Miranda-Agrippino
Hélène Rey

US Monetary Policy and the Global Financial Cycle
w21716 Barry Eichengreen
Domenico Lombardi

RMBI or RMBR: Is the Renminbi Destined to Become a Global or Regional Currency?
w21694 Sebastian Edwards
Francis A. Longstaff
Alvaro Garcia Marin

The U.S. Debt Restructuring of 1933: Consequences and Lessons
w21690 Murillo Campello
Mauricio Larrain

Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity
w21688 Christopher L. House
Linda L. Tesar

Greek Budget Realities: No Easy Options
w21686 Felipe S. Iachan
Plamen T. Nenov
Alp Simsek

The Choice Channel of Financial Innovation
w21674 Eduardo Borensztein
Eduardo Cavallo
Olivier Jeanne

The Welfare Gains from Macro-Insurance Against Natural Disasters
w21670 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Global Imbalances and Policy Wars at the Zero Lower Bound
w21664 Carmen M. Reinhart
Christoph Trebesch

The Pitfalls of External Dependence: Greece, 1829-2015
w21662 Joshua Aizenman
Mahir Binici

Exchange Market Pressure in OECD and Emerging Economies: Domestic vs. External Factors and Capital Flows in the Old and New Normal
w21661 G. Andrew Karolyi
David T. Ng
Eswar S. Prasad

The Coming Wave: Where Do Emerging Market Investors Put Their Money?
w21646 Gita Gopinath
The International Price System
w21634 Ross Levine
Chen Lin
Lai Wei

Insider Trading and Innovation
w21619 Olivier Blanchard
Jonathan D. Ostry
Atish R. Ghosh
Marcos Chamon

Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
w21606 Assaf Razin
Efraim Sadka

Migration State and Welfare State: Competition vs. Coordination in an Economic Union
w21581 Atif R. Mian
Amir Sufi
Emil Verner

Household Debt and Business Cycles Worldwide
w21574 Pablo D'Erasmo
Enrique G. Mendoza
Jing Zhang

What is a Sustainable Public Debt?
w21567 Sumit Agarwal
Souphala Chomsisengphet
Neale Mahoney
Johannes Stroebel

Do Banks Pass Through Credit Expansions to Consumers Who Want to Borrow?
w21558 Sebnem Kalemli-Ozcan
Bent Sorensen
Carolina Villegas-Sanchez
Vadym Volosovych
Sevcan Yesiltas

How to Construct Nationally Representative Firm Level Data from the Orbis Global Database: New Facts and Aggregate Implications
w21556 Barry Eichengreen
Donghyun Park
Kwanho Shin

The Global Productivity Slump: Common and Country-Specific Factors
w21555 Chadwick C. Curtis
Steven Lugauer
Nelson C. Mark

Demographics and Aggregate Household Saving in Japan, China, and India
w21535 Reuven Glick
Andrew K. Rose

Currency Unions and Trade: A Post-EMU Mea Culpa
w21518 Takatoshi Ito
Masahiro Yamada

Was the Forex Fixing Fixed?
w21498 Francesco Caselli
Miklós Koren
Milan Lisicky
Silvana Tenreyro

Diversification through Trade
w21490 Alberto Cavallo
Scraped Data and Sticky Prices
w21486 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Leveraged Bubbles
w21480 Joel M. David
Ina Simonovska

Correlated Beliefs, Returns, and Stock Market Volatility
w21471 Eswar Prasad
Boyang Zhang

Distributional Effects of Monetary Policy in Emerging Market Economies
w21462 Pietro Bonaldi
Ali Hortaçsu
Jakub Kastl

An Empirical Analysis of Funding Costs Spillovers in the EURO-zone with Application to Systemic Risk
w21456 Cristina Arellano
Andrew Atkeson
Mark Wright

External and Public Debt Crises
w21453 Gita Gopinath
Sebnem Kalemli-Ozcan
Loukas Karabarbounis
Carolina Villegas-Sanchez

Capital Allocation and Productivity in South Europe
w21448 Iván Werning
Incomplete Markets and Aggregate Demand
w21445 Tarek Alexander Hassan
Thomas Mertens
Tony Zhang

Not so Disconnected: Exchange Rates and the Capital Stock
w21436 Carlos A. Vegh
Guillermo Vuletin

Unsticking the Flypaper Effect in an Uncertain World
w21430 Jordi Galí
Hysteresis and the European Unemployment Problem Revisited
w21427 Olivier Blanchard
Gustavo Adler
Irineu de Carvalho Filho

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?
w21426 Olivier Blanchard
Christopher J. Erceg
Jesper Lindé

Jump Starting the Euro Area Recovery: Would a Rise in Core Fiscal Spending Help the Periphery?
w21413 Michael B. Devereux
Ben Tomlin
Wei Dong

Exchange Rate Pass-Through, Currency of Invoicing and Market Share
w21388 Rahul Anand
Eswar Prasad
Boyang Zhang

What Measure of Inflation Should a Developing Country Central Bank Target?
w21380 Sebastian Edwards
Academics as Economic Advisers: Gold, the 'Brains Trust,' and FDR
w21363 Xavier Gabaix
Jean-Michel Lasry
Pierre-Louis Lions
Benjamin Moll

The Dynamics of Inequality
w21350 Carmen M. Reinhart
The Antecedents and Aftermath of Financial Crises as told by Carlos F. Díaz Alejandro
w21333 Carmen M. Reinhart
Miguel Angel Santos

From Financial Repression to External Distress: The Case of Venezuela
w21294 Jess Benhabib
Xuewen Liu
Pengfei Wang

Sentiments, Financial Markets, and Macroeconomic Fluctuations
w21280 Jaume Ventura
Hans-Joachim Voth

Debt into Growth: How Sovereign Debt Accelerated the First Industrial Revolution
w21261 Fernando Ferreira
Joseph Gyourko

A New Look at the U.S. Foreclosure Crisis: Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012
w21253 Stephanie Schmitt-Grohé
Martín Uribe

How Important Are Terms Of Trade Shocks?
w21245 Ross Levine
Chen Lin
Beibei Shen

Cross-border Acquisitions and Labor Regulations
w21244 Chun Chang
Kaiji Chen
Daniel F. Waggoner
Tao Zha

Trends and Cycles in China's Macroeconomy
w21228 Nicola Fuchs-Schuendeln
Tarek Alexander Hassan

Natural Experiments in Macroeconomics
w21172 Evgenia Passari
Hélène Rey

Financial Flows and the International Monetary System
w21168 John Beshears
James J. Choi
Joshua Hurwitz
David Laibson
Brigitte C. Madrian

Liquidity in Retirement Savings Systems: An International Comparison
w21162 Hélène Rey
Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence
w21159 Menzie D. Chinn
Yi Zhang

Uncovered Interest Parity and Monetary Policy Near and Far from the Zero Lower Bound
w21158 Philippe Bacchetta
Elena Perazzi
Eric van Wincoop

Self-Fulfilling Debt Crises: Can Monetary Policy Really Help?
w21128 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Monetary Policy Spillovers and the Trilemma in the New Normal: Periphery Country Sensitivity to Core Country Conditions
w21122 Takatoshi Ito
Masahiro Yamada

High-frequency, Algorithmic Spillovers Between NASDAQ and Forex
w21121 Luigi Guiso
Paola Sapienza
Luigi Zingales

Monnet's Error?
w21112 Hanming Fang
Quanlin Gu
Wei Xiong
Li-An Zhou

Demystifying the Chinese Housing Boom
w21089 Joshua Aizenman
Yothin Jinjarak
Huanhuan Zheng

Chinese Outwards Mercantilism - the Art and Practice of Bundling
w21075 Chunxin Jia
Yaping Wang
Wei Xiong

Social Trust and Differential Reactions of Local and Foreign Investors to Public News
w21070 Rudolfs Bems
Robert C. Johnson

Demand for Value Added and Value-Added Exchange Rates
w21054 Karen K. Lewis
Do Foreign Firm Betas Change During Cross-listing?
w21042 Charles Engel
Exchange Rates, Interest Rates, and the Risk Premium
w21040 Takatoshi Ito
Satoshi Koibuchi
Kiyotaka Sato
Junko Shimizu

Exchange Rate Exposure and Risk Management: The case of Japanese Exporting Firms
w21026 Juan Carlos Conesa
Timothy J. Kehoe

Gambling for Redemption and Self-Fulfilling Debt Crises
w21021 Christina D. Romer
David H. Romer

New Evidence on the Impact of Financial Crises in Advanced Countries
w21019 Joshua Aizenman
Eduardo Cavallo
Ilan Noy

Precautionary Strategies and Household Saving
w21010 Andrei A. Levchenko
Nitya Pandalai-Nayar

TFP, News, and "Sentiments:" The International Transmission of Business Cycles
w20987 Kristin J. Forbes
Michael W. Klein

Pick Your Poison: The Choices and Consequences of Policy Responses to Crises
w20970 Andrés Fernández
Michael W. Klein
Alessandro Rebucci
Martin Schindler
Martín Uribe

Capital Control Measures: A New Dataset
w20964 Sebastian Edwards
Sovereign Default, Debt Restructuring, and Recovery Rates: Was the Argentinean "Haircut" Excessive?
w20963 Stefano Giglio
Bryan T. Kelly
Seth Pruitt

Systemic Risk and the Macroeconomy: An Empirical Evaluation
w20957 Jennifer N. Carpenter
Fangzhou Lu
Robert F. Whitelaw

The Real Value of China's Stock Market
w20952 Charles Engel
International Coordination of Central Bank Policy
w20951 Charles Engel
Macroprudential Policy in a World of High Capital Mobility: Policy Implications from an Academic Perspective
w20943 Joshua Aizenman
The Internationalization of the RMB, Capital Market Openness, and Financial Reforms in China
w20924 Daqing Yao
John Whalley

The China (Shanghai) Pilot Free Trade Zone: Background, Developments and Preliminary Assessment of Initial Impacts
w20917 Joshua Aizenman
Yothin Jinjarak
Donghyun Park

Financial Development and Output Growth in Developing Asia and Latin America: A Comparative Sectoral Analysis
w20901 Daqing Yao
John Whalley

An Evaluation of the Impact of the China (Shanghai) Pilot Free Trade Zone (SPFTZ)
w20898 Pranjul Bhandari
Jeffrey A. Frankel

Nominal GDP Targeting for Developing Countries
w20896 Yan Bai
Seon Tae Kim
Gabriel P. Mihalache

The Maturity and Payment Schedule of Sovereign Debt
w20893 Sebastian Edwards
Monetary Policy Independence under Flexible Exchange Rates: An Illusion?
w20872 Alessandra Fogli
Fabrizio Perri

Macroeconomic Volatility and External Imbalances
w20863 Ross Levine
Chen Lin
Wensi Xie

Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries
w20860 Kristin Forbes
Marcel Fratzscher
Roland Straub

Capital Flow Management Measures: What Are They Good For?
w20857 Rabah Arezki
Valerie A. Ramey
Liugang Sheng

News Shocks in Open Economies: Evidence from Giant Oil Discoveries
w20827 Alberto Alesina
Omar Barbiero
Carlo Favero
Francesco Giavazzi
Matteo Paradisi

Austerity in 2009-2013
w20822 Gurnain Pasricha
Matteo Falagiarda
Martin Bijsterbosch
Joshua Aizenman

Domestic and Multilateral Effects of Capital Controls in Emerging Markets
w20821 Era Dabla-Norris
Yan Ji
Robert M. Townsend
D. Filiz Unsal

Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income
w20820 Agustín S. Bénétrix
Philip R. Lane
Jay C. Shambaugh

International Currency Exposures, Valuation Effects, and the Global Financial Crisis
w20819 Yuriy Gorodnichenko
Viacheslav Sheremirov
Oleksandr Talavera

Price Setting in Online Markets: Does IT Click?
w20806 Assaf Razin
Efraim Sadka
Benjarong Suwankiri

The Welfare State and Migration: A Dynamic Analysis of Political Coalitions
w20805 Anton Korinek
Damiano Sandri

Capital Controls or Macroprudential Regulation?
w20803 Markus K. Brunnermeier
Yuliy Sannikov

International Credit Flows and Pecuniary Externalities
w20796 Lars E.O. Svensson
Forward Guidance
w20786 Raquel Fernández
Alberto Martin

The Long and the Short of It: Sovereign Debt Crises and Debt Maturity
w20771 Òscar Jordà
Moritz HP. Schularick
Alan M. Taylor

Betting the House
w20769 Joel M. David
Espen Henriksen
Ina Simonovska

The Risky Capital of Emerging Markets
w20758 Martin Goetz
Luc Laeven
Ross Levine

Does the Geographic Expansion of Bank Assets Reduce Risk?
w20751 Raphael Corbi
Elias Papaioannou
Paolo Surico

Regional Transfers
w20726 Laura Alfaro
Anusha Chari
Fabio Kanczuk

The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment
w20685 Sebastian Edwards
Economic Development and the Effectiveness of Foreign Aid: A Historical Perspective
w20682 Kewei Hou
Haitao Mo
Chen Xue
Lu Zhang

Which Factors?
w20675 Carlos A. Vegh
Guillermo Vuletin

The Road to Redemption: Policy Response to Crises in Latin America
w20663 George Alessandria
Horag Choi
Kim Ruhl

Trade Adjustment Dynamics and the Welfare Gains from Trade
w20646 Joshua Aizenman
Daniel Riera-Crichton

Liquidity and Foreign Asset Management Challenges for Latin American Countries
w20616 George Alessandria
Horag Choi
Joseph P. Kaboski
Virgiliu Midrigan

Microeconomic Uncertainty, International Trade, and Aggregate Fluctuations
w20612 Pablo Federico
Carlos A. Vegh
Guillermo Vuletin

Reserve Requirement Policy over the Business Cycle
w20606 Loukas Karabarbounis
Brent Neiman

Capital Depreciation and Labor Shares Around the World: Measurement and Implications
w20577 Carmen M. Reinhart
Christoph Trebesch

A Distant Mirror of Debt, Default, and Relief
w20576 Alberto Cavallo
Guillermo Cruces
Ricardo Perez-Truglia

Inflation Expectations, Learning and Supermarket Prices
w20573 Lant Pritchett
Lawrence H. Summers

Asiaphoria Meets Regression to the Mean
w20572 Philippe Martin
Thomas Philippon

Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone
w20571 John D. Burger
Rajeswari Sengupta
Francis E. Warnock
Veronica Cacdac Warnock

U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull
w20567 Brent Glover
Seth Richards-Shubik

Contagion in the European Sovereign Debt Crisis
w20564 Joshua Aizenman
Gunnar Gunnarsson

Fiscal Challenges in Multilayered Unions: An Overview and Case Study
w20545 Richard Clarida
Monetary Policy in Open Economies: Practical Perspectives for Pragmatic Central Bankers
w20533 Daniel Riera-Crichton
Carlos A. Vegh
Guillermo Vuletin

Procyclical and Countercyclical Fiscal Multipliers: Evidence from OECD Countries
w20527 Horag Choi
Steven Lugauer
Nelson C. Mark

Precautionary Saving of Chinese and U.S. Households
w20526 Michael B. Devereux
Changhua Yu

International Financial Integration and Crisis Contagion
w20518 John Fernald
Mark M. Spiegel
Eric T. Swanson

Monetary Policy Effectiveness in China: Evidence from a FAVAR Model
w20510 Martin Berka
Michael B. Devereux
Charles Engel

Real Exchange Rates and Sectoral Productivity in the Eurozone
w20498 Fernando Leibovici
Michael E. Waugh

International Trade and Intertemporal Substitution
w20494 Andrew K. Rose
The Bond Market: An Inflation-Targeter's Best Friend
w20490 Javier Bianchi
Saki Bigio

Banks, Liquidity Management and Monetary Policy
w20475 Sebastian Edwards
Alvaro Garcia Marin

Constitutional Rights and Education: An International Comparative Study
w20468 Matthias Efing
Harald Hau
Patrick Kampkötter
Johannes Steinbrecher

Incentive Pay and Bank Risk-Taking: Evidence from Austrian, German, and Swiss Banks
w20454 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

The Revived Bretton Woods System's First Decade
w20450 Assaf Razin
Efraim Sadka

Migration and Welfare State: Why is America Different from Europe?
w20433 Kent Daniel
Robert J. Hodrick
Zhongjin Lu

The Carry Trade: Risks and Drawdowns
w20406 Yuriy Gorodnichenko
Oleksandr Talavera

Price Setting in Online Markets: Basic Facts, International Comparisons, and Cross-border Integration
w20391 Peter Benczur
Cosmin L. Ilut

Evidence for Relational Contracts in Sovereign Bank Lending
w20386 Joshua Aizenman
Yin-Wong Cheung
Hiro Ito

International Reserves Before and After the Global Crisis: Is There No End to Hoarding?
w20352 Solomon M. Hsiang
Amir S. Jina

The Causal Effect of Environmental Catastrophe on Long-Run Economic Growth: Evidence From 6,700 Cyclones
w20346 Helios Herrera
Guillermo Ordoñez
Christoph Trebesch

Political Booms, Financial Crises
w20336 Tatiana Didier
Ross Levine
Sergio L. Schmukler

Capital Market Financing, Firm Growth, Firm Size Distribution
w20316 Barry Eichengreen
Ugo Panizza

A Surplus of Ambition: Can Europe Rely on Large Primary Surpluses to Solve its Debt Problem?
w20314 Seunghoon Na
Stephanie Schmitt-Grohé
Martin Uribe
Vivian Z. Yue

The Twin Ds: Optimal Default and Devaluation
w20286 Claudia M. Buch
Linda S. Goldberg

International Banking and Liquidity Risk Transmission: Lessons from Across Countries
w20294 Tarek A. Hassan
Rui C. Mano

Forward and Spot Exchange Rates in a Multi-currency World
w20285 Ricardo Correa
Linda S. Goldberg
Tara Rice

Liquidity Risk and U.S. Bank Lending at Home and Abroad
w20277 Mark Aguiar
Manuel Amador
Emmanuel Farhi
Gita Gopinath

Coordination and Crisis in Monetary Unions
w20275 Weerachart T. Kilenthong
Robert M. Townsend

A Market Based Solution to Price Externalities: A Generalized Framework
w20228 Michael D. Bordo
Ehsan U. Choudhri
Giorgio Fazio
Ronald MacDonald

The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered
w20267 Barry Eichengreen
Arnaud J. Mehl
Livia Chițu
Gary Richardson

Mutual Assistance between Federal Reserve Banks, 1913-1960 as Prolegomena to the TARGET2 Debate
w20252 Michael B. Devereux
James Yetman

Globalisation, Pass-through and the Optimal Policy Response to Exchange Rates
w20247 Mario J. Crucini
Gregor W. Smith

Geographic Barriers to Commodity Price Integration: Evidence from US Cities and Swedish Towns, 1732-1860
w20246 Marcin Kacperczyk
Jaromir B. Nosal
Luminita Stevens

Investor Sophistication and Capital Income Inequality
w20244 Angus Deaton
Bettina Aten

Trying to Understand the PPPs in ICP2011: Why are the Results so Different?
w20242 Joshua Aizenman
The Eurocrisis: Muddling Through, or On the Way to a More Perfect Euro Union?
w20236 Nikhil Patel
Zhi Wang
Shang-Jin Wei

Global Value Chains and Effective Exchange Rates at the Country-Sector Level
w20225 Alberto Cavallo
Brent Neiman
Roberto Rigobon

The Price Impact of Joining a Currency Union: Evidence from Latvia
w20220 Kris James Mitchener
Kirsten Wandschneider

Capital Controls and Recovery from the Financial Crisis of the 1930s
w20200 Enrique G. Mendoza
Linda L. Tesar
Jing Zhang

Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
w20188 Dani Rodrik
An African Growth Miracle?
w20174 Francesco Giavazzi
Ivan Petkov
Fabio Schiantarelli

Culture: Persistence and Evolution
w20154 Stefano Giglio
Matteo Maggiori
Johannes Stroebel

No-Bubble Condition: Model-free Tests in Housing Markets
w20105 Emmanuel Farhi
Iván Werning

Labor Mobility Within Currency Unions
w20099 Paul Bergin
Ling Feng
Ching-Yi Lin

Financial Frictions and Firm Dynamics
w20086 Robert Townsend
Weerachart Kilenthong

Segregated Security Exchanges with Ex Ante Rights to Trade: A Market-Based Solution to Collateral-Constrained Externalities
w20073 Greg Kaplan
Giovanni L. Violante
Justin Weidner

The Wealthy Hand-to-Mouth
w20063 Robert C. Feenstra
Philip A. Luck
Maurice Obstfeld
Katheryn N. Russ

In Search of the Armington Elasticity
w20061 Julian di Giovanni
Andrei Levchenko
Isabelle Mejean

Firms, Destinations, and Aggregate Fluctuations
w20046 Kamran Bilir
Davin Chor
Kalina Manova

Host-Country Financial Development and Multinational Activity
w20042 Graciela L. Kaminsky
Pablo Vega-García

Systemic and Idiosyncratic Sovereign Debt Crises
w20033 Galina Hale
Maurice Obstfeld

The Euro and The Geography of International Debt Flows
w20003 Ron Alquist
Saroj Bhattarai
Olivier Coibion

Commodity-Price Comovement and Global Economic Activity
w20002 Julian di Giovanni
Andrei Levchenko
Francesc Ortega

A Global View of Cross-Border Migration
w19994 Oleg Itskhoki
Benjamin Moll

Optimal Development Policies with Financial Frictions
w19985 Anne-Laure Delatte
Julien Fouquau
Richard Portes

Nonlinearities in Sovereign Risk Pricing: The Role of CDS Index Contracts
w19980 Joshua Aizenman
Mahir Binici
Michael M. Hutchison

The Transmission of Federal Reserve Tapering News to Emerging Financial Markets
w19974 Yongheng Deng
Xin Liu
Shang-Jin Wei

One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?
w19970 Anton Korinek
Alp Simsek

Liquidity Trap and Excessive Leverage
w19968 Doireann Fitzgerald
Stefanie Haller

Exporters and Shocks: Dissecting the International Elasticity Puzzle
w19967 Olivier Jeanne
Macroprudential Policies in a Global Perspective
w19963 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock
Jon Wongswan

Uncovered Equity Parity and Rebalancing in International Portfolios
w19958 Roger Farmer
Asset Prices in a Lifecycle Economy
w19951 Nicholas Bloom
Paul M. Romer
Stephen J. Terry
John Van Reenen

Trapped Factors and China's Impact on Global Growth
w19941 Dennis Novy
Alan M. Taylor

Trade and Uncertainty
w19934 Anusha Chari
Peter Blair Henry

Learning From the Doers: Developing Country Lessons for Advanced Economy Growth
w19924 Alan M. Taylor
The Argentina Paradox: Microexplanations and Macropuzzles
w19917 Jack Favilukis
Sydney C. Ludvigson
Stijn Van Nieuwerburgh

Foreign Ownership of U.S. Safe Assets: Good or Bad?
w19914 Sebnem Kalemli-Ozcan
Emiliano E. Luttini
Bent Sorensen

Debt Crises and Risk Sharing: The Role of Markets versus Sovereigns
w19909 Juan Carlos Conesa
Timothy J. Kehoe

Is It Too Late to Bail Out the Troubled Countries in the Eurozone?
w19893 Emi Nakamura
Jón Steinsson
Miao Liu

Are Chinese Growth and Inflation Too Smooth? Evidence from Engel Curves
w19864 Fatih Guvenen
Greg Kaplan
Jae Song

How Risky Are Recessions for Top Earners?
w19854 Xavier Gabaix
Matteo Maggiori

International Liquidity and Exchange Rate Dynamics
w19840 Anusha Chari
Peter Blair Henry

Two Tales of Adjustment: East Asian Lessons for European Growth
w19828 Carlos A. Vegh
Guillermo Vuletin

Social Implications of Fiscal Policy Responses During Crises
w19823 Carmen M. Reinhart
Kenneth S. Rogoff

Recovery from Financial Crises: Evidence from 100 Episodes
w19791 Matthieu Bussière
Gong Cheng
Menzie D. Chinn
Noëmie Lisack

For a Few Dollars More: Reserves and Growth in Times of Crises
w19786 Geert Bekaert
Campbell R. Harvey
Christian T. Lundblad
Stephan Siegel

Political Risk Spreads
w19773 Viral V. Acharya
Bruce Tuckman

Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage
w19748 Luis Felipe Céspedes
Andrés Velasco

Was This Time Different? Fiscal Policy in Commodity Republics
w19739 Joshua Aizenman
Yothin Jinjarak
Nancy P. Marion

China's Growth, Stability, and Use of International Reserves
w19718 Jorge Braga de Macedo
Urho Lempinen

Exchange rate dynamics revisited
w19717 Mark Aguiar
Manuel Amador

Take the Short Route: How to Repay and Restructure Sovereign Debt with Multiple Maturities
w19714 Nicholas Bloom
Fluctuations in Uncertainty
w19706 Conghui Hu
Wei Xiong

Are Commodity Futures Prices Barometers of the Global Economy?
w19704 Javier Bianchi
Enrique G. Mendoza

Optimal Time-Consistent Macroprudential Policy
w19683 Guillermo Calvo
Fabrizio Coricelli
Pablo Ottonello

Jobless Recoveries During Financial Crises: Is Inflation the Way Out?
w19671 Andrés Fernández
Alessandro Rebucci
Martín Uribe

Are Capital Controls Prudential? An Empirical Investigation
w19668 Eswar S. Prasad
Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies
w19655 Carmen M. Reinhart
Asia Chartbook: Crises, Credit and Debt, 1835-2013
w19652 Carmen M. Reinhart
Takeshi Tashiro

Crowding Out Redefined: The Role of Reserve Accumulation
w19651 David Berger
Joseph S. Vavra

Volatility and Pass-through
w19642 Ing-Haw Cheng
Wei Xiong

The Financialization of Commodity Markets
w19641 Andrei A. Levchenko
Jing Zhang

Ricardian Productivity Differences and the Gains from Trade
w19635 Alejandro Justiniano
Giorgio Primiceri
Andrea Tambalotti

The Effects of the Saving and Banking Glut on the U.S. Economy
w19632 Andrew K. Rose
Surprising Similarities: Recent Monetary Regimes of Small Economies
w19623 Hanno Lustig
Andreas Stathopoulos
Adrien Verdelhan

The Term Structure of Currency Carry Trade Risk Premia
w19596 Charles Y. Horioka
Takaaki Nomoto
Akiko Terada-Hagiwara

Why Has Japan's Massive Government Debt Not Wreaked Havoc (Yet)?
w19588 David Cook
Michael B. Devereux

The Optimal Currency Area in a Liquidity Trap
w19580 Olivier Accominotti
Barry Eichengreen

The Mother of All Sudden Stops: Capital Flows and Reversals in Europe, 1919-32
w19575 Jorge Braga de Macedo
Luis Brites Pereira
Joaquim Oliveira Martins
João Tovar Jalles

Globalization, Democracy and Development
w19572 Anton Korinek
Jonathan Kreamer

The Redistributive Effects of Financial Deregulation
w19561 Ángel Estrada
Jordi Galí
David López-Salido

Patterns of Convergence and Divergence in the Euro Area
w19548 Cristina Arellano
Yan Bai

Linkages across Sovereign Debt Markets
w19541 Larry G. Epstein
Emmanuel Farhi
Tomasz Strzalecki

How Much Would You Pay to Resolve Long-Run Risk?
w19537 Matthias Doepke
Martin Schneider

Money as a Unit of Account
w19523 Linda S. Goldberg
Christian Grisse

Time Variation in Asset Price Responses to Macro Announcements
w19516 Mark Aguiar
Manuel Amador
Emmanuel Farhi
Gita Gopinath

Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises
w19506 Òscar Jordà
Moritz HP. Schularick
Alan M. Taylor

Sovereigns versus Banks: Credit, Crises, and Consequences
w19497 Linda S. Goldberg
Banking Globalization, Transmission, and Monetary Policy Autonomy
w19477 Pablo D'Erasmo
Enrique G. Mendoza

Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default
w19474 Alberto Cavallo
Eduardo Cavallo
Roberto Rigobon

Prices and Supply Disruptions during Natural Disasters
w19465 David Backus
Thomas Cooley
Espen Henriksen

Demography and Low Frequency Capital Flows
w19463 Jeffrey A. Frankel
Effects of Speculation and Interest Rates in a "Carry Trade" Model of Commodity Prices
w19461 Michael W. Klein
Jay C. Shambaugh

Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy
w19448 Joshua Aizenman
Hiro Ito

Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries
w19442 Lars E.O. Svensson
The Possible Unemployment Cost of Average Inflation below a Credible Target
w19414 Òscar Jordà
Alan M. Taylor

The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy
w19405 Barry Eichengreen
Does the Federal Reserve Care About the Rest of the World?
w19390 Robert J. Gordon
The Phillips Curve is Alive and Well: Inflation and the NAIRU During the Slow Recovery
w19388 Mark Aguiar
Manuel Amador

Sovereign Debt: A Review
w19381 Nicolae Gârleanu
Stavros Panageas
Jianfeng Yu

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion
w19371 Robert Ready
Nikolai Roussanov
Colin Ward

Commodity Trade and the Carry Trade: a Tale of Two Countries
w19362 Anton Korinek
Enrique G. Mendoza

From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications
w19356 Paul R. Bergin
Giancarlo Corsetti

International Competitiveness and Monetary Policy: Strategic Policy and Coordination with a Production Relocation Externality
w19346 Assaf Razin
Migration into the Welfare State: Tax and Migration Competition
w19343 Harald Uhlig
Sovereign Default Risk and Banks in a Monetary Union
w19339 Timothy J. Kehoe
Kim J. Ruhl
Joseph B. Steinberg

Global Imbalances and Structural Change in the United States
w19336 Charles Engel
Exchange Rates and Interest Parity
w19325 Ralph S.J. Koijen
Tobias J. Moskowitz
Lasse Heje Pedersen
Evert B. Vrugt

w19291 Qingyuan Du
Shang-Jin Wei
Peichu Xie

Roads and the Real Exchange Rate
w19288 Ricardo Reis
The Portuguese Slump and Crash and the Euro Crisis
w19282 Assaf Razin
Efraim Sadka

Migration and Fiscal Competition within a Union
w19249 Thomas J. Holmes
Ellen R. McGrattan
Edward C. Prescott

Quid Pro Quo: Technology Capital Transfers for Market Access in China
w19240 Pierre-Olivier Gourinchas
Hélène Rey

External Adjustment, Global Imbalances and Valuation Effects
w19229 René M. Stulz
Dimitrios Vagias
Mathijs A. van Dijk

Do Firms Issue more equity when markets are more liquid?
w19228 Guido Lorenzoni
Ivan Werning

Slow Moving Debt Crises
w19205 Yothin Jinjarak
Ilan Noy
Huanhuan Zheng

Capital Controls in Brazil - Stemming a Tide with a Signal?
w19192 V.V. Chari
Patrick J. Kehoe

Bailouts, Time Inconsistency, and Optimal Regulation
w19190 Joshua Aizenman
Yothin Jinjarak

Real Estate Valuation, Current Account and Credit Growth Patterns, Before and After the 2008-9 Crisis
w19136 Loukas Karabarbounis
Brent Neiman

The Global Decline of the Labor Share
w19125 Joshua Aizenman
Mahir Binici
Michael M. Hutchison

Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis
w19122 Enrico Spolaore
What is European Integration Really About? A Political Guide for Economists
w19103 Robin L. Lumsdaine
Rogier J.D. Potter van Loon

Wall Street vs. Main Street: An Evaluation of Probabilities
w19098 Laura Alfaro
Fabio Kanczuk

Debt Redemption and Reserve Accumulation
w19091 Michael B. Devereux
James Yetman

Capital Controls, Global Liquidity Traps and the International Policy Trilemma
w19084 Valentina Bruno
Hyun Song Shin

Assessing Macroprudential Policies: Case of Korea
w19072 Enrique G. Mendoza
Katherine A. Smith

Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets
w19067 Joshua Aizenman
Ilan Noy

Saving and the Long Shadow of Macroeconomic Shocks
w19062 Philippe Bacchetta
Eric van Wincoop

The Great Recession: A Self-Fulfilling Global Panic
w19052 Diego A. Comin
Martí Mestieri

Technology Diffusion: Measurement, Causes and Consequences
w19039 Viral V. Acharya
Sascha Steffen

The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
w19038 Valentina Bruno
Hyun Song Shin

Capital Flows, Cross-Border Banking and Global Liquidity
w19025 Matteo Cacciatore
Giuseppe Fiori
Fabio Ghironi

Market Deregulation and Optimal Monetary Policy in a Monetary Union
w19024 Manmohan Agarwal
John Whalley

The 1991 Reforms, Indian Economic Growth, and Social Progress
w19006 Manmohan Agarwal
John Whalley

China and India: Reforms and the Response: How Differently have the Economies Behaved
w18985 Linda S. Goldberg
Cédric Tille

A Bargaining Theory of Trade Invoicing and Pricing
w18963 Joshua Aizenman
Yothin Jinjarak
Donghyun Park

Fundamentals and Sovereign Risk of Emerging Markets
w18956 Jonathan Heathcote
Fabrizio Perri

Assessing International Efficiency
w18946 Martin Čihák
Asli Demirgüč-Kunt
Erik Feyen
Ross Levine

Financial Development in 205 Economies, 1960 to 2010
w18942 Valentina Bruno
Hyun Song Shin

Capital Flows and the Risk-Taking Channel of Monetary Policy
w18922 Stéphane Guibaud
Yves Nosbusch
Dimitri Vayanos

Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt
w18920 Christian Fons-Rosen
Sebnem Kalemli-Ozcan
Bent E. Sørensen
Carolina Villegas-Sanchez
Vadym Volosovych

Quantifying Productivity Gains from Foreign Investment
w18911 Qingyuan Du
Shang-Jin Wei

A Theory of the Competitive Saving Motive
w18906 Michael Sockin
Wei Xiong

Informational Frictions and Commodity Markets
w18888 Carmen M. Reinhart
Kenneth S. Rogoff

Shifting Mandates: The Federal Reserve's First Centennial
w18879 Joshua Aizenman
Gurnain Kaur Pasricha

Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns
w18867 Man Lung Chan
Kalina Manova

Financial Development and the Choice of Trade Partners
w18866 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock

On Returns Differentials
w18855 Michael Tomz
Mark L. J. Wright

Empirical Research on Sovereign Debt and Default
w18844 Martin Lettau
Matteo Maggiori
Michael Weber

Conditional Risk Premia in Currency Markets and Other Asset Classes
w18837 Ron Alquist
Rahul Mukherjee
Linda Tesar

Fire-sale FDI or Business as Usual?
w18829 Ariel Burstein
Gita Gopinath

International Prices and Exchange Rates
w18811 Mario J. Crucini
Hakan Yilmazkuday

Understanding Long-run Price Dispersion
w18807 James E. Anderson
Mykyta Vesselovsky
Yoto V. Yotov

Gravity, Scale and Exchange Rates
w18775 Pol Antràs
Stephen R.Yeaple

Multinational Firms and the Structure of International Trade
w18771 Alan M. Taylor
The Future of International Liquidity and the Role of China
w18753 Mario J. Crucini
J. Scott Davis

Distribution Capital and the Short- and Long-Run Import Demand Elasticity
w18751 Kathryn M.E. Dominguez
Matthew D. Shapiro

Forecasting the Recovery from the Great Recession: Is This Time Different?
w18741 Massimiliano Caporin
Loriana Pelizzon
Francesco Ravazzolo
Roberto Rigobon

Measuring Sovereign Contagion in Europe
w18737 Ricardo J. Caballero
Emmanuel Farhi

A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy
w18733 James R. Barth
Gerard Caprio
Ross Levine

Bank Regulation and Supervision in 180 Countries from 1999 to 2011
w18730 Ricardo Reis
The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis
w18727 Daron Acemoglu
Asuman Ozdaglar
Alireza Tahbaz-Salehi

Systemic Risk and Stability in Financial Networks
w18726 Richard H. Clarida
Hot Tip: Nominal Exchange Rates and Inflation Indexed Bond Yields
w18716 John B. Taylor
International Monetary Coordination and the Great Deviation
w18706 Claude B. Erb
Campbell R. Harvey

The Golden Dilemma
w18705 Emi Nakamura
Jón Steinsson

Price Rigidity: Microeconomic Evidence and Macroeconomic Implications
w18697 Livia Chițu
Barry Eichengreen
Arnaud J. Mehl

History, Gravity and International Finance
w18675 Olivier Jeanne
Anton Korinek

Macroprudential Regulation Versus Mopping Up After the Crash
w18673 Barry Eichengreen
Donghyun Park
Kwanho Shin

Growth Slowdowns Redux: New Evidence on the Middle-Income Trap
w18672 Martin Feldstein
Coordination in the European Union
w18670 Itay Goldstein
Assaf Razin

Three Branches of Theories of Financial Crises
w18653 Jiandong Ju
Kang Shi
Shang-Jin Wei

Trade Reforms and Current Account Imbalances: When Does the General Equilibrium Effect Overturn a Partial Equilibrium Intuition?
w18650 Laura Alfaro
Anusha Chari

Deregulation, Misallocation, and Size: Evidence from India
w18647 Roger E.A. Farmer
Carine Nourry
Alain Venditti

The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World
w18646 A. Craig Burnside
Jeremy J. Graveline

On the Asset Market View of Exchange Rates
w18637 Kalina Manova
Zhiwei Zhang

Multi-Product Firms and Product Quality
w18632 Rudolfs Bems
Robert C. Johnson
Kei-Mu Yi

The Great Trade Collapse
w18628 Javier Bianchi
Juan Carlos Hatchondo
Leonardo Martinez

International Reserves and Rollover Risk
w18627 Karen K. Lewis
Sandy Lai

Are the Gains from Foreign Diversification Diminishing? Assessing the Impact with Cross-listed Stocks
w18615 Mary Amiti
Oleg Itskhoki
Jozef Konings

Importers, Exporters, and Exchange Rate Disconnect
w18606 Alan M. Taylor
External Imbalances and Financial Crises
w18600 Jennie Bai
Shang-Jin Wei

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads
w18587 Javier Bianchi
Efficient Bailouts?
w18570 Luis Felipe Céspedes
Roberto Chang
Andrés Velasco

Is Inflation Targeting Still On Target?
w18569 Luis Felipe Céspedes
Andrés Velasco

Macroeconomic Performance During Commodity Price Booms and Busts
w18563 Alberto Cavallo
Brent Neiman
Roberto Rigobon

Currency Unions, Product Introductions, and the Real Exchange Rate
w18557 Sebastian Edwards
The Federal Reserve, Emerging Markets, and Capital Controls: A High Frequency Empirical Investigation
w18541 Takatoshi Ito
Kenta Yamada
Misako Takayasu
Hideki Takayasu

Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets
w18536 Luis Catão
Roberto Chang

Monetary Rules for Commodity Traders
w18531 Eugenio Cerutti
Stijn Claessens
Patrick McGuire

Systemic Risks in Global Banking: What Available Data can tell us and What More Data are Needed?
w18527 Joshua Aizenman
Ilan Noy

Macroeconomic Adjustment and the History of Crises in Open Economies
w18526 Michael W. Klein
Capital Controls: Gates versus Walls
w18498 Rudolfs Bems
Robert C. Johnson

Value-Added Exchange Rates
w18497 Daniel Riera-Crichton
Carlos A. Vegh
Guillermo Vuletin

Tax Multipliers: Pitfalls in Measurement and Identification
w18482 Menzie D. Chinn
Saad Quayyum

Long Horizon Uncovered Interest Parity Re-Assessed
w18480 Guillermo A. Calvo
Fabrizio Coricelli
Pablo Ottonello

Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries
w18465 Kristin Forbes
The "Big C": Identifying Contagion
w18454 Alberto Martin
Jaume Ventura

Financial Reforms and Capital Flows: Insights from General Equilibrium
w18441 Daron Acemoglu
James A. Robinson
Thierry Verdier

Can't We All Be More Like Scandinavians? Asymmetric Growth and Institutions in an Interdependent World
w18431 Luis Felipe Céspedes
Roberto Chang
Andrés Velasco

Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy
w18428 Joon-Ho Hahm
Hyun Song Shin
Kwanho Shin

Non-Core Bank Liabilities and Financial Vulnerability
w18404 Olivier Jeanne
Capital Account Policies and the Real Exchange Rate
w18391 Francis X. Diebold
Comparing Predictive Accuracy, Twenty Years Later: A Personal Perspective on the Use and Abuse of Diebold-Mariano Tests
w18382 Charles Engel
Nelson C. Mark
Kenneth D. West

Factor Model Forecasts of Exchange Rates
w18381 Emmanuel Farhi
Iván Werning

Fiscal Multipliers: Liquidity Traps and Currency Unions
w18380 C. Bora Durdu
Enrique G. Mendoza
Marco E. Terrones

On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment
w18379 Enrique G. Mendoza
Marco E. Terrones

An Anatomy of Credit Booms and their Demise
w18372 Julien Bengui
Enrique G. Mendoza
Vincenzo Quadrini

Capital Mobility and International Sharing of Cyclical Risk
w18366 Loukas Karabarbounis
Home Production, Labor Wedges, and International Real Business Cycles
w18363 Gerardo della Paolera
Alan M. Taylor

Sovereign Debt in Latin America, 1820-1913
w18362 Hideaki Hirata
M. Ayhan Kose
Christopher Otrok
Marco E. Terrones

Global House Price Fluctuations: Synchronization and Determinants
w18357 Ravi Bansal
Ivan Shaliastovich

A Long-Run Risks Explanation of Predictability Puzzles in Bond and Currency Markets
w18352 Assaf Razin
Steven Rosefielde

A Tale of Politically-Failing Single-Currency Area
w18331 Paul R. Bergin
Reuven Glick
Jyh-Lin Wu

Mussa Redux and Conditional PPP
w18336 Alberto Alesina
Carlo Favero
Francesco Giavazzi

The Output Effect of Fiscal Consolidations
w18330 Tanya Molodtsova
David Papell

Taylor Rule Exchange Rate Forecasting During the Financial Crisis
w18329 Kristin J. Forbes
Francis E. Warnock

Debt- and Equity-Led Capital Flow Episodes
w18303 Luca Guerrieri
Matteo Iacoviello
Raoul Minetti

Banks, Sovereign Debt and the International Transmission of Business Cycles
w18290 Alan M. Taylor
The Great Leveraging
w18289 Janvier D. Nkurunziza
Léonce Ndikumana
Prime Nyamoya

The Financial Sector in Burundi
w18287 Takeo Hoshi
Takatoshi Ito

Defying Gravity: How Long Will Japanese Government Bond Prices Remain High?
w18285 Guillermo A. Calvo
The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back
w18280 Ivan Werning
Emmanuel Farhi

Fiscal Unions
w18275 Stelios Michalopoulos
Elias Papaioannou

National Institutions and Subnational Development in Africa
w18274 Nicolas Berman
José De Sousa
Philippe Martin
Thierry Mayer

Time to Ship During Financial Crises
w18256 Richard M. Levich
FX Counterparty Risk and Trading Activity in Currency Forward and Futures Markets
w18247 Kenneth D. West
Econometric Analysis of Present Value Models When the Discount Factor Is near One
w18240 Robert C. Johnson
Trade in Intermediate Inputs and Business Cycle Comovement
w18223 Stephanie Schmitt-Grohé
Martín Uribe

Pegs, Downward Wage Rigidity, and Unemployment: The Role of Financial Structure
w18219 Guillermo A. Calvo
Alejandro Izquierdo
Rudy Loo-Kung

Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop
w18209 Sebnem Kalemli-Ozcan
Elias Papaioannou
Fabrizio Perri

Global Banks and Crisis Transmission
w18207 Laura Alfaro
Maggie X. Chen

Selection and Market Reallocation: Productivity Gains from Multinational Production
w18199 Emmanuel Farhi
Ivan Werning

Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates
w18191 George Alessandria
Joseph Kaboski
Virgiliu Midrigan

Trade Wedges, Inventories, and International Business Cycles
w18176 Joshua Aizenman
Yothin Jinjarak

Income inequality, tax base and sovereign spreads
w18175 Carlos A. Vegh
Guillermo Vuletin

Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets
w18170 Olivier Coibion
Yuriy Gorodnichenko
Lorenz Kueng
John Silvia

Innocent Bystanders? Monetary Policy and Inequality in the U.S.
w18154 Loukas Karabarbounis
Brent Neiman

Declining Labor Shares and the Global Rise of Corporate Saving
w18143 Olivier Jeanne
The Dollar and its Discontents
w18142 Miles S. Kimball
"Getting the Biggest Bang for the Buck in Fiscal Policy"
w18138 Joshua Aizenman
The Euro and the global crises: finding the balance between short term stabilization and forward looking reforms
w18128 Emi Nakamura
Dmitriy Sergeyev
Jón Steinsson

Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence
w18122 Fernando Borraz
Alberto Cavallo
Roberto Rigobon
Leandro Zipitría

Distance and Political Boundaries: Estimating Border Effects under Inequality Constraints.
w18102 Markus K. Brunnermeier
Thomas M. Eisenbach
Yuliy Sannikov

Macroeconomics with Financial Frictions: A Survey
w18097 Livia Chitu
Barry Eichengreen
Arnaud J. Mehl

When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets
w18092 Stephanie Schmitt-Grohé
Martín Uribe

Managing Currency Pegs
w18090 Chunding Li
John Whalley

China and the TPP: A Numerical Simulation Assessment of the Effects Involved
w18084 Torben G. Andersen
Tim Bollerslev
Peter F. Christoffersen
Francis X. Diebold

Financial Risk Measurement for Financial Risk Management
w18062 Andrew K. Rose
Protectionism Isn't Counter-Cyclic (anymore)
w18061 Andrei A. Levchenko
Jing Zhang

Comparative Advantage and the Welfare Impact of European Integration
w18057 Tarek Alexander Hassan
Country Size, Currency Unions, and International Asset Returns
w18054 David H. Autor
David Dorn
Gordon H. Hanson

The China Syndrome: Local Labor Market Effects of Import Competition in the United States
w18052 Kristin Forbes
Marcel Fratzscher
Thomas Kostka
Roland Straub

Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls
w18036 Javier Bianchi
Emine Boz
Enrique G. Mendoza

Macro-Prudential Policy in a Fisherian model of Financial Innovation
w18035 Fatih Guvenen
Serdar Ozkan
Jae Song

The Nature of Countercyclical Income Risk
w18034 Eric W. Bond
Mario J. Crucini
Tristan Potter
Joel Rodrigue

Misallocation and Productivity Effects of the Smoot-Hawley Tariff
w18032 Bruce A. Blonigen
Jeremy Piger
Nicholas Sly

Comovement in GDP Trends and Cycles Among Trading Partners
w18031 Stephanie Schmitt-Grohe
Martin Uribe

Prudential Policy for Peggers
w18030 Sebnem Kalemli-Ozcan
Bent E. Sorensen

Misallocation, Property Rights, and Access to Finance: Evidence from Within and Across Africa
w18028 Joshua Aizenman
Yothin Jinjarak
Minsoo Lee
Donghyun Park

Developing countries' financial vulnerability to the euro crisis: An event study of equity and bond markets
w18015 Carmen M. Reinhart
Vincent R. Reinhart
Kenneth S. Rogoff

Debt Overhangs: Past and Present
w18013 Franklin Allen
Elena Carletti
Robert Cull
Jun Qian
Lemma Senbet
Patricio Valenzuela

Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya
w18004 Asli Demirguc-Kunt
Erik Feyen
Ross Levine

The Evolving Importance of Banks and Securities Markets
w18000 Shang-Jin Wei
Xiaobo Zhang
Yin Liu

Status Competition and Housing Prices
w17998 Domenico Ferraro
Kenneth S. Rogoff
Barbara Rossi

Can Oil Prices Forecast Exchange Rates?
w17978 Mario J. Crucini
Christopher I. Telmer

Microeconomic Sources of Real Exchange Rate Variability
w17944 Pierpaolo Benigno
Federica Romei

Debt Deleveraging and The Exchange Rate
w17919 Chunding Li
John Whalley

Indirect Tax Initiatives and Global Rebalancing
w17913 Ruud de Mooij
Michael Keen

'Fiscal Devaluation' and Fiscal Consolidation: The VAT in Troubled Times
w17907 Paul R. Bergin
Ju Hyun Pyun

International Portfolio Diversification and Multilateral Effects of Correlations
w17906 Jon Faust
Abhishek Gupta

Posterior Predictive Analysis for Evaluating DSGE Models
w17894 Joshua Aizenman
Kenta Inoue

Central Banks and Gold Puzzles
w17884 Charles Wyplosz
Fiscal Rules: Theoretical Issues and Historical Experiences
w17877 Maurice Obstfeld
Does the Current Account Still Matter?
w17875 Yin-Wong Cheung
Menzie D. Chinn
XingWang Qian

Are Chinese Trade Flows Different?
w17873 Nicola Cetorelli
Linda S. Goldberg

Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
w17872 Karen K. Lewis
Edith X. Liu

International Consumption Risk Is Shared After All: An Asset Return View
w17871 Alan de Bromhead
Barry Eichengreen
Kevin H. O'Rourke

Right-Wing Political Extremism in the Great Depression
w17839 John Ammer
Sara B. Holland
David C. Smith
Francis E. Warnock

U.S. International Equity Investment
w17837 Francesco Giavazzi
Michael McMahon

The Households Effects of Government Consumption
w17815 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

Noisy Information, Distance and Law of One Price Dynamics Across US Cities
w17812 Mario J. Crucini
Anthony Landry

Accounting for Real Exchange Rates Using Micro-data
w17806 Joshua Aizenman
Hiro Ito

Trilemma Policy Convergence Patterns and Output Volatility
w17796 Michael B. Devereux
Ozge Senay
Alan Sutherland

Nominal Stability and Financial Globalization
w17790 Kyle Handley
Nuno Limão

Trade and Investment under Policy Uncertainty: Theory and Firm Evidence
w17788 Yin-Wong Cheung
Michael P. Dooley
Vladyslav Sushko

Investment and Growth in Rich and Poor Countries
w17756 Yun Jung Kim
Linda Tesar
Jing Zhang

The Impact of Foreign Liabilities on Small Firms: Firm-Level Evidence from the Korean Crisis
w17764 Sebastian Edwards
Is Tanzania a Success Story? A Long Term Analysis
w17763 Juan Carlos Gozzi
Ross Levine
Maria Soledad Martinez Peria
Sergio L. Schmukler

How Firms Use Domestic and International Corporate Bond Markets
w17754 Wolfgang Keller
Ben Li
Carol H. Shiue

Shanghai's Trade, China's Growth: Continuity, Recovery, and Change since the Opium War
w17753 Carlos A. Vegh
Guillermo Vuletin

How is Tax Policy Conducted over the Business Cycle?
w17712 Matthieu Bussière
Giovanni Callegari
Fabio Ghironi
Giulia Sestieri
Norihiko Yamano

Estimating Trade Elasticities: Demand Composition and the Trade Collapse of 2008-09
w17708 Giancarlo Corsetti
Gernot J. Müller

Multilateral Economic Cooperation and the International Transmission of Fiscal Policy
w17692 Joshua Aizenman
Sebastian Edwards
Daniel Riera-Crichton

Adjustment patterns to commodity terms of trade shocks: the role of exchange rate and international reserves policies
w17691 Nicolas Coeurdacier
Hélène Rey

Home Bias in Open Economy Financial Macroeconomics
w17686 Eric van Wincoop
International Contagion Through Leveraged Financial Institutions
w17680 Arnaud Costinot
Guido Lorenzoni
Iván Werning

A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation
w17675 Andrei A. Levchenko
International Trade and Institutional Change
w17670 Nicolas E. Magud
Carmen M. Reinhart
Esteban R. Vesperoni

Capital Inflows, Exchange Rate Flexibility, and Credit Booms
w17665 Barry Eichengreen
International Policy Coordination: The Long View
w17662 Emmanuel Farhi
Gita Gopinath
Oleg Itskhoki

Fiscal Devaluations
w17645 John Whalley
Manmohan Agarwal
Jing Wang
Sean Walsh
Chen Yan

Linking External Sector Imbalances and Changing Financial Instability before the 2008 Financial Crisis
w17641 Maurice Obstfeld
The International Monetary System: Living with Asymmetry
w17621 Òscar Jordà
Moritz HP. Schularick
Alan M. Taylor

When Credit Bites Back: Leverage, Business Cycles, and Crises
w17620 Stelios Michalopoulos
Elias Papaioannou

The Long-Run Effects of the Scramble for Africa
w17619 Jeffrey A. Frankel
Carlos A. Végh
Guillermo Vuletin

On Graduation from Fiscal Procyclicality
w17617 Martin S. Feldstein
The Euro and European Economic Conditions
w17612 Faruk Balli
Sebnem Kalemli-Ozcan
Bent Sorensen

Risk Sharing through Capital Gains
w17597 Douglas A. Irwin
Anticipating the Great Depression? Gustav Cassel's Analysis of the Interwar Gold Standard
w17593 Barry Eichengreen
Hui Tong

The External Impact of China's Exchange Rate Policy: Evidence from Firm Level Data
w17594 Gita Gopinath
Oleg Itskhoki
Brent Neiman

Trade Prices and the Global Trade Collapse of 2008-2009
w17586 Giorgia Palladini
Richard Portes

Sovereign CDS and Bond Pricing Dynamics in the Euro-area
w17581 Charles Yuji Horioka
Akiko Terada-Hagiwara

The Determinants and Long-term Projections of Saving Rates in Developing Asia
w17571 Roberto Perotti
The "Austerity Myth": Gain Without Pain?
w17564 Ian Martin
The Forward Premium Puzzle in a Two-Country World
w17563 Ian Martin
The Lucas Orchard
w17560 Nicolas Coeurdacier
Pierre-Olivier Gourinchas

When Bonds Matter: Home Bias in Goods and Assets
w17552 Guido Sandleris
Mark L.J. Wright

The Costs of Financial Crises: Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis
w17551 Daniel A. Dias
Christine J. Richmond
Mark L.J. Wright

The Stock of External Sovereign Debt: Can We Take the Data At 'Face Value'?
w17549 Jiandong Ju
Kang Shi
Shang-Jin Wei

On the Connections between Intertemporal and Intra-temporal Trades
w17542 Viral V. Acharya
Raghuram G. Rajan

Sovereign Debt, Government Myopia, and the Financial Sector
w17530 Joshua Aizenman
Brian Pinto
Vladyslav Sushko

Financial Sector Ups and Downs and the Real Sector: Up by the stairs, down by the parachute
w17518 Todd A. Gormley
Simon Johnson
Changyong Rhee

Ending "Too Big To Fail": Government Promises vs. Investor Perceptions
w17515 Assaf Razin
Jackline Wahba

Welfare Magnet Hypothesis, Fiscal Burden and Immigration Skill Selectivity
w17513 Menzie D. Chinn
Barry Eichengreen
Hiro Ito

A Forensic Analysis of Global Imbalances
w17506 Alp Simsek
Speculation and Risk Sharing with New Financial Assets
w17501 Giancarlo Corsetti
Luca Dedola
Francesca Viani

Traded and Nontraded Goods Prices, and International Risk Sharing: an Empirical Investigation.
w17497 Eswar S. Prasad
Role Reversal in Global Finance
w17490 Francis X. Diebold
Kamil Yilmaz

On the Network Topology of Variance Decompositions: Measuring the Connectedness of Financial Firms
w17318 Barry Eichengreen
Raul Razo-Garcia

How Reliable are De Facto Exchange Rate Regime Classifications?
w17468 Efraim Benmelech
Eyal Dvir

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis
w17457 Mark A. Aguiar
Manuel Amador

Fiscal Policy in Debt Constrained Economies
w17427 Joshua Aizenman
Yothin Jinjarak

The Fiscal Stimulus of 2009-10: Trade Openness, Fiscal Space and Exchange Rate Adjustment
w17424 Yuriy Gorodnichenko
Anna Mikusheva
Serena Ng

Estimators for Persistent and Possibly Non-Stationary Data with Classical Properties
w17421 S. Boragan Aruoba
Francis X. Diebold
Jeremy Nalewaik
Frank Schorfheide
Dongho Song

Improving GDP Measurement: A Forecast Combination Perspective
w17415 Christoph Moser
Andrew K. Rose

Who Benefits from Regional Trade Agreements? The View from the Stock Market
w17407 Joshua Aizenman
Michael M. Hutchison
Yothin Jinjarak

What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
w17401 Barry Eichengreen
Nergiz Dincer

Who Should Supervise? The Structure of Bank Supervision and the Performance of the Financial System
w17396 Laura Alfaro
Sebnem Kalemli-Ozcan
Vadym Volosovych

Sovereigns, Upstream Capital Flows, and Global Imbalances
w17391 Emi Nakamura
Jón Steinsson

Fiscal Stimulus in a Monetary Union: Evidence from U.S. Regions
w17379 Maurice Obstfeld
International Liquidity: The Fiscal Dimension
w17363 Mahvash S. Qureshi
Jonathan D. Ostry
Atish R. Ghosh
Marcos Chamon

Managing Capital Inflows: The Role of Capital Controls and Prudential Policies
w17362 Kathryn M.E. Dominguez
Yuko Hashimoto
Takatoshi Ito

International Reserves and the Global Financial Crisis
w17361 Bergljot Barkbu
Barry Eichengreen
Ashoka Mody

International Financial Crises and the Multilateral Response: What the Historical Record Shows
w17360 Stijn Claessens
Hui Tong
Shang-Jin Wei

From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels
w17359 Andrew K. Rose
Mark M. Spiegel

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
w17358 Claudio Raddatz
Sergio L. Schmukler

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios
w17357 Marcel Fratzscher
Capital Flows, Push versus Pull Factors and the Global Financial Crisis
w17356 Galina Hale
Bank Relationships, Business Cycles, and Financial Crises
w17355 Nicola Cetorelli
Linda S. Goldberg

Liquidity management of U.S. global banks: Internal capital markets in the great recession
w17354 Sebnem Kalemli-Ozcan
Bent Sorensen
Sevcan Yesiltas

Leverage Across Firms, Banks, and Countries
w17353 Pierre-Olivier Gourinchas
Hélène Rey
Kai Truempler

The Financial Crisis and The Geography of Wealth Transfers
w17352 Philip R. Lane
Gian Maria Milesi Ferretti

External Adjustment and the Global Crisis
w17351 Kristin J. Forbes
Francis E. Warnock

Capital Flow Waves: Surges, Stops, Flight, and Retrenchment
w17350 Carol Bertaut
Laurie Pounder DeMarco
Steven B. Kamin
Ralph W. Tryon

ABS Inflows to the United States and the Global Financial Crisis
w17335 Julian di Giovanni
Andrei A. Levchenko

Country Size, International Trade, and Aggregate Fluctuations in Granular Economies
w17331 Athanasios Geromichalos
Ina Simonovska

Asset Liquidity and International Portfolio Choice
w17301 Andreas Fuster
Benjamin Hebert
David Laibson

Natural Expectations, Macroeconomic Dynamics, and Asset Pricing
w17289 Michael B. Devereux
Viktoria Hnatkovska

The Extensive Margin, Sectoral Shares and International Business Cycles
w17288 Michael B. Devereux
Viktoria Hnatkovska

Consumption Risk-Sharing and the Real Exchange Rate: Why does the Nominal Exchange Rate Make Such a Difference?
w17278 Craig Burnside
Carry Trades and Risk
w17277 François Gourio
Michael Siemer
Adrien Verdelhan

International Risk Cycles
w17274 Laurence M. Ball
Nicolás De Roux
Marc Hofstetter

Unemployment in Latin America and the Caribbean
w17272 Carlo Favero
Francesco Giavazzi
Jacopo Perego

Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy
w17271 Enrico Spolaore
Romain Wacziarg

Long-Term Barriers to the International Diffusion of Innovations
w17261 Karen K. Lewis
Global Asset Pricing
w17260 Martin S. Feldstein
What's Next for the Dollar?
w17252 Pierre-Olivier Gourinchas
Maurice Obstfeld

Stories of the Twentieth Century for the Twenty-First
w17239 Jeffrey A. Frankel
Over-optimism in Forecasts by Official Budget Agencies and Its Implications
w17224 Klaus Adam
Pei Kuang
Albert Marcet

House Price Booms and the Current Account
w17201 Fabrizio Perri
Vincenzo Quadrini

International Recessions
w17184 Stelios Michalopoulos
Elias Papaioannou

Divide and Rule or the Rule of the Divided? Evidence from Africa
w17151 Enrique G. Mendoza
Vivian Z. Yue

A General Equilibrium Model of Sovereign Default and Business Cycles
w17150 Òscar Jordà
Alan M. Taylor

Performance Evaluation of Zero Net-Investment Strategies
w17141 Laura Alfaro
Maggie Chen

Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance
w17136 Viral V. Acharya
Itamar Drechsler
Philipp Schnabl

A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk
w17133 Gianluca Benigno
Pierpaolo Benigno
Salvatore Nisticò

Risk, Monetary Policy and the Exchange Rate
w17131 David Cook
Michael B. Devereux

Sharing the Burden: Monetary and Fiscal Responses to a World Liquidity Trap
w17126 Martin Berka
Michael B. Devereux
Thomas Rudolph

Price Setting in a Leading Swiss Online Supermarket
w17121 Geert Bekaert
Michael Ehrmann
Marcel Fratzscher
Arnaud J. Mehl

Global Crises and Equity Market Contagion
w17116 Charles Engel
The Real Exchange Rate, Real Interest Rates, and the Risk Premium
w17090 Lieven Baele
Geert Bekaert
Seonghoon Cho
Koen Inghelbrecht
Antonio Moreno

Macroeconomic Regimes
w17074 Sebastian Edwards
Exchange Rates in Emerging Countries: Eleven Empirical Regularities from Latin America and East Asia
w17073 Andrew K. Rose
Tomasz Wieladek

Financial Protectionism: the First Tests
w17024 Michael D. Bordo
Peter L. Rousseau

Historical Evidence on the Finance-Trade-Growth Nexus
w16998 Gianni De Nicolò
Marcella Lucchetta

Systemic Risks and the Macroeconomy
w16994 Douglas W. Diamond
Raghuram Rajan

Illiquid Banks, Financial Stability, and Interest Rate Policy
w16975 Daniel Paravisini
Veronica Rappoport
Philipp Schnabl
Daniel Wolfenzon

Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data
w16967 Manju Puri
Jörg Rocholl
Sascha Steffen

Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects
w16962 Shin-ichi Fukuda
Market-specific and Currency-specific Risk During the Global Financial Crisis: Evidence from the Interbank Markets in Tokyo and London
w16960 Ariel Burstein
Marc J. Melitz

Trade Liberalization and Firm Dynamics
w16958 Gita Gopinath
Brent Neiman

Trade Adjustment and Productivity in Large Crises
w16945 Jeffrey A. Frankel
A Solution to Fiscal Procyclicality: The Structural Budget Institutions Pioneered by Chile
w16941 Isil Erel
Brandon Julio
Woojin Kim
Michael S. Weisbach

Macroeconomic Conditions and Capital Raising
w16925 Gabriel P. Mathy
Christopher M. Meissner

Trade, Exchange Rate Regimes and Output Co-Movement: Evidence from the Great Depression
w16919 Barry Eichengreen
Donghyun Park
Kwanho Shin

When Fast Growing Economies Slow Down: International Evidence and Implications for China
w16916 Craig Doidge
G. Andrew Karolyi
René M. Stulz

The U.S. Left Behind: The Rise of IPO Activity Around the World
w16905 Kalina Manova
Shang-Jin Wei
Zhiwei Zhang

Firm Exports and Multinational Activity Under Credit Constraints
w16904 Ariel Burstein
Jonathan Vogel

Factor Prices and International Trade: A Unifying Perspective
w16899 Patrick Bolton
Olivier Jeanne

Sovereign Default Risk and Bank Fragility in Financially Integrated Economies
w16893 Carmen M. Reinhart
M. Belen Sbrancia

The Liquidation of Government Debt
w16847 Stephanie Schmitt-Grohé
Martin Uríbe

Pegs and Pain
w16831 Assaf Razin
Jackline Wahba

Free vs. Controlled Migration: Bilateral Country Study
w16828 Chadwick C. Curtis
Steven Lugauer
Nelson C. Mark

Demographic Patterns and Household Saving in China
w16827 Carmen M. Reinhart
Kenneth S. Rogoff

A Decade of Debt
w16815 Carmen M. Reinhart
Vincent Reinhart

Pride Goes Before a Fall: Federal Reserve Policy and Asset Markets
w16806 Andrei A. Levchenko
Jing Zhang

The Evolution of Comparative Advantage: Measurement and Welfare Implications
w16805 Nicolas E. Magud
Carmen M. Reinhart
Kenneth S. Rogoff

Capital Controls: Myth and Reality - A Portfolio Balance Approach
w16800 Shang-Jin Wei
Xiaobo Zhang

Sex Ratios, Entrepreneurship, and Economic Growth in the People's Republic of China
w16789 Marianne Baxter
International Risk Sharing in the Short Run and in the Long Run
w16788 Qingyuan Du
Shang-Jin Wei

A Darwinian Perspective on "Exchange Rate Undervaluation"
w16787 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession
w16782 Atish R. Ghosh
Jun I. Kim
Enrique G. Mendoza
Jonathan D. Ostry
Mahvash S. Qureshi

Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies
w16779 Joshua Aizenman
Gurnain Kaur Pasricha

Net Fiscal Stimulus During the Great Recession
w16778 Chang-Tai Hsieh
Ralph Ossa

A Global View of Productivity Growth in China
w16761 George-Marios Angeletos
Vasia Panousi

Financial Integration, Entrepreneurial Risk and Global Imbalances
w16760 Alberto Cavallo
Roberto Rigobon

The Distribution of the Size of Price Changes
w16757 Barry Eichengreen
Poonam Gupta

The Service Sector as India's Road to Economic Growth
w16754 Assaf Razin
Steven Rosefielde

Currency and Financial Crises of the 1990s and 2000s
w16726 Bernard Dumas
Karen K. Lewis
Emilio Osambela

Differences of Opinion and International Equity Markets
w16712 Harrison Hong
Motohiro Yogo

What Does Futures Market Interest Tell Us about the Macroeconomy and Asset Prices?
w16707 Olivier Coibion
Yuriy Gorodnichenko

Why Are Target Interest Rate Changes So Persistent?
w16677 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock
Jon Wongswan

U.S. International Equity Investment and Past and Prospective Returns
w16674 Martin S. Feldstein
The Role of Currency Realignments in Eliminating the US and China Current Account Imbalances
w16670 Assaf Razin
Efraim Sadka

Tax Competition and Migration: The Race-to-the-Bottom Hypothesis Revisited
w16667 Allan Drazen
Ethan Ilzetzki

Kosher Pork
w16666 Jonathan Eaton
Samuel Kortum
Brent Neiman
John Romalis

Trade and the Global Recession
w16651 Assaf Razin
Anuk Serechetapongse

Equity Prices and Equity Flows: Testing Theory of the Information-Efficiency Tradeoff
w16654 Lars E.O. Svensson
Inflation Targeting
w16632 Rohan Pitchford
Mark L. J. Wright

Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment
w16630 Anna Pavlova
Roberto Rigobon

International Macro-Finance
w16629 Tatiana Didier
Roberto Rigobon
Sergio L. Schmukler

Unexploited Gains from International Diversification: Patterns of Portfolio Holdings Around the World
w16613 Fabio Ghironi
Viktors Stebunovs

The Domestic and International Effects of Interstate U.S. Banking
w16605 Joshua Aizenman
Gurnain Kaur Pasricha

Determinants of Financial Stress and Recovery during the Great Recession
w16583 Geert Bekaert
Campbell R. Harvey
Christian T. Lundblad
Stephan Siegel

The European Union, the Euro, and Equity Market Integration
w16580 Timothy J. Kehoe
Kim J. Ruhl

Why Have Economic Reforms in Mexico Not Generated Growth?
w16577 Jonathan A. Parker
Annette Vissing-Jorgensen

The Increase in Income Cyclicality of High-Income Households and its Relation to the Rise in Top Income Shares
w16569 Jeffrey A. Frankel
Mauritius: African Success Story
w16567 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons
w16565 Marcos Chamon
Kai Liu
Eswar S. Prasad

Income Uncertainty and Household Savings in China
w16563 Luis Catão
Roberto Chang

World Food Prices and Monetary Policy
w16559 Charles W. Calomiris
Inessa Love
Maria Soledad Martinez Peria

Crisis "Shock Factors" and the Cross-Section of Global Equity Returns
w16552 Jorge Braga de Macedo
Luís Brites Pereira

Cape Verde and Mozambique as Development Successes in West and Southern Africa
w16537 Olivier Coibion
Yuriy Gorodnichenko

Information Rigidity and the Expectations Formation Process: A Simple Framework and New Facts
w16528 Sebnem Kalemli-Ozcan
Herman Kamil
Carolina Villegas-Sanchez

What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?
w16505 John F. Cogan
John B. Taylor

What the Government Purchases Multiplier Actually Multiplied in the 2009 Stimulus Package
w16492 Koralai Kirabaeva
Assaf Razin

Composition of Capital Flows: A Survey
w16491 Travis J. Berge
Òscar Jordà
Alan M. Taylor

Currency Carry Trades
w16484 Viral V. Acharya
Ramin P. Baghai
Krishnamurthy V. Subramanian

Labor Laws and Innovation
w16479 Ethan Ilzetzki
Enrique G. Mendoza
Carlos A. Végh

How Big (Small?) are Fiscal Multipliers?
w16478 Joshua Aizenman
Gurnain Kaur Pasricha

Fiscal fragility: what the past may say about the future
w16469 Francis X. Diebold
Georg Strasser

On the Correlation Structure of Microstructure Noise: A Financial Economic Approach
w16447 Joshua Aizenman
Jaewoo Lee
Vladyslav Sushko

From the Great Moderation to the global crisis: Exchange market pressure in the 2000s
w16432 Tamim Bayoumi
Hui Tong
Shang-Jin Wei

The Chinese Corporate Savings Puzzle: A Firm-level Cross-country Perspective
w16429 Ricardo J. Caballero
Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome
w16428 Eswar S. Prasad
Financial Sector Regulation and Reforms in Emerging Markets: An Overview
w16427 Hanno Lustig
Nikolai Roussanov
Adrien Verdelhan

Countercyclical Currency Risk Premia
w16398 Menzie D. Chinn
Kavan J. Kucko

The Predictive Power of the Yield Curve across Countries and Time
w16393 Pedro Teles
Harald Uhlig

Is Quantity Theory Still Alive?
w16392 Joshua Aizenman
Reuven Glick

Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds
w16390 Zhi Wang
Shang-Jin Wei
Anna Wong

Does a Leapfrogging Growth Strategy Raise Growth Rate? Some International Evidence
w16377 Olivier Jeanne
Anton Korinek

Managing Credit Booms and Busts: A Pigouvian Taxation Approach
w16362 Jeffrey A. Frankel
A Comparison of Monetary Anchor Options, Including Product Price Targeting, for Commodity-Exporters in Latin America
w16350 Douglas A. Irwin
Did France Cause the Great Depression?
w16346 Agustín S. Bénétrix
Philip R. Lane

International Differences in Fiscal Policy During the Global Crisis
w16334 Carmen M. Reinhart
Vincent R. Reinhart

After the Fall
w16260 Joshua Aizenman
Michael M. Hutchison

Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis
w16313 Julian di Giovanni
Andrei A. Levchenko

Firm Entry, Trade, and Welfare in Zipf's World
w16309 Murillo Campello
Erasmo Giambona
John R. Graham
Campbell R. Harvey

Liquidity Management and Corporate Investment During a Financial Crisis
w16301 James E. Anderson
Yoto V. Yotov

Specialization: Pro- and Anti-globalizing, 1990-2002
w16290 Rahul Anand
Eswar S. Prasad

Optimal Price Indices for Targeting Inflation Under Incomplete Markets
w16283 Brent Neiman
A State-Dependent Model of Intermediate Goods Pricing
w16264 S. Boragan Aruoba
Francis X. Diebold
M. Ayhan Kose
Marco E. Terrones

Globalization, the Business Cycle, and Macroeconomic Monitoring
w16259 Paul Bergin
Ching-Yi Lin

The Dynamic Effects of Currency Union on Trade
w16254 Robert C. Feenstra
Robert E. Lipsey
Lee G. Branstetter
C. Fritz Foley
James Harrigan
J. Bradford Jensen
Lori Kletzer
Catherine Mann
Peter K. Schott
Greg C. Wright

Report on the State of Available Data for the Study of International Trade and Foreign Direct Investment
w16249 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

Emerging Local Currency Bond Markets
w16243 Andrew K. Rose
Mark M. Spiegel

Cross-Country Causes and Consequences of the Crisis: An Update
w16231 Takatoshi Ito
Satoshi Koibuchi
Kiyotaka Sato
Junko Shimizu

Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior
w16226 Michael B. Devereux
James Yetman

Leverage Constraints and the International Transmission of Shocks
w16224 Assaf Razin
Efraim Sadka

Fiscal and Migration Competition
w16218 David K. Backus
Federico Gavazzoni
Christopher Telmer
Stanley E. Zin

Monetary Policy and the Uncovered Interest Parity Puzzle
w16202 Barry Eichengreen
Peter Temin

Fetters of Gold and Paper
w16182 Kimie Harada
Takatoshi Ito
Shuhei Takahashi

Is the Distance to Default a Good Measure in Predicting Bank Failures? Case Studies
w16174 Davin Chor
Kalina Manova

Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis
w16168 Rong Qian
Carmen M. Reinhart
Kenneth S. Rogoff

On Graduation from Default, Inflation and Banking Crisis: Elusive or Illusion?
w16159 Philippe Bacchetta
Cédric Tille
Eric van Wincoop

Self-Fulfilling Risk Panics
w16154 Chadwick C. Curtis
Nelson Mark

Business Cycles, Consumption and Risk-Sharing: How Different Is China?
w16126 Roberto Chang
Constantino Hevia
Norman Loayza

Privatization and Nationalization Cycles
w16125 Jeffrey A. Frankel
Monetary Policy in Emerging Markets: A Survey
w16115 Sebnem Kalemli-Ozcan
Belgi Turan

HIV and Fertility Revisited
w16093 Olivier Coibion
Yuriy Gorodnichenko
Johannes F. Wieland

The Optimal Inflation Rate in New Keynesian Models
w16091 Javier Bianchi
Enrique G. Mendoza

Overborrowing, Financial Crises and 'Macro-prudential' Taxes
w16081 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

Do Sticky Prices Increase Real Exchange Rate Volatility at the Sector Level?
w16079 Viral V. Acharya
Philipp Schnabl

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09
w16075 Mario J. Crucini
Mototsugu Shintani

Measuring Business Cycles by Saving for a Rainy Day
reic09-1 Lucrezia Reichlin and Kenneth D. West

NBER International Seminar on Macroeconomics 2009
w16065 Gita Gopinath
Oleg Itskhoki

In Search of Real Rigidities
w16059 George Alessandria
Joseph P. Kaboski
Virgiliu Midrigan

The Great Trade Collapse of 2008-09: An Inventory Adjustment?
w16058 Geert Bekaert
Robert J. Hodrick
Xiaoyan Zhang

Aggregate Idiosyncratic Volatility
w16052 John D. Burger
Alessandro Rebucci
Francis E. Warnock
Veronica Cacdac Warnock

External Capital Structures and Oil Price Volatility
w16047 Jeffrey A. Frankel
George Saravelos

Are Leading Indicators of Financial Crises Useful for Assessing Country Vulnerability? Evidence from the 2008-09 Global Crisis
w16044 Kathryn M.E. Dominguez
Rasmus Fatum
Pavel Vacek

Does Foreign Exchange Reserve Decumulation Lead to Currency Appreciation?
w16043 John Fernald
Brent Neiman

Growth Accounting with Misallocation: Or, Doing Less with More in Singapore
w16034 Sebnem Kalemli-Ozcan
Alex Nikolsko-Rzhevskyy

Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls
w16020 Emine Boz
Enrique G. Mendoza

Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis
w16006 Andrei A. Levchenko
Logan T. Lewis
Linda L. Tesar

The Collapse of International Trade During the 2008-2009 Crisis: In Search of the Smoking Gun
w16005 Julian di Giovanni
Andrei A. Levchenko

The Risk Content of Exports: A Portfolio View of International Trade
w16000 Qingyuan Du
Shang-Jin Wei

A Sexually Unbalanced Model of Current Account Imbalances
w15985 Michael W. Klein
Christoph Moser
Dieter M. Urban

The Contribution of Trade to Wage Inequality: The Role of Skill, Gender, and Nationality
w15974 Nicola Cetorelli
Linda S. Goldberg

Global Banks and International Shock Transmission: Evidence from the Crisis
w15960 Jenny C. Aker
Michael W. Klein
Stephen A. O'Connell
Muzhe Yang

Borders, Ethnicity and Trade
w15956 Ross Levine
An Autopsy of the U.S. Financial System
w15938 Roberto Chang
Andrés Fernández

On the Sources of Aggregate Fluctuations in Emerging Economies
w15936 Robert E. Lipsey
Fredrik Sjöholm
Jing Sun

Foreign Ownership and Employment Growth in Indonesian Manufacturing
w15934 Willem H. Buiter
Urjit R. Patel

Fiscal Rules in India: Are They Effective?
w15927 Olivier Jeanne
Anton Korinek

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach
w15907 Anton Korinek
Agustín Roitman
Carlos A. Végh

Decoupling and Recoupling
w15900 Sebnem Kalemli-Ozcan
Bent Sørensen
Vadym Volosovych

Deep Financial Integration and Volatility
w15896 Atif R. Mian
Amir Sufi

Household Leverage and the Recession of 2007 to 2009
w15888 Etsuro Shioji
Taisuke Uchino

Pass-Through of Oil Prices to Japanese Domestic Prices
w15876 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
w15868 Yanping Chong
Òscar Jordà
Alan M. Taylor

The Harrod-Balassa-Samuelson Hypothesis: Real Exchange Rates and their Long-Run Equilibrium
w15866 Craig Burnside
Bing Han
David Hirshleifer
Tracy Yue Wang

Investor Overconfidence and the Forward Premium Puzzle
w15836 Jeffrey A. Frankel
The Natural Resource Curse: A Survey
w15842 Pierpaolo Benigno
Ester Faia

Globalization, Pass-Through and Inflation Dynamic
w15830 Menzie D. Chinn
Olivier Coibion

The Predictive Content of Commodity Futures
w15815 Carmen M. Reinhart
This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises
w15809 Yacine Aït-Sahalia
Jochen Andritzky
Andreas Jobst
Sylwia Nowak
Natalia Tamirisa

Market Response to Policy Initiatives during the Global Financial Crisis
w15804 Joshua Aizenman
Yothin Jinjarak
Donghyun Park

International reserves and swap lines: substitutes or complements?
w15795 Carmen M. Reinhart
Kenneth S. Rogoff

From Financial Crash to Debt Crisis
w15791 Ichiro Fukunaga
Naohisa Hirakata
Nao Sudo

The Effects of Oil Price Changes on the Industry-Level Production and Prices in the U.S. and Japan
w15780 Graciela L. Kaminsky
Terms of Trade Shocks and Fiscal Cycles
w15743 Jan J. J. Groen
Paolo A. Pesenti

Commodity prices, commodity currencies, and global economic developments
w15763 Linda S. Goldberg
Craig Kennedy
Jason Miu

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs
w15759 David Laibson
Johanna Mollerstrom

Capital Flows, Consumption Booms and Asset Bubbles: A Behavioural Alternative to the Savings Glut Hypothesis
w15753 Martin Berka
Michael B. Devereux

What Determines European Real Exchange Rates?
w15727 Itay Goldstein
Assaf Razin
Hui Tong

Liquidity, Institutional Quality and the Composition of International Equity Flows
w15726 Takatoshi Ito
Great Inflation and Central Bank Independence in Japan
w15721 Robert W. Fogel
Further Comments on The Impact of the Asian Miracle on the Theory of Economic Growth
w15718 Joseph E. Stiglitz
Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable
w15698 Momtchil Pojarliev
Richard M. Levich

Detecting Crowded Trades in Currency Funds
w15694 Daron Acemoglu
Pierre Yared

Political Limits to Globalization
w15693 Daron Acemoglu
Institutions, Factor Prices and Taxation: Virtues of Strong States?
w15657 S. Boragan Aruoba
Francis X. Diebold

Real-Time Macroeconomic Monitoring: Real Activity, Inflation, and Interactions
w15642 Jean Boivin
Robert Clark
Nicolas Vincent

Virtual Borders: Online Nominal Rigidities and International Market Segmentation
w15639 Carmen M. Reinhart
Kenneth S. Rogoff

Growth in a Time of Debt
w15636 Ricardo J. Caballero
The "Other" Imbalance and the Financial Crisis
w15628 Costas Arkolakis
Arnaud Costinot
Andrés Rodríguez-Clare

New Trade Models, Same Old Gains?
w15624 Paul R. Bergin
Reuven Glick
Jyh-Lin Wu

The Micro-Macro Disconnect of Purchasing Power Parity
w15620 Jeffrey A. Frankel
Daniel Xie

Estimation of De Facto Flexibility Parameter and Basket Weights in Evolving Exchange Rate Regimes
w15604 Natalia Ramondo
Andrés Rodríguez-Clare

Trade, Multinational Production, and the Gains from Openness
w15599 Koralai Kirabaeva
Assaf Razin

Composition of International Capital Flows: A Survey
w15597 Assaf Razin
Efraim Sadka
Benjarong Suwankiri

Migration and the Welfare State: A Dynamic Political-Economy Theory
w15580 Martin Berka
Mario J. Crucini

The Consumption Terms of Trade and Commodity Prices
w15578 Daron Acemoglu
James A. Robinson
Rafael Santos

The Monopoly of Violence: Evidence from Colombia
w15556 Mary Amiti
David E. Weinstein

Exports and Financial Shocks
w15552 Murillo Campello
John Graham
Campbell R. Harvey

The Real Effects of Financial Constraints: Evidence from a Financial Crisis
w15534 Michael D. Bordo
Christopher M. Meissner
David Stuckler

Foreign Currency Debt, Financial Crises and Economic Growth: A Long Run View
w15525 David Backus
Espen Henriksen
Frederic Lambert
Christopher Telmer

Current Account Fact and Fiction
w15524 Miguel Almunia
Agustín S. Bénétrix
Barry Eichengreen
Kevin H. O'Rourke
Gisela Rua

From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons
w15523 Richard Clarida
Josh Davis
Niels Pedersen

Currency Carry Trade Regimes: Beyond the Fama Regression
w15518 Òscar Jordà
Alan M. Taylor

The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself
w15516 Valentina Bosetti
Jeffrey A. Frankel

Global Climate Policy Architecture and Political Feasibility: Specific Formulas and Emission Targets to Attain 460 ppm CO2 Concentrations
w15512 Moritz Schularick
Alan M. Taylor

Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870-2008
w15494 Stephanie Schmitt-Grohé
Martín Uribe

Foreign Demand for Domestic Currency and the Optimal Rate of Inflation
w15479 Ricardo J. Caballero
Alp Simsek

Fire Sales in a Model of Complexity
w15478 Graciela Kaminsky
Amine Mati
Nada Choueiri

Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?
w15470 Linda S. Goldberg
Cédric Tille

Micro, Macro, and Strategic Forces in International Trade Invoicing
w15467 Olivier J. Blanchard
Marianna Riggi

Why are the 2000s so different from the 1970s? A structural interpretation of changes in the macroeconomic effects of oil prices
w15455 Simon Johnson
William Larson
Chris Papageorgiou
Arvind Subramanian

Is Newer Better? Penn World Table Revisions and Their Impact on Growth Estimates
w15452 Eduardo Borensztein
Olivier Jeanne
Damiano Sandri

Macro-Hedging for Commodity Exporters
w15448 Laura Alfaro
Anusha Chari

India Transformed? Insights from the Firm Level 1988-2005
w15432 Enrique G. Mendoza
Vincenzo Quadrini

Financial Globalization, Financial Crises and Contagion
w15428 Diego A. Comin
Norman Loayza
Farooq Pasha
Luis Serven

Medium Term Business Cycles in Developing Countries
w15425 Guillermo A. Calvo
w15419 Jeffrey A. Frankel
Are Bilateral Remittances Countercyclical?
w15418 Jean Imbs
Haroon Mumtaz
Morten O. Ravn
Hélène Rey

One TV, One Price?
w15417 Francesco Giavazzi
Fabio Schiantarelli
Michel Serafinelli

Culture, Policies and Labor Market Outcomes
w15401 Kris James Mitchener
Marc D. Weidenmier

Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
w15308 Joshua Aizenman
Yi Sun

The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?
w15389 Michael D. Bordo
Joseph G. Haubrich

Credit Crises, Money and Contractions: an historical view
w15359 Emi Nakamura
Jón Steinsson

Lost in Transit: Product Replacement Bias and Pricing to Market
w15358 Andrew K. Rose
Mark M. Spiegel

Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure
w15357 Andrew K. Rose
Mark M. Spiegel

Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning
w15356 Stelios Michalopoulos
Luc Laeven
Ross Levine

Financial Innovation and Endogenous Growth
w15353 Sergio Mayordomo
Juan Ignacio Peña
Eduardo S. Schwartz

Towards a Common European Monetary Union Risk Free Rate
w15332 Rik G.P. Frehen
William N. Goetzmann
K. Geert Rouwenhorst

New Evidence on the First Financial Bubble
w15303 Carlo Favero
Francesco Giavazzi

How large are the effects of tax changes?
w15283 Atif R. Mian
Amir Sufi

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
w15275 Asli Demirguc-Kunt
Ross Levine

Finance and Inequality: Theory and Evidence
w15268 Francisco J. Buera
Yongseok Shin

Productivity Growth and Capital Flows: The Dynamics of Reforms
w15255 Emi Nakamura
Dawit Zerom

Accounting for Incomplete Pass-Through
w15244 Horag Choi
Nelson C. Mark

Trending Current Accounts
w15228 Christopher D. Carroll
Olivier Jeanne

A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds
w15225 Craig Burnside
Alexandra Tabova

Risk, Volatility, and the Global Cross-Section of Growth Rates
w15207 Hui Tong
Shang-Jin Wei

The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis
w15204 Anusha Chari
Peter Blair Henry
Diego Sasson

Capital Market Integration and Wages
w15195 Kris James Mitchener
Masato Shizume
Marc D. Weidenmier

Why did Countries Adopt the Gold Standard? Lessons from Japan
w15194 Mark Aguiar
Manuel Amador

Growth in the Shadow of Expropriation
w15193 Cristina Arellano
Yan Bai
Jing Zhang

Firm Dynamics and Financial Development
w15190 Sebastian Edwards
FORTY YEARS OF LATIN AMERICA'S ECONOMIC DEVELOPMENT: From the Alliance for Progress to the Washington Consensus
w15187 Yuriy Gorodnichenko
Serena Ng

Estimation of DSGE Models When the Data are Persistent
w15180 Andrea Beltratti
René M. Stulz

Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
w15173 Laurence M. Ball
Policy Responses to Exchange-Rate Movements
w15171 Sebastian Edwards
Latin America's Decline: A Long Historical View
w15169 Eswar S. Prasad
Rebalancing Growth in Asia
w15158 Nuno Cassola
Ali Hortacsu
Jakub Kastl

The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds
w15155 Daron Acemoglu
Melissa Dell

Productivity Differences Between and Within Countries
w15154 David L. Hummels
Georg Schaur

Hedging Price Volatility Using Fast Transport
w15142 Barry Eichengreen
Douglas A. Irwin

The Slide to Protectionism in the Great Depression: Who Succumbed and Why?
w15141 Galina Hale
Assaf Razin
Hui Tong

The Impact of Credit Protection on Stock Prices in the Presence of Credit Crunches
w15131 Esther Duflo
Michael Kremer
Jonathan Robinson

Nudging Farmers to Use Fertilizer: Theory and Experimental Evidence from Kenya
w15128 Marc Flandreau
Juan H. Flores
Norbert Gaillard
Sebastián Nieto-Parra

The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007
w15120 Michael P. Dooley
Michael M. Hutchison

Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis
w15118 Willem H. Buiter
Negative Nominal Interest Rates: Three ways to overcome the zero lower bound
w15113 James Feyrer
Jay C. Shambaugh

Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks
w15093 Shang-Jin Wei
Xiaobo Zhang

The Competitive Saving Motive: Evidence from Rising Sex Ratios and Savings Rates in China
w15077 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

Decomposing the U.S. External Returns Differential
w15062 Emmanuel Farhi
Samuel Paul Fraiberger
Xavier Gabaix
Romain Ranciere
Adrien Verdelhan

Crash Risk in Currency Markets
w15034 Sebnem Kalemli-Ozcan
Elias Papaioannou
José-Luis Peydró

What Lies Beneath the Euro's Effect on Financial Integration: Currency Risk, Legal Harmonization, or Trade?
w15023 Dhammika Dharmapala
C. Fritz Foley
Kristin J. Forbes

Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act
hosh07-1 Takeo Hoshi and Takatoshi Ito

Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR
w15020 Yuko Hashimoto
Takatoshi Ito

Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture
w15018 Joshua Aizenman
Financial Crisis and the Paradox of Under- and Over-Regulation
w15014 John Y. Campbell
Robert J. Shiller
Luis M. Viceira

Understanding Inflation-Indexed Bond Markets
w15013 Assaf Razin
Edith Sand

Migration-Regime Liberalization and Social Security: Political-Economy Effect
w15008 Philippe Bacchetta
Eric van Wincoop

On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals
w14997 Ricardo J. Caballero
Alp Simsek

Complexity and Financial Panics
w14968 Barry Eichengreen
Poonam Gupta

The Two Waves of Service Sector Growth
w14967 Robert W. Fogel
The Impact of the Asian Miracle on the Theory of Economic Growth
w14961 Juan Carlos Gozzi
Ross Levine
Sergio L. Schmukler

Patterns of International Capital Raisings
w14938 Gita Gopinath
Pierre-Olivier Gourinchas
Chang-Tai Hsieh
Nicholas Li

Estimating the Border Effect: Some New Evidence
w14927 Eyal Dvir
Kenneth S. Rogoff

Three Epochs of Oil
w14925 Douglas W. Diamond
Raghuram G. Rajan

Fear of Fire Sales and the Credit Freeze
w14916 M. Ayhan Kose
Eswar S. Prasad
Ashley D. Taylor

Thresholds in the Process of International Financial Integration
w14909 Philip R. Lane
Jay C. Shambaugh

The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets
w14904 Barry Eichengreen
Ashoka Mody
Milan Nedeljkovic
Lucio Sarno

How the Subprime Crisis Went Global: Evidence from Bank Credit Default Swap Spreads
w14902 Stefan Laséen
Lars E.O. Svensson

Anticipated Alternative Instrument-Rate Paths in Policy Simulations
w14887 Sebnem Kalemli-Ozcan
Elias Papaioannou
José Luis Peydró

Financial Regulation, Financial Globalization and the Synchronization of Economic Activity
w14874 Yuriy Gorodnichenko
Enrique G. Mendoza
Linda L. Tesar

The Finnish Great Depression: From Russia with Love
w14854 Andrew K. Rose
Mark M. Spiegel

The Olympic Effect
w14843 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Financial Openness and Productivity
w14835 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

The Law of One Price Without the Border: The Role of Distance Versus Sticky Prices
w14834 Mario J. Crucini
Hakan Yilmazkuday

A Model of International Cities: Implications for Real Exchange Rates
w14829 Charles Engel
Currency Misalignments and Optimal Monetary Policy: A Reexamination
w14826 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
w14824 Pierpaolo Benigno
New-Keynesian Economics: An AS-AD View
w14821 Joshua Aizenman
Gurnain Kaur Pasricha

Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation
w14816 Maurice Obstfeld
Time of Troubles: The Yen and Japan's Economy, 1985-2008
w14802 Geert Bekaert
Campbell R. Harvey
Christian Lundblad
Stephan Siegel

What Segments Equity Markets?
w14795 Michael B. Devereux
Gregor W. Smith
James Yetman

Consumption and Real Exchange Rates in Professional Forecasts
w14794 Michael B. Devereux
Alan Sutherland

Valuation Effects and the Dynamics of Net External Assets
w14791 Nergiz Dincer
Barry Eichengreen

Central Bank Transparency: Causes, Consequences and Updates
w14786 Anusha Chari
Wenjie Chen
Kathryn M.E. Dominguez

Foreign Ownership and Firm Performance: Emerging-Market Acquisitions in the United States
w14784 Assaf Razin
Efraim Sadka
Benjarong Suwankiri

Migration and the welfare state: Dynamic Political-Economy Theory
w14779 Joshua Aizenman
On the Paradox of Prudential Regulations in the Globalized Economy: International Reserves and the Crisis a Reassessment
w14760 Robert J. Barro
José F. Ursúa

Stock-Market Crashes and Depressions
w14739 Douglas W. Diamond
Raghuram Rajan

The Credit Crisis: Conjectures about Causes and Remedies
w14738 Alon Cohen
Assaf Razin
Efraim Sadka

The Skill Composition of Migration and the Generosity of the Welfare State
w14734 Pierpaolo Benigno
Salvatore Nisticò

International Portfolio Allocation under Model Uncertainty
w14731 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Bretton Woods II Still Defines the International Monetary System
w14720 John F. Helliwell
Christopher P. Barrington-Leigh
Anthony Harris
Haifang Huang

International Evidence on the Social Context of Well-Being
w14701 John Y. Campbell
Adi Sunderam
Luis M. Viceira

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
w14700 Jeffrey A. Frankel
New Estimation of China's Exchange Rate Regime
w14691 Maurice Obstfeld
International Finance and Growth in Developing Countries: What Have We Learned?
w14696 Martin S. Feldstein
Reflections on Americans' Views of the Euro Ex Ante
w14688 Ricardo J. Caballero
Arvind Krishnamurthy

Global Imbalances and Financial Fragility
w14673 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

China's Current Account and Exchange Rate
w14658 Eswar S. Prasad
Some New Perspectives on India's Approach to Capital Account Liberalization
w14656 Carmen M. Reinhart
Kenneth S. Rogoff

The Aftermath of Financial Crises
w14636 Indrit Hoxha
Sebnem Kalemli-Ozcan
Dietrich Vollrath

How Big are the Gains from International Financial Integration?
w14631 John B. Taylor
The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong
w14629 Bernard Dumas
Andrew Lyasoff

Incomplete-Market Equilibria Solved Recursively on an Event Tree
w14612 Markus K. Brunnermeier
Deciphering the Liquidity and Credit Crunch 2007-08
w14606 Eli Berman
Jacob N. Shapiro
Joseph H. Felter

Can Hearts and Minds Be Bought? The Economics of Counterinsurgency in Iraq
w14604 Peter Blair Henry
Conrad Miller

Institutions vs. Policies: A Tale of Two Islands
w14597 Richard M. Levich
Valerio Poti

Predictability and 'Good Deals' in Currency Markets
w14596 Andreas Beyer
Vitor Gaspar
Christina Gerberding
Otmar Issing

Opting Out of the Great Inflation: German Monetary Policy After the Break Down of Bretton Woods
w14587 Carmen M. Reinhart
Kenneth S. Rogoff

Banking Crises: An Equal Opportunity Menace
w14585 Timothy J. Besley
Torsten Persson

The Incidence of Civil War: Theory and Evidence
w14582 Man-Keung Tang
Shang-Jin Wei

The Value of Making Commitments Externally: Evidence from WTO Accessions
w14562 Joshua Aizenman
Reuven Glick

Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance
w14561 Joshua Aizenman
Michael Hutchison
Ilan Noy

Inflation Targeting and Real Exchange Rates in Emerging Markets
w14558 M. Ayhan Kose
Eswar S. Prasad
Marco E. Terrones

Does Openness to International Financial Flows Raise Productivity Growth?
w14551 Andrew Mountford
Harald Uhlig

What are the Effects of Fiscal Policy Shocks?
w14546 Marcos Chamon
Eswar Prasad

Why are Saving Rates of Urban Households in China Rising?
w14542 Jeffrey A. Frankel
The Estimated Effects of the Euro on Trade: Why Are They Below Historical Effects of Monetary Unions Among Smaller Countries?
w14533 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time
w14529 Domenico Giannone
Michele Lenza
Lucrezia Reichlin

Business Cycles in the Euro Area
w14528 Stephen Gilmore
Fumio Hayashi

Emerging Market Currency Excess Returns
w14521 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Financial Crash, Commodity Prices and Global Imbalances
w14519 Ulf Söderström
Re-Evaluating Swedish Membership in EMU: Evidence from an Estimated Model
w14518 Kimie Harada
Takatoshi Ito

Did Mergers Help Japanese Mega-Banks Avoid Failure? Analysis of the Distance to Default of Banks
w14510 Malin Adolfson
Stefan Laséen
Jesper Lindé
Lars E.O. Svensson

Monetary Policy Trade-Offs in an Estimated Open-Economy DSGE Model
w14507 John F. Helliwell
Life Satisfaction and Quality of Development
w14476 Alberto Giovannini
Why the European Securities Market is Not Fully Integrated
w14473 Markus K. Brunnermeier
Stefan Nagel
Lasse H. Pedersen

Carry Trades and Currency Crashes
w14463 Jens H.E. Christensen
Francis X. Diebold
Glenn D. Rudebusch

An Arbitrage-Free Generalized Nelson-Siegel Term Structure Model
w14459 Alon Cohen
Assaf Razin

The Skill Composition of Immigrants and the Generosity of the Welfare State: Free vs. Policy-Controlled Migration
w14453 Joshua Aizenman
Yothin Jinjarak

The US as the "Demander of Last Resort" and its Implications on China's Current Account
w14444 Enrique G. Mendoza
Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q
w14438 Barry Eichengreen
Katharina Steiner

Is Poland at Risk of a Boom-and-Bust Cycle in the Run-Up to Euro Adoption?
w14426 David von Below
Torsten Persson

Uncertainty, Climate Change and the Global Economy
w14420 Menzie D. Chinn
Shang-Jin Wei

A Faith-based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?
w14390 Cédric Tille
Eric van Wincoop

International Capital Flows under Dispersed Information: Theory and Evidence
w14384 Sebastian Edwards
Sequencing of Reforms, Financial Globalization, and Macroeconomic Vulnerability
w14381 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

Accounting for Persistence and Volatility of Good-Level Real Exchange Rates: The Role of Sticky Information
w14380 Mario J. Crucini
M. Ayhan Kose
Christopher Otrok

What Are the Driving Forces of International Business Cycles?
w14379 Alon Binyamini
Assaf Razin

Inflation-Output Tradeoff as Equilibrium Outcome of Globalization
w14372 Michael B. Devereux
Alan Sutherland

Country Portfolios in Open Economy Macro Models
w14292 M. Ayhan Kose
Christopher Otrok
Eswar S. Prasad

Global Business Cycles: Convergence or Decoupling?
w14359 Lawrence H. Summers
Richard J. Zeckhauser

Policymaking for Posterity
w14355 Momtchil Pojarliev
Richard M. Levich

Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers
w14336 Andrew K. Rose
Mark M. Spiegel

International Financial Remoteness and Macroeconomic Volatility
w14321 Carmen M. Reinhart
Vincent R. Reinhart

Capital Flow Bonanzas: An Encompassing View of the Past and Present
w14295 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock

Current Account Sustainability and Relative Reliability
w14269 Francis X. Diebold
Kamil Yilmaz

Macroeconomic Volatility and Stock Market Volatility, Worldwide
w14264 Antoni Estevadeordal
Alan M. Taylor

Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s-2000s
w14249 Graciela L. Kaminsky
Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets
w14245 Craig Doidge
G. Andrew Karolyi
René M. Stulz

Why Do Foreign Firms Leave U.S. Equity Markets?
w14244 Matthew Canzoneri
Robert E. Cumby
Behzad Diba
David Lopez-Salido

Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework
w14242 Matthew Canzoneri
Robert E. Cumby
Behzad Diba
David Lopez-Salido

The Macroeconomic Implications of a Key Currency
w14217 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Financial Stability, the Trilemma, and International Reserves
w14205 Hui Tong
Shang-Jin Wei

Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?
w14204 Willem H. Buiter
Housing Wealth Isn't Wealth
w14200 Gita Gopinath
Oleg Itskhoki

Frequency of Price Adjustment and Pass-through
reic08-1 Lucrezia Reichlin and Kenneth West

NBER International Seminar on Macroeconomics 2006
w14191 Ethan Ilzetzki
Carlos A. Vegh

Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?
w14175 Menzie D. Chinn
Michael J. Moore

Private Information and a Macro Model of Exchange Rates: Evidence from a Novel Data Set
w14172 Harald Hau
Helene Rey

Home Bias at the Fund Level
w14168 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

Pitfalls in Measuring Exchange Rate Misalignment: The Yuan and Other Currencies
w14165 Harald Hau
Hélène Rey

Global Portfolio Rebalancing Under the Microscope
w14160 Yuko Hashimoto
Takatoshi Ito
Takaaki Ohnishi
Misako Takayasu
Hideki Takayasu
Tsutomu Watanabe

Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability
w14154 Barry Eichengreen
Marc Flandreau

The Rise and Fall of the Dollar, or When Did the Dollar Replace Sterling as the Leading International Currency?
w14126 Paul R. Bergin
Ching-Yi Lin

Exchange Rate Regimes and the Extensive Margin of Trade
w14121 Robert E. Lipsey
Measuring the Location of Production in a World of Intangible Productive Assets, FDI, and Intrafirm Trade
w14071 Kenneth S. Rogoff
Vania Stavrakeva

The Continuing Puzzle of Short Horizon Exchange Rate Forecasting
w14113 Luc Laeven
Ross Levine

Bank Governance, Regulation, and Risk Taking
w14101 Nicola Cetorelli
Linda S. Goldberg

Banking Globalization, Monetary Transmission, and the Lending Channel
w14100 Barry Eichengreen
Exchange Rate Regimes and Capital Mobility: How Much of the Swoboda Thesis Survives?
w14092 Malin Adolfson
Stefan Laséen
Jesper Lindé
Lars E.O. Svensson

Optimal Monetary Policy in an Operational Medium-Sized DSGE Model
w14088 Pierre-Richard Agenor
Joshua Aizenman

Capital Market Imperfections and the Theory of Optimum Currency Areas
w14082 Hanno Lustig
Nikolai Roussanov
Adrien Verdelhan

Common Risk Factors in Currency Markets
w14077 Gregory Clark
Kevin H. O'Rourke
Alan M. Taylor

Made in America? The New World, the Old, and the Industrial Revolution
w14054 A. Craig Burnside
Martin S. Eichenbaum
Isaac Kleshchelski
Sergio Rebelo

Do Peso Problems Explain the Returns to the Carry Trade?
w14051 Eswar S. Prasad
Raghuram Rajan

A Pragmatic Approach to Capital Account Liberalization
w14049 Enrique G. Mendoza
Marco E. Terrones

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data
w14034 Sebastian Edwards
Globalization, Growth and Crises: The View from Latin America
w14026 Guillermo A. Calvo
Alejandro Izquierdo
Luis-Fernando Mejía

Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration
w14017 Christian Broda
David E. Weinstein

Understanding International Price Differences Using Barcode Data
w14016 Jeffrey A. Frankel
Shang-Jin Wei

Estimation of De Facto Exchange Rate Regimes: Synthesis of the Techniques for Inferring Flexibility and Basket Weights
w13988 Andrew K. Rose
Mark M. Spiegel

Non-Economic Engagement and International Exchange: The Case of Environmental Treaties
w13986 Pierpaolo Benigno
Luca Antonio Ricci

The Inflation-Unemployment Trade-Off at Low Inflation
w13984 Jiandong Ju
Shang-Jin Wei

When Is Quality of Financial System a Source of Comparative Advantage?
w13983 Ellen R. McGrattan
Edward C. Prescott

Technology Capital and the U.S. Current Account
w13978 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Will Subprime be a Twin Crisis for the United States?
w13889 Frederic S. Mishkin
Exchange Rate Pass-Through And Monetary Policy
w13965 Emi Nakamura
Pass-Through in Retail and Wholesale
w13952 Martin S. Feldstein
Resolving the Global Imbalance: The Dollar and the U.S. Saving Rate
w13948 Frederic S. Mishkin
Globalization, Macroeconomic Performance, and Monetary Policy
w13946 Carmen M. Reinhart
Kenneth S. Rogoff

The Forgotten History of Domestic Debt
w13943 John B. Taylor
John C. Williams

A Black Swan in the Money Market
w13925 Viktoria Hnatkovska
Amartya Lahiri
Carlos A. Vegh

Interest Rates and the Exchange Rate: A Non-Monotonic Tale
w13921 Joshua Aizenman
Yothin Jinjarak

Current Account Patterns and National Real Estate Markets
w13918 Niall Ferguson
Moritz Schularick

The "Thin Film Of Gold": Monetary Rules and Policy Credibility In Developing Countries
w13913 Wolfgang Keller
Carol H. Shiue

Institutions, Technology, and Trade
w13911 Francesco Giavazzi
Michael McMahon

Policy Uncertainty and Precautionary Savings
w13910 Jón Steinsson
The Dynamic Behavior of the Real Exchange Rate in Sticky Price Models
w13909 Menzie D. Chinn
Jeffrey A. Frankel

The Euro May Over the Next 15 Years Surpass the Dollar as Leading International Currency
w13908 Kristin J. Forbes
Why do Foreigners Invest in the United States?
w13906 Andrea Ferrero
Mark Gertler
Lars E.O. Svensson

Current Account Dynamics and Monetary Policy
w13904 Stijn Van Nieuwerburgh
Laura Veldkamp

Information Acquisition and Under-Diversification
w13902 Joshua Aizenman
Reuven Glick

Sterilization, Monetary Policy, and Global Financial Integration
w13901 Yu-Chin Chen
Kenneth Rogoff
Barbara Rossi

Can Exchange Rates Forecast Commodity Prices?
w13896 Hanno Lustig
Stijn Van Nieuwerburgh
Adrien Verdelhan

The Wealth-Consumption Ratio
w13882 Carmen M. Reinhart
Kenneth S. Rogoff

This Time is Different: A Panoramic View of Eight Centuries of Financial Crises
w13880 Peter Blair Henry
Diego Sasson

Capital Account Liberalization, Real Wages, and Productivity
w13876 Christopher D. Carroll
Jiri Slacalek
Martin Sommer

International Evidence on Sticky Consumption Growth
w13861 Enrique G. Mendoza
Vivian Z. Yue

A Solution to the Disconnect between Country Risk and Business Cycle Theories
w13846 Robert Dekle
Jonathan Eaton
Samuel Kortum

Global Rebalancing with Gravity: Measuring the Burden of Adjustment
w13842 Carmen M. Reinhart
Vincent R. Reinhart

Capital Inflows and Reserve Accumulation: The Recent Evidence
w13831 Barry Eichengreen
Douglas A. Irwin

International Economic Policy: Was There a Bush Doctrine?
w13820 Linda S. Goldberg
Cédric Tille

Macroeconomic Interdependence and the International Role of the Dollar
w13815 Michael D. Bordo
Harold James

A Long Term Perspective on the Euro
w13814 Charles Engel
Jian Wang

International Trade in Durable Goods: Understanding Volatility, Cyclicality, and Elasticities
w13812 Hanno Lustig
Adrien Verdelhan

The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk: A Reply
w13811 Francis X. Diebold
Kamil Yilmaz

Measuring Financial Asset Return and Volatility Spillovers, With Application to Global Equity Markets
w13805 Emmanuel Farhi
Xavier Gabaix

Rare Disasters and Exchange Rates
w13795 Giancarlo Corsetti
Philippe Martin
Paolo Pesenti

Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment
w13794 Cristina Arellano
Narayana R. Kocherlakota

Internal Debt Crises and Sovereign Defaults
w13792 Selim Elekdag
Rene Lalonde
Douglas Laxton
Dirk Muir
Paolo Pesenti

Oil Price Movements and the Global Economy: A Model-Based Assessment
w13790 George Alessandria
Joseph Kaboski
Virgiliu Midrigan

Inventories, Lumpy Trade, and Large Devaluations
w13782 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Evidence of Differences in the Effectiveness of Safety-Net Management in European Union Countries
w13779 Ricardo J. Caballero
Pierre Yared

Inflating the Beast: Political Incentives Under Uncertainty
w13768 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

Cross-Border Returns Differentials
w13723 Itay Goldstein
Assaf Razin
Hui Tong

Liquidity, Institutional Quality and the Composition of International Equity Outflows
w13761 Carmen M. Reinhart
Kenneth S. Rogoff

Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison
w13740 Barry Eichengreen
Sui Generis EMU
w13736 Jean Boivin
Marc Giannoni

Global Forces and Monetary Policy Effectiveness
w13734 Joshua Aizenman
Yi Sun

Globalization and the Sustainability of Large Current Account Imbalances: Size Matters
w13731 Ariel Burstein
Christopher Kurz
Linda Tesar

Trade, Production Sharing, and the International Transmission of Business Cycles
w13721 Woochan Kim
Taeyoon Sung
Shang-Jin Wei

How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?
w13714 Momtchil Pojarliev
Richard M. Levich

Do Professional Currency Managers Beat the Benchmark?
w13677 Ramon Marimon
Javier Díaz-Giménez
Giorgia Giovannetti
Pedro Teles

Nominal Debt as a Burden on Monetary Policy
w13658 Francis A. Longstaff
Jun Pan
Lasse H. Pedersen
Kenneth J. Singleton

How Sovereign is Sovereign Credit Risk?
w13624 David Backus
Espen Henriksen
Kjetil Storesletten

Taxes and the Global Allocation of Capital
w13620 Paul R. Bergin
Robert C. Feenstra

Pass-through of Exchange Rates and Competition Between Floaters and Fixers
w13619 Eswar S. Prasad
Raghuram G. Rajan
Arvind Subramanian

Foreign Capital and Economic Growth
w13613 Christopher J. Erceg
Christopher Gust
David López-Salido

The Transmission of Domestic Shocks in the Open Economy
w13612 Fabrice Collard
Harris Dellas
Behzad Diba
Alan Stockman

Goods Trade and International Equity Portfolios
w13611 Jens H. E. Christensen
Francis X. Diebold
Glenn D. Rudebusch

The Affine Arbitrage-Free Class of: Nelson-Siegel Term Structure Models
w13607 Dale F. Gray
Robert C. Merton
Zvi Bodie

New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability
w13659 Katheryn Niles Russ
Exchange Rate Volatility and First-Time Entry by Multinational Firms
w13605 Michael D. Bordo
Ali Dib
Lawrence Schembri

Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s:(Hard) Lessons Learned for Monetary Policy in a Small Open Economy
w13602 Pierre-Olivier Gourinchas
Olivier Jeanne

Capital Flows to Developing Countries: The Allocation Puzzle
w13598 Edith Sand
Assaf Razin

The Political-Economy Positive Role of the Social Security System in Sustaining Immigration (But Not Vice Versa)
w13588 Francis X. Diebold
Canlin Li
Vivian Z. Yue

Global Yield Curve Dynamics and Interactions: A Dynamic Nelson-Siegel Approach
w13586 Li Wang
John Whalley

The Impacts of Renminbi Appreciation on Trades Flows and Reserve Accumulation in a Monetary Trade Model
w13577 Michael D. Bordo
Christopher M. Meissner

Foreign Capital and Economic Growth in the First Era of Globalization
w13571 Horag Choi
Nelson C. Mark
Donggyu Sul

Endogenous Discounting, the World Saving Glut and the U.S. Current Account
w13566 Frederic S. Mishkin
Will Monetary Policy Become More of a Science?
w13559 Fernando A. Broner
Alberto Martin
Jaume Ventura

Enforcement Problems and Secondary Markets
w13544 Giancarlo Corsetti
Luca Dedola
Sylvain Leduc

Optimal Monetary Policy and the Sources of Local-Currency Price Stability
w13517 Benjamin Malin
Dirk Krueger
Felix Kubler

Computing Stochastic Dynamic Economic Models with a Large Number of State Variables: A Description and Application of a Smolyak-Collocation Method
w13515 Ellen McGrattan
Edward C. Prescott

Openness, Technology Capital, and Development
w13489 Michael D. Bordo
Alberto F. Cavallo
Christopher M. Meissner

Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880-1913
w13483 Jonathan Heathcote
Fabrizio Perri

The International Diversification Puzzle Is Not As Bad As You Think
w13468 Anna Pavlova
Roberto Rigobon

An Asset-Pricing View of External Adjustment
w13467 Julian di Giovanni
Jay C. Shambaugh

The Impact of Foreign Interest Rates on the Economy: The Role of the Exchange Rate Regime
w13444 Nir Jaimovich
Sergio Rebelo

News and Business Cycles in Open Economies
w13440 Mehmet Fatih Ekinci
Sebnem Kalemli-Ozcan
Bent Sorensen

Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust
w13433 Philip Lane
Jay C. Shambaugh

Financial Exchange Rates and International Currency Exposures
w13432 Gita Gopinath
Oleg Itskhoki
Roberto Rigobon

Currency Choice and Exchange Rate Pass-through
w13424 Nicolas Coeurdacier
Robert Kollmann
Philippe Martin

International Portfolios with Supply, Demand and Redistributive Shocks
w13412 Enrique G. Mendoza
Vincenzo Quadrini
José-Victor Ríos-Rull

On the Welfare Implications of Financial Globalization without Financial Development
w13403 Kris James Mitchener
Marc D. Weidenmier

The Baring Crisis and the Great Latin American Meltdown of the 1890s
w13398 Andrew Atkeson
V. V. Chari
Patrick J. Kehoe

On the Optimal Choice of a Monetary Policy Instrument
w13397 Jon Faust
Jonathan H. Wright

Comparing Greenbook and Reduced Form Forecasts using a Large Realtime Dataset
w13393 Barry Eichengreen
The Breakup of the Euro Area
w13388 Jiandong Ju
Shang-Jin Wei

Current Account Adjustment: Some New Theory and Evidence
w13385 Nicholas Bloom
The Impact of Uncertainty Shocks
w13366 Stijn Van Nieuwerburgh
Laura Veldkamp

Information Immobility and the Home Bias Puzzle
w13364 Hiro Ito
Menzie Chinn

East Asia and Global Imbalances: Saving, Investment, and Financial Development
w13361 Ralph S.J. Koijen
Otto Van Hemert
Stijn Van Nieuwerburgh

Mortgage Timing
w13357 A. Craig Burnside
Empirical Asset Pricing and Statistical Power in the Presence of Weak Risk Factors
w13353 Mark Aguiar
Manuel Amador
Gita Gopinath

Investment Cycles and Sovereign Debt Overhang
w13329 Michael Woodford
Globalization and Monetary Control
w13328 Morten O. Ravn
Stephanie Schmitt-Grohé
Martín Uribe

Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate
w13318 Charles Engel
Nelson C. Mark
Kenneth D. West

Exchange Rate Models Are Not as Bad as You Think
w13315 Simon Gilchrist
Jae W. Sim

Investment during the Korean Financial Crisis: A Structural Econometric Analysis
w13313 Barry Bosworth
Susan M. Collins
Gabriel Chodorow-Reich

Returns on FDI: Does the U.S. Really Do Better?
w13281 Mihir A. Desai
Dhammika Dharmapala

Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends
w13280 Assaf Razin
Alon Binyamini

Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy: Outcome of Globalization?
w13278 Craig Burnside
Martin S. Eichenbaum
Sergio Rebelo

Understanding the Forward Premium Puzzle: A Microstructure Approach
w13263 Andrew K. Rose
Saktiandi Supaat

Fertility and the Real Exchange Rate
w13251 Rui Albuquerque
Neng Wang

Agency Conflicts, Investment, and Asset Pricing
w13244 Domenico Delli Gatti
Mauro Gallegati
Bruce C. Greenwald
Joseph E. Stiglitz

Net Worth, Exchange Rates, and Monetary Policy: The Effects of a Devaluation in a Financially Fragile Environment
w13241 Pol Antràs
Ricardo J. Caballero

Trade and Capital Flows: A Financial Frictions Perspective
w13239 Robert E. Lipsey
Birgitta Swedenborg

Explaining Product Price Differences Across Countries
w13216 Laura Alfaro
Fabio Kanczuk

Optimal Reserve Management and Sovereign Debt
w13209 Kiminori Matsuyama
Aggregate Implications of Credit Market Imperfections
w13205 Philippe Bacchetta
Eric van Wincoop

Random Walk Expectations and the Forward Discount Puzzle
w13197 Michael P. Dooley
Peter M. Garber
David Folkerts-Landau

The Two Crises of International Economics
w13196 Ravi Bansal
Long-Run Risks and Financial Markets
w13194 Ana Fostel
Graciela Laura Kaminsky

Latin America's Access to International Capital Markets: Good Behavior or Global Liquidity?
w13185 Alexander Ludwig
Dirk Krueger
Axel H. Boersch-Supan

Demographic Change, Relative Factor Prices, International Capital Flows, and Their Differential Effects on the Welfare of Generations
w13183 Pinelopi K. Goldberg
Rebecca Hellerstein

A Structural Approach to Identifying the Sources of Local-Currency Price Stability
w13177 Guillermo A. Calvo
Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case
w13173 Pierpaolo Benigno
Portfolio Choices with Near Rational Agents: A Solution of Some International-Finance Puzzles
w13157 Francois Gourio
Anil K. Kashyap

Investment Spikes: New Facts and a General Equilibrium Exploration
w13154 Amartya Lahiri
Rajesh Singh
Carlos A. Vegh

Segmented Asset Markets and Optimal Exchange Rate Regimes
w13151 Martin D. D. Evans
Richard K. Lyons

Exchange Rate Fundamentals and Order Flow
w13150 Torsten Persson
Guido Tabellini

The Growth Effect of Democracy: Is It Heterogenous and How Can It Be Estimated?
w13148 Jiandong Ju
Shang-Jin Wei

Domestic Institutions and the Bypass Effect of Financial Globalization
w13143 Roberto Perotti
In Search of the Transmission Mechanism of Fiscal Policy
w13132 Mihir A. Desai
Dhammika Dharmapala

Taxes, Institutions and Foreign Diversification Opportunities
w13131 Laura Alfaro
Fabio Kanczuk

Nominal versus Indexed Debt: A Quantitative Horse Race
w13129 Craig Burnside
The Forward Premium is Still a Puzzle
w13123 Ceyhun Bora Durdu
Enrique G. Mendoza
Marco E. Terrones

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism
w13120 Simon Johnson
Jonathan D. Ostry
Arvind Subramanian

The Prospects for Sustained Growth in Africa: Benchmarking the Constraints
w13119 Laura Alfaro
Fabio Kanczuk

Debt Maturity: Is Long-Term Debt Optimal?
w13118 Laura Alfaro
Andrew Charlton

International Financial Integration and Entrepreneurial Firm Activity
w13114 Martin Feldstein
Why is the Dollar So High?
w13103 David Dollar
Shang-Jin Wei

Das (Wasted) Kapital: Firm Ownership and Investment Efficiency in China
w13100 Jeffrey A. Frankel
Shang-Jin Wei

Assessing China's Exchange Rate Regime
w13094 Assaf Razin
Efraim Sadka

Productivity and Taxes as Drivers of FDI
w13089 Galina Hale
Assaf Razin
Hui Tong

Credit Constraints and Stock Price Volatility
w13088 John Y. Campbell
Karine Serfaty-de Medeiros
Luis M. Viceira

Global Currency Hedging
w13084 Joshua Aizenman
Mark Spiegel

w13081 Veronica Cacdac Warnock
Francis E. Warnock

Markets and Housing Finance
w13077 Ricardo J. Caballero
Guido Lorenzoni

Persistent Appreciations and Overshooting: A Normative Analysis
w13076 Fernando A. Broner
Guido Lorenzoni
Sergio L. Schmukler

Why Do Emerging Economies Borrow Short Term?
w13074 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

The Stability of Large External Imbalances: The Role of Returns Differentials
w13073 Ariel Burstein
Alexander Monge-Naranjo

Foreign Know-How, Firm Control, and the Income of Developing Countries
w13057 Kevin H. O'Rourke
Ahmed S. Rahman
Alan M. Taylor

Trade, Knowledge, and the Industrial Revolution
w13055 Joan R. Rosés
Kevin H. O'Rourke
Jeffrey G. Williamson

Globalization, Growth and Distribution in Spain 1500-1913
w13050 Jeffrey Frankel
On the Rand: Determinants of the South African Exchange Rate
w13035 Robert Dekle
Jonathan Eaton
Samuel Kortum

Unbalanced Trade
w13028 Timothy Besley
Torsten Persson

The Origins of State Capacity: Property Rights, Taxation, and Politics
w13020 Shang-Jin Wei
Zhiwei Zhang

Collateral Damage: Exchange Controls and International Trade
w13019 Sebastian Edwards
Crises and Growth: A Latin American Perspective
w13010 Richard Clarida
Daniel Waldman

Is Bad News About Inflation Good News for the Exchange Rate?
w13004 Shin-ichi Fukuda
Yoshifumi Kon

Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia
w13003 N. Nergiz Dincer
Barry Eichengreen

Central Bank Transparency: Where, Why, and with What Effects?
w12993 Michael D. Bordo
Growing Up to Financial Stability
w12990 Kristian R. Miltersen
Eduardo S. Schwartz

Real Options With Uncertain Maturity and Competition
w12983 Gary Richardson
Patrick Van Horn

Fetters of Debt, Deposit, or Gold during the Great Depression? The International Propagation of the Banking Crisis of 1931
w12961 Morten Ravn
Stephanie Schmitt-Grohe
Martin Uribe

Incomplete Cost Pass-Through Under Deep Habits
w12953 Kathryn M.E. Dominguez
Freyan Panthaki

The Influence of Actual and Unrequited Interventions
w12947 Enrique G. Mendoza
Jonathan D. Ostry

International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?
w12945 Ricardo J. Caballero
Eduardo M.R.A. Engel

Price Stickiness in Ss Models: New Interpretations of Old Results
w12943 Barry Bosworth
Susan M. Collins

Accounting for Growth: Comparing China and India
w12937 Fabio Ghironi
Jaewoo Lee
Alessandro Rebucci

The Valuation Channel of External Adjustment
w12925 Olivier Blanchard
Current Account Deficits in Rich Countries
w12919 Willem H. Buiter
w12916 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

The Returns to Currency Speculation in Emerging Markets
w12909 Enrique G. Mendoza
Vincenzo Quadrini
Jose-Victor Rios-Rull

Financial Integration, Financial Deepness and Global Imbalances
w12904 Sebastian Edwards
On Current Account Surpluses and the Correction of Global Imbalances
w12901 Barry Bosworth
Susan M. Collins
Arvind Virmani

Sources of Growth in the Indian Economy
w12896 Ricardo J. Caballero
Arvind Krishnamurthy

Collective Risk Management in a Flight to Quality Episode
w12861 Andrew Atkeson
Ariel Burstein

Pricing-to-Market in a Ricardian Model of International Trade
w12856 Eric Van Wincoop
Cedric Tille

International Capital Flows
w12855 Pol Antràs
Mihir A. Desai
C. Fritz Foley

Multinational Firms, FDI Flows and Imperfect Capital Markets
w12852 Sebastian Edwards
Capital Controls, Capital Flow Contractions, and Macroeconomic Vulnerability
w12850 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

The Overvaluation of Renminbi Undervaluation
w12839 Willem H. Buiter
Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate
w12822 Carlo Favero
Francesco Giavazzi

Debt and the Effects of Fiscal Policy
w12806 Romain Ranciere
Aaron Tornell
Frank Westermann

Decomposing the Effects of Financial Liberalization: Crises vs. Growth
w12802 Dhammika Dharmapala
James R. Hines Jr.

Which Countries Become Tax Havens?
w12800 Edith Sand
Assaf Razin

Immigration and the Survival of Social Security: A Political Economy Model
w12794 Dean Yang
Coping with Disaster: The Impact of Hurricanes on International Financial Flows, 1970-2002
w12793 Sergio Rebelo
Carlos A. Vegh

When Is It Optimal to Abandon a Fixed Exchange Rate?
w12788 Guillermo A. Calvo
Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort
w12783 Fernando Broner
Alberto Martin
Jaume Ventura

Sovereign Risk and Secondary Markets
w12755 Chong-En Bai
Chang-Tai Hsieh
Yingyi Qian

The Return to Capital in China
w12753 Ricardo J. Caballero
On the Macroeconomics of Asset Shortages
w12734 Joshua Aizenman
International Reserves Management and the Current Account
w12731 Morten Ravn
Stephanie Schmitt-Grohe
Martin Uribe

Pricing to Habits and the Law of One Price
w12729 Michael W. Klein
Jay C. Shambaugh

The Nature of Exchange Rate Regimes
w12728 Eric van Wincoop
Francis E. Warnock

Is Home Bias in Assets Related to Home Bias in Goods?
w12726 Alexander D. Rothenberg
Francis E. Warnock

Sudden Flight and True Sudden Stops
w12718 Joshua Aizenman
Jaewoo Lee

Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding
hosh05-1 Takeo Hoshi
Andrew Rose
Shin-ichi Fukuda and Takatoshi Ito

International Finance (NBER-TCER-CEPR-University of Tokyo)
w12711 Andrew K. Rose
A Stable International Monetary System Emerges: Inflation Targeting is Bretton Woods, Reversed
w12708 Alessandra Fogli
Fabrizio Perri

The "Great Moderation" and the US External Imbalance
w12704 Hamid Faruqee
Douglas Laxton
Dirk Muir
Paolo Pesenti

Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis
w12703 Douglas Laxton
Papa N'Diaye
Paolo Pesenti

Deflationary Shocks and Monetary Rules: an Open-Economy Scenario Analysis
w12699 Maurice Obstfeld
Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate
w12698 Peter Blair Henry
Capital Account Liberalization: Theory, Evidence, and Speculation
w12697 Karen K. Lewis
Is the International Diversification Potential Diminishing? Foreign Equity Inside and Outside the US
w12684 Amartya Lahiri
Rajesh Singh
Carlos A. Vegh

Optimal exchange rate regimes: Turning Mundell-Fleming's dictum on its head
w12682 Takatoshi Ito
Yuko Hashimoto

Price Impacts of Deals and Predictability of the Exchange Rate Movements
w12675 Luc Laeven
Ross Levine

Complex Ownership Structures and Corporate Valuations
w12673 Richard E. Baldwin
Virginia Di Nino

Euros and Zeros: The Common Currency Effect on Trade in New Goods
w12668 Jiandong Ju
Shang-Jin Wei

A Solution to Two Paradoxes of International Capital Flows
w12667 Shang-Jin Wei
Zhiwei Zhang

Do External Interventions Work? The Case of Trade Reform Conditions in IMF Supported Programs
w12662 Michael D. Bordo
Owen Humpage
Anna J. Schwartz

The Historical Origins of U.S. Exchange Market Intervention Policy
w12654 Chryssi Giannitsarou
Andrew Scott

Inflation Implications of Rising Government Debt
w12644 Charles Calomiris
Devaluation with Contract Redenomination in Argentina
w12637 Dale F. Gray
Robert C. Merton
Zvi Bodie

A New Framework for Analyzing and Managing Macrofinancial Risks of an Economy
w12629 Javier García-Cicco
Roberto Pancrazi
Martín Uribe

Real Business Cycles in Emerging Countries?
w12620 Sebastian Edwards
External Imbalances in an Advanced, Commodity-Exporting Country: The Case of New Zealand
w12616 Allan Drazen
Stefan Hubrich

A Simple Test of the Effect of Interest Rate Defense
w12614 Christian Hellwig
Guido Lorenzoni

Bubbles and Self-Enforcing Debt
w12612 Atif Mian
Asim Ijaz Khwaja

Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market
w12589 Hali J. Edison
Francis E. Warnock

Cross-border Listings, Capital Controls, and Equity Flows To Emerging Markets
w12587 Marco Cipriani
Graciela L. Kaminsky

Volatility in International Financial Market Issuance: The Role of the Financial Center
w12586 Enrique G. Mendoza
P. Marcelo Oviedo

Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer
w12580 Christopher M. Meissner
Alan M. Taylor

Losing our Marbles in the New Century? The Great Rebalancing in Historical Perspective
w12575 Patrick J. Kehoe
How to Advance Theory with Structural VARs: Use the Sims-Cogley-Nason Approach
w12564 Enrique G. Mendoza
Endogenous Sudden Stops in a Business Cycle Model with Collateral Constraints:A Fisherian Deflation of Tobin's Q
w12560 Francis E. Warnock
Veronica Cacdac Warnock

International Capital Flows and U.S. Interest Rates
w12552 John D. Burger
Francis E. Warnock

Local Currency Bond Markets
w12551 Jianhuai Shi
Are Currency Appreciations Contractionary in China?
w12548 John D. Burger
Francis E. Warnock

Foreign Participation in Local Currency Bond Markets
w12547 Jose Manuel Campa
Linda S. Goldberg

Pass Through of Exchange Rates to Consumption Prices: What has Changed and Why?
w12545 Richard Baldwin
Multilateralising Regionalism: Spaghetti Bowls as Building Blocs on the Path to Global Free Trade
w12543 Alan M. Taylor
Janine L. F. Wilson

International Trade and Finance under the Two Hegemons: Complementaries in the United Kingdom 1870-1913 and the United States 1920-30
w12522 Laura Alfaro
Areendam Chanda
Sebnem Kalemli-Ozcan
Selin Sayek

How Does Foreign Direct Investment Promote Economic Growth? Exploring the Effects of Financial Markets on Linkages
w12505 Flavio Cunha
James J. Heckman

A New Framework for the Analysis of Inequality
w12516 Richard Baldwin
Daria Taglioni

Gravity for Dummies and Dummies for Gravity Equations
w12500 John Ammer
Sara B. Holland
David C. Smith
Francis E. Warnock

Look at Me Now: What Attracts U.S. Shareholders?
w12496 Jeffrey Frankel
Jumana Poonawala

The Forward Market in Emerging Currencies: Less Biased Than in Major Currencies
w12495 Linda S. Goldberg
Cédric Tille

The International Role of the Dollar and Trade Balance Adjustment
w12491 Michael Bordo
Thomas Helbling
Harold James

Swiss Exchange Rate Policy in the 1930s. Was the Delay in Devaluation Too High a Price to Pay for Conservatism?
w12489 Craig Burnside
Martin Eichenbaum
Isaac Kleshchelski
Sergio Rebelo

The Returns to Currency Speculation
w12484 M. Ayhan Kose
Eswar Prasad
Kenneth S. Rogoff
Shang-Jin Wei

Financial Globalization: A Reappraisal
w12483 Giancarlo Corsetti
Luca Dedola
Sylvain Leduc

Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism Among G7 Countries
w12482 Jaume Ventura
Fernando A. Broner

Globalization and Risk Sharing
w12481 Menzie D. Chinn
Ron Alquist

Conventional and Unconventional Approaches to Exchange Rate Modeling and Assessment
w12473 Amir Amadi
Paul Bergin

Understanding International Portfolio Diversification and Turnover Rates
w12451 Barry Eichengreen
Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America?
w12450 Barry Eichengreen
Democracy and Globalization
w12448 Roberto Chang
Electoral Uncertainty and the Volatility of International Capital Flows
w12434 Rajnish Mehra
The Equity Premium in India
w12433 Rajnish Mehra
Recursive Competitive Equilibrium
w12432 Shin-ichi Fukuda
Masanori Ono

On the Determinants of Exporters' Currency Pricing: History vs. Expectations
w12426 Stanley Fischer
Reflections on One Year at the Bank of Israel
w12420 Roberto Rigobon
Brian Sack

Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices
w12414 Timothy J. Hatton
Jeffrey G. Williamson

What Determines Immigration's Impact? Comparing Two Global Centuries
w12413 Takatoshi Ito
Yuko Hashimoto

Intra-Day Seasonality in Activities of the Foreign Exchange Markets: Evidence From the Electronic Broking System
w12408 Barry Eichengreen
Pipat Luengnaruemitchai

Bond Markets as Conduits for Capital Flows: How Does Asia Compare?
w12407 Joshua Aizenman
Jorge Fernández-Ruiz

Signaling Credibility --- Choosing Optimal Debt and International Reserves
w12395 Takatoshi Ito
Kiyotaka Sato

Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through
w12393 Michael D. Bordo
Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Déjà vu?
w12382 Menzie D. Chinn
Robert W. Fairlie

ICT Use in the Developing World: An Analysis of Differences in Computer and Internet Penetration
w12376 Alessandro Beber
Michael W. Brandt
Kenneth A. Kavajecz

Flight-to-Quality or Flight-to-Liquidity? Evidence From the Euro-Area Bond Market
w12363 Joshua Aizenman
Daniel Riera-Crichton

Real Exchange Rate and International Reserves in the Era of Growing Financial and Trade Integration
w12357 Takero Doi
Toshihiro Ihori
Kiyoshi Mitsui

Sustainability, Debt Management, and Public Debt Policy in Japan
w12346 Charles P. Thomas
Francis E. Warnock
Jon Wongswan

The Performance of International Equity Portfolios
w12340 Marco Arena
Carmen Reinhart
Francisco Vázquez

The Lending Channel in Emerging Economics: Are Foreign Banks Different?
w12333 Elias Papaioannou
Richard Portes
Gregorios Siourounis

Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar
w12325 Dean Yang
International Migration, Remittances, and Household Investment: Evidence from Philippine Migrants' Exchange Rate Shocks
w12299 Michael D. Bordo
Christopher M. Meissner
Marc D. Weidenmier

Currency Mismatches, Default Risk, and Exchange Rate Depreciation: Evidence from the End of Bimetallism
w12283 Bernardo S. de M. Carvalho
Márcio G.P. Garcia

Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties
w12260 Martín Uribe
Individual Versus Aggregate Collateral Constraints and the Overborrowing Syndrome
w12235 Barry Eichengreen
Poonam Gupta
Ashoka Mody

Sudden Stops and IMF-Supported Programs
w12229 Sebastian Edwards
Monetary Unions, External Shocks and Economic Performance: A Latin American Perspective
w12222 Christian Leuz
Karl V. Lins
Francis E. Warnock

Do Foreigners Invest Less in Poorly Governed Firms?
w12220 Fang Cai
Francis E. Warnock

International Diversification at Home and Abroad
w12219 Pierpaolo Benigno
Are Valuation Effects Desirable from a Global Perspective?
w12215 Michael B. Devereux
Charles Engel

Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy
w12214 Charles Engel
Akito Matsumoto

Portfolio Choice in a Monetary Open-Economy DSGE Model
w12213 Michael B. Devereux
Charles Engel

Expectations and Exchange Rate Policy
w12194 Richard H. Clarida
G7 Current Account Imbalances: Sustainability and Adjustment
w12193 Richard H. Clarida
Manuela Goretti
Mark P. Taylor

Are There Thresholds of Current Account Adjustment in the G7?
w12187 Serkan Arslanalp
Peter Blair Henry

Debt Relief
w12186 Anusha Chari
Peter Blair Henry

Firm-Specific Information and the Efficiency of Investment
w12117 Philippe Aghion
Philippe Bacchetta
Romain Ranciere
Kenneth Rogoff

Exchange Rate Volatility and Productivity Growth: The Role of Financial Development
w12175 Torsten Persson
Guido Tabellini

Democratic Capital: The Nexus of Political and Economic Change
w12168 Martin Feldstein
The 2006 Economic Report of the President: Comment on Chapter One (The Year in Review) and Chapter Six (The Capital Account Surplus)
w12153 Enrico Spolaore
Romain Wacziarg

The Diffusion of Development
w12136 Ricardo J. Caballero
Arvind Krishnamurthy

Flight to Quality and Collective Risk Management
w12163 Sebastian Edwards
The Relationship Between Exchange Rates and Inflation Targeting Revisited
w12158 Pierpaolo Benigno
Michael Woodford

Optimal Inflation Targeting under Alternative Fiscal Regimes
w12154 Sebastian Edwards
The U.S. Current Account Deficit: Gradual Correction or Abrupt Adjustment?
w12127 Galina Hale
Assaf Razin
Hui Tong

Institutional Weakness and Stock Price Volatility
w12121 Linda S. Goldberg
José Manuel Campa

Distribution Margins, Imported Inputs, and the Sensitivity of the CPI to Exchange Rates
w12101 Guillermo A. Calvo
Alejandro Izquierdo
Ernesto Talvi

Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises
w12095 Gita Gopinath
Roberto Rigobon

Sticky Borders
w12044 Andrew K. Rose
Mark Spiegel

Offshore Financial Centers: Parasites or Symbionts?
w12023 Kalpana Kochhar
Utsav Kumar
Raghuram Rajan
Arvind Subramanian

India's Patterns of Development: What Happened, What Follows
w11996 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

An Equilibrium Model of "Global Imbalances" and Low Interest Rates
w11991 Assaf Razin
Efraim Sadka

Vying for Foreign Direct Investment: A EU-type Model of Tax Competition
w11973 Nicolas Magud
Carmen M. Reinhart

Capital Controls: An Evaluation
w11966 Enrique G. Mendoza
Lessons From the Debt-Deflation Theory of Sudden Stops
w11952 Dani Rodrik
The Social Cost of Foreign Exchange Reserves
w11946 Stephen G. Cecchetti
Alfonso Flores-Lagunes
Stefan Krause

Assessing the Sources of Changes in the Volatility of Real Growth
w11921 Charles Engel
John H. Rogers

The U.S. Current Account Deficit and the Expected Share of World Output
w11920 John Beshears
James J. Choi
David Laibson
Brigitte Madrian

Early Decisions: A Regulatory Framework
w11913 Martin Uribe
On Overborrowing
w11906 Geert Bekaert
Robert J. Hodrick
Xiaoyan Zhang

International Stock Return Comovements
w11901 Laura Alfaro
Sebnem Kalemli-Ozcan
Vadym Volosovych

Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation
w11897 Michael D. Bordo
Christopher M. Meissner

The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997
w11894 Ross Levine
Sergio Schmukler

Internationalization and Stock Market Liquidity
w11891 Frederic Mishkin
Is Financial Globalization Beneficial?
w11856 Martin Feldstein
Monetary Policy in a Changing International Environment: The Role of Global Capital Flows
w11853 Menzie D. Chinn
Jaewoo Lee

Three Current Account Balances: A "Semi-Structuralist" Interpretation
w11850 Axel Boersch-Supan
Alexander Ludwig
Joachim Winter

Aging, Pension Reform, and Capital Flows: A Multi-Country Simulation Model
w11840 Jacob Boudoukh
Matthew Richardson
Robert Whitelaw

The Information in Long-Maturity Forward Rates: Implications for Exchange Rates and the Forward Premium Anomaly
w11834 Ricardo Caballero
Arvind Krishnamurthy

Financial System Risk and Flight to Quality
w11823 Caroline Freund
Frank Warnock

Current Account Deficits in Industrial Countries: The Bigger They are, the Harder They Fall?
w11815 Jordi Gali
Tommaso Monacelli

Optimal Monetary and Fiscal Policy in a Currency Union
w11795 Natalia Chernyshoff
David S. Jacks
Alan M. Taylor

Stuck on Gold: Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard
w11792 Linda S. Goldberg
Michael W. Klein

Establishing Credibility: Evolving Perceptions of the European Central Bank
w11791 Amartya Lahiri
Carlos A. Vegh

Output Costs, Currency Crises, and Interest Rate Defense of a Peg
w11787 Roberto Chang
Linda Kaltani
Norman Loayza

Openness Can be Good for Growth: The Role of Policy Complementarities
w11785 Assaf Razin
Yona Rubinstein

Evaluation of Currency Regimes: The Unique Role of Sudden Stops
w11779 Roberto Chang
Financial Crises and Political Crises
w11771 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Interest Rates, Exchange Rates and International Adjustment
w11769 Kathryn Dominguez
Freyan Panthaki

What Defines "News" in Foreign Exchange Markets?
w11762 Andrew K. Rose
Cities and Countries
w11761 Menzie D. Chinn
Hiro Ito

Current Account Balances, Financial Development and Institutions: Assaying the World "Savings Glut"
w11757 Itay Goldstein
Assaf Razin

An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment
w11748 Martin D. D. Evans
Richard K. Lyons

Understanding Order Flow
w11733 Lars Svensson
Noah Williams

Monetary Policy with Model Uncertainty: Distribution Forecast Targeting
w11728 Raghuram G. Rajan
Has Financial Development Made the World Riskier?
w11719 Menzie D. Chinn
Supply Capacity, Vertical Specialization and Tariff Rates: The Implications for Aggregate U.S. Trade Flow Equations
w11717 Mihir A. Desai
C. Fritz Foley
James R. Hines Jr.

Foreign Direct Investment and Domestic Economic Activity
w11713 William H. Branson
Conor N. Healy

Monetary and Exchange Rate Policy Coordination in ASEAN 1
w11706 Yuriy Gorodnichenko
Linda Tesar

A Re-Examination of the Border Effect
w11701 Martin D. D. Evans
Viktoria Hnatkovska

International Capital Flows, Returns and World Financial Integration
w11699 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

The Importance of Nontradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations
w11696 Laura Alfaro
Sebnem Kalemli-Ozcan
Vadym Volosovych

Capital Flows in a Globalized World: The Role of Policies and Institutions
w11691 Enrique G. Mendoza
Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
w11669 Sebastian Edwards
The End of Large Current Account Deficits, 1970-2002: Are There Lessons for the United States?
w11668 Hans Fehr
Sabine Jokisch
Laurence J. Kotlikoff

Will China Eat Our Lunch or Take Us Out to Dinner? Simulating the Transition Paths of the U.S., EU, Japan, and China
w11657 Raghuram G. Rajan
Arvind Subramanian

What Undermines Aid's Impact on Growth?
w11653 Linda Goldberg
Trade Invoicing in the Accession Countries: Are They Suited to the Euro?
w11652 Joshua Aizenman
Reuven Glick

Pegged Exchange Rate Regimes -- A Trap?
w11641 Assaf Razin
Prakash Loungani

Globalization and Inflation-Output Tradeoffs
w11640 Ilan Goldfajn
André Minella

Capital Flows and Controls in Brazil: What Have We Learned?
w11639 Assaf Razin
Efraim Sadka
Hui Tong

Bilateral FDI Flows: Threshold Barriers and Productivity Shocks
w11638 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

Modeling Exchange-Rate Passthrough After Large Devaluations
w11637 Paul R. Bergin
Reuven Glick

Tradability, Productivity, and Understanding International Economic Integration
w11634 Barry Eichengreen
Muge Adalet

Current Account Reversals: Always a Problem?
w11633 Philippe Bacchetta
Eric van Wincoop

Rational Inattention: A Solution to the Forward Discount Puzzle
w11632 José Manuel Campa
Linda S. Goldberg
José M. González-Mínguez

Exchange-Rate Pass-Through to Import Prices in the Euro Area
w11625 Barry Eichengreen
Mariko Hatase

Can a Rapidly-Growing Export-Oriented Economy Smoothly Exit an Exchange Rate Peg? Lessons for China from Japan's High-Growth Era
w11620 Peter Lorentzen
John McMillan
Romain Wacziarg

Death and Development
w11618 Ricardo J. Caballero
Arvind Krishnamurthy

Bubbles and Capital Flow Volatility: Causes and Risk Management
w11607 Jean Imbs
Haroon Mumtaz
Morten O. Ravn
Hélène Rey

"Aggregation Bias" DOES Explain the PPP Puzzle
w11589 Philip R. Lane
Gian Maria Milesi-Ferretti

A Global Perspective on External Positions
w11583 Hamid Faruqee
Douglas Laxton
Dirk Muir
Paolo Pesenti

Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing
w11580 Zsolt Darvas
Andrew K. Rose
György Szapáry

Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic
w11563 Pierre-Olivier Gourinchas
Hélène Rey

From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege
w11550 Philippe Martin
Hélène Rey

Globalization and Emerging Markets: With or Without Crash?
w11543 Aart Kraay
Jaume Ventura

The Dot-Com Bubble the Bush Deficits, and the U.S. Current Account
w11541 Sebastian Edwards
Is the U.S. Current Account Deficit Sustainable? And If Not, How Costly is Adjustment Likely To Be?
w11508 Jeffrey A. Frankel
Contractionary Currency Crashes in Developing Countries
w11521 Menzie D. Chinn
A Primer on Real Effective Exchange Rates: Determinants, Overvaluation, Trade Flows and Competitive Devaluation
w11520 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Savings Gluts and Interest Rates: The Missing Link to Europe
w11517 Elena Tchernykh
William H. Branson

Regime-Switching Behavior of the Term Structure of Forward Markets
w11513 Raghuram G. Rajan
Arvind Subramanian

Aid and Growth: What Does the Cross-Country Evidence Really Show?
w11510 Menzie Chinn
Jeffrey Frankel

Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?
w11502 Ross Levine
Law, Endowments, and Property Rights
w11500 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Concentration and Fragility: Impact and Mechanics
w11499 Luc Laeven
Ross Levine

Is There a Diversification Discount in Financial Conglomerates?
w11498 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Supervision and Corruption in Lending
w11492 Guillermo A. Calvo
Alejandro Izquierdo
Rudy Loo-Kung

Relative Price Volatility Under Sudden Stops: The Relevance of Balance Sheet Effects
w11490 Mark Aguiar
Manuel Amador
Gita Gopinath

Efficient Fiscal Policy and Amplification
w11473 Filippo Altissimo
Pierpaolo Benigno
Diego Rodriguez Palenzuela

Long-Run Determinants of Inflation Differentials in a Monetary Union
w11472 Kris James Mitchener
Marc D. Weidenmier

Supersanctions and Sovereign Debt Repayment
w11440 Anna Pavlova
Roberto Rigobon

Wealth Transfers, Contagion, and Portfolio Constraints
w11434 Sebastian Edwards
Roberto Rigobon

Capital Controls, Exchange Rate Volatility and External Vulnerability
w11429 Sebastian Edwards
Establishing Credibility: The Role of Foreign Advisors
w11396 Gene M. Grossman
Elhanan Helpman

Party Discipline and Pork Barrel Politics
w11392 Lars O. Svensson
Robert J. Tetlow

Optimal Policy Projections
w11387 Ajay Shah
Ila Patnaik

India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit
w11382 Kevin Cowan
Jose De Gregorio

International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile
w11381 Marcus Noland
South Korea's Experience with International Capital Flows
w11372 Kristin J. Forbes
The Microeconomic Evidence on Capital Controls: No Free Lunch
w11370 Menzie D. Chinn
Hiro Ito

What Matters for Financial Development? Capital Controls, Institutions, and Interactions
w11369 Basant K. Kapur
Capital Flows and Exchange Rate Volatility: Singapore's Experience
w11366 Joshua Aizenman
Jaewoo Lee

International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence
w11365 Linda S. Goldberg
The International Exposure of U.S. Banks
w11353 Kathryn M.E. Dominguez
Linda L. Tesar

International Borrowing and Macroeconomic Performance in Argentina
w11352 Michael W. Klein
Studying Texts: A Gemara of the Israeli Economy
w11341 Giancarlo Corsetti
Paolo Pesenti

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies
w11336 Barry Eichengreen
Sterling's Past, Dollar's Future: Historical Perspectives on Reserve Currency Competition
w11306 Eswar Prasad
Shang-Jin Wei

The Chinese Approach to Capital Inflows: Patterns and Possible Explanations
w11305 Guillermo A. Calvo
Crises in Emerging Market Economies: A Global Perspective
w11301 Sebnem Kalemli-Ozcan
Ariell Reshef
Bent Sorensen
Oved Yosha

Why Does Capital Flow to Rich States?
w11293 Ricardo Caballero
Stavros Panageas

A Quantitative Model of Sudden Stops and External Liquidity Management
w11274 Jeffrey Frankel
On the Renminbi: The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate
w11273 Lee J. Alston
Bernardo Mueller

Pork for Policy: Executive and Legislative Exchange in Brazil
w11272 Justin M. Dubas
Byung-Joo Lee
Nelson C. Mark

Effective Exchange Rate Classifications and Growth
w11266 William N. Goetzmann
Andrey Ukhov

British Investment Overseas 1870-1913: A Modern Portfolio Theory Approach
w11249 Martin Feldstein
The Euro and the Stability Pact
w11244 Ya-Hwei Yang
Jia-Dong Shea

Deflation and Monetary Policy in Taiwan
w11220 Richard K. Lyons
Michael J. Moore

An Information Approach to International Currencies
w11214 Genevieve Boyreau-Debray
Shang-Jin Wei

Pitfalls of a State-Dominated Financial System: The Case of China
w11209 Charles Engel
Equivalence Results for Optimal Pass-Through, Optimal Indexing to Exchange Rates, and Optimal Choice of Currency for Export Pricing
w11198 Barry Eichengreen
Kenneth Kletzer
Ashoka Mody

The IMF in a World of Private Capital Markets
w11196 Assaf Razin
Yona Rubinstein
Efraim Sadka

Corporate Taxation and Bilateral FDI with Threshold Barriers
w11191 Christian Hellwig
Arijit Mukherji
Aleh Tsyvinski

Self-Fulfilling Currency Crises: The Role of Interest Rates
w11178 Ceyhun Bora Durdu
Enrique G. Mendoza

Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff
w11173 Michael Bordo
Christopher Meissner

Financial Crises, 1880-1913: The Role of Foreign Currency Debt
w11171 Torsten Persson
Forms of Democracy, Policy and Economic Development
w11170 Sebastian Edwards
Capital Controls, Sudden Stops and Current Account Reversals
w11166 Michael Ehrmann
Marcel Fratzscher
Roberto Rigobon

Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission
w11165 Giancarlo Corsetti
Philippe Martin
Paolo A. Pesenti

Productivity Spillovers, Terms of Trade and the "Home Market Effect"
w11155 Pierre-Olivier Gourinchas
Helene Rey

International Financial Adjustment
w11153 Guillermo A. Calvo
Ernesto Talvi

Sudden Stop, Financial Factors and Economic Collpase in Latin America: Learning from Argentina and Chile
w11137 Olivier Blanchard
Francesco Giavazzi
Filipa Sa

The U.S. Current Account and the Dollar
w11133 V.V. Chari
Patrick Kehoe
Ellen R. McGrattan

Sudden Stops and Output Drops
w11131 Assaf Razin
Yona Rubinstein

Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops
w11127 Linda S. Goldberg
Cedric Tille

Vehicle Currency Use in International Trade
w11112 Michael W. Klein
Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence
w11104 Hanno Lustig
Adrien Verdelhan

The Cross-Section of Currency Risk Premia and US Consumption Growth Risk
w11102 Seok-Kyun Hur
Money Growth and Interest Rates
w11092 Ozge Senay
Alan Sutherland

Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?
w11088 Mats Persson
Torsten Persson
Lars E.O. Svensson

Time Consistency of Fiscal and Monetary Policy: A Solution
t0305 Todd E. Clark
Kenneth D. West

Using Out-of-Sample Mean Squared Prediction Errors to Test the Martingale Difference
w11077 Menzie D. Chinn
Guy Meredith

Testing Uncovered Interest Parity at Short and Long Horizons during the Post-Bretton Woods Era
w11076 Romain Ranciere
Aaron Tornell
Frank Westermann

Systemic Crises and Growth
w11075 Mihir C. Desai
C. Fritz Foley
James R. Hines Jr.

Foreign Direct Investment and the Domestic Capital Stock
w11071 Patrick Bolton
Olivier Jeanne

Structuring and Restructuring Sovereign Debt: The Role of Seniority
w11061 Nelson C. Mark
Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics
w11055 Matthew B. Canzoneri
Robert E. Cumby
Behzad T. Diba

How Do Monetary and Fiscal Policy Interact in the European Monetary Union?
w11047 Itay Goldstein
Assaf Razin

Foreign Direct Investment vs. Foreiegn Portfolio Investment
w11042 Martin D.D. Evans
Richard K. Lyons

Meese-Rogoff Redux: Micro-Based Exchange Rate Forecasting
w11041 Martin D.D. Evans
Richard K. Lyons

Do Currency Markets Absorb News Quickly?
w11033 Menzie D. Chinn
Michael LeBlanc
Olivier Coibion

The Predictive Content of Energy Futures: An Update on Petroleum, Natural Gas, Heating Oil and Gasoline
w11023 Ross Levine
Sergio L. Schmukler

Internationalization and the Evolution of Corporate Valuation
w10995 Charles Engel
Kenneth D. West

Taylor Rules and the Deutschmark-Dollar Real Exchange Rate
w10986 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

Large Devaluations and the Real Exchange Rate
w10983 Thorsten Beck
Asli Demirguc-Kunt
Luc Laeven
Ross Levine

Finance, Firm Size, and Growth
w10961 Ted Juhl
William Miles
Marc D. Weidenmier

Covered Interest Arbitrage: Then vs. Now
w10957 Jeffrey A. Frankel
Eduardo A. Cavallo

Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality
w10954 Assaf Razin
Globalization and Disinflation: A Note
w10945 John F. Helliwell
Demographic Changes and International Factor Mobility
w10942 Eswar S. Prasad
Kenneth S. Rogoff
Shang-Jin Wei
M. Ayhan Kose

Financial Globalization, Growth and Volatility in Developing Countries
w10941 Fernando A. Broner
R. Gaston Gelos
Carmen Reinhart

When in Peril, Retrench: Testing the Portfolio Channel of Contagion
w10940 Enrique G. Mendoza
Katherine A. Smith

Quantitative Implication of A Debt-Deflation Theory of Sudden Stops and Asset Prices
w10936 James R. Hines Jr.
Do Tax Havens Flourish?
w10907 Jeffrey A. Frankel
Shang-Jin Wei

Managing Macroeconomic Crises
w10903 Craig Burnside
Domenico Fanizza

Hiccups for HIPCs?
w10878 Takatoshi Ito
Frederic S. Mishkin

Two Decades of Japanese Monetary Policy and the Deflation Problem
w10872 Anusha Chari
Paige P. Ouimet
Linda L. Tesar

Acquiring Control in Emerging Markets: Evidence from the Stock Market
w10869 Maurice Obstfeld
Kenneth Rogoff

The Unsustainable US Current Account Position Revisited
w10864 Assaf Razin
Yona Rubinstein
Efraim Sadka

Fixed Costs and FDI: The Conflicting Effects of Productivity Shocks
w10856 Takatoshi Ito
Yuko Hashimoto

Microstructure of the Yen/Dollar Foreign Exchange Market: Patterns of Intra-day Activity Revealed in the Electronic Broking System
w10849 Maurice Obstfeld
Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies
w10848 Willem H. Buiter
The Elusive Welfare Economics of Price Stability as a Monetary Policy Objective: Should New Keynesian Central Bankers Pursue Price Stability?
w10846 Antonio Fatas
Ilian Mihov
Andrew K. Rose

Quantitative Goals for Monetary Policy
w10845 Raghuram G. Rajan
Dollar Shortages and Crises
w10843 Maurice Obstfeld
External Adjustment
w10834 Michael D. Bordo
Ashoka Mody
Nienke Oomes

Keeping Capital Flowing: The Role of the IMF
w10827 Andres Velasco
Roberto Chang

Monetary Policy and the Currency Denomination of Debt: A Tale of Two Equilibria
w10806 Mihir A. Desai
C. Fritz Foley
James R. Hines

Economic Effects of Regional Tax Havens
w10805 Robert P. Flood
Andrew K. Rose

Estimating the Expected Marginal Rate of Substitution: Exploiting Idiosyncratic Risk
w10790 Enrique G. Mendoza
Ceyhun Bora Durdu

Putting the Brakes on Sudden Stops: The Financial Frictions-Moral Hazard Tradeoff of Asset Price Guarantees
w10786 Ricardo J. Caballero
Stavros Panageas

Contingent Reserves Management: An Applied Framework
w10780 Graciela L. Kaminsky
Carmen M. Reinhart
Carlos A. Vegh

When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies
w10778 Carol H. Shiue
Wolfgang Keller

Markets in China and Europe on the Eve of the Industrial Revolution
w10766 Ross Levine
Finance and Growth: Theory and Evidence
w10751 Ricardo Hausmann
Ugo Panizza
Roberto Rigobon

The Long-Run Volatility Puzzle of the Real Exchange Rate
w10750 Roberto Rigobon
Dani Rodrik

Rule of Law, Democracy, Openness, and Income: Estimating the Interrelationships
w10749 Ha Yan Lee
Luca Antonio Ricci
Roberto Rigobon

Once Again, is Openness Good for Growth?
w10734 Mark Aguiar
Gita Gopinath

Emerging Market Business Cycles: The Cycle is the Trend
w10731 Mark Aguiar
Gita Gopinath

Defaultable Debt, Interest Rates and the Current Account
w10727 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap
w10725 Marianne Baxter
Michael A. Kouparitsas

Determinants of Business Cycle Comovement: A Robust Analysis
w10723 Charles Engel
Kenneth D. West

Exchange Rates and Fundamentals
w10702 Peter L. Rousseau
A Common Currency: Early U.S. Monetary Policy and the Transition to the Dollar
w10696 Michael W. Klein
Jay C. Shambaugh

Fixed Exchange Rates and Trade
w10687 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Law and Firms' Access to Finance
w10686 Menzie D. Chinn
Robert Fairlie

The Determinants of the Global Digital Divide: A Cross-Country Analysis of Computer and Internet Penetration
w10673 Aasim M. Husain
Ashoka Mody
Kenneth S. Rogoff

Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies
w10657 Francesco Giavazzi
Guido Tabellini

Economic and Political Liberalizations
w10646 Frederic S. Mishkin
Can Inflation Targeting Work in Emerging Market Countries?
w10642 Willem H. Buiter
Anne C. Sibert

Deflationary Bubbles
w10630 Assaf Razin
Efraim Sadka

Capital Income Taxation in the Globalized World
w10626 Michael P. Dooley
David Folkerts-Landau
Peter Garber

Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery
w10614 Chi-Young Choi
Nelson Mark
Donggyu Sul

Unbiased Estimation of the Half-Life to PPP Convergence in Panel Data
w10607 Alan M. Taylor
Mark P. Taylor

The Purchasing Power Parity Debate
w10602 Joshua Aizenman
Brian Pinto

Managing Volatility and Crises: A Practitioner's Guide Overview
w10583 Eugene Canjels
Gauri Prakash-Canjels
Alan M. Taylor

Measuring Market Integration: Foreign Exchange Arbitrage and the Gold Standard, 1879-1913
w10577 Dennis W. Carlton
Why Barriers to Entry are Barriers to Understanding
w10576 Barry Eichengreen
Pipat Luengnaruemitchai

Why Doesn't Asia Have Bigger Bond Markets?
w10559 Malcolm Baker
C. Fritz Foley
Jeffrey Wurgler

The Stock Market and Investment: Evidence from FDI Flows
w10555 Assaf Razin
Yona Rubinstein

Growth Effects of the Exchange-Rate Regime and the Capital-Account Openness in A Crisis-Prone World Market: A Nuanced View
w10545 Mihir A. Desai
C. Fritz Foley
Kristin J. Forbes

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises
w10540 Fabio Ghironi
Marc J. Melitz

International Trade and Macroeconomic Dynamics with Heterogeneous Firms
w10539 Adi Brender
Allan Drazen

Political Budget Cycles in New versus Established Democracies
w10534 Joshua Aizenman
Yeonho Lee
Yeongseop Rhee

International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea
w10533 Daniel Cohen
Richard Portes

Dealing with Destabilizing 'Market Discipline'
w10532 Ricardo J. Caballero
Arvind Krishnamurthy

Fiscal Policy and Financial Depth
w10520 Guillermo A. Calvo
Alejandro Izquierdo
Luis-Fernando Mejia

On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects
w10519 Ricardo Caballero
Kevin Cowan
Jonathan Kearns

Fear of Sudden Stops: Lessons from Australia and Chile
w10518 Ricardo Caballero
Emmanuel Farhi
Mohamad L. Hammour

Speculative Growth: Hints from the US Economy
w10517 Ricardo Caballero
Arvind Krishnamurthy

Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
w10502 Hyuk Choe
Bong-Chan Kho
Rene M. Stulz

Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea
w10497 Barry Eichengreen
Global Imbalances and the Lessons of Bretton Woods
w10476 Harald Hau
Helene Rey

Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows, and Exchange Rates?
w10456 Takatoshi Ito
Tomoyoshi Yabu

What Prompts Japan to Intervene in the Forex Market? A New Approach to a Reaction Function
w10448 Yuko Hashimoto
Takatoshi Ito

High-Frequency Contagion Between the Exchange Rates and Stock Prices
w10417 Thorsten Beck
Ross Levine

Legal Institutions and Financial Development
w10416 Tamim Bayoumi
Douglas Laxton
Paolo Pesenti

Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assesment
w10400 Mervyn King
The Institutions of Monetary Policy
w10396 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility
w10394 Francesco Giavazzi
Alessandro Missale

Public Debt Management in Brazil
w10393 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar period
w10390 Carlo A. Favero
Francesco Giavazzi

Inflation Targeting and Debt: Lessons from Brazil
w10389 Olivier Blanchard
Fiscal Dominance and Inflation Targeting: Lessons from Brazil
w10379 Martin D.D. Evans
Richard K. Lyons

A New Micro Model of Exchange Rate Dynamics
w10376 Dani Rodrik
Arvind Subramanian

From "Hindu Growth" to Productivity Surge: The Mystery of the Indian Growth Transition
w10373 Andrew Rose
A Meta-Analysis of the Effect of Common Currencies on International Trade
w10360 Jose De Gregorio
Productivity Growth and Disinflation in Chile
w10356 Paul R. Bergin
How Well Can the New Open Economy Macroeconomics Explain the Exchange Rate and Current Account?
w10344 Jonathan Eaton
Samuel Kortum
Francis Kramarz

Dissecting Trade: Firms, Industries, and Export Destinations
w10337 Mihir A. Desai
C. Fritz Foley
James R. Hines Jr.

Capital Controls, Liberalizations, and Foreign Direct Investement
w10336 Marcio Garcia
Roberto Rigobon

A Risk Management Approach to Emerging Market's Sovereign Debt Sustainability with an Application to Brazilian Data
w10332 Michael P. Dooley
David Folkerts-Landau
Peter Garber

The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries
w10318 Anusha Chari
Peter Blair Henry

Is the Invisible Hand Discerning or Indiscriminate? Investment and Stock Prices in the Aftermath of Capital Account Liberalizations
w10304 Shiu-Sheng Chen
Charles Engel

Does "Aggregation Bias" Explain the PPP Puzzle?
w10296 Carmen M. Reinhart
Kenneth S. Rogoff

Serial Default and the "Paradox" of Rich to Poor Capital Flows
w10294 Assaf Razin
Aggregate Supply and Potential Output
w10293 Aaron Tornell
Frank Westermann
Lorenza Martinez

The Positive Link Between Financial Liberalization, Growth and Crises
w10290 Alan Auerbach
Maurice Obstfeld

Monetary and Fiscal Remedies for Deflation
w10289 Aaron Tornell
Frank Westermann
Lorenza Martinez

NAFTA and Mexico's Less-Than-Stellar Performance
w10284 Kristin J. Forbes
Capital Controls: Mud in the Wheels of Market Discipline
w10280 Kenneth D. West
Monetary Policy and the Volatility of Real Exchange Rates in New Zealand
w10277 Sebastian Edwards
Financial Openness, Sudden Stops and Current Account Reversals
w10276 Sebastian Edwards
Thirty Years of Current Account Imbalances, Current Account Reversals and Sudden Stops
w10267 Charles Engel
Kenneth D. West

Accounting for Exchange Rate Variability in Present-Value Models When the Discount Factor is Near One
w10246 Philippe Aghion
Philippe Bacchetta
Abhijit Banerjee

Financial Development and the Instability of Open Economies
w10245 Philippe Bacchetta
Eric van Wincoop

A Scapegoat Model of Exchange Rate Fluctuations
w10238 Ariel Burstein
Joao C. Neves
Sergio Rebelo

Investment Prices and Exchange Rates: Some Basic Facts
w10232 V.V. Chari
Patrick J. Kehoe

On the Desirability of Fiscal Constraints in a Monetary Union
w10230 Serkan Arslanalp
Peter Blair Henry

Helping the Poor to Help Themselves: Debt Relief or Aid
w10225 Brian J. Henderson
Narasimhan Jegadeesh
Michael S. Weisbach

World Markets for Raising New Capital
w10217 Serkan Arslanalp
Peter Blair Henry

Is Debt Relief Efficient?
w10196 Lars E.O. Svensson
Optimal Policy with Low-Probability Extreme Events
w10195 Lars E.O. Svensson
Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others
w10193 Graciela L. Kaminsky
Varieties of Currency Crises
w10172 Zihui Ma
Leonard Cheng

The Effects of Financial Crises on International Trade
w10158 Gerard Caprio
Luc Laeven
Ross Levine

Governance and Bank Valuation
w10157 Kenneth A. Froot
Paul G. J. O'Connell

The Risk Tolerance of International Investors
w10145 Assaf Razin
Yona Rubinstein
Efraim Sadka

Which Countries Export FDI, and How Much?
w10144 Joshua Aizenman
Ilan Noy

Endogenous Financial Openness: Efficiency and Political Economy Considerations
w10130 Michael D. Bordo
Thomas Helbling

Have National Business Cycles Become More Synchronized?
w10128 Mark Gertler
Simon Gilchrist
Fabio Natalucci

External Constraints on Monetary Policy and the Financial Accelerator
w10125 Giancarlo Corsetti
Bernardo Guimaraes
Nouriel Roubini

International Lending of Last Resort and Moral Hazard: A Model of IMF's Catalytic Finance
w10115 Gordon M. Bodnar
Bernard Dumas
Richard D. Marston

Cross-Border Valuation: The International Cost of Equity Capital
w10110 Willem Buiter
Anne C. Sibert

Cross-Border Tax Externalities: Are Budget Deficits Too Small?
w10096 Hans Fehr
Sabine Jokisch
Laurence Kotlikoff

The Developed World's Demographic Transition - The Roles of Capital Flows, Immigration, and Policy
w10095 Barry Eichengreen
Kenneth Kletzer

Crisis Resolution: Next Steps
w10093 Haizhou Huang
Shang-Jin Wei

Monetary Policies for Developing Countries: The Role of Corruption
w10090 Jeffrey A. Frankel
The Environment and Globalization
w10082 Pol Antràs
Elhanan Helpman

Global Sourcing
w10074 David C. Parsley
Shang-Jin Wei

A Prism into the PPP Puzzles: The Micro-foundations of Big Mac Real Exchange Rates
w10073 Romaine Ranciere
Aaron Tornell
Frank Westermann

Crises and Growth: A Re-Evaluation
w10071 Douglas W. Diamond
Raghuram G. Rajan

Liquidity Shortages and Banking Crises
w10064 Peter Blair Henry
Peter Lombard Lorentzen

Domestic Capital Market Reform and Access to Global Finance: Making Markets Work
w10061 Graciela L. Kaminsky
Carmen Reinhart
Carlos A. Vegh

The Unholy Trinity of Financial Contagion
w10051 Enrique G. Mendoza
Linda L. Tesar

Winners and Losers of Tax Competition in the European Union
w10050 Dani Rodrik
Growth Strategies
w10047 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

The Chinese Economies in Global Context: The Integration Process and Its Determinants
w10036 Barry Eichengreen
Ricardo Hausmann
Ugo Panizza

Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters
w10032 Jeffrey A. Frankel
Experience of and Lessons from Exchange Rate Regime in Emerging Economies
w10024 Arvind Subramanian
Shang-Jin Wei

The WTO Promotes Trade, Strongly But Unevenly
w10019 Arminio Fraga
Ilan Goldfajn
Andre Minella

Inflation Targeting in Emerging Market Economies
w10018 Martin Uribe
Vivian Z. Yue

Country Spreads and Emerging Countries: Who Drives Whom?
w10015 Carmen M. Reinhart
Kenneth S. Rogoff
Miguel A. Savastano

Addicted to Dollars
w9971 Michael P. Dooley
David Folkerts-Landau
Peter Garber

An Essay on the Revived Bretton Woods System
w9948 Nelson Mark
Young-Kyu Moh

Official Interventions and Occasional Violations of Uncovered Interest Party in the Dollar-DM Market
w9933 Dora L. Costa
Joanna Lahey

Becoming Oldest-Old: Evidence from Historical U.S. Data
w9932 Andres Velasco
Alejandro Neut

Tough Policies, Incredible Policies?
w9921 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Concentration and Crises
w9908 Carmen M. Reinhart
Kenneth S. Rogoff
Miguel A. Savastano

Debt Intolerance
w9906 Joshua Aizenman
On the Hidden Links Between Financial and Trade Opening
w9900 Paul R. Bergin
Ivan Tchakarov

Does Exchange Rate Risk Matter for Welfare?
w9890 Asli Demirguc-Kunt
Luc Laeven
Ross Levine

Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation
w9880 Robert P. Flood
Andrew K. Rose

Financial Integration: A New Methodology and an Illustration
w9875 Kathryn M.E. Dominguez
When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements?
w9867 Sebastian Edwards
Eduardo Levy Yeyati

Flexible Exchange Rates as Shock Absorbers
w9864 Guillermo A. Calvo
Explaining Sudden Stops, Growth Collapse and BOP Crises: The Case of Distortionary Output Taxes
w9860 Michael D. Bordo
Pierre-Cyrille Hautcoeur

Why didn't France follow the British Stabilization after World War One?
w9846 William Easterly
Ross Levine
David Roodman

New Data, New doubts: A Comment on Burnside and Dollar's "Aid, Policies, and Growth" (2000)
w9841 Michael D. Bordo
Christopher Meissner
Angela Redish

How "Original Sin" was Overcome: The Evolution of External Debt Denominated in Domestic Currencies in the United States and the British Dominions
w9835 Claudio Raddatz
Roberto Rigobon

Monetary Policy and Sectoral Shocks: Did the FED react properly to the High-Tech Crisis?
w9834 Anna Pavlova
Roberto Rigobon

Asset Prices and Exchange Rates
w9828 Guillermo A. Calvo
Alejandro Izquierdo
Ernesto Talvi

Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons
w9820 Sebastian Edwards
I. Igal Magendzo

Strict Dollarization and Economic Performance: An Empirical Investigation
w9817 Sebastian Edwards
Javier Gomez Biscarri
Fernando Perez de Gracia

Stock Market Cycles, Financial Liberalization and Volatility
w9809 Alberto Alesina
Alexander Wagner

Choosing (and reneging on) exchange rate regimes
w9808 Guillermo Calvo
Frederic S. Mishkin

The Mirage of Exchange Rate Regimes for Emerging Market Countries
w9806 Mario Draghi
Francesco Giavazzi
Robert C. Merton

Transparency, Risk Management and International Financial Fragility
w9787 Graciela Kaminsky
Sergio Schmukler

Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization
w9786 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

Government Finance in the Wake of Currency Crises
w9778 Ricardo J. Caballero
Stavros Panageas

Hedging Sudden Stops and Precautionary Contractions
w9777 Kristin J. Forbes
One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smalles Traded Firms
w9767 George-Marios Angeletos
Christian Hellwig
Alessandro Pavan

Coordination and Policy Traps
w9753 Willem H. Buiter
James Tobin: An Appreciation of his Contribution to Economics
w9746 Enrique G. Mendoza
Linda L. Tesar

A Quantitative Analysis of Tax Competition v. Tax Coordination under Perfect Capital Mobility
w9739 Paul R. Bergin
Reuven Glick

Endogenous Tradability and Macroeconomic Implications
w9737 Aaron Tornell
Frank Westermann

Credit Market Imperfections in Middle Income Countries
w9710 Donald Morgan
Philip Strahan

Foreign Bank Entry and Business Volatility: Evidence from U.S. States and Other Countries
w9684 Pierre-Olivier Gourinchas
Olivier Jeanne

The Elusive Gains from International Financial Integration
w9670 Carmen M. Reinhart
Vincent R. Reinhart

Twin Fallacies About Exchange Rate Policy in Emerging Markets
w9666 Barry Eichengreen
Alan M. Taylor

The Monetary Consequences of a Free Trade Area of the Americas
w9662 Ashoka Mody
Assaf Razin
Efraim Sadka

The Role of Information in Driving FDI Flows: Host-Country Tranparency and Source Country Specialization
w9660 Jon Faust
John H. Rogers
Eric Swanson
Jonathan H. Wright

Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using High Frequency Data
w9658 V. V. Chari
Patrick J. Kehoe

Financial Crises as Herds: Overturning the Critiques
w9654 Michael D. Bordo
Exchange Rate Regime Choice in Historical Perspective
w9648 Rasmus Fatum
Michael Hutchison

Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan
w9642 Yasushi Hamao
Jianping Mei
Yexiao Xu

Idiosyncratic Risk and the Creative Destruction in Japan
w9623 Willem H. Buiter
Deflation: Prevention and Cure
w9614 Ross Levine
Sergio L. Schmukler

Migration, Spillovers,and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity
w9609 Roberto Rigobon
Brian Sack

The Effects of War Risk on U.S. Financial Markets
w9606 Assaf Razin
Efraim Sadka

A Brazilian-Type Debt Crisis: Simple Analytics
w9599 Ricardo J. Caballero
Arvind Krishnamurthy

Inflation Targeting and Sudden Stops
w9589 Takatoshi Ito
Kimie Harada

Market Evaluations of Banking Fragility in Japan: Japan Premium, Stock Prices, and Credit Derivatives
w9580 Alan M. Taylor
Foreign Capital in Latin America in the Nineteenth and Twentieth Centuries
w9575 Youngjae Lim
Sources of Corporate Financing and Economic Crisis in Korea: A Micro-evidence
w9570 Ricardo J. Caballero
On the International Financial Architecture: Insuring Emerging Markets
w9568 Douglas Laxton
Paolo Pesenti

Monetary Rules for Small, Open, Emerging Economies
w9557 Guillermo Calvo
Oya Celasun
Michael Kumhof

Inflation Inertia and Credible Disinflation - The Open Economy Case
w9555 Kristin J. Forbes
Menzie D. Chinn

A Decomposition of Global Linkages in Financial Markets Over Time
w9543 Michael B. Devereux
Charles Engel
Peter E. Storgaard

Endogenous Exchange Rate Pass-through when Nominal Prices are Set in Advance
w9541 Julan Du
Shang-Jin Wei

Does Insider Trading Raise Market Volatility?
w9521 Menzie D. Chinn
Doomed to Deficits? Aggregate U.S. Trade Flows Re-Examined
w9514 Sebastian Edwards
Igal Magendzo

A Currency of One's Own? An Empirical Investigation on Dollarization and Independent Currency Unions
w9510 Geert Bekaert
Campbell R. Harvey

Market Integration and Contagion
w9500 Michael W. Klein
Capital Account Openness and the Varieties of Growth Experience
w9498 Eric van Wincoop
Philippe Bacchetta

Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?
w9493 Andrei Shleifer
Will the Sovereign Debt Market Survive?
w9490 Jeffrey D. Sachs
Institutions Don't Rule: Direct Effects of Geography on Per Capita Income
w9488 Peter Blair Henry
Capital Account Liberalization, The Cost of Capital, and Economic Growth
w9486 Lars E. O. Svensson
Monetary Policy and Real Stabilization
w9481 Rodolfo Martell
Rene M. Stulz

Equity market liberalizations as country IPOs
w9479 Graciela L. Kaminsky
Carmen Reinhart

The Center and the Periphery: The Globalization of Financial Turmoil
w9457 Gerardo della Paolera
Alan M. Taylor

Gaucho Banking Redux
w9435 Silvana Tenreyro
Robert J. Barro

Economic Effects of Currency Unions
w9433 Martin D. D. Evans
Richard K. Lyons

How is Macro News Transmitted to Exchange Rates?
w9427 Barry Eichengreen
David Leblang

Capital Account Liberalization and Growth: Was Mr. Mahathir Right?
w9426 Itay Goldstein
Assaf Razin

An Information-Based Trade Off Between Foreign Direct Investment and Foreign Portfolio Investment: Volatility, Transparency, and Welfare
w9424 Ricardo Hausmann
Roberto Rigobon

An Alternative Interpretation of the 'Resource Curse': Theory and Policy Implications
w9398 Harald Hau
Helene Rey

Exchange Rate, Equity Prices and Capital Flows
w9393 Yin-Wong Cheung
Menzie D. Chinn
Antonio Garcia Pascual

Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?
w9391 Pierre-Olivier Gourinchas
Aaron Tornell

Exchange Rate Dynamics, Learning and Misperception
w9379 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Law and Finance: Why Does Legal Origin Matter?
w9376 Takatoshi Ito
Yuko Hashimoto

High Frequency Contagion of Currency Crises in Asia
w9372 Jean Imbs
Haroon Mumtaz
Morton O. Ravn
Helene Rey

PPP Strikes Back: Aggregation and the Real Exchange Rate
w9370 V. V. Chari
Patrick J. Kehoe

Time Consistency and Free-Riding in a Monetary Union
w9369 Serkan Arslanalp
Peter Blair Henry

Debt Relief: What Do the Markets Think?
w9355 Aaron Tornell
Frank Westermann

The Credit Channel in Middle Income Countries
w9352 Philippe Bacchetta
Eric van Wincoop

Why Do Consumer Prices React less than Import Prices to Exchange Rates?
w9345 Maurice Obstfeld
Alan M. Taylor

Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31
w9344 Stefano Cavaglia
Robert J. Hodrick
Moroz Vadim
Xiaoyan Zhang

Pricing the Global Industry Portfolios
w9343 Sebastian Auguste
Kathryn M.E. Dominguez
Herman Kamil
Linda L. Tesar

Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis
w9337 Luis Felipe Cespedes
Roberto Chang
Andres Velasco

IS-LM-BP in the Pampas
w9332 Assaf Razin
Efraim Sadka
Tarek Coury

Trade Openness, Investment Instability and Terms-of-Trade Volatility
w9323 James R. Barth
Gerard Caprio
Ross Levine

Bank Regulation and Supervision: What Works Best?
w9304 Jaume Ventura
Bubbles and Capital Flows
w9297 Stanley Fischer
Financial Crises and Reform of the International Financial System
w9294 Martin Uribe
Real Exchange Rate Targeting and Macroeconomic Instability
w9292 Jonathan Heathcote
Fabrizio Perri

Financial Globalization and Real Regionalization
w9288 Philippe Martin
Helene Rey

Financial Globalization and Emerging Markets: With or Without Crash?
w9286 Enrique G. Mendoza
Katherine A. Smith

Margin Calls, Trading Costs, and Asset Prices in Emerging Markets: The Finanical Mechanics of the 'Sudden Stop' Phenomenon
w9285 Andrew K. Rose
Mark M. Spiegel

A Gravity Model of Sovereign Lending: Trade, Default and Credit
w9276 Barry Eichengreen
Still Fettered After All These Years
w9266 Joshua Aizenman
Nancy Marion

The High Demand for International Reserves in the Far East: What's Going On?
w9261 George J. Hall
Exchange Rates and Casualties During the First World War
w9260 R. Gaston Gelos
Shang-Jin Wei

Transparency and International Investor Behavior
w9257 Sebastian Edwards
The Great Exchange Rate Debate After Argentina
w9255 Assaf Razin
Ashoka Mody
Efraim Sadka

The Role of Information in Driving FDI: Theory and Evidence
w9241 Jessica Tjornhom Donohue
Kenneth A. Froot

The Persistence of Emerging Market Equity Flows
w9233 Christopher M. Meissner
A New World Order: Explaining the Emergence of the Classical Gold Standard
w9223 Enrico Spolaore
Romain Wacziarg

Borders and Growth
w9221 Martin Uribe
A Fiscal Theory of Sovereign Risk
w9219 Aaron Tornell
Frank Westermann

Boom-Bust Cycles in Middle Income Countries: Facts and Explanation
w9211 Assaf Razin
Efraim Sadka

A Brazilian Debt-Crisis Model
w9190 Joshua Aizenman
Kenneth M. Kletzer
Brian Pinto

Sargent-Wallace Meets Krugman-Flood-Garber, or: Why Sovereign Debt Swaps Don't Avert Macroeconomic Crises
w9189 Alessandra Casella
Storable Votes
w9164 Hali J. Edison
Ross Levine
Luca Ricci
Torsten Slok

International Financial Integration and Economic Growth
w9163 Jaume Ventura
Towards a Theory of Current Accounts
w9160 Assaf Razin
Efraim Sadka

A Brazilian Debt-Crisis
w9154 Joshua Aizenman
Nancy P. Marion

International Reserve Holdings with Sovereign Risk and Costly Tax Collection
w9147 Larry Neal
Marc Weidenmier

Crises in the Global Economy from Tulips to Today: Contagion and Consequences
w9138 Ross Levine
Bank-Based or Market-Based Financial Systems: Which is Better?
w9134 Sharun Mukand
Dani Rodrik

In Search of the Holy Grail: Policy Convergence, Experimentation, and Economic Performance
w9129 Dani Rodrik
Feasible Globalizations
w9118 Maurice Obstfeld
Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics
w9106 William Easterly
Ross Levine

Tropics, Germs, and Crops: How Endowments Influence Economic Development
w9101 Kenneth A. Froot
Tarun Ramadorai

Currency Returns, Institutional Investor Flows, and Exchange Rate Fundamentals
w9100 Hali J. Edison
Michael W. Klein
Luca Ricci
Torsten Sloek

Capital Account Liberalization and Economic Performance: Survey and Synthesis
w9095 Kristin J. Forbes
How Do Large Depreciations Affect Firm Performance?
w9089 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Law, Endowment, and Finance
w9087 Peter G. Dunne
Michael J. Moore
Richard Portes

Defining Benchmark Status: An Application using Euro-Area Bonds
w9082 Thorsten Beck
Ross Levine

Stock Markets, Banks, and Growth: Panel Evidence
w9080 Kenneth A. Froot
Tarun Ramadorai

Currency Returns, Institutional Investor Flows, and Exchange Rate Fundamentals
w9079 Kenneth A. Froot
Jessica D. Tjornhom

Decomposing the Persistence of International Equity Flows
w9075 John Y. Campbell
Luis M. Viceira
Joshua S. White

Foreign Currency for Long-Term Investors
w9072 Alberto Alesina
Robert J. Barro
Silvana Tenreyro

Optimal Currency Areas
w9062 Jonathan Kearns
Roberto Rigobon

Identifying the Efficacy of Central Bank Interventions: The Australian Case
w9053 Kristin J. Forbes
Cheap Labor Meets Costly Capital: The Impact of Devaluations on Commodity Firms
w9047 Sergio L. Schmukler
Luis Serven

Pricing Currency Risk: Facts and Puzzles from Currency Boards
w9039 Philippe Bacchetta
Eric van Wincoop

A Theory of the Currency Denomination of International Trade
w9030 Aart Kraay
Jaume Ventura

Current Accounts in the Long and Short Run
w9019 Michael D. Bordo
Antu Panini Murshid

Globalization and Changing Patterns in the International Transmission of Shocks in Financial Markets
w9016 Charles Engel
Expenditure Switching and Exchange Rate Policy
w9008 Assaf Razin
Efraim Sadka

Gains from FDI Inflows with Incomplete Information
w8988 Anusha Chari
Peter Blair Henry

Risk Sharing and Asset Prices: Evidence From a Natural Experiment
w8967 Menzie D. Chinn
Hiro Ito

Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence
w8963 Carmen M. Reinhart
Kenneth S. Rogoff

The Modern History of Exchange Rate Arrangements: A Reinterpretation
w8959 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold
Clara Vega

Micro Effects of Macro Announcements: Real-Time Price Discovery in Foreign Exchange
w8953 Michael Kremer
Seema Jayachandran

Odious Debt
w8951 Robert J. Barro
Jong-Wha Lee

IMF Programs: Who is Chosen and What Are the Effects?
w8950 Enrique G. Mendoza
Why Should Emerging Economies Give up National Currencies: A Case for 'Institutions Substitution'
w8939 Sebastian Edwards
Debt Relief and Fiscal Sustainability
w8937 Douglas W. Diamond
Raghuram G. Rajan

Liquidity Shortages and Banking Crises
w8934 Jose Manuel Campa
Linda S. Goldberg

Exchange Rate Pass-Through into Import Prices: A Macro or Micro Phenomenon?
w8930 Stanley Fischer
Ratna Sahay
Carlos A. Vegh

Modern Hyper- and High Inflations
w8927 Alan M. Taylor
A Century of Current Account Dynamics
w8925 Lars E.O. Svensson
Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?
w8914 Takatoshi Ito
Is Foreign Exchange Intervention Effective?: The Japanese Experiences in the 1990s
w8908 Anusha Chari
Peter Blair Henry

Capital Account Liberalization: Allocative Efficiency or Animal Spirits?
w8905 Jordi Gali
Tommaso Monacelli

Monetary Policy and Exchange Rate Volatility in a Small Open Economy
w8904 Xavier Sala-i-Martin
The Disturbing "Rise" of Global Income Inequality
w8900 Joshua Aizenman
Financial Opening: Evidence and Policy Options
w8897 Sylvie Demurger
Jeffrey D. Sachs
Wing Thye Woo
Shuming Bao
Gene Chang
Andrew Mellinger

Geography, Economic Policy, and Regional Development in China
w8892 Raphael Bergoeing
Patrick J. Kehoe
Timothy J. Kehoe
Raimundo Soto

Policy-Driven Productivity in Chile and Mexico in the 1980s and 1990s
w8880 Cristina Arellano
Enrique G. Mendoza

Credit Frictions and 'Sudden Stops' in Small Open Economies: An Equilibrium Business Cycle Framework for Emerging Markets Crises
w8879 Michael W. Klein
Dollarization and Trade
w8864 Alejandro Reynoso
Can Subsidiaries of Foreign Banks Contribute to the Stability of the Forex Market in Emerging Economies? A Look at Some Evidence from the Mexican...
w8858 Michael B. Devereux
Charles Engel

Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect
w8853 Andrew K. Rose
One Reason Countries Pay their Debts: Renegotiation and International Trade
w8848 Rafael La Porta
Florencio Lopez-de-Silane
Guillermo Zamarripa

Related Lending
w8846 Maurice Obstfeld
Alan M. Taylor

Globalization and Capital Markets
w8842 Antoni Estevadeordal
Alan M. Taylor

Testing Trade Theory in Ohlin's Time
w8838 Roberto Chang
Andres Velasco

Dollarization: Analytical Issues
w8837 Martin Feldstein
Economic and Financial Crises in Emerging Market Economies: Overview of Prevention and Management
w8828 Jeffrey A. Frankel
Sergio L. Schmukler
Luis Serven

Global Transmission of Interest Rates: Monetary Independence and Currency Regime
w8824 Ron Alquist
Menzie D. Chinn

Productivity and the Euro-Dollar Exchange Rate Puzzle
w8804 Aart Kraay
Jaume Ventura

Trade Integration and Risk Sharing
w8794 Roberto Rigobon
Brian P. Sack

The Impact of Monetary Policy on Asset Prices
w8783 Giancarlo Corsetti
Paolo Pesenti

Self-Validating Optimum Currency Areas
w8765 Matthew B. Canzoneri
Robert E. Cumby
Behzad T. Diba

The Need for International Policy Coordination: What's Old, What's New, What's Yet to Come?
w8758 Ricardo J. Caballero
Arvind Krishnamurthy

A Dual Liquidity Model for Emerging Markets
w8748 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

Why Are Rates of Inflation So Low After Large Devaluations?
w8738 Carmen M. Reinhart
Default, Currency Crises and Sovereign Credit Ratings
w8725 Charles Engel
The Responsiveness of Consumer Prices to Exchange Rates And the Implications for Exchange-Rate Policy: A Survey Of a Few Recent New Open-Economy...
w8721 Eric Parrado
Andres Velasco

Optimal Interest Rate Policy in a Small Open Economy
w8716 Barry Eichengreen
Michael D. Bordo

Crises Now and Then: What Lessons from the Last Era of Financial Globalization
w8706 Roberto Rigobon
Disinflation and Fiscal Reform: A Neoclassical Perspective
w8684 Carlos A. Vegh
Monetary Policy, Interest Rate Rules, and Inflation Targeting: Some Basic Equivalences
w8681 Andrew Atkeson
Patrick J. Kehoe

The Advantage of Transparent Instruments of Monetary Policy
w8680 Lee Pinkowitz
Rene M. Stulz
Rohan Williamson

Corporate Governance and the Home Bias
w8679 Bernhard Paasche
Stanley E. Zin

Competition and Intervention in Sovereign Debt Markets
w8671 Sebastian Edwards
I. Igal Magendzo

Dollarization, Inflation and Growth
w8659 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Flows
w8636 Roberto Rigobon
The Curse of Non-Investment Grade Countries
w8634 Jeffrey A. Frankel
Nouriel Roubini

The Role of Industrial Country Policies in Emerging Market Crises
w8604 Richard Clarida
Jordi Gali
Mark Gertler

Optimal Monetary Policy in Closed versus Open Economies: An Integrated Approach
w8603 Richard Clarida
The Empirics of Monetary Policy Rules in Open Economies
w8601 Richard Clarida
Lucio Sarno
Mark Taylor
Giorgio Valente

The Out-of-Sample Success of Term Structure Models as Exchange Rate Predictors: A Step Beyond
w8600 Tilak Abeysinghe
Kristin J. Forbes

Trade Linkages and Output-Multiplier Effects: A Structural VAR Approach with a Focus on Asia
w8587 David E. Bloom
David Canning
Jaypee Sevilla

The Effect of Health on Economic Growth: Theory and Evidence
w8584 Michael D. Bordo
Marc Flandreau

Core, Periphery, Exchange Rate Regimes, and Globalization
w8569 Graciela L. Kaminsky
Carmen M. Reinhart

Financial Markets in Times of Stress
w8564 Jed Friedman
James Levinsohn

The Distributional Impacts of Indonesia's Financial Crisis on Household Welfare: A "Rapid Response" Methodology
w8559 Michael B. Devereux
Charles Engel

Endogenous Currency of Price Setting in a Dynamic Open Economy Model
w8558 Jeffrey R. Campbell
Beverly Lapham

Real Exchange Rate Fluctuations and the Dynamics of Retail Trade Industries on the U.S.-Canada Border
w8553 Axel Boersch-Supan
Alexander Ludwig
Joachim Winter

Aging and International Capital Flows
w8550 Charles Engel
James C. Morley

The Adjustment of Prices and the Adjustment of the Exchange Rate
w8545 Michael D. Bordo
Harold James

The Adam Klug Memorial Lecture: Haberler versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?
w8535 Carmen M. Reinhart
Vincent R. Reinhart

What Hurts Most? G-3 Exchange Rate or Interest Rate Volatility
w8529 Sebastian Edwards
Exchange Rate Regimes, Capital Flows and Crisis Prevention
w8521 Simon Johnson
Todd Mitton

Cronyism and Capital Controls: Evidence from Malaysia
w8520 Raphael Bergoeing
Patrick J. Kehoe
Timothy J. Kehoe
Raimundo Soto

A Decade Lost and Found: Mexico and Chile in the 1980s
w8506 Sebastian Edwards
Raul Susmel

Volatility Dependence and Contagion in Emerging Equity Markets
w8491 William P. Killeen
Richard K. Lyons
Michael J. Moore

Fixed versus Flexible: Lessons from EMS Order Flow
w8476 Philippe Martin
Helene Rey

Financial Super-Markets: Size Matters for Asset Trade
w8472 Kenneth A. Froot
Tarun Ramadorai

The Information Content of International Portfolio Flows
w8468 David C. Parsley
Shang-Jin Wei

Limiting Currency Volatility to Stimulate Goods Market Integration: A Price Based Approach
w8465 Beata K. Smarzynska
Shang-Jin Wei

Pollution Havens and Foreign Direct Investment: Dirty Secret or Popular Myth?
w8461 Anna Maria Mayda
Dani Rodrik

Why Are Some People (and Countries) More Protectionist Than Others?
w8453 Kathryn M.E. Dominguez
Linda L. Tesar

Exchange Rate Exposure
w8414 Carlos Arteta
Barry Eichengreen
Charles Wyplosz

When Does Capital Account Liberalization Help More than It Hurts?
w8443 J. Bradford DeLong
Barry Eichengreen

Between Meltdown and Moral Hazard: The International Monetary and Financial Policies of the Clinton Administration
w8428 Ricardo Caballero
Arvind Krishnamurthy

A "Vertical" Analysis of Crises and Intervention: Fear of Floating and Ex-ante Problems
w8427 Ricardo Caballero
Arvind Krishnamurthy

Smoothing Sudden Stops
w8422 Carmen M. Reinhart
R. Todd Smith

Temporary Controls on Capital Inflows
w8408 Ian W. McLean
Alan M. Taylor

Australian Growth: A California Perspective
w8404 Michael W. Brandt
John H. Cochrane
Pedro Santa-Clara

International Risk Sharing is Better Than You Think (or Exchange Rates are Much Too Smooth)
w8396 Reuven Glick
Andrew K. Rose

Does a Currency Union Affect Trade? The Time Series Evidence
w8392 Marianne Baxter
Dorsey Farr

Variable Factor Utilization and International Business Cycles
w8391 Amartya Lahiri
Carlos A. Vegh

Living with the Fear of Floating: An Optimal Policy Perspective
w8390 Osmel Manzano
Roberto Rigobon

Resource Curse or Debt Overhang?
w8386 Stijn Claessens
Daniela Klingebiel
Luc Laeven

Financial Restructuring in Banking and Corporate Sector Crises: What Policies to Pursue?
w8381 Olivier Jeanne
Charles Wyplosz

The International Lender of Last Resort: How Large is Large Enough?
w8373 Yung Chul Park
Jong-Wha Lee

Recovery and Sustainability in East Asia
w8369 Maurice Obstfeld
International Macroeconomics: Beyond the Mundell-Fleming Model
w8366 Philip R. Lane
Gian Milesi-Ferretti

Long-Term Capital Movements
w8362 Margarida Duarte
Alan C. Stockman

Rational Speculation and Exchange Rates
w8361 Greg Leonard
Alan C. Stockman

Current Accounts and Exchange Rates: A New Look at the Evidence
w8360 Fernando Alvarez
Urban J. Jermann

The Size of the Permanent Component of Asset Pricing Kernels
w8356 Martin D. D. Evans
Richard K. Lyons

Portfolio Balance, Price Impact, and Secret Intervention
w8352 Hans-Werner Sinn
Frank Westermann

Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate
w8350 Roberto Rigobon
Brian Sack

Measuring the Reaction of Monetary Policy to the Stock Market
w8338 Enrique G. Mendoza
Credit, Prices, and Crashes: Business Cycles with a Sudden Stop
w8326 Rudi Dornbusch
A Primer on Emerging Market Crises
w8325 Rudi Dornbusch
Malaysia: Was it Different?
w8324 Rudi Dornbusch
Fewer Monies, Better Monies
w8322 Robert Dekle
Kenneth M. Kletzer

Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia
w8315 Michael P. Dooley
Sujata Verma

Rescue Packages and Output Losses Following Crises
w8313 Assaf Razin
Chi-Wa Yuen

The "New Keynesian" Phillips Curve: Closed Economy vs. Open Economy
w8305 Michael M. Hutchison
A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs
w8303 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

The Role of Large Players in Currency Crises
w8289 Peter Blair Henry
Is Disinflation Good for the Stock Market?
w8277 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

On the Fiscal Implications of Twin Crises
w8275 Sebastian Edwards
Does the Current Account Matter?
w8274 Sebastian Edwards
Dollarization and Economic Performance: An Empirical Investigation
w8265 Anusha Chari
Peter Blair Henry

Stock Market Liberalizations and the Repricing of Systematic Risk
w8264 Martin Feldstein
Economic Problems of Ireland in Europe
w8249 Pierre-Olivier Gourinchas
Rodrigo Valdes
Oscar Landerretche

Lending Booms: Latin America and the World
w8230 Giancarlo Corsetti
Paolo Pesenti

International Dimensions of Optimal Monetary Policy
w8217 Enrique G. Mendoza
The International Macroeconomics of Taxation and the Case Against European Tax Harmonization
w8209 Linda S. Goldberg
When Is U.S. Bank Lending to Emerging Markets Volatile?
w8195 Wouter J. Den Haan
Steven Sumner

The Comovements between Real Activity and Prices in the G7
w8194 Kristin J. Forbes
Are Trade Linkages Important Determinants of Country Vulnerability to Crises?
w8193 Roger Gordon
Vitor Gaspar

Home Bias in Portfolios and Taxation of Asset Income
w8187 Shang-Jin Wei
Yi Wu

Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises
w8171 Assaf Razin
Efraim Sadka

Country Risk and Capital Flow Reversals
w8160 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold
Paul Labys

Modeling and Forecasting Realized Volatility
w8142 Ethan Kaplan
Dani Rodrik

Did the Malaysian Capital Controls Work?
w8141 Ricardo J. Caballero
Arvind Krishnamurthy

International Liquidity Illusion: On the Risks of Sterilization
w8137 Linda Goldberg
Joseph Tracy

Exchange Rates and Wages
w8129 Kathryn M.E. Dominguez
Linda L. Tesar

Trade and Exposure
w8128 Kathryn M.E. Dominguez
Linda L. Tesar

A Re-Examination of Exchange Rate Exposure
w8121 Mihir A. Desai
James R. Hines Jr.

Exchange Rates and Tax-Based Export Promotion
w8118 Roberto Rigobon
Contagion: How to Measure It?
w8116 Martin D. D. Evans
FX Trading and Exchange Rate Dynamics
w8112 Jonathan Haskel
Holger Wolf

The Law of One Price - A Case Study
w8104 Aart Kraay
Jaume Ventura

Comparative Advantage and the Cross-section of Business Cycles
w8100 Michael Bordo
Anna J. Schwartz

From the Exchange Stabilization Fund to the International Monetary Fund
w8087 Frederic S. Mishkin
Financial Policies and the Prevention of Financial Crises in Emerging Market Countries
w8083 Daron Acemoglu
Jaume Ventura

The World Income Distribution
w8076 Sebastian Edwards
Capital Mobility and Economic Performance: Are Emerging Economies Different?
w8073 Hyuk Choe
Bong-Chan Kho
Rene M. Stulz

Do Domestic Investors Have More Valuable Information About Individual Stocks Than Foreign Investors?
w8060 Martin Schneider
Aaron Tornell

Balance SHeet Effects, Bailout Guarantees and Financial Crises
w8044 Jean-Pierre Danthine
Francesco Giavazzi
Ernst-Ludwig von Thadden

European Financial Markets After EMU: A First Assessment
w8043 Robert J. Barro
Silvana Tenreyro

Closed and Open Economy Models of Business Cycles with Marked Up and Sticky Prices
w8035 Barry Eichengreen
The EMS Crisis in Retrospect
w8027 Alessandra Casella
Market Mechanisms for Policy Decisions: Tools for the European Union
w8026 Alessandra Casella
Games for Central Bankers: Markets v/s Politics in Public Policy Decisions
w8012 Alan M. Taylor
A Century of Purchasing-Power Parity
w8008 Lee J. Alston
Andres Gallo

Evolution and Revolution in the Argentine Banking System under Convertibility: The Roles of Crises and Path Dependence
w8006 Guillermo A. Calvo
Carmen M. Reinhart

Fixing for Your Life
w8003 Edward J. Kane
Tara Rice

Bank Runs and Banking Policies: Lessons for African Policymakers
w8002 Eiji Ogawa
Takatoshi Ito

On the Desirability of a Regional Basket Currency Arrangement
w7997 Takatoshi Ito
Kimie Harada

Japan Premium and Stock Prices: Two Mirrors of Japanese Banking Crises
w7993 Guillermo A. Calvo
Carmen M. Reinhart

Fear of Floating
w7992 Michael P. Dooley
Inseok Shin

Private Inflows when Crises are Anticipated: A Case Study of Korea
w7971 Ricardo Caballero
Arvind Krishnamurthy

International and Domestic Collateral Constraints in a Model of Emerging Market Crises
w7969 Beata K. Smarzynska
Shang-Jin Wei

Corruption and Composition of Foreign Direct Investment: Firm-Level Evidence
w7957 Lars E.O. Svensson
The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap
w7951 P.R. Agenor
J. Aizenman
A. Hoffmaister

The Credit Crunch in East Asia: What can Bank Excess Liquid Assets Tell us?
w7927 Alberto Alesina
Robert J. Barro

Currency Unions
w7920 Michael P. Devereux
R. Glenn Hubbard

Taxing Multinationals
w7913 Kee-Hong Bae
G. Andrew Karolyi
Rene M. Stulz

A New Approach to Measuring Financial Contagion
w7902 Menzie D. Chinn
Kenneth M. Kletzer

International Capital Inflows, Domestic Financial Intermediation and Financial Crises under Imperfect Information
w7901 Jeffrey Frankel
Sergio Schmukler
Luis Serven

Verifiability and the Vanishing Intermediate Exchange Rate Regime
w7900 Michael D. Bordo
Antu P. Murshid

Are Financial Crises Becoming Increasingly More Contagious? What is the Historical Evidence on Contagion?
w7899 Martin Feldstein
Aspects of Global Economic Intergration: Outlook for the Future
w7889 Charles Engel
Optimal Exchange Rate Policy: The Influence of Price Setting and Asset Markets
w7885 Kristin Forbes
Roberto Rigobon

Contagion in Latin America: Definitions, Measurement, and Policy Implications
w7880 Eiji Fujii
Menzie D. Chinn

Fin de Siecle Real Interest Parity
w7872 Andrew K. Rose
Charles Engel

Currency Unions and International Integration
w7871 Fernando Alvarez
Andrew Atkeson
Patrick J. Kehoe

Money, Interest Rates, and Exchange Rates with Endogenously Segmented Asset Markets
w7870 Patrick J. Kehoe
Fabrizio Perri

International Business Cycles with Endogenous Incomplete Markets
w7869 V.V. Chari
Patrick J. Kehoe
Ellen R. McGrattan

Can Sticky Price Models Generate Volatile and Persistent Real Exchange Rates?
w7044 Frederic S. Mishkin
International Experiences with Different Monetary Policy Regimes
w7864 Maurice Obstfeld
Kenneth Rogoff

Do We Really Need a New International Monetary Compact?
w7862 Ariel T. Burstein
Joao C. Neves
Sergio Rebelo

Distribution Costs and Real Exchange Rate Dynamics During Exchange-Rate-Based-Stabilizations
w7858 Jeffrey A. Frankel
Globalization of the Economy
w7857 Jeffrey A. Frankel
Andrew K. Rose

Estimating the Effect of Currency Unions on Trade and Output
w7855 Graciela Kaminsky
Richard K. Lyons
Sergio Schmukler

Managers, Investors, and Crises: Mutual Fund Strategies in Emerging Markets
w7845 Michael Klein
Joe Peek
Eric Rosengren

Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit
w7840 Luis Felipe Cespedes
Roberto Chang
Andres Velasco

Balance Sheets and Exchange Rate Policy
w7824 Enrique G. Mendoza
On the Benefits of Dollarization when Stabilization Policy is not Credible and Financial Markets are Imperfect
w7618 Frederic S. Mishkin
Inflation Targeting in Emerging Market Countries
w7598 Lars E.O. Svensson
The First Year of the Eurosystem: Inflation Targeting or Not?
w7102 Frederic S. Mishkin
Lessons from the Asian Crisis
w7818 Charles Engel
Comments on Obstfeld and Rogoff's "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?"
w7813 Sebastian Edwards
Raul Susmel

Interest Rate Volatility and Contagion in Emerging Markets: Evidence from the 1990s
w7807 Kristin Forbes
The Asian Flu and Russian Virus: Firm-level Evidence on How Crises are Transmitted Internationally
w7801 Sebastian Edwards
Interest Rates, Contagion and Capital Controls
w7797 Carlo A. Favero
Francesco Giavazzi

Looking for Contagion: Evidence from the ERM
w7796 Steven J. Davis
Jeremy Nalewaik
Paul Willen

On the Gains to International Trade in Risky Financial Assets
w7795 Aart Kraay
Norman Loayza
Luis Serven
Jaume Ventura

Country Portfolios
w7792 Ricardo J. Caballero
Arvind Krishnamurthy

Dollarization of Liabilities: Underinsurance and Domestic Financial Underdevelopment
w7782 Ricardo J. Caballero
Macroeconomic Volatility in Latin America: A View and Three Case Studies
w7777 Maurice Obstfeld
Kenneth Rogoff

The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?
w7768 Enrique G. Mendoza
On the Instability of Variance Decompositions of the Real Exchange Rate across Exchange-Rate-Regimes: Evidence from Mexico and the United States
w7766 Chong-En Bai
Shang-Jin Wei

Quality of Bureaucracy and Open-Economy Macro Policies
w7765 Shang-Jin Wei
Natural Openness and Good Government
w7764 Douglas W. Diamond
Raghuram G. Rajan

Banks, Short Term Debt and Financial Crises: Theory, Policy Implications and Applications
w7763 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Emerging Equity Markets and Economic Development
w7753 Aaron Tornell
Robust-H-infinity Forecasting and Asset Pricing Anomalies
w7751 Anna J. Schwartz
The Rise and Fall of Foreign Exchange Market Intervention
w7740 Ricardo J. Caballero
Arvind Krishnamurthy

International Liquidity Management: Sterilization Policy in Illiquid Financial Markets
w7738 Joshua Aizenman
Ricardo Hausmann

Exchange Rate Regimes and Financial-Market Imperfections
w7736 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Do Debt Flows Crowd Out Equity Flows Or the Other Way Round?
w7734 Amartya Lahiri
Carlos A. Vegh

Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises
w7724 Michael D. Bordo
Harold James

The International Monetary Fund: Its Present Role in Historical Perspective
w6545 Lars E. O. Svensson
Open-Economy Inflation Targeting
w7722 Benjamin M. Friedman
Debt Restructuring
w7715 Charles W. Calomiris
Andrew Powell

Can Emerging Market Bank Regulators Establish Credible Discipline? The Case of Argentina, 1992-1999
w7714 Linda Goldberg
B. Gerard Dages
Daniel Kinney

Foreign and Domestic Bank Participation in Emerging Markets: Lessons from Mexico and Argentina
w7701 Michael D. Bordo
Anna J. Schwartz

Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts
w7665 Michael B. Devereux
Charles Engel

Monetary Policy in the Open Economy Revisited: Price Setting and Exchange Rate Flexibility
w7664 Stanley Fischer
Ratna Sahay

The Transition Economies After Ten Years
w7653 Barry Eichengreen
Christof Ruehl

The Bail-In Problem: Systematic Goals, Ad Hoc Means
w7645 Jose De Gregorio
Sebastian Edwards
Rodrigo O. Valdes

Controls on Capital Inflows: Do they Work?
h0124 Hugh Rockoff
How Long Did It Take the United States to Become an Optimal Currency Area?
w7630 Barry Eichengreen
From Benign Neglect to Malignant Preoccupation: U.S. Balance-of-Payments Policy in the 1960s
w7617 Frederic S. Mishkin
Miguel A. Savastano

Monetary Policy Strategies for Latin America
w7607 Russell W. Cooper
Hubert Kempf

Designing Stabilization Policy in a Monetary Union
w7581 Menzie D. Chinn
Eswar S. Prasad

Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration
w7577 Alan M. Taylor
Potential Pitfalls for the Purchasing-Power-Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Tests of the Law of One Price
w7575 Michael Kremer
Paras Mehta

Globalization and International Public Finance
w7554 Craig Burnside
Martin Eichenbaum
Sergio T. Rebelo

On the Fundamentals of Self-Fulfilling Speculative Attacks
w7531 Michael P. Dooley
Can Output Losses Following International Financial Crises be Avoided?
w7529 Rene M. Stulz
U.S. Banks, Crises, and Bailouts: From Mexico to LTCM
w7524 Yin-Wong Cheung
Menzie D. Chinn
Ian W. Marsh

How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?
w7517 Martin Feldstein
The European Central Bank and the Euro: The First Year
w7499 Ernesto Talvi
Carlos A. Vegh

Tax Base Variability and Procyclical Fiscal Policy
w7497 Gordon M. Bodnar
M.H. Franco Wong

Estimating Exchange Rate Exposures: Some "Weighty" Issues
w7493 Roberto Rigobon
Identification through Heteroskedasticity: Measuring "Contagion: betweenArgentinean and Mexican Sovereign Bonds
w7483 Joon-Ho Hahm
Frederic S. Mishkin

Causes of the Korean Financial Crisis: Lessons for Policy
w7466 Michael W. Klein
Scott Schuh
Robert K. Triest

Job Creation, Job Destruction, and the Real Exchange Rate
w7460 Francesco Giavazzi
Tullio Jappelli
Marco Pagano

Searching for Non-Linear Effects of Fiscal Policy: Evidence from Industrial and Developing Countries
w7458 Barry Eichengreen
Ashoka Mody

Would Collective Action Clauses Raise Borrowing Costs?
w7446 Pierre-Richard Agenor
Joshua Aizenman

Financial Sector Inefficiencies and Coordinate Failures: Implications for Crisis Management
w7434 Richard H. Clarida
G3 Exchange Rate Relationships: A Recap of the Record and a Review of Proposals for Change
w7432 Andrew K. Rose
One Money, One Market: Estimating the Effect of Common Currencies on Trade
w7429 Anne O. Krueger
Trade Creation and Trade Diversion Under NAFTA
w7418 Barry Eichengreen
Ricardo Hausmann

Exchange Rates and Financial Fragility
w7417 Yin-Wong Cheung
Menzie D. Chinn

Macroeconomic Implications of the Beliefs and Behavior of Foreign Exchange Traders
w7416 Yin-Wong Cheung
Menzie D. Chinn

Traders, Market Microstructure and Exchange Rate Dynamics
w7413 Sebastian Edwards
How Effective are Capital Controls?
w7408 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

Market Structure and the Persistence of Sectoral Real Exchange Rates
w7400 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Excessive FDI Flows Under Asymmetric Information
w7394 Alan M. Taylor
Latin America and Foreign Capital in the Twentieth Century: Economics, Politics, and Institutional Change
w7393 Bennett T. McCallum
Theoretical Issues Pertaining to Monetary Unions
w7389 Joshua Aizenman
Nancy P. Marion

Uncertainty and the Disappearance of International Credit
w7386 Gerardo della Paolera
Alan M. Taylor

Internal Versus External Convertibility and Developing-Country FinancialCrises: Lessons from the Argentine Bank Bailout of the 1930's
w7384 Michael W. Klein
Giovanni Olivei

Capital Account Liberalization, Financial Depth and Economic Growth
w7382 Michael B. Devereux
Charles Engel
Cedric Tille

Exchange Rate Pass-Through and the Welfare Effects of the Euro
w7364 Dani Rodrik
Andres Velasco

Short-Term Capital Flows
w7361 Bong-Chan Kho
Rene M. Stulz

Banks, the IMF, and the Asian Crisis
w7354 Roberto Rigobon
On the Measurement of the International Propagation of Shocks
w7350 Tamim Bayoumi
The Morning After: Explaining the Slowdown in Japanese Growth in the 1990s
w7338 Jeffrey A. Frankel
No Single Currency Regime is Right for All Countries or At All Times
w7337 Kathryn M. Dominguez
The Market Microstructure of Central Bank Intervention
w7336 Richard Portes
Helene Rey

The Determinants of Cross-Border Equity Flows
w7317 Martin D.D. Evans
Richard K. Lyons

Order Flow and Exchange Rate Dynamics
w7313 Maurice Obstfeld
Kenneth Rogoff

New Directions for Stochastic Open Economy Models
w7302 Willem H. Buiter
The Fallacy of the Fiscal Theory of the Price Level
w7278 Alessandra Casella
Tradable Deficit Permits: Efficient Implementation of the Stability Pacin the European Monetary Union
w7276 Lars E.O. Svensson
Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability
w6729 Takatoshi Ito
Eiji Ogawa
Yuri Nagataki Sasaki

How Did the Dollar Peg Fail in Asia?
w6682 Maurice Obstfeld
EMU: Ready, or Not?
w7272 Roberto Chang
Andres Velasco

Liquidity Crises in Emerging Markets: Theory and Policy
w7271 Pierre-Olivier Gourinchas
Jonathan A. Parker

Consumption Over the Life Cycle
w7267 Kristin Forbes
Roberto Rigobon

No Contagion, Only Interdependence: Measuring Stock Market Co-movements
w7265 Kenneth Rogoff
International Institutions for Reducing Global Financial Instability
w7263 Qinglai Meng
Andres Velasco

Can Capital Mobility be Destabilizing?
w7247 Takatoshi Ito
Michael Melvin

Japan's Big Bang and the Transformation of Financial Markets
w7245 Willem H. Buiter
Nikolaos Panigirtzoglou

Liquidity Traps: How to Avoid Them and How to Escape Them
w7242 Charles Engel
John H. Rogers

Violating the Law of One Price: Should We Make a Federal Case Out of It?
w7233 Sebastian Edwards
Crisis Prevention: Lessons from Mexico and East Asia
w7231 Carlo A. Favero
Francesco Giavazzi
Luca Flabbi

The Transmission Mechanism of Monetary Policy in Europe: Evidence from Banks' Balance Sheets
w7228 Sebastian Edwards
Miguel A. Savastano

Exchange Rates in Emerging Economies: What Do We Know? What Do We Need to Know?
w7219 Geert Bekaert
Campbell R. Harvey
Robin L. Lumsdaine

The Dynamics of Emerging Market Equity Flows
w7211 Allan Drazen
Political Contagion in Currency Crises
w7206 Aaron Tornell
Privatizing the Privatized
w7202 Joshua Aizenman
Nancy Marion

Reserve Uncertainty and the Supply of International Credit
w7196 Linda S. Goldberg
Michael W. Klein

International Trade and Factor Mobility: An Empirical Investigation
w7195 Michael D. Bordo
Barry Eichengreen
Douglas A. Irwin

Is Globalization Today Really Different than Globalization a Hunderd Years Ago?
w7194 James Levinsohn
Steven Berry
Jed Friedman

Impacts of the Indonesian Economic Crisis: Price Changes and the Poor
w7177 Lars E.O. Svensson
Monetary Policy Issues for the Eurosystem
w7157 Robert J. Hodrick
David Tat-Chee Ng
Paul Sengmueller

An International Dynamic Asset Pricing Model
w7150 Dani Rodrik
Tanguy van Ypersele

Capital Mobility, Distributive Conflict, and International Tax Coordination
w6431 Maurice Obstfeld
Giovanni Peri

Regional Nonadjustment and Fiscal Policy: Lessons for EMU
w6319 Maurice Obstfeld
Open-Economy Macroeconomics, Developments in Theory and Policy
rogo99-1 Kenneth Rogoff and Charles Wyplosz
International Seminar on Macroeconomics 1998
w7143 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

Hedging and Financial Fragility in Fixed Exchange Rate Regimes
w7139 Aaron Tornell
Common Fundamentals in the Tequila and Asian Crises
w7134 Takatoshi Ito
Capital Flows in Asia
w7133 Woochan Kim
Shang-Jin Wei

Offshore Investment Funds: Monsters in Emerging Markets?
w7115 Assaf Razin
Chi-Wa Yuen

Understanding the "Problem of Economic Development": The Role of Factor Mobility and International Taxation
w7113 Barry Eichengreen
Ashoka Mody

Lending Booms, Reserves, and the Sustainability of Short-Term Debt: Inferences from the Pricing of Syndicated Bank Loans
w7104 Olivier Jeanne
Andrew K. Rose

Noise Trading and Exchange Rate Regimes
w7091 Menzie D. Chinn
Michael P. Dooley
Sona Shrestha

Latin America and East Asia in the Context of an Insurance Model of Currency Crises
w7090 Susanto Basu
Alan M. Taylor

Business Cycles in International Historical Perspective
w7077 Richard Clarida
Joe Prendergast

Fiscal Stance and the Real Exchange: Some Empirical Estimates
w7067 Charles Engel
On the Foreign-Exchange Risk Premium in Sticky-Price General Equilibrium Models
w7056 Andrew Ang
Geert Bekaert

International Asset Allocation with Time-Varying Correlations
w7045 Enrique G. Mendoza
Martin Uribe

The Business Cycles of Balance-of-Payment Crises: A Revision of Mundellan Framework
w7043 Ann P. Bartel
Ann E. Harrison

Ownership versus Environment: Why are Public Sector Firms Inefficient?
w7042 Anne Krueger
Aaron Tornell

The Role of Bank Restructuring in Recovering from Crises: Mexico 1995-98
w7014 Enrique G. Mendoza
Martin Uribe

Devaluation Risk and the Syndrome of Exchange-Rate-Based Stabilizations
w7013 Assaf Razin
Efraim Sadka

Unskilled Migration: A Burden or a Boon for the Welfare State
w6994 Bernard Dumas
Raman Uppal

Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods
w6992 Michael B. Devereux
Charles Engel

The Optimal Choice of Exchange-Rate Regime: Price-Setting Rules and Internationalized Production
w6233 Maurice Obstfeld
A Strategy for Launching the Euro
w6968 Woochan Kim
Shang-Jin Wei

Foreign Portfolio Investors Before and During a Crisis
w6964 Robert J. Gordon
The Aftermath of the 1992 ERM Breakup: Was There a Macroeconomic Free Lunch?
w6961 Torben Andersen
Tim Bollerslev
Francis X. Diebold
Paul Labys

The Distribution of Exchange Rate Volatility
w6935 Richard Clarida
Joe Prendergast

Recent G3 Current Account Imbalances: How Important are Structural Factors?
w6929 Jose M. Campa
P.H. Kevin Chang
James F. Refalo

An Options-Based Analysis of Emerging Market Exchange Rate Expectations: Brazil's Real Plan, 1994-1997
w6925 Guillermo A. Calvo
Carlos A. Vegh

Inflation Stabilization and BOP Crises in Developing Countries
w6907 Martin Feldstein
Self-Protection for Emerging Market Economies
w6889 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini
Cedric Tille

Competitive Devaluations: A Welfare-Based Approach
w6886 Benjamin E. Hermalin
Andrew K. Rose

Risks to Lenders and Borrowers in International Capital Markets
w6874 David S. Bates
Financial Markets' Assessment of EMU
w6867 Michael B. Devereux
Charles Engel

Fixed vs. Floating Exchange Rates: How Price Setting Affects the Optimal Choice of Exchange-Rate Regime
w6864 Pierre-Olivier Gourinchas
Exchange Rates and Jobs: What Do We Learn from Job Flows?
w6850 P.R. Agenor
J. Aizenman
A. Hoffmaister

Contagion, Bank Lending Spreads and Output Fluctuations
w6845 Francis X. Diebold
Jinyong Hahn
Anthony S. Tay

Real-Time Multivariate Density Forecast Evaluation and Calibration: Monitoring the Risk of High-Frequency Returns on Foreign Exchange
w6843 Ricardo J. Caballero
Arvind Krishnamurthy

Emerging Market Crises: An Asset Markets Perspective
w6834 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

What Caused the Asian Currency and Financial Crisis? Part II: The Policy Debate
w6833 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview
w6824 Michael D. Bordo
Anna J. Schwartz

Under What Circumstances, Past and Present, Have International Rescues of Countries in Financial Distress Been Successful?
w6821 Barry Eichengreen
Does Mercosur Need a Single Currency
w6802 Andres Velasco
Vincenzo Guzzo

The Case for a Populist Banker
w6800 Sebastian Edwards
Capital Flows, Real Exchange Rates, and Capital Controls: Some Latin American Experiences
w6797 Guy Meredith
Menzie D. Chinn

Long-Horizon Uncovered Interest Rate Parity
w6796 Roberto Chang
Andres Velasco

The Asian Liquidity Crisis
w6783 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

Paper Tigers? A Model of the Asian Crisis
w6760 Laurence Ball
Policy Rules for Open Economies
w6758 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

Prospective Deficits and the Asian Currency Crisis
w6756 Sebastian Edwards
Interest Rate Volatility, Capital Controls, and Contagion
w6749 Jose Manuel Campa
Linda S. Goldberg

Employment versus Wage Adjustment and the US Dollar
w6742 Shang-Jin Wei
Currency Hedging and Goods Trade
w6738 Michael D. Bordo
Barry Eichengreen
Jongwoo Kim

Was There Really an Earlier Period of International Financial Integration Comparable to Today?
w6735 Jeffrey C. Fuhrer
Michael W. Klein

Risky Habits: On Risk Sharing, Habit Formation, and the Interpretation of International Consumption Correlations
w6733 Patrick F. Rowland
Linda L. Tesar

Multinationals and the Gains from International Diversification
w6730 Takatoshi Ito
Yuri Nagatake Sasaki

Impacts of the Basle Capital Standard on Japanese Banks' Behavior
w6705 Gordon M. Bodnar
Gunther Gebhardt

Derivatives Usage in Risk Management by US and German Non-Financial Firms: A Comparative Survey
w6704 Philippe Bacchetta
Eric Van Wincoop

Does Exchange Rate Stability Increase Trade and Capital Flows?
w6703 Joshua Aizenman
Capital Mobility in a Second Best World -- Moral Hazard With Costly Financial Intermediation
w6694 Maurice Obstfeld
Kenneth Rogoff

Risk and Exchange Rates
w6680 Steven Radelet
Jeffrey Sachs

The Onset of the East Asian Financial Crisis
w6671 Menzie D. Chinn
On the Won and Other East Asian Currencies
w6669 Geert Bekaert
Campbell R. Harvey

Capital Flows and the Behavior of Emerging Market Equity Returns
w6624 John F. Helliwell
Ross McKitrick

Comparing Capital Mobility Across Provincial and National Borders
w6623 Peter M. Garber
Derivatives in International Capital Flows
w6619 Peter M. Garber
Notes on the Role of TARGET in a Stage III Crisis
w6612 Alberto Alesina
David Dollar

Who Gives Foreign Aid to Whom and Why?
w6606 Roberto Chang
Andres Velasco

Financial Crises in Emerging Markets
w6563 Barry Eichengreen
Olivier Jeanne

Currency Crisis and Unemployment: Sterling in 1931
w6559 Maurice Obstfeld
The Global Capital Market: Benefactor or Menace?
w6556 Robert P. Inman
Daniel L. Rubinfeld

Subsidiarity and the European Union
w6555 William H. Branson
Jorge Braga de Macedo
Jurgen von Hagen

Macroeconomic Policy and Institutions During the Transition to European Union Membership
w6530 Philippe Bacchetta
Eric van Wincoop

Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility
w6516 Sebastian Edwards
Miguel A. Savastano

The Morning After: The Mexican Peso in the Aftermath of the 1994 Currency Crisis
w6512 Glenn D. Rudebusch
Lars E. O. Svensson

Policy Rules for Inflation Targeting
w6502 Philip R. Lane
Aaron Tornell

Why Aren't Savings Rates in Latin America Procyclical?
w6497 Aaron Tornell
Reform from Within
w6495 Jaewoo Lee
Menzie D. Chinn

The Current Account and the Real Exchange Rate: A Structural VAR Analysis of Major Currencies
w6491 Menzie D. Chinn
Before the Fall: Were East Asian Currencies Overvalued?
w6469 Roberto Chang
Andres Velasco

Financial Fragility and the Exchange Rate Regime
w6468 Nouriel Roubini
Paul Wachtel

Current Account Sustainability in Transition Economies
w6457 Cevdet Denizer
Holger C. Wolf

Household Savings in Transition Economies
w6441 Sebastian Edwards
Capital Inflows into Latin America: A Stop-Go Story?
w6436 Michael D. Bordo
Barry Eichengreen

The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary SYstem
w6424 Richard Portes
Helene Rey

The Emergence of the Euro as an International Currency
w6408 Barry Eichengreen
Ashoka Mody

What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?
w6396 Willem H. Buiter
The Young Person's Guide to Neutrality, Price Level Indeterminacy, Interest Rate Pegs, and Fiscal Theories of the Price Level
w6150 Martin Feldstein
The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability
w6382 Urban J. Jermann
International Portfolio Diversification and Labor/Leisure Choice
w6380 Robert Flood
Nancy Marion

Perspectives on the Recent Currency Crisis Literature
w6370 Barry Eichengreen
Andrew K. Rose

Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises
w6369 Rudiger Dornbusch
Carlo A. Favero
Francesco Giavazzi

The Immediate Challenges for the European Central Bank
w6351 Karen K. Lewis
International Home Bias in International Finance and Business Cycles
w6350 Dani Rodrik
Where Did All The Growth Go? External Shocks, Social Conflict, and Growth Collapses
w6344 Linda S. Goldberg
Michael W. Klein

Foreign Direct Investment, Trade and Real Exchange Rate Linkages in Developing Countries.
w6339 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Quantitative Implications of the Home Bias: Foreign Underinvestment, Domestic Oversaving, and Corrective Taxation
w6338 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Channeling Domestic Savings into Productive Investment Under Asymmetric Information: The Essential Role of Foreign Direct Investment
w6334 Sebastian Edwards
The Mexican Peso Crisis? How Much Did We Know? When Did We Know It?
w6327 Anne O. Krueger
Whither the World Bank and the IMF?
w6320 Joshua Aizenman
Andrew Powell

Volatility and Financial Intermediation
w6311 Alessandro Missale
Francesco Giavazzi
Pierpaolo Benigno

Managing the Public Debt in Fiscal Stabilizations: The Evidence
w6310 Gian Maria Milesi-Ferrett
Assaf Razin

Sharp Reductions in Current Account Deficits: An Empirical Analyis
w6307 Giancarlo Corsetti
Paolo Pesenti

Welfare and Macroeconomic Interdependence
w6302 Alan M. Taylor
Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century
w6300 Michael P. Dooley
A Model of Crises in Emerging Markets
w6292 Willem H. Buiter
Anne C. Sibert

Transition Issues for the European Monetary Union
w6256 Shang-Jin Wei
Jungshik Kim

The Big Players in the Foreign Exchange Market: Do They Trade on Information or Noise?
w6254 Richard Clarida
Jordi Gali
Mark Gertler

Monetary Policy Rules in Practice: Some International Evidence
w6247 Michael P. Dooley
Donald J. Mathieson
Liliana Rojas-Suarez

Capital Mobility and Exchange Market Intervention in Developing Countries
w6236 Gerardo della Paolera
Alan M. Taylor

Finance and Development in an Emerging Market: Argentina and the Interwar Period
w6224 Gordon M. Bodnar
Charles Tang
Joseph Weintrop

Both Sides of Corporate Diversification: The Value Impacts of Geographic and Industrial Diversification
w6189 Patrick K. Asea
Stephen J. Turnovsky

Capital Income Taxation and Risk-Taking in a Small Open Economy
w6180 Atish R. Ghosh
Holger C. Wolf

Geographical and Sectoral Shocks in the U.S. Business Cycle
w6179 Jose M. Campa
P.H. Kevin Chang
Robert L. Reider

Implied Exchange Rate Distributions: Evidence from OTC Option Markets
w6174 Ofair Razin
Susan M. Collins

Real Exchange Rate Misalignments and Growth
w6168 Sergio Rebelo
What Happens When Countries Peg Their Exchange Rates? (The Real Side of Monetary Reforms)
w6165 Andrew M. Warner
Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model
w6163 Alberto Alesina
Enrico Spolaore
Romain Wacziarg

Economic Integration and Political Disintegration
w6162 Jose M. Campa
Holger C. Wolf

Is Real Exchange Rate Mean Reversion Caused By Arbitrage?
w6115 Michael D. Bordo
Ronald MacDonald

Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914
w6108 Menzie David Chinn
The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates
w6103 Matthew T. Jones
Maurice Obstfeld

Saving, Investment, and Gold: A Reassessment of Historical Current Account Data
w6092 Menzie D. Chinn
Michael P. Dooley

Monetary Policy in Japan, Germany and the United States: Does One Size Fit All?
w6089 Paul G. J. O'Connell
Shang-Jin Wei

"The Bigger They Are, The Harder They Fall": How Price Differences Across U.S. Cities Are Arbitraged
w6080 Pierre-Richard Agenor
Joshua Aizenman

Contagion and Volatility with Imperfect Credit Markets
w6069 Charles Engel
Michael K. Hendrickson
John H. Rogers

Intra-National, Intra-Continental, and Intra-Planetary PPP
w6053 Maurice Obstfeld
Alan M. Taylor

Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited
w6039 Robert E. Lipsey
Birgitta Swedenborg

Wage Dispersion and Country Price Levels
w6030 Shang-Jin Wei
How Taxing is Corruption on International Investors?
t0211 Patrick K. Asea
Paul J. Zak

Time-to-Build and Cycles
w6017 Menzie David Chinn
Sectoral Productivity, Government Spending and Real Exchange Rates: Empirical Evidence for OECD Countries
w6011 Kenneth A. Froot
Paul G. J. O'Connell

On The Pricing of Intermediated Risks: Theory and Application to Catastrophe Reinsurance
w6007 V. V. Chari
Patrick Kehoe

Hot Money
w6005 Andrew Atkeson
Patrick Kehoe

Industry Evolution and Transition: A Neoclassical Benchmark
w5991 Karen K. Lewis
Are Countries with Official International Restrictions "Liquidity Constrained?"
w5984 Robin L. Lumsdaine
Eswar S. Prasad

Identifying the Common Component in International Economic Fluctuations
w5979 Takatoshi Ito
Peter Isard
Steven Symansky

Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia
w5978 Sebastian Edwards
Openness, Productivity and Growth: What Do We Really Know?
w5977 Sebastian Edwards
Carlos A. Vegh

Banks and Macroeconomics Disturbances under Predetermined Exchange Rates
w5975 Robert C. Feenstra
Andrew K. Rose

Putting Things in Order: Patterns of Trade Dynamics and Growth
w5974 Jose M. Campa
P. H. Kevin Chang

The Forecasting Ability of Correlations Implied in Foreign Exchange Options
w5968 Anne O. Krueger
Nominal Anchor Exchange Rate Policies as a Domestic Distortion
w5965 Joshua Aizenman
International Portfolio Diversification with Generalized Expected Utility Preferences
w5962 Lars E. O. Svensson
Inflation Targeting: Some Extensions
w5960 Maurice Obstfeld
Alan M. Taylor

The Great Depression as a Watershed: International Capital Mobility over the Long Run
w5943 Yin-Wong Cheung
Menzie D. Chinn

Integration, Cointegration and the Forecast Consistency of Structural Exchange Rate Models
w5936 Takatoshi Ito
Richard K. Lyons
Michael T. Melvin

Is There Private Information in the FX Market? The Tokyo Experiment
w5925 Guillermo A. Calvo
Allan Drazen

Uncertain Duration of Reform: Dynamic Implications
w5919 Jose Campa
Linda S. Goldberg

The Evolving External Orientation of Manufacturing Industries: Evidence from Four Countries
w5905 Dani Rodrik
Trade, Social Insurance, and the Limits to Globalization
w5904 Gordon M. Bodnar
Joseph Weintrop

The Valuation of the Foreign Income of U.S. Multinational Firms: A Growth Opportunities Perspective
w5896 Anne O. Krueger
Trade Policy and Economic Development: How We Learn
w5892 Allan Drazen
Policy Signaling in the Open Economy: A Re-Examination
w5890 Allan Drazen
Towards a Political-Economic Theory of Domestic Debt
w5883 Michael D. Bordo
Barry Eichengreen

Implications of the Great Depression for the Development of the International Monetary System
w5882 Willem H. Buiter
Ricardo Lago
Helene Rey

A Portfolio Approach to a Cross-Sectoral and Cross-National Investment Strategy in Transition Economies
w5877 Paul Soderlind
Lars E. O. Svensson

New Techniques to Extract Market Expectations from Financial Instruments
w5876 V. V. Chari
Patrick J. Kehoe
Ellen R. McGrattan

Monetary Shocks and Real Exchange Rates in Sticky Price Models of International Business Cycles
w5874 Atish R. Ghosh
Anne-Marie Gulde
Jonathan D. Ostry
Holger C. Wolf

Does the Nominal Exchange Rate Regime Matter?
rome97-1 Christina D. Romer and David H. Romer

Reducing Inflation: Motivation and Strategy
w5862 Pinelopi K. Goldberg
Michael M. Knetter

Goods Prices and Exchange Rates: What Have We Learned?
w5861 Simon Burgess
Michael M. Knetter

An International Comparison of Employment Adjustment to Exchange Rate Fluctuations
w5853 Alessandra Casella
Product Standards Coalitions in a Market Without Borders
w5850 Assaf Razin
Efraim Sadka

Tax Burden and Migration: A Political Economy Perspective
w5842 Andres Velasco
When Are Fixed Exchange Rates Really Fixed?
w5839 Hans-Werner Sinn
International Implications of German Unification
w5814 Menzie D. Chinn
William F. Maloney

Financial and Capital Account Liberalization in the Pacific Basin: Korea and Taiwan during the 1980's
t0206 Yin-Wong Cheung
Menzie D. Chinn

Further Investigation of the Uncertain Unit Root in GNP
w5797 Lars E. O. Svensson
Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets
w5794 Sebastian Edwards
A Tale of Two Crises: Chile and Mexico
w5791 Gian Maria Milesi-Ferrett
Assaf Razin

Current Account Sustainability: Selected East Asian and Latin American Experiences
w5789 Robert P. Flood
Nancy P. Marion

Speculative Attacks: Fundamentals and Self-Fulfilling Prophecies
w5784 Paolo Pesenti
Eric van Wincoop

Do Nontraded Goods Explain the Home Bias Puzzle?
w5777 Charles Engel
Chang-Jin Kim

The Long-Run U.S./U.K. Real Exchange Rate
w5772 Mats Persson
Torsten Persson
Lars E. O. Svensson

Debt, Cash Flow and Inflation Incentives: A Swedish Example
w5766 Charles Engel
A Model of Foreign Exchange Rate Indetermination
w5756 Sebastian Edwards
The Determinants of the Choice between Fixed and Flexible Exchange-Rate Regimes
w5743 Alan M. Taylor
International Capital Mobility in History: The Saving-Investment Relationship
w5742 Alan M. Taylor
International Capital Mobility in History: Purchasing-Power Parity in the Long Run
w5732 Jeffrey A. Frankel
David Romer
Teresa Cyrus

Trade and Growth in East Asian Countries: Cause and Effect?
w5727 Leonardo Bartolini
Allan Drazen

When Liberal Policies Reflect External Shocks, What Do We Learn?
w5725 Leonardo Bartolini
Allan Drazen

Capital Account Liberalization as a Signal
w5719 Lars E. O. Svensson
Price Level Targeting vs. Inflation Targeting: A Free Lunch?
w5714 Jeffrey A. Frankel
Sergio L. Schmukler

Country Fund Discounts, Asymmetric Information and the Mexican Crisis of 1994: Did Local Residents Turn Pessimistic Before International Investors?
w5710 Michael D. Bordo
Anna J. Schwartz

Why Clashes Between Internal and External Stability Goals End in Currency Crises, 1797-1994
w5709 Menzie Chinn
Louis Johnston

Real Exchange Rate Levels, Productivity and Demand Shocks: Evidence from a Panel of 14 Countries
w5700 Jeffrey A. Frankel
Andrew K. Rose

The Endogeneity of the Optimum Currency Area Criteria
w5681 Barry Eichengreen
Andrew K. Rose
Charles Wyplosz

Contagious Currency Crises
w5678 Fernando Alvarez
Andrew Atkeson

Money and Exchange Rates in the Grossman-Weiss-Rotemberg Model
w5676 Matthew B. Canzoneri
Robert E. Cumby
Behzad Diba

Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries
w5675 Robert E. Cumby
Forecasting Exchange Rates and Relative Prices with the Hamburger Standard: Is What You Want What You Get With McParity?
w5654 David C. Parsley
Shang-Jin Wei

Convergence to the Law of One Price Without Trade Barriers or Currency Fluctuations
w5646 Charles Engel
Long-Run PPP May Not Hold After All
w5623 David Backus
Silverio Foresi
Chris Telmer

Affine Models of Currency Pricing
w5582 Richard E. Baldwin
Elena Seghezza

Trade-Induced Investment-led Growth
w5581 Richard Clarida
Mark Gertler

How the Bundesbank Conducts Monetary Policy
w5576 Jeffrey Sachs
Aaron Tornell
Andres Velasco

Financial Crises in Emerging Markets: The Lessons from 1995
w5573 Rudi Dornbusch
Debt and Monetary Policy: The Policy Issues
w5563 Jeffrey Sachs
Aaron Tornell
Andres Velasco

The Mexican Peso Crisis: Sudden Death or Death Foretold?
w5549 Richard E. Baldwin
Rikard Forslid

Trade Liberalization and Endogenous Growth: A q-Theory Approach
w5537 Dani Rodrik
Why Do More Open Economies Have Bigger Governments?
w5532 Torsten Persson
Guido Tabellini

Monetary Cohabitation in Europe
w5531 Shang-Jin Wei
Intra-National versus International Trade: How Stubborn are Nations in Global Integration?
w5530 Pierre-Olivier Gourinchas
Aaron Tornell

Exchange Rate Dynamics and Learning
w5518 Richard C. Marston
The Effects of Industry Structure on Economic Exposure
w5517 Barry Eichengreen
Jurgen von Hagen

Fiscal Policy and Monetary Union: Is There a Tradeoff between Federalism and Budgetary Restrictions?
w5513 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Tax Principles and Capital Inflows: Is It Efficient to Tax Nonresident Income?
w5497 Michael D. Bordo
Tamim Bayoumi

Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions
w5486 Harold L. Cole
Patrick J. Kehoe

Reputation Spillover Across Relationships with Enduring and Transient Beliefs: Reviving reputation Models of Debt
w5476 Jeffrey A. Frankel
David Romer

Trade and Growth: An Empirical Investigation
w5472 Antonio Spilimbergo
Ernesto Stein

The Welfare Implications of Trading Blocs among Countries with Different Endowments
w5467 Gian Maria Milesi-Ferrett
Assaf Razin

Sustainability of Persistent Current Account Deficits
w5452 Michael Bruno
William Easterly

Inflation's Children: Tales of Crises that Beget Reforms
rogo96-1 Kenneth Rogoff and Charles Wyplosz

International Seminar on Macroeconomics 1995
w5445 Geert Bekaert
Stephen F. Gray

Target Zones and Exchange Rates: An Empirical Investigation
w5433 Assaf Razin
Chi-Wa Yuen

Labor Mobility and Fiscal Coordination
w5431 Jeffrey A. Frankel
Ernesto Stein
Shang-Jin Wei

Regional Trading Arrangement: Natural or Super-Natural?
w5422 Jeffrey A. Frankel
How Well do Foreign Exchange Markets Function: Might a Tobin Tax Help?
w5408 Carlo Favero
Francesco Giavazzi
Luigi Spaventa

High Yields: The Spread on German Interest Rates
w5407 Sebastian Edwards
Public Sector Deficits and Macroeconomic Stability in Developing Countries
w5404 Jeffrey D. Sachs
Reforms in Eastern Europe and the Former Soviet Union in Light of the East Asian Experiences
w5398 Jeffrey D. Sachs
Andrew M. Warner

Natural Resource Abundance and Economic Growth
w5395 Charles Engel
John H. Rogers

Regional Patterns in the Law of One Price: The Roles of Geography vs. Currencies
w5394 Charles Engel
Accounting for U.S. Real Exchange Rate Changes
w5377 Alan V. Deardorff
Determinants of Bilateral Trade: Does Gravity Work in a Neoclassical World?
w5376 Graham Elliott
Takatoshi Ito

Heterogeneous Expectations and Tests of Efficiency in the Yen/Dollar Forward Foreign Exchange Rate Market
w5369 Raquel Fernandez
Richard Rogerson

Education Finance Reform and Investment in Human Capital: Lessons from California
w5358 Takatoshi Ito
Tokuo Iwaisako

Explaining Asset Bubbles in Japan
w5352 Michael P. Dooley
A Survey of Academic Literature on Controls over International Capital Transactions
w5347 Michael P. Dooley
Menzie Chinn

Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration
w5332 Francesco Giavazzi
Marco Pagano

Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience
w5329 Andrew Atkeson
Jose-Victor Rios-Rull

The Balance of Payments and Borrowing Constraints: An Alternative View of the Mexican Crisis
w5323 Eli Bartov
Gordon M. Bodnar
Aditya Kaul

Exchange Rate Variability and the Riskiness of U.S. Multinational Firms:Evidence from the Breakdown of the Bretton Woods System
w5322 Aaron Tornell
Gerardo Esquivel

The Political Economy of Mexico's Entry to NAFTA
w5318 Robert P. Flood
Peter M. Garber
Charles Kramer

Collapsing Exchange Rate Regimes: Another Linear Example
w5317 Gian Maria Milesi-Ferrett
Nouriel Roubini

Growth Effects of Income and Consumption Taxes: Positive and Normative Analysis
w5313 Nouriel Roubini
Vittorio Grilli

Liquidity Models in Open Economies: Theory and Empirical Evidence
w5312 Charles Engel
The Forward Discount Anomaly and the Risk Premium: A Survey of Recent Evidence
w5309 Elhanan Helpman
Politics and Trade Policy
w5308 Peter Boone
Politics and the Effectiveness of Foreign Aid
w5300 Aaron Tornell
Andres Velasco

Money-Based versus Exchange Rate-Based Stabilization with Endogenous Fiscal Policy
w5289 Karen K. Lewis
Stochastic Regime Switching and Stabilizing Policies within Regimes
w5285 Maurice Obstfeld
Models of Currency Crises with Self-Fulfilling Features
w5280 Menzie Chinn
Michael Dooley

Asia-Pacific Capital Markets: Measurement of Integration and the Implications for Economic Activity
w5251 Lars E.O. Svensson
Optimal Inflation Targets, `Conservative' Central Banks, and Linear Inflation Contracts
w5239 Assaf Razin
Chi-Wa Yuen

Can Capital Controls Alter the Inflation-Unemployment Tradeoff?
w5220 Paul Krugman
Anthony J. Venables

The Seamless World: A Spatial Model of International Specialization
w5219 Andrew K. Rose
After the Deluge: Do Fixed Exchange Rates Allow Inter-Temporal Volatility Tradeoffs?
w5215 John F. Helliwell
Do National Borders Matter for Quebec's Trade?
w5209 Michael Bruno
William Easterly

Inflation Crises and Long-Run Growth
w5207 Jonathan Eaton
Samuel Kortum

Engines of Growth: Domestic and Foreign Sources of Innovation
w5203 Karen K. Lewis
What Can Explain the Apparent Lack of International Consumption Risk Sharing?
w5197 Sergio Rebelo
Carlos A. Vegh

Real Effects of Exchange Rate-Based Stabilization: An Analysis of Competing Theories
w5191 Maurice Obstfeld
Kenneth Rogoff

The Mirage of Fixed Exchange Rates
w5187 Linda Goldberg
Rafael Tenorio

Strategic Trading in a Two-Sided Foreign Exchange Auction
w5186 Daniel Feenberg
Jeffrey A. Miron

Improving the Accessibility of the NBER's Historical Data
w5175 Marianne Baxter
Urban J. Jermann
Robert G. King

Nontraded Goods, Nontraded Factors, and International Non-Diversification
w5160 Dani Rodrik
Why is there Multilateral Lending?
w5156 Jeffrey A. Frankel
Chudozie Okongwu

Liberalized Portfolio Capital Inflows in Emerging Capital Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence
w5142 Jeffrey Sachs
Aaron Tornell
Andres Velasco

The Collapse of the Mexican Peso: What Have We Learned?
w5140 Willem H. Buiter
Giancarlo Corsetti
Paolo A. Pesenti

A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises
w5139 Jose Campa
Linda S. Goldberg

Investment, Pass-Through and Exchange Rates: A Cross-Country Comparison
w5135 Assaf Razin
Chi-Wa Yuen

Factor Mobility and Income Growth: Two Convergence Hypotheses
w5132 Kenneth A. Froot
Michael Kim
Kenneth Rogoff

The Law of One Price Over 700 Years
w5131 Jonathan Eaton
Raquel Fernandez

Sovereign Debt
w5120 Willem H. Buiter
Kenneth M. Kletzer

Capital Mobility, Fiscal Policy and Growth under Self-Financing of Human Capital Formation
w5115 Tamim Bayoumi
Michael W. Klein

A Provincial View of Capital Mobility
w5108 Aaron Tornell
Andres Velasco

Fixed versus Flexible Exchange Rates: Which Provides More Fiscal Discipline?
w5098 Paul Krugman
Anthony J. Venables

Globalization and the Inequality of Nations
w5097 Sebastian Edwards
Why are Saving Rates so Different Across Countries?: An International Comparative Analysis
w5096 Robert C. Merton
Financial Innovation and the Management and Regulation of Financial Institutions
w5086 Enrique G. Mendoza
Linda L. Tesar

Supply-Side Economics in a Global Economy
w5084 Anne O. Krueger
Free Trade Agreements versus Customs Unions
w5081 Robert J. Gordon
Is There a Tradeoff between Unemployment and Productivity Growth?
t0179 Charles Goodhart
Takatoshi Ito
Richard Payne

One Day in June, 1994: A Study of the Working of Reuters 2000-2 Electronic Foreign Exchange Trading System
w5039 Jeffrey D. Sachs
Andrew M. Warner

Economic Convergence and Economic Policies
w5032 Shang-Jin Wei
David C. Parsley

Purchasing Power Disparity During the Floating Rate Period: Exchange Rate Volatility, Trade Barriers and Other Culprits
w5028 Assaf Razin
Chi-Wa Yuen

Capital Income Taxation and Long Run Growth: New Perspectives
w5025 Marianne Baxter
International Trade and Business Cycles
w5019 Marianne Baxter
Urban J. Jermann

The International Diversification Puzzle is Worse Than You Think
w5006 Jeffrey A. Frankel
Andrew K. Rose

A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries
w4992 Alberto Alesina
Roberto Perotti

Economic Risk and Political Risk in Fiscal Unions
w4985 Lars E.O. Svensson
The Swedish Experience of an Inflation Target
w4984 Richard K. Lyons
Foreign Exchange Volume: Sound and Fury Signifying Nothing?
w4982 Richard K. Lyons
Andrew K. Rose

Explaining Forward Exchange Bias..Intraday
w4975 Marianne Baxter
Mario J. Crucini

Business Cycles and the Asset Structure of Foreign Trade
w4971 Peter M. Garber
Lars E.O. Svensson

The Operation and Collapse of Fixed Exchange Rate Regimes
w4964 Dani Rodrik
Getting Interventions Right: How South Korea and Taiwan Grew Rich
w4963 Michael P. Dooley
A Retrospective on the Debt Crisis
w4959 Garey Ramey
Valerie A. Ramey

Cross-Country Evidence on the Link Between Volatility and Growth
w4957 Robert Flood
Nancy Marion

The Size and Timing of Devaluations in Capital-Controlled Developing Countries
w4952 Kenneth A. Froot
Kenneth Rogoff

Perspectives on PPP and Long-Run Real Exchange Rates
w4951 Karen K. Lewis
Puzzles in International Financial Markets
w4928 Robert P. Flood
Andrew K. Rose

Fixes: Of The Forward Discount Puzzle
w4924 Kenneth A. Froot
James R. Hines

Interest Allocation Rules, Financing Patterns, and the Operations of U.S. Multinationals
w4923 Richard C. Marston
Tests of Three Parity Conditions: Distinguishing Risk Premia and Systematic Forecast Errors
w4903 Assaf Razin
Efraim Sadka

Resisting Migration: The Problems of Wage Rigidity and the Social Burden
w4898 Barry Eichengreen
Andrew K. Rose
Charles Wyplosz

Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System
w4894 Michael M. Knetter
Why are Retail Prices in Japan so High?: Evidence from German Export Prices
w4893 Maurice Obstfeld
Kenneth Rogoff

The Intertemporal Approach to the Current Account
w4892 Alan M. Taylor
Domestic Saving and International Capital Flows Reconsidered
w4888 James H. Stock
Martin Feldstein

Measuring Money Growth When Financial Markets Are Changing
w4882 Nouriel Roubini
Gian Maria Milesi-Ferrett

Optimal Taxation of Human and Physical Capital in Endogenous Capital Models
w4881 Nouriel Roubini
Gian Maria Milesi-Ferrett

Taxation and Endogenous Growth in Open Economies
w4873 Jose De Gregorio
Federico Sturzenegger

Credit Markets and the Welfare Costs of Inflation
w4871 Lars E.O. Svensson
Estimating and Interpreting Forward Interest Rates: Sweden 1992 - 1994
w4865 Jeffrey A. Frankel
Andrew K. Rose

A Survey of Empirical Research on Nominal Exchange Rates
w4864 Enrique G. Mendoza
Assaf Razin
Linda L. Tesar

Effective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption
w4851 Martin Feldstein
Tax Policy and International Capital Flows
w4850 Robert Flood
Michael Mussa

Issues Concerning Nominal Anchors for Monetary Policy
w4839 Aaron Tornell
Philip Lane

Are Windfalls a Curse? A Non-Representative Agent Model of the Current Account and Fiscal Policy
w4837 Joshua Aizenman
Ricardo Hausmann

Why is Inflation Skewed? A Debt and Volatility Story
w4834 Charles Engel
Craig S. Hakkio

The Distribution of Exchange Rates in the EMS
w4829 Charles Engel
John H. Rogers

How Wide is the Border?
w4815 Linda S. Goldberg
Charles D. Kolstad

Foreign Direct Investment, Exchange Rate Variability and Demand Uncertainty
w4809 Graciela L. Kaminsky
Michael Klein

The Real Exchange Rate and Fiscal Policy During the Gold Standard PeriodEvidence from the United States and Great Britain
w4807 Jose De Gregorio
Holger C. Wolf

Terms of Trade, Productivity, and the Real Exchange Rate
w4806 Atish R. Ghosh
Holger C. Wolf

Pricing in International Markets: Lessons From The Economist
w4805 Atish R. Ghosh
Holger C. Wolf

How Many Monies? A Genetic Approach to Finding Optimum Currency Areas
w4801 Michael R. Darby
Over-the-Counter Derivatives and Systemic Risk to the Global Financial System
w4796 Roger H. Gordon
A. Lans Bovenberg

Why is Capital so Immobile Internationally?: Possible Explanations and Implications for Capital Income Taxation
w4793 Michael P. Dooley
Kenneth M. Kletzer

Capital Flight, External Debt and Domestic Policies
w4792 Michael P. Dooley
Eduardo Fernandez-Arias
Kenneth M. Kletzer

Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History?
w4772 Sebastian Edwards
Trade and Industrial Policy Reform in Latin America
w4738 David C. Parsley
Shang-Jin Wei

Insignificant and Inconsequential Hysteresis: The Case of the U.S. Bilateral Trade
w4737 Shang-Jin Wei
Anticipations of Foreign Exchange Volatility and Bid-Ask Spreads
w4697 Sebastian Edwards
Macroeconomic Stabilization in Latin America: Recent Experience and Some Sequencing Issues
w4694 Alessandra Casella
Barry Eichengreen

Can Foreign Aid Accelerate Stabilization?
w4693 Maurice Obstfeld
Kenneth Rogoff

Exchange Rate Dynamics Redux
w4661 Sebastian Edwards
Fernando J. Losada

Fixed Exchange Rates, Inflation and Macroeconomic Discipline
w4658 Richard Clarida
Jordi Gali

Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks?
w4657 Bernard Dumas
A Test of the International CAPM Using Business Cycles Indicators as Instrumental Variables
w4656 Joshua Aizenman
On The Need For Fiscal Discipline in an Union
w4655 Charles Engel
John H. Rogers

Relative Returns on Equities in Pacific Basin Countries
w4651 Michael W. Klein
Nancy P. Marion

Explaining the Duration of Exchange-Rate Pegs
w4642 Michael D. Bordo
Dominique Simard
Eugene White

France and the Bretton Woods International Monetary System: 1960-1968
w4640 Maurice Obstfeld
The Logic of Currency Crises
w4633 Lars E.O. Svensson
Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators
w4630 Andrew K. Rose
Exchange Rate Volatility, Monetary Policy, and Capital Mobility: Empirical Evidence on the Holy Trinity
w4611 Linda L. Tesar
Ingrid M. Werner

International Equity Transactions and U.S. Portfolio Choice
t0152 Kenneth D. West
Dongchul Cho

The Predictive Ability of Several Models of Exchange Rate Volatility
w4604 Lars E.O. Svensson
The Simplest Test of Inflation Target Credibility
w4598 Charles Engel
Tests of CAPM on an International Portfolio of Bonds and Stocks
w4595 Wayne E. Ferson
Campbell R. Harvey

An Exploratory Investigation of the Fundamental Determinants of National Equity Market Returns
w4592 Takatoshi Ito
Wen-Ling Lin

Price Volatility and Volume Spillovers between the Tokyo and New York Stock Markets
w4590 Jeffrey A. Frankel
The Internationalization of Equity Markets
w4579 Stijn Claessens
Moon-Whoan Rhee

The Effect of Equity Barriers on Foreign Investment in Developing Countries
w4571 Gikas A. Hardouvelis
Rafael La Porta
Thierry A. Wizman

What Moves the Discount on Country Equity Funds?
w4553 David K. Backus
The Japanese Trade Balance: Recent History and Future Prospects
w4545 Takatoshi Ito
Short-run and Long-run Expectations of the Yen/Dollar Exchange Rate
w4544 Lars E.O. Svensson
Term, Inflation, and Foreign Exchange Risk Premia: A Unified Treatment
w4532 Kathryn M. Dominguez
Does Central Bank Intervention Increase the Volatility of Foreign Exchange Rates?
w4522 Bernard Dumas
L. Peter Jennergren
Bertil Naslund

Currency Option Pricing in Credible Target Zones
w4517 Alan C. Stockman
Lee E. Ohanian

Short-Run Independence of Monetary Policy Under Pegged Exchange Rates and Effects of Money on Exchange Rates and Interest Rates
w4511 Sebastian Edwards
Trade Policy, Exchange Rates and Growth
w4506 Richard H. Clarida
International Capital Mobility, Public Investment and Economic Growth
w4504 Lars E.O. Svensson
Fixed Exchange Rates as a Means to Price Stability: What Have We Learned
w4503 Robert P. Flood
Andrew K. Rose

Fixing Exchange Rates: A Virtual Quest for Fundamentals
w4500 Philip L. Brock
Stephen J. Turnovsky

The Dependent Economy Model with Both Traded and Non-Traded Capital Goods
w4495 Andrew K. Rose
Lars E.O. Svensson

European Exchange Rate Credibility Before the Fall
w4493 David Backus
Patrick J. Kehoe
Finn E. Kydland

International Business Cycles: Theory and Evidence
w4478 Paul Krugman
Robert Lawrence

Trade, Jobs, and Wages
w4471 Richard K. Lyons
Tests of Microstructural Hypotheses in the Foreign Exchange Market
w4467 Richard K. Lyons
Optimal Transparency in a Dealership Market with an Application to Foreign Exchange
w4459 Bernard Dumas
Bruno Solnik

The World Price of Foreign Exchange Risk
w4458 Bernard Dumas
L. Peter Jennergren
Bertil Naslund

Realignment Risk and Currency Option Pricing in Target Zones
w4451 Dani Rodrik
Do Low-Income Countries have a High-Wage Option?
w4448 Allan Drazen
Paul R. Masson

Credibility of Policies versus Credibility of Policymakers
w4446 Bernard Dumas
Partial- Vs. General-Equilibrium Models of the International Capital Market
w4442 Richard H. Clarida
Mark P. Taylor

The Term Structure of Forward Exchange Premia and the Forecastibility of Spot Exchange Rates: Correcting the Errors
w4438 Jose De Gregorio
Alberto Giovannini

International Evidence on Tradables and Nontradable Inflation
w4422 Michael Bruno
Inflation and Growth in an Integrated Approach
w4419 Dani Rodrik
Trade Liberalization in Disinflation
w4410 Allan W. Kleidon
Ingrid M. Werner

Round-the-clock Trading: Evidence from U.K. Cross-Listed Securities
w4378 Jose Campa
Linda S. Goldberg

Investment in Manufacturing, Exchange-Rates and External Exposure
w4377 Karen K. Lewis
Are Forign Exchange Intervention and Monetary Policy Related and Does it Really Matter?
w4361 Barry Eichengreen
The Endogeneity of Exchange Rate Regimes
w4355 Kenneth A. Froot
Currency Hedging over Long Horizons
w4353 Alberto Alesina
Vittorio Grilli
Gian Maria Milesi-Ferrett

The Political Economy of Capital Controls
w4351 Anne O. Krueger
Roderick Duncan

The Political Economy of Controls: Complexity
w4350 Alberto Alesina
Vittorio Grilli

On the Feasibility of a One or Multi-Speed European Monetary Union
w4340 Richard M. Levich
Lee R. Thomas

Internationally Diversified Bond Portfolios: The Merits of Active Currency Risk Management
w4336 Assaf Razin
Chi-Wa Yuen

Convergence in Growth Rates: A Quantitative Assessment of the Role of Capital Mobility and International Taxation
w4335 Jeffrey A. Frankel
Shang-Jin Wei

Emerging Currency Blocs
w4334 Assaf Razin
The Dynamic-Optimizing Approach to the Current Account: Theory and Evidence
w4325 Martin Feldstein
The Dollar and the Trade Deficit in the 1980s: A Personal View
w4320 Sebastian Edwards
Exchange Rates, Inflation and Disinflation: Latin American Experiences
w4319 Sebastian Edwards
The Political Economy of Infaliton and Stabilization in Developing Countries
w4310 Michael Bordo
The Gold Standard, Bretton Woods and other Monetary Regimes: An Historical Appraisal
w4308 Maurice Obstfeld
Are Industrial-Country Consumption Risks Globally Diversified?
w4298 Graciela Kaminsky
Karen K. Lewis

Does Foreign Exchange Intervention Signal Future Monetary Policy?
w4291 Zhaohui Chen
Alberto Giovannini

The Determinants of Realignment Expectations Under the EMS: Some Empirical Regularities
w4271 Martin Eichenbaum
Charles L. Evans

Some Empirical Evidence on the Effects of Monetary Policy Shocks on Exchange Rates
w4246 Sebastian Edwards
Exchange Rates as Nominal Anchors
w4245 John F. Helliwell
International Growth Linkages: Evidence from Asia and the OECD
w4242 David Backus
Patrick J. Kehoe
Finn E. Kydland

Dynamics of the Trade Balance and the Terms of Trade: The S-Curve
w4238 Raul Livas Elizondo
Paul Krugman

Trade Policy and the Third World Metropolis
w4233 Bennett McCallum
Specification of Policy Rules and Performance Measures in Multicountry Simulation Studies
w4232 Alberto Giovannini
Bart Turtelboom

Currency Substitution
w4231 Charles Engel
Real Exchange Rates and Relative Prices: An Empirical Investigation
w4218 Linda L. Tesar
Ingrid M. Werner

Home Bias and the High Turnover
w4217 Rene M. Stulz
Walter Wasserfallen

Foreign Equity Investment Restrictions and Shareholder Wealth Maximization
w4214 Assaf Razin
Chi-Wa Yuen

Convergence in Growth Rates: The Role of Capital Mobility and International Taxation
w4210 Charles Engel
Can the Markov Switching Model Forecast Exchange Rates?
w4208 Assaf Razin
Andrew Rose

Business Cycle Volatility and Openness: An Exploratory Cross-Section Analysis
w4207 Lars E.O. Svensson
Why Exchange Rate Bands? Monetary Independence in Spite of Fixed Exchange Rates
t0128 Kenneth D. West
Hali J. Edison
Dongchul Cho

A Utility Based Comparison of Some Models of Exchange Rate Volatility
w4192 Michael W. Klein
Eric Rosengren

The Real Exchange Rate and Foreign Direct Investment in the United States: Relative Wealth vs. Relative Wage Effects
w4184 Federico Sturzenegger
Hyperinflation with Currency Substitution: Introducing an Indexed Currency
w4183 Michael Dooley
Peter Isard
Mark Taylor

Exchange Rates, Country Preferences, and Gold
w4173 Alberto Alesina
Sule Ozler
Nouriel Roubini
Phillip Swagel

Political Instability and Economic Growth
w4172 Michael Dooley
Mark R. Stone

Endogenous Creditor Seniority and External Debt Values
w4170 Michael M. Knetter
Is Price Adjustment Asymmetric?: Evaluating the Market Share and Marketing Bottlenecks Hypothesis
w4169 Tamim Bayoumi
Barry Eichengreen

Macroeconomic Adjustment Under Bretton Woods and the Post-Bretton Woods Float: An Impulse-Response Analysis
w4167 Richard C. Marston
Determinants of Shrt-Term Real Interest Differentials Between Japan and the United States
w4165 Michael W. Klein
The Accuracy of Reports of Foreign Exchange Intervention
w4153 Linda S. Goldberg
Il'dar Karimov

Black-Markets for Currency, Hoarding Activity and Currency Reform
w4151 Michael M. Knetter
Exchange Rates and Corporate Pricing Strategies
w4141 Barry Eichengreen
Three Perspectives on the Bretton Woods System
w4140 Reuven Glick
Kenneth Rogoff

Global Versus Country-Specific Productivity Shocks and the Current Account
w4127 Alan C. Stockman
International Transmission Under Bretton Woods
w4123 Joseph E. Gagnon
Michael M. Knetter

Markup Adjustment and Exchange Rate Fluctuations: Evidence From Panel Data on Automobile Exports
w4119 Kenneth Rogoff
Traded Goods Consumption Smoothing and the Random Walk Behavior of the Real Exchange Rate
w4116 Martin D. Evans
Karen K. Lewis

Trends in Expected Returns in Currency and Bond Markets
w4113 Bennett T. McCallum
A Reconsideration of the Uncovered Interest Parity Relationship
w4103 Federico Sturzenegger
Inflation and Social Welfare in a Model With Endogenous Financial Adaptation
r1726 Albert Ando
Flint Brayton
Arthur Kennickell

Reappraisal of the Phillips Curve and Direct Effects of Money Supply on Inflation
w4084 Kenneth A. Froot
David S. Scharfstein
Jeremy C. Stein

Risk Management: Coordinating Corporate Investment and Financing Policies
w4068 Susan M. Collins
The Expected Timing of EMS Realignments: 1979-83
w4057 Susan M. Collins
Francesco Giavazzi

Attitudes Towards Inflation and the Viability of Fixed Exchange Rates: Evidence From the EMS
w4053 Richard C. Marston
Interest Differentials Under Fixed and Flexible Exchange Rates: The Effects of Capital Controls and Exchange Risk
w4050 Jeffrey A. Frankel
Is Japan Creating a Yen Bloc in East Asia and the Pacific?
w4047 Sebastian Edwards
Julio A. Santaella

Devaluation Controversies in the Developing Countries: Lessons From the Bretton Woods Era
w4040 Linda S. Goldberg
Moscow Black Markets and Official Markets for Foreign Exchange: How Much Flexiblity in Flexible Rates?
w4033 Michael D. Bordo
The Bretton Woods International Monetary System: An Historical Overview
w4017 David Folkerts-Landau
Peter M. Garber

The Private ECU: A Currency Floating on Gossamer Wings
w4016 David Folkerts-Landau
Peter M. Garber

The European Central Bank: A Bank or a Monetary Policy Rule
w4011 Philip L. Brock
Stephen J. Turnovsky

The Growth and Welfare Consequences of Differential Tariffs With Endogenously-Supplied Capital and Labor
w4007 Ishac Diwan
Dani Rodrik

Debt Reduction, Adjustment Lending, and Burden Sharing
w4006 Eliana Cardoso
Inflation and Poverty
w4003 Martin D. Evans
Karen K. Lewis

Peso Problems and Heterogeneous Trading: Evidence From Excess Returns in Foreign Exchange and Euromarkets
w4001 Alberto Giovannini
Bretton Woods and Its Precursors: Rules Versus Discretion in the History of International Monetary Regimes
w3991 Edward E. Leamer
Wage Effects of A U.S. - Mexican Free Trade Agreement
w3966 Martin Feldstein
The Budget and Trade Deficits Aren't Really Twins
w3961 Sule Ozler
Harry Huizinga

Bank Exposure, Capital and Secondary Market Discounts on the Developing Country Debt
w3960 Sule Ozler
Dani Rodrik

External Shocks, Politics and Private Investment: Some Theory and Empirical Evidence
w3959 Sule Ozler
Have Commercial Banks Ignored History?
w3957 Edward E. Leamer
Testing Trade Theory
w3955 Zhaohui Chen
Alberto Giovannini

Estimating Expected Exchange Rates Under Target Zones
w3953 Joshua Aizenman
Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment
w3951 Kathryn M. Dominguez
The Role of International Organizations in the Bretton Woods System
w3950 Tamim Bayoumi
Barry Eichengreen

Is There a Conflict Between EC Enlargement and European Monetary Unification?
w3949 Tamim Bayoumi
Barry Eichengreen

Shocking Aspects of European Monetary Unification
w3947 Dani Rodrik
The Rush to Free Trade in the Developing World: Why So Late? Why Now? Will it Last?
w3946 Joseph E. Gagnon
Andrew K. Rose

How Pervasive is the Product Cycle? The Empirical Dynamics of American and Japanese Trade Flows
w3943 Maurice Obstfeld
The Adjustment Mechanism
w3931 Bernard Dumas
Lars E.O. Svensson

How Long do Unilateral Target Zones Last?
w3911 Wen-Ling Lin
Robert F. Engle
Takatoshi Ito

Do Bulls and Bears Move Across Borders? International Transmission of Stock Returns and Volatility as the World Turns
w3919 Pierre-Richard Agenor
Jagdeep S. Bhandari
Robert P. Flood

Speculative Attacks and Models of Balance-of-Payments Crises
w3918 Hans Lindberg
Lars E.O. Svensson
Paul Soderlind

Devaluation Expectations: The Swedish Krona 1982-1991
w3917 Alberto Giovannini
The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions
w3916 Stephen J. Turnovsky
The Impact of Terms of Trade Shocks on a Small Open Economy: A Stochastic Analysis
w3914 Gene M. Grossman
Alan B. Krueger

Environmental Impacts of a North American Free Trade Agreement
w3910 Shang-Jin Wei
Jeffrey A. Frankel

Are Option-Implied Forecasts of Exchange Rate Volatility Excessively Variable?
w3899 J. Bradford De Long
Barry Eichengreen

The Marshall Plan: History's Most Successful Structural Adjustment Program
w3889 Richard K. Lyons
Private Beliefs and Information Externalities in the Foreign Exchange Market
w3886 Elise Brezis
Paul Krugman
Daniel Tsiddon

Leapfrogging: A Theory of Cycles in National Technological Leadership
w3881 Michael Bruno
From Sharp Stabilization to Growth: On the Political Economy of Israel's Transition
w3871 Albert Ando
Luigi Guiso
Daniele Terlizzese
Daniel Dorsainvil

Younger Households Saving: Evidence From Japan and Italy
w3870 Richard A. Jensen
Marie Thursby

Patent Races, Product Standards, and International Competition
w3861 Geert Bekaert
Robert J. Hodrick

On Biases in the Measurement of Foreign Exchange Risk Premiums
w3860 Alberto Alesina
Vittorio Grilli

The European Central Bank: Reshaping Monetary Politics in Europe
w3855 Xavier Sala-i-Martin
Jeffrey Sachs

Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States
t0114 Edward E. Leamer
Eastern Data and Western Attitudes
w3852 Alessandra Casella
Barry Eichengreen

Halting Inflation in Italy and France After World War II
w3848 Joshua Aizenman
Nancy Marion

Policy Uncertainty, Persistence and Growth
w3845 Robert C. Feenstra
Tracy R. Lewis

Trade Adjustment Assistance and Pareto Gains From Trade
w3813 Richard H. Clarida
Ronald Findlay

Endogenous Comparative Advantage, Government, and the Pattern of Trade
w3825 Wilfred J. Ethier
James R. Markusen

Multinational Firms, Technology Diffusion and Trade
w3819 Jeffrey Frankel
Steven Phillips

The European Monetary System: Credible at Last?
w3818 Richard M. Levich
Lee R. Thomas

The Significance of Technical Trading-Rule Profits in the Foreign Exchange Market: A Bootstrap Approach
w3816 Sebastian Edwards
Stabilization and Liberalization Policies in Central and Eastern Europe: Lessons From Latin America
w3814 Richard H. Clarida
Entry, Dumping, and Shakeout
w3812 Richard H. Clarida
Co-Integration, Aggregate Consumption, and the Demand For Imports: A Structural Econometric Investigation
w3811 Richard H. Clarida
The Real Exchange Rate, Exports, and Manufacturing Profits: A Theoreti- cal Framework With Some Empirical Support
w3810 Eric J. Bartelsman
Ricardo J. Caballero
Richard K. Lyons

Short and Long Run Externalities
w3809 Nancy P. Marion
Empirical Evidence on European Dual Exchange Rates and Its Relevance For Latin America
w3807 Menzie Chinn
Jeffrey Frankel

Patterns in Exchange Rate Forecasts for 25 Currencies
w3806 Jeffrey Frankel
Menzie Chinn

Exchange Rate Expectations and the Risk Premium: Tests For a Cross- Section of 17 Currencies
w3805 Peter Hooper
J. David Richardson

International Economic Transactions: Issues in Measurement and Empirical Research
w3797 Ryuzo Sato
Rama Ramachandran
Shunichi Tsutsui

Incomplete Appropriability of R&D and the Role of Strategies and Cultural Factors in International Trade: A Japanese Case
w3796 Assaf Razin
Efraim Sadka

Vanishing Tax on Capital Income in the Open Economy
w3795 Lars E.O. Svensson
Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM 1979-1992
w3793 Robert E. Baldwin
Are Economists' Traditional Trade Policy Views Still Valid?
w3790 Geert Bekaert
Robert J. Hodrick

Characterizing Predictable Components in Excess Returns on Equity and Foreign Exchange Markets
w3779 Assaf Razin
Efraim Sadka

International Fiscal Policy Coordination and Competition: An Exposition
w3776 Guillermo A. Calvo
Jacob A. Frenkel

Obstacles to Transforming Centrally-Planned Economies: The Role of Capital Markets
w3775 Richard K. Lyons
Floating Exchange Rates in Peru, 1950-54
w3773 S. Lael Brainard
Protecting Losers: Optimal Diversification, Insurance, and Trade Policy
w3772 Sule Ozler
Guido Tabellini

External Debt and Political Instability
w3767 Joshua Aizenman
Foreign Direct Investment, Productive Capacity and Exchange Rate Regimes
w3758 James E. Rauch
Economic Development, Urban Underemployment, and Income Inequality
w3747 Jeffrey Frankel
Scott Erwin
Katharine Rockett

A Note on Internationally Coordinated Policy Packages Intended to be Robust Under Model Uncertainty
w3740 Paul R. Krugman
First Nature, Second Nature, and Metropolitan Location
w3738 Leonardo Leiderman
Assaf Razin

Determinants of External Imbalances: The Role Taxes, Government Spending and Productivity
w3737 Kenneth A. Froot
Japanese Foreign Direct Investment
w3725 J. David Richardson
U.S. Trade Policy in the 1980s: Turns -- and Roads Not Taken
w3721 Sebastian Edwards
Guido Tabellini

Political Instability, Political Weakness and Inflation: An Empirical Analysis
w3716 Sebastian Edwards
Trade Orientation, Distortions and Growth in Developing Countries
w3703 Stanley Fischer
Privatization in East European Transformation
w3702 Stanley Fischer
Growth, Macroeconomics, and Development
w3698 Guillermo A. Calvo
Jacob A. Frenkel

From Centrally-Planned to Market Economies: The Road from CPE to PCPE
t0104 Vittorio Grilli
Nouriel Roubini

Financial Intermediation and Monetary Policies in the World Economy
w3685 Andrew K. Rose
Lars E.O. Svensson

Expected and Predicted Realignments: The FF/DM Exchange Rate During the EMS
w3684 Kenneth A. Froot
Kenneth Rogoff

The EMS, the EMU, and the Transition to a Common Currency
w3683 Kathryn M. Dominguez
Do Exchange Auctions Work? An Examination of the Bolivian Experience
w3679 Linda Hunter
James R. Markusen
Thomas F. Rutherford

Trade Liberalization in a Multinational-Dominated Industry: A Theoretical and Applied General-Equilibrium Analysis
w3674 Michael W. Klein
Karen K. Lewis

Learning About Intervention Target Zones
w3673 Kala Krishna
Refik Erzan
Ling Hui Tan

Rent Sharing in the Multi-Fibre Arrangement: Theory and Evidence from US Apparel Imports from Hong Kong
w3672 Rachel McCulloch
Investment Policies in the GATT
w3671 James R. Markusen
Edward R. Morey
Nancy Olewiler

Environmental Policy When Market Structure and Plant Locations are Endo-genous
w3670 Kathryn M. Dominguez
Peter B. Kenen

Intramarginal Intervention in the EMS and the Target-Zone Model of Exchange-Rate Behavior
w3669 Joseph E. Stiglitz
Government, Financial Markets, and Economic Development
w3656 Jacob A. Frenkel
Assaf Razin
Steve Symansky

International VAT Harmonization: Economic Effects
w3662 Shula Pessach
Assaf Razin

Targeting the Exchange Rate: An Empirical Investigation
w3661 Arvind Panagariya
Dani Rodrik

Political-Economy Arguments for a Uniform Tariff
w3658 Giancarlo Corsetti
Nouriel Roubini

Fiscal Deficits, Public Debt and Government Solvency: Evidence from OECD Countries
w3657 James Levinsohn
Testing the Imports-as-Market-Discipline Hypothesis
w3654 Raquel Fernandez
Sule Ozler

Debt Concentration and Secondary Markets Prices: A Theoretical and Empirical Analysis
w3651 Earl L. Grinols
Stephen J. Turnovsky

Stochastic Equilibrium and Exchange Rate Determination in a Small Open Economy with Risk Averse Optimizing Agents
w3650 Joshua Aizenman
Peter Isard

Externalities, Incentives and Failure to Achieve National Objectives in Decentralized Economies
w3644 Robert C. Feenstra
Jon D. Kendall

Exchange Rate Volatility and International Prices
w3638 Kenneth A. Froot
Andre F. Perold
Jeremy C. Stein

Shareholder Trading Practices and Corporate Investment Horizons
w3637 Willem H. Buiter
Kenneth M. Kletzer

Persistent Differences in National Productivity Growth Rates with A Com-mon Technology and Free Capital Mobility: The Roles of Private Thrift, ...
w3636 Alberto Giovannini
Currency Substitution and the Fluctuations of Foreign-Exchange Reserves with Credibly Fixed Exchange Rates
w3627 Irene Trela
John Whalley

Internal Quota Allocation Schemes and the Costs of the MFA
w3623 Robert E. Lipsey
Foreign Direct Investment in the U.S. and U.S. Trade
w3622 Kevin M. Murphy
Andrei Shleifer

Quality and Trade
w3616 Eliana Cardoso
Capital Formation in Latin America
w3615 Magnus Blomstrom
Host Country Benefits of Foreign Investment
w3614 Linda S. Goldberg
Il'dar Karimov

Internal Currency Markets and Production in the Soviet Union
w3610 Robert C. Feenstra
New Goods and Index Numbers: U.S. Import Prices
r1512 Jeffrey A. Frankel
Kenneth A. Froot

Chartists, Fundamentalists, and Trading in the Foreign Exchange Market
w3607 Paul Krugman
Cities in Space: Three Simple Models
w3605 James E. Rauch
Reconciling the Pattern of Trade with the Pattern of Migration
w3604 Alberto Giovannini
Martha de Melo

Government Revenue from Financial Repression
w3603 Maurice Obstfeld
Destabilizing Effects of Exchange-Rate Escape Clauses
w3601 Francisco Delgado
Bernard Dumas

Target Zones Big and Small
w3600 Joshua Aizenman
Trade Reforms, Credibility, and Development
w3599 Torsten Persson
Guido Tabellini

Is Inequality Harmful for Growth? Theory and Evidence
w3597 Peter M. Garber
Alexander Hamilton's Market Based Debt Reduction Plan
w3594 Luis A. Rivera-Batiz
Paul M. Romer

International Trade with Endogenous Technological Change
w3590 Frederick D.S. Choi
Richard M. Levich

International Accounting Diversity: Does it Impact Market Participants?
w3585 Eliana Cardoso
From Inertia to Megainflation: Brazil in the 1980s
w3579 Barry Eichengreen
Is Europe an Optimum Currency Area?
w3576 Giuseppe Bertola
Lars E.O. Svensson

Stochastic Devaluation Risk and the Empirical Fit of Target Zone Models
r1498 Maurice Obstfeld
A Model of Currency Depreciation and the Debt-Inflation Spiral
w3554 Alessandra Casella
Jonathan S. Feinstein

Public Goods in Trade: On the Formation of Markets and Political Jurisdictions
w3553 S. Lael Brainard
Last One Out Wins: Trade Policy in an International Exit Game
w3544 Anne O. Krueger
The Political Economy of American Protection in Theory and in Practice
w3543 Robert P. Flood
Andrew K. Rose
Donald J. Mathieson

An Empirical Exploration of Exchange Rate Target-Zones
w3528 Luis A. Rivera-Batiz
Paul M. Romer

Economic Integration and Endogenous Growth
w3527 Allan Drazen
Vittorio Grilli

The Benefits of Crises for Economic Reforms
w3526 Gene M. Grossman
Elhanan Helpman

Hysteresis in the Trade Pattern
w3570 Giancarlo Corsetti
Vittorio Grilli
Nouriel Roubini

Exchange Rate Volatility in Integrating Capital Markets
w3569 Anne O. Krueger
Theory and Practice of Commercial Policy: 1945-1990
w3566 Alan C. Stockman
Linda L. Tesar

Tastes and Technology in a Two-Country Model of the Business Cycle: Explaining International Comovements
w3562 Michael D. Bordo
Anna J. Schwartz

What has Foreign Market Intervention Since the Plaza Agreement Accomplished?
w3561 Joshua Aizenman
Soft Budget Constraints, Taxes, and the Incentive to Cooperate
w3540 Jacob Frenkel
Assaf Razin
Efraim Sadka

Basic Concepts of International Taxation
w3539 Jeffrey A. Frankel
The Making of Exchange Rate Policy in the 1980s
w3513 Murray C. Kemp
Hans-Werner Sinn

A Simple Model of Useless Speculation
w3512 James E. Rauch
Comparative Advantage, Geographic Advantage, and the Volume of Trade
w3518 Michael Bruno
High Inflation and the Nominal Anchors of an Open Economy
w3504 Takatoshi Ito
Robert F. Engle
Wen-Ling Lin

Where Does the Meteor Shower Come From? The Role of Stochastic Policy Coordination
w3497 Sebastian Edwards
Capital Flows, Foreign Direct Investment, and Debt-Equity Swaps in Developing Countries
w3496 William H. Branson
Dwight M. Jaffee

The Globalization of Information and Capital Mobility
w3493 Sebastian Edwards
Guido Tabellini

Explaining Fiscal Policies and Inflation in Developing Countries
w3489 Stephen J. Turnovsky
Partha Sen

Fiscal Policy, Capital Accumulation, and Debt in an Open Economy
w3483 Kala Krishna
Auctions with Endogenous Valuations, The Snowball Effect Revisited
w3478 Alberto Alesina
Nouriel Roubini

Political Cycles in OECD Economies
w3476 Carsten Kowalczyk
Welfare and Customs Unions
w3475 Carsten Kowalczyk
Monopoly and Trade Policy
w3470 Jeffrey A. Frankel
Kenneth Froot

Exchange Rate Forecasting Techniques, Survey Data, and Implications for the Foreign Exchange Market
w3468 Robert E. Cumby
John Huizinga

The Predictability of Real Exchange Rate Changes in the Short and Long Run
w3467 Willem H. Buiter
Paolo A. Pesenti

Rational Speculative Bubbles in an Exchange Rate Target Zone
w3466 Lars E.O. Svensson
The Foreign Exchange Risk Premium in a Target Zone with Devaluation Risk
w3460 Torsten Persson
Guido Tabellini

The Politics of 1992: Fiscal Policy and European Integration
w3457 Kyoji Fukao
Koichi Hamada

International Trade and Investment under Different Rates of Time Preference
w3456 Rudiger Dornbusch
Holger Wolf

Monetary Overhang and Reforms in the 1940s
t0092 Robert E. Cumby
John Huizinga

Testing The Autocorrelation Structure of Disturbances in Ordinary Least Squares and Instrumental Variables Regressions
w3443 Joshua Aizenman
Pablo E. Guidotti

Capital Controls, Collection Costs, and Domestic Public Debt
w3442 Robert E. Lipsey
Linda Molinari
Irving B. Kravis

Measures of Prices and Price Competitiveness in International Trade in Manufactured Goods
w3441 Michael Woodford
Does Competition Between Currencies Lead to Price Level and Exchange Rate Stability?
w3424 Jonathan Eaton
Sovereign Debt, Reputation, and Credit Terms
w3418 Paul Krugman
Julio Rotemberg

Target Zones with Limited Reserves
w3412 Magnus Blomstrom
Robert E. Lipsey

Foreign Firms and Export Performance in Developing Countries: Lessons from the Debt Crisis