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NBER Papers on International Finance and Macroeconomics

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2019
w25839 Chong-En Bai
Chang-Tai Hsieh
Zheng Michael Song

Special Deals with Chinese Characteristics
w25824 Christoph E. Boehm
Aaron Flaaen
Nitya Pandalai-Nayar

Multinationals, Offshoring and the Decline of U.S. Manufacturing
w25816 Assaf Razin
The Struggle Towards Macroeconomic Stability: Analytical Essay
w25808 Saki Bigio
Galo Nuño
Juan Passadore

A Framework for Debt-Maturity Management
w25804 Stefania Garetto
Lindsay Oldenski
Natalia Ramondo

Multinational Expansion in Time and Space
w25793 Matthias Schlegl
Christoph Trebesch
Mark L.J. Wright

The Seniority Structure of Sovereign Debt
w25790 Felipe Benguria
Alan M. Taylor

After the Panic: Are Financial Crises Demand or Supply Shocks? Evidence from International Trade
w25782 Pierre-Olivier Gourinchas
Hélène Rey
Maxime Sauzet

The International Monetary and Financial System
w25775 Markus K. Brunnermeier
Simon C. Rother
Isabel Schnabel

Asset Price Bubbles and Systemic Risk
w25772 Assaf Razin
Efraim Sadka

Welfare State, Inequality, and Globalization: Role of International-capital-flow Direction
w25767 Aaron B. Flaaen
Ali Hortaçsu
Felix Tintelnot

The Production Relocation and Price Effects of U.S. Trade Policy: The Case of Washing Machines
w25765 Paul R. Bergin
Giancarlo Corsetti

Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage
w25754 Wei Chen
Xilu Chen
Chang-Tai Hsieh
Zheng Song

A Forensic Examination of China's National Accounts
w25744 Stefano Giglio
Matteo Maggiori
Johannes Stroebel
Stephen Utkus

Five Facts About Beliefs and Portfolios
w25741 Kevin Hjortshøj O'Rourke
Ahmed Rahman
Alan M. Taylor

Trade, Technology, and the Great Divergence
w25721 J. Scott Davis
Giorgio Valente
Eric van Wincoop

Global Capital Flows Cycle: Impact on Gross and Net Flows
w25714 Charles W. Calomiris
Harry Mamaysky

Monetary Policy and Exchange Rate Returns: Time-Varying Risk Regimes
w25710 J. Scott Davis
Michael B. Devereux

Capital Controls as Macro-prudential Policy in a Large Open Economy
w25685 Adrien Auclert
Will S. Dobbie
Paul Goldsmith-Pinkham

Macroeconomic Effects of Debt Relief: Consumer Bankruptcy Protections in the Great Recession
w25662 Eduardo Dávila
Cecilia Parlatore

Trading Costs and Informational Efficiency
w25653 Òscar Jordà
Moritz Schularick
Alan M. Taylor

The Total Risk Premium Puzzle
w25646 Katherine Eriksson
Katheryn Russ
Jay C. Shambaugh
Minfei Xu

Trade Shocks and the Shifting Landscape of U.S. Manufacturing
w25613 Katheryn N. Russ
Deborah L. Swenson

Trade Diversion and Trade Deficits: The case of the Korea-U.S. Free Trade Agreement
w25612 Tito Boeri
Andrea Ichino
Enrico Moretti
Johanna Posch

Wage Equalization and Regional Misallocation: Evidence from Italian and German Provinces
w25606 Isaac Baley
Laura Veldkamp
Michael E. Waugh

Might Global Uncertainty Promote International Trade?
w25583 Ana Fostel
John Geanakoplos
Gregory Phelan

Global Collateral and Capital Flows
w25563 George A. Alessandria
Horag Choi

The Dynamics of the U.S. Trade Balance and Real Exchange Rate: The J Curve and Trade Costs?
w25549 Marlene Amstad
Zhiguo He

Chinese Bond Market and Interbank Market
w25543 Josefin Meyer
Carmen M. Reinhart
Christoph Trebesch

Sovereign Bonds since Waterloo
w25523 Timothy J. Kehoe
Carlos Gustavo Machicado
José Peres-Cajías

The Monetary and Fiscal History of Bolivia, 1960-2017
w25517 Stéphane Auray
Michael B. Devereux
Aurélien Eyquem

Endogenous Trade Protection and Exchange Rate Adjustment
w25494 Barry Eichengreen
Asmaa El-Ganainy
Rui Esteves
Kris James Mitchener

Public Debt Through the Ages
w25469 Emmanuel Farhi
Matteo Maggiori

China vs. U.S.: IMS Meets IPS
w25459 Laura Alfaro
Gonzalo Asis
Anusha Chari
Ugo Panizza

Corporate Debt, Firm Size and Financial Fragility in Emerging Markets
w25447 Jonathan I. Dingel
Kyle C. Meng
Solomon M. Hsiang

Spatial Correlation, Trade, and Inequality: Evidence from the Global Climate
w25426 Barry Eichengreen
From Commodity to Fiat and Now to Crypto: What Does History Tell Us?
w25421 Joao Ayres
Marcio Garcia
Diogo A. Guillén
Patrick J. Kehoe

The Monetary and Fiscal History of Brazil, 1960-2016
2018
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: Regional 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

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Generated on Mon May 20 00:00:03 2019

 
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