Working Papers
- Low Inflation Bends the Phillips Curve Around the World (2020) with Joseph Gagnon and Christopher Collins. Peterson Institute for International Economics Working Paper 20-6 (March).
Click here for the replication folder with underlying data, code and output files - Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability? (2020) with Toni Ahnert, Christian Friedrich, and Dennis Reinhardt. Forthcoming, Journal of Financial Economics.
Click here for access to the dataset on macroprudential FX regulations
Click here for a folder with information on the code and data used for the paper
Also availabile as NBER Working Paper 25083.
Also available as MIT-Sloan Research Paper 5293-18.
Also available as CEPR Discussion Paper No. DP12766.
Highlighted in NBER Digest, Dec 2018.
- Capital Flow Waves—Or Ripples? Extreme Capital Flow Movements Since the Crisis (2020) with Francis Warnock, NBER Working Paper No. 26851 (March).
Click here for the underlying capital flow data (October 2019).
Click here for the updated list of episodes (October 2019).
Click here to access the control variables used in the analysis (October 2019).
Click here to access more details on the variable definitions and sources (February 2020).
Also available as an earlier working paper in November 2019. - Inflation Dynamics: Dead, Dormant, Or Determined Abroad? (2019) Brookings Papers on Economic Activity, prepared for conference on Sept 5-6 in Washington, DC.
Also available as MIT-Sloan Working Paper 5893-19.
Also available as NBER Working Paper 26496.
Selected press mentions: Economist (10/10/19), Economist (06/30/18), Central Banking (09/23/19), Axios (09/06/19), Brookings Blog (09/05/19).
Click here for directions on how to replicate the results in this paper, here for the source data and here for the program code. - Has Globalization Changed the Inflation Process? (2019) BIS Working Papers No. 297, July. Paper prepared for 17th BIS Annual Research Conference held in Zurich on June 22, 2018.
- Macroprudential Policy After the Crisis: Forging a Thor's Hammer for Financial Stability in Iceland (2018). Report prepared at the request of the Task Force to review monetary and currency policies for Iceland.
- International Evidence on Shock-Dependent Exchange Rate Pass-Through (2018) with Ida Hjortsoe and Tsvetelina Nenova. MIT Sloan Research Paper No. 5522-18.
Selected press mentions, Central Banking (07/04/17)
Longer version called Shocks versus Structure:Explaining Differeces in Exchange Rate Pass-Through across Countries and Time, External MPC Unit Discussion Paper No. 50.
- Inequality and Growth: An Evaluation of Trends and Relationships in India
Abstract (Aug. 1996)
Published Papers
Please download for personal use only. Contact the copyright holder to request permission to make additional copies.
- Do Sounder Banks Make Calmer Waters? The Link Between Bank Regulations and Capital Flow Waves. (2020). AEA: Papers and Proceedings, Vol. 110 (May) 516-622.
Download the zip file with code and data.
- A Trendy Approach to UK Inflation Dynamics (2019) with Lewis Kirkham and Konstantinos Theodoridis. The Manchester School, July, 1-53.
Also available as: CEPR Discussion Paper No. DP12652 (Jan 2018) and Bank of England External MPC Unit Discussion Paper No. 49 (June 2017)
Selected press mentions, Central Banking (6/20/17), Bloomberg (06/19/17)
- Macroprudential Policy: What We Know, Don’t Know and Need to Do (2019). Paper prepared for AEA Annual meetings held in Atlanta, GA, in January 2019. American Economic Review: AEA Papers and Proceedings 109(2019): 470-475.
- The Shocks Matter: Improving Our Estimates of Exchange Rate Pass-Through (2018) with Ida Hjortsoe and Tsvetelina Nenova. Journal of International Economics 114(Sept), pgs. 255-275.
Also available as: NBER Working Paper No. 24773 (July 2018), CEPR Discussion Paper No. DP13037 (July 2018), MIT-Sloan Working Paper #5149-15 (Nov 2015) and Bank of England External MPC Unit Discussion Paper No. 43 (Nov 2015).
Click here for online Appendix
Click here for data and replication files
Selected press mentions, Moving Beyond the Monetary Policy Rule of Thumb (2018), Financial Times (July 8, 2016), Economist (Sept. 23, 2016)
- The Spillovers, Interactions, and (Un)intended Consequences of Monetary and Regulatory Policies (2017) with Dennis Reinhardt and Tomas Wieladek. Journal of Monetary Economics 85(Jan), 1-22.
Also available as MIT-Sloan Research paper #5163-16, Bank of England External MPC Unit Discussion Paper No. 44 and NBER Working Paper #22307.
- Current Account Deficits During Heightened Risk: Menacing or Mitigating? (2017) with Ida Hjortsoe and Tsvetelina Nenova. Economic Journal 127 (601): 571-623.
Older version available as: MIT-Sloan Research Paper 5167-16, External MPC Unit Discussion Paper 46, and NBER Working paper #22741.
Royal Economic Society non-technical highlights: Current Account Deficits: Knowing When to Act.
Dataset for paper.
- Much Ado about Something Important: How do Exchange Rate Movements Effect Inflation (2016) The Manchester School 84 (S1, September), pgs. 15-41.
- Bubble Thy Neighbor: Direct and Spillover Effects of Capital Controls (2016) with Marcel Fratzscher, Thomas Kostka and Roland Straub. Journal of International Economics 99 (March), pgs. 85-104.
Earlier versions available as MIT-Sloan Research Paper #4962-12 and NBER Working Paper #18052.
Selected Press Mentions: The Economist (10/06/12), Central Banking (08/13/12), Financial Times (01/23/12).
- Capital Flow Management Measures: What are They Good For? (2015) with Marcel Fratzscher, Thomas Kostka, and Roland Straub. Journal of International Economics 96 (1, July), pgs. S76-S97.
Older version available as: MIT-Sloan Working Paper 5061-13 and NBER Working Paper #20860
- Pick Your Poison: The Choices and Consequences of Policy Responses to Crises (2015) with Michael Klein. IMF Economic Review 63 (April), pgs.197-237.
Older version available as: MIT-Sloan Working Paper 5062-13 and NBER Working Paper #20987.
- Capital Flow Volatility and Contagion: A Focus on Asia (2014), in Bruno Carrasco, Subir Gokarn, and Hiranya Mukhopadhyay, eds., Managing Capital Flows: Issues in Selected Emerging Market Economics, Oxford University Press: New Delhi, pgs.3-31.
Older version available as: MIT-Sloan Working Paper 4979-12
- Debt- and Equity-Led Capital Flow Episodes (2014) with Francis Warnock. In Miguel Fuentes and Carmen M. Reinhart, eds. Capital Mobility and Monetary Policy. Santiago: Central Bank of Chile.
Older version available as: NBER Working Paper #18329.
- The "Big C": Identifying and Mitigating Contagion (2013). The Changing Policy Landscape. 2012 Jackson Hole Symposium hosted by the Federal Reserve Bank of Kansas City, pgs 23-87.
Selected Press Mentions: Bloomberg (08/31/12), Reuters (08/31/12), Wall Street Journal (08/31/12), Financial Times (08/31/12), The Economist (06/16/12).
- Capital Flow Waves: Surges, Stops, Flight and Retrenchment (2012) with Francis Warnock. Journal of International Economics 88(2, Nov): 235-251.
Older version accessible as MIT-Sloan Working paper #4927-11 or NBER Working Paper #17351.
Download the dataset of episodes.
- Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act (2011) with Dhammika Dharmapala and Fritz Foley. Journal of Finance vol. 66(3, June): pgs. 753-787.
Link to older working paper.
Internet Appendix with links to documents.
Selected Press Mentions: Boston Globe (12/01/17), The Economist (04/28/11), Washington Post (04/27/11), Bloomberg Business Week (03/17/11), NY Times (06/05/09).
- Why do Foreigners Invest in the United States? (2010) Journal of International Economics 80(1): 3-21.
Lead Article.
Link to working paper.
Press mentions: Economist (10/03/08), NBER Digest (08/08), Wall Street Journal (06/23/08), US News and World Report, and CNBC Morning Call.
- Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises (2008), with Mihir Desai and C. Fritz Foley. Review of Financial Studies vol. 21(6), pgs. 2857-2888.
Runner-up for Michael Brennan Award for Best Paper Published in 2008.
- One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smaller Traded Firms. (2007) Journal of International Economics, vol 71(2, April), pgs. 294-323.
- The Microeconomic Evidence on Capital Controls: No Free Lunch (2007). In Sebastian Edwards, ed. Capital Controls and Capital Flows in Emerging Economics: Policies, Practices, and Consequences. Chicago: University of Chicago Press, pgs. 171-199.
Available in NBER working paper form.
- Trade Linkages and Output-Multiplier Effects: A Structural VAR Approach with a Focus on Asia, with Tilak Abeysinghe (2005). Review of International Economics 13(2), pgs. 356-375.
- A Decomposition of Global Linkages in Financial Markets Over Time, with Menzie Chinn (2004). Review of Economics and Statistics, 86(3, August): pgs. 705-722.
Dataset Information (pdf)
Factor Model Dataset (zipped stata)
Bilateral Linkage Model Dataset (zipped stata)
- The Asian Flu and Russian Virus: The International Transmission of Crises in Firm-Level Data (2004). Journal of International Economics , vol. 63(1, May): pgs. 59-92.
- Cheap Labor Meets Costly Capital: The Impact of Devaluations on Commodity Firms (2002). Journal of Development Economics, vol. 69 (2, December), pgs. 335-365 .
- How do Large Depreciations Affect Firm Performance? (2002). IMF Staff Papers, vol. 49, pgs. 214-238.
- Are Trade Linkages Important Determinants of Country Vulnerability to Crises? (2002). In Sebastian Edwards and Jeffrey Frankel, eds., Preventing Currency Crises in Emerging Markets. University of Chicago Press, Chicago, pgs. 77-124.
(Only available in NBER working paper form.)
- No Contagion, Only Interdependence: Measuring Stock Market Comovements (2002), joint with Roberto Rigobon. Journal of Finance, vol. LVII (5, October), pgs. 2223-2261.
- Skill Classification Does Matter: Estimating the Relationship Between Trade Flows and Wage Inequality (2001). Journal of International Trade and Economic Development, vol. 10 (2, June), pgs. 175-209.
- Contagion in Latin America: Definitions, Measurement and Policy Implications (2001), joint with Roberto Rigobon. Economia, vol. 1 (2, Spring), pgs. 1-46.
- International Financial Contagion: An Overview of the Issues and the Book (2001), joint with Stijn Claessens. Introductory chapter of International Financial Contagion, edited by Stijn Claessens and Kristin Forbes. Kluwer Academic Publishers, pgs. 3-17.
- Measuring Contagion: Conceptual and Empirical Issues (2001), joint with Roberto Rigobon. Chapter 3 in International Financial Contagion, edited by Stijn Claessens and Kristin Forbes. Kluwer Academic Publishers, pgs. 43-66.
- A Reassessment of the Relationship Between Inequality and Growth (2000). American Economic Review, vol. 90 (4, September), pgs. 869-887.