Regulating Asset Price Risk (2011)
with Philippe Bacchetta and Eric van Wincoop, American Economic Review: Papers and Proceedings, 101, pp. 157-175.
Working paper version: FinRisk Working Paper 673; GIIDS Working Paper 02/2011.

The Great Retrenchment: International Capital Flows during the Global Financial Crisis (2010)
with Gian-Maria Milesi-Ferretti, Economic Policy 66, pp. 285-330..
Working paper version: GIIDS Working Paper 18/2010, HKIMR Working Paper 38/2011.

International Capital Flows (2010)
with Eric van Wincoop, Journal of International Economics,  80, pp. 157-175. Link to ScienceDirect
Working paper version: CEPR Discussion Paper 6705; NBER Working Paper 12856; Federal Reserve Bank of New York Staff Report 280; FinRisk Working Paper 450. Detailed technical appendix.


Macroeconomic Interdependence and the International Role of the Dollar (2009)
with Linda Goldberg, Journal of Monetary Economics, 56, pp. 990-1003. Link to ScienceDirect
Working paper version: CEPR Discussion Paper 6704; NBER Working Paper 13820, Federal Reserve Bank of New York Staff Report 316, FinRisk Working Paper 451. Detailed technical appendix.

Are the Golden Years of Central Banking Over? The Crisis and the Challenges (2009)

Composition of International Assets and the Long Run Current Account (2008)
Economic Notes by Banca Monte dei Paschi di Siena (37), pp. 283–313. Related Vox column.

 

Vehicle currency use in international trade (2008)
with Linda Goldberg, Journal of International Economics, 76, pp. 177-192. Link to ScienceDirect

Working paper version: Federal Reserve Bank of New York Staff Report 200, NBER Working Paper 11127. Detailed technical appendix.

 

The Changing Nature of the U.S. Balance of Payments (2008)
with Rebecca Hellerstein, Current Issues in Economics and Finance, vol. 14 (4), Federal Reserve Bank of New York. Related Vox column.

 

Financial integration and the wealth effect of exchange rate fluctuations (2008)
Journal of International Economics, vol. 75, pp. 283-294. Link to ScienceDirect

Working paper version: Federal Reserve Bank of New York Staff Report 226. Detailed technical appendix.

 

Exchange rate pass-through to trade prices and external adjustment (2007)
in IMF World Economic Outlook, ch.3 box 3.3., April, pp. 100-102.

 

Borrowing without debt? Interpreting the U.S. international investment position (2007)
with Matthew Higgins and Thomas Klitgaard, Business Economics 42, no. 1, National Association for Business Economics, January, pp. 17-27. This paper was awarded an Abramson Scroll for outstanding articles by the National Association of Business Economics.

Working paper version: Federal Reserve Bank of New York Staff Report 271.
 

On the distributional effects of exchange rate fluctuations (2006)
Journal of International Money and Finance, vol. 25, pp. 1207-1225. Link to ScienceDirect

Working paper version: Federal Reserve Bank of New York Staff Report 146.

 

The international role of the dollar and trade balance adjustment (2006)
with Linda Goldberg, Group of Thirty Occasional Paper 71.

Working paper version: Federal Reserve Bank of New York Staff Report 255,  NBER Working Paper 12495.

 

Current account adjustment with high financial integration: A scenario analysis (2006)
with Michele Cavallo, Federal Reserve Bank of San Francisco Economic Review, March, pp. 31-46.

Working paper version: Federal Reserve Bank of New York Staff Report 237, Federal Reserve Bank of San Francisco Working Paper 2006-3.

 

The income implications of rising U.S. international liabilities (2005)
with Matthew Higgins and Thomas Klitgaard, Current Issues in Economics and Finance, vol. 11(12), Federal Reserve Bank of New York.

 

The welfare effect of international asset markets integration under nominal rigidities (2000)
Journal of International Economics, January 2005, vol. 65, pp. 221-247. Link to ScienceDirect

Working paper version: Federal Reserve Bank of New York Staff Report 114. Detailed technical appendix.

 

Coping with terms-of-trade shocks in developing countries (2003)
with Christian Broda, Current Issues in Economics and Finance, vol. 9 (11), Federal Reserve Bank of New York.

 

The impact of exchange rate movements on U.S. foreign debt (2003)
Current Issues in Economics and Finance, vol. 9 (1), Federal Reserve Bank of New York.

 

Exchange rate pass-through and the welfare effect of the euro (2003)
with Michael Devereux and Charles Engel, International Economic Review, vol. 44, pp. 223-252.

Working paper version: NBER Working Paper 7382. Detailed technical appendix.

 

To what extent does productivity drive the dollar? (2001)
with Olga Gorbachev and Nicolas Stoffels, Current Issues in Economics and Finance, vol. 7 (8), Federal Reserve Bank of New York.

 

Curbing unemployment in Europe: Are there lessons from Ireland and the Netherlands? (2001)
with Kei-Mu Yi, Current Issues in Economics and Finance, vol. 7 (5), Federal Reserve Bank of New York.

 

The role of consumption substitutability in the international transmission of shocks (2001)
Journal of International Economics, vol. 53, pp. 421-444. Link to ScienceDirect
Reprinted in Open Economy Macroeconomics (N.C. Miller ed.), a contribution to The International Library of Critical Writings in Economics, 2006.

Working paper version: Federal Reserve Bank of New York Staff Report 67.

 

The economics of currency crisis and contagion: An introduction (2000)
with Paolo Pesenti, Economic Policy Review 6, Federal Reserve Bank of New York, pp. 3-16.

 

Competitive devaluations: toward a welfare-based approach (2000)
with Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini, Journal of International Economics, vol. 51, pp. 217-241. Link to ScienceDirect

Working paper version: NBER Working Paper 6889.

 

Decomposition of the unemployment gap between Canada and the United States: Duration or incidence? (1998)
Canadian Public Policy, XXIV.

 

Lessons form a Collapse of a Financial System (2011)
by Sigridur Benediktsdottir, Jon Danielsson and Gylfi Zoega, Economic Policy 66, pp. 225-228.

Inflation risk and the inflation risk premium (2010)
by Geert Bekaert and Xiaozheng Wang, Economic Policy 64, pp. 796-799.

Indeterminacy, Causality, and the Foundations of Monetary Policy Analysis (2010)
by Bennett McCallum, Swiss Journal of Economics and Statistics 146, pp. 121-125.

A Safer World Financial System: Improving the Resolution of Systemic Institutions (2010)
by Stijn Claessens, Richard Herring and Dirk Schoenmaker, Geneva Reports on the World Economy 12, pp. 122.
 
Banking crisis management in the EU: an early assessment (2010)
by Jean Pisany-Ferry and André Sapir, Economic Policy 62, pp. 362-367.

Returns on FDI: Does the U.S. Really Do Better? (2007)
by Barry Bosworth, Susan Collins and Gabriel Chodorow-Reich, Brookings Trade Forum 2007: FDI, Brookings Institution, pp. 201-206.

 

The missing dark matter in the wealth of nations and its implications for global imbalances (2007)
by Ricardo Hausmann and Federico Sturzenegger, Economic Policy 51, pp. 508-513.