My Ideas / RePec page.
International Investment Income: Patterns, Drivers, and Heterogeneous Sensitivities (2024), with Giovanni Donato, CEPR Discussion Paper 19251; Kiel Institute for the World Economy Working Paper 2271; GIIDS Working Paper 13-2024.
Medium and long-term outlook for the Swiss Confederation’s debt: when are adjustments needed, and by how much? (2023), background study for Alliance Sud. Version française, Perspectives pour la dette de la Confédération à moyen et long terme : quels sont les horizon et l’ampleur des ajustements?
What Drives Long-Term Interest Rates? Evidence from the Entire Swiss Franc History 1852-2020 (2022), with Niko Hauzenberger, Daniel Kaufmann, and Rebecca Stuart , University of Neuchâtel IRENE working paper 22-03.
Fundamentals vs. policies: can the US dollar’s dominance inglobal trade be dented? (2021), with Georgios Georgiadis, Helena Le Mezo, and Arnaud Mehl, CEPR Discussion Paper 16303; GIIDS Working Paper 12/2021, ECB Working Paper 2574. Related Vox column , SUERF Policy Brief, and EconBrowser blog.
Interest rates in Switzerland 1852-2020 (2021), with Niko Hauzenberger, Florian Huber, Daniel Kaufmann, and Rebecca Stuart , Swiss Secretariat for Economic Affairs (SECO) Grundlagen für die Wirtschaftspolitik Nr. 24.
The global financial cycle and capital flow episodes: a wobbly link? (2019), with Beatrice Scheubel and Livio Stracca , European Central Bank Working Paper 2337
The «burden» of Swiss public debt: Lessons from research and options for the future (2019), GIIDS Working Paper 14/2019
Le «fardeau» de la dette publique suisse : Eclairages des recherches scientifiques et pistes pour le futur (2019), GIIDS Working Paper 15/2019
Distance(s) and the volatility of international trade(s) (2019), with Arnaud Mehl and Martin Schmitz, European Central Bank Working Paper 2252; CEPR Discussion Paper 13630; Kiel Institute for the World Economy Working Paper 2125; GIIDS Working Paper 5/2019. Related Vox column.
Foreign Currency Bank Funding and Global Factors (2018), with Signe Krogstrup, IMF Working Paper 18/97; CEPR Working Paper 12933; Kiel Institute for the World Economy Working Paper 2104; GIIDS Working Paper 9/2018. Related Vox column.
A bargaining theory of trade invoicing and pricing (2013), with Linda Goldberg. CEPR Working Paper 9447; NBER Working Paper 18985; Federal Reserve Bank of New York Staff Report 611; Kiel Institute for the World Economy Working Paper 1839; FinRisk Working Paper 847; GIIDS Working Paper 9/2013. Detailed technical appendix.
Why Are Switzerland’s Foreign Assets so Low? The Growing Financial Exposure of a Small Open Economy (2007), with Nicolas Stoffels. Federal Reserve Bank of New York Staff Report 283.
How valuable is exchange rate flexibility? Optimal monetary policy under sectoral shocks (2002), Federal Reserve Bank of New York Staff Report 147.
'Beggar-thy-neighbor' or 'beggar-thyself'? The income effect of exchange rate fluctuations (2000), Federal Reserve Bank of New York Staff Report 112.
The leveraged U.S. external position: patterns, rewards, and risk, mimeo.