Working Papers

[1]  Why Are Exchange Rates So Smooth? A Household Finance Explanation (with YiLi Chien and Hanno Lustig) Accepted with Major Revisions, Journal of Monetary Economics

[2]  Real Exchange Rate Misalignments and Non-Homothetic Preferences  (with Michael Lorenzo) R&R Economics Letters

[3]  Exchange Rates, Foreign-Currency Debts and the Margins of Exports: Firm-Level Evidence (with Kwan Yong Lee)

[4]  Exchange Rate Pass-through and Market Structure in a Multi-Country World 

[5] Tariffs and the Expansion of the American Pig Iron Industry: 1870-1940


[1]  Real Exchange Rate Fluctuations, Wage Stickiness and Tradability (2017) Canadian Journal of Economics 50(1), 94-110.

[2]  ASEAN Economic Integration through Trade and Foreign Direct Investment: Long-Term Challenges (with Masahiro Kawai) (2017) Singapore Economic Review 62 (3), 643-680

[3]  The Risk Premium and Long-Run Global Imbalances (with YiLi Chien) (2015) Journal of Monetary Economics 76, 299-315. 

[4]  Exchange Rate Volatility and Fluctuations of the Extensive Margin of Trade (2015) Journal of Economic Dynamics and Control 52, 322-339. 

[5]  Competition, Labor Intensity and Specialization: Structural Changes in Post-Crisis Asia (with Yothin Jinjarak(2013) Trade and Employment in Asia, Niny Khor and Devashish Mitra (Ed.),  Routledge  

[6]  The Marginal Product of Capital, Capital Flows and Convergence (with Sirsha Chatterjee) (2010) American Economic Review: Papers and Proceedings 100(2), 73-77 

[7]  Does the Exchange Rate Belong in Monetary Policy Rules? New Answers from a DSGE Model with Endogenous Tradability and Trade Frictions  (with Michael Kumhof and Douglas Laxton) (2010) Macroeconomic Performance in a Globalising Economy, Anderton, Robert and Geoff Kenny (Ed.), 120-154: Cambridge University Press

[8]  Real Exchange Rate Fluctuations, Endogenous Tradability and Exchange Rate Regimes (2008) Journal of Monetary Economics 55(3), 645-663

[9]  Exchange Rate Regimes, International Linkages, and the Macroeconomic Performance of the New Member States (with Tamim Bayoumi, Michael Kumhof and Douglas Laxton) (2005) The New EU Member States: Convergence and StabilityDetken, Carsten, Vitor Gaspar and Gilles Noblet (Ed.), 75-104: European Central Bank 

Work in Progress

[1]  Capital Flows, Capital Goods and Financial Crises (with Laura Alfaro)

[2]  Trade in Capital Goods and Business Cycles

[3] The Economic Role of the Thai Military