Recent Research Papers
Current Papers
Trade Wars and the Optimal Design of Monetary Policy Rules first draft, April 2024
Stéphane Auray, Michael B. Devereux, and Aurélien Eyquem
Collateral Advantage, Exchange Rates, Capital Flows, and Global Cycles (New September 2022)
Michael B. Devereux, Charles Engel, and Steve Pak Yeung Wu
Foreign Reserves Management and Original Sin (New Version, June 2024)
Michael B. Devereux and Steve Pak Yeung Wu
Trade Wars, Currency Wars (New Version September 2021)
Stéphane Auray, Michael B. Devereux, and Aurélien Eyquem
Forthcoming Papers
Trade Wars, Nominal Rigidities, and Monetary Policy , May 2023
Stéphane Auray, Michael B. Devereux, and Aurélien Eyquem
Forthcoming: Review of Economic Studies
Trade Flows and Exchange Rates: Importers Exporters, and Products
Michael B. Devereux, Ben Tomlin, and Wei Dong
Matlab codes for SMM Objective Function
Forthcoming: Journal of International Economics
Recently Published Papers
Consumption Heterogeneity and Monetary Policy in an Open Economy
Sihao Chen, Michael B. Devereux, Kang Shi, and Juanyi Xu Journal of Monetary Economics, 2023
Sudden Stops in Emerging Economies: The Role of World Interest Rates and Foreign Exchange Intervention
J. Scott Davis, Michael B. Devereux, and Changhua Yu Journal of International Economics, 2023
Production Networks and International Fiscal Spillovers
Michael B. Devereux, Karine Gente, and Changhua Yu Economic Journal, 2023
The Demand for Trade Protection over the Business Cycle
Stéphane Auray, Michael B. Devereux, and Aurélien Eyquem Journal of Money Credit and Banking, 2023
Self Enforcing Trade Policy and Exchange Rate Adjustment
Stéphane Auray, Michael B. Devereux, and Aurélien Eyquem Journal of International Economics, 2022
Pandemics Through the Lens of Occupations
Anand Chopra Michael B. Devereux, and Amartya Lahiri, Canadian Journal of Economics, 2021
Capital Controls as Macro-Prudential Policy in a large Open Economy
J. Scott Davis and Michael B. Devereux American Economic Journal: Macro, 2021
Exchange Rates, Local Currency Pricing and International Tax Policies
Sihao Chen, Michael B. Devereux, Kang Shi, and Juanyi Xu Journal of Monetary Economics, 2020
International Capital Flows, Portfolio Composition, and the Stability of External Imbalances
Michael B. Devereux, Makoto Saito, and Changhua Yu Journal of International Economics, 2020
Testing the Present Value Model of the Exchange Rate with Commodity Currencies
Michael B. Devereux and Gregor W. Smith Journal of Money Credit and Banking, 2020
Borders and Nominal Exchange Rates in Risk-Sharing
Michael B. Devereux and Viktoria Hnatkovska, Journal of the European Economic Association, 2020
International Financial Integration and Crisis Contagion
Michael B. Devereux and Changhua Yu Review of Economic Studies, 2020
Fiscal Policy in a Currency Union at the Zero Lower Bound
David Cook and Michael B. Devereux Journal of Money Credit and Banking, 2019
Implementable Rules for International Monetary Policy Coordination
Michael B. Devereux, Charles Engel, and Giovanni Lombardo IMF Economic Review, 2019
Models of International Fiscal Spillovers
Michael B. Devereux and Changhua Yu, Economics Letters, 2019
Ongoing Papers
Commodity Currencies and Monetary Policy