Publications
Speculation, Forward Exchange Demand, and CIP Deviations in Emerging Economies (with Lorena Keller and Dongchen Zou)
The Journal of Finance; Forthcoming
American Economic Journal: Macroeconomics; 2026
The Review of Economics and Statistics; 2025
Working papers
Exchange Rate Disconnect Revisited (with Ryan Chahrour, Vito Cormun, Pablo Guerrón Quintana, and Rosen Valchev)
Revision Requested (2nd Round); American Economic Review
Revision Requested; American Economic Journal: Macroeconomics
Monetary Policy and the Short-Rate Disconnect in Emerging Economies (with Gita Gopinath and Sebnem Kalemli-Özcan)
Revision Requested; Journal of Monetary Economics
Foreign investors in Local-Currency Bond Markets: Implications for Bond Yields and Exchange Rates (with Lorena Keller, Giuliano Simoncelli, Mauricio Villamizar-Villegas, Tomás Williams)
Other papers
Recent Discussions
"Geoeconomic Competition and Capital Reallocation in Global FX Funding" by Yu An, Amy Huber | Slides from my discussion at the University of Toronto Asset Pricing and Investments Workshop, May 2026
"Fiscal Policy, Portfolio Frictions, and International Transmission" by Marcos Mac Mullen | Slides from my discussion at the Washington Area International Finance Symposium, September 2025
"Exchange Rate Models Are Better than You Think, and Why They Didn’t Work in the Old Days" by Charles Engel, Steve Wu | Slides from my discussion at the NBER Summer Institute (IFM), July 2025
"Foreign Exchange Interventions and Intermediary Constraints" by Alex Ferreira, Rory Mullen, Giovanni Ricco, Ganesh Viswanath-Natraj, Zijie Wang | Slides from my discussion at the SFS Cavalcade, May 2025
"The Causal Effects of Expected Future Depreciations" by Martha Elena Delgado, Juan Herreño, Marc Hofstetter, Mathieu Pedemonte | Slides from my discussion at Wake Forest University, October 2024
"A currency premium puzzle" by Thomas Mertens, Tarek Hassan, Jingye Wang | Slides from my discussion at 3rd International Finance/Macro/Trade Conference (Online), February 2024
"Exchange Rate Risk and Business Cycles" by Simon Lloyd, Emile Marin | Slides from my discussion at the FRBSF-BoC Fixed Income Research Conference, May 2023
"The Prudential Use of Capital Controls and Foreign Currency Reserves" by Javier Bianchi, Guido Lorenzoni | Slides from my discussion at AEA Annual Meetings, New Orleans, January 2023