My main academic research focuses on international macroeconomics and the micro-foundations of external adjustment. I study how exchange-rate movements transmit through currency of invoicing, market structure, and global value chains to shape border prices, retail inflation, and expenditure switching. Much of my work has examined natural experiments such as the 2015 CHF appreciation. Other work has explores how global slack and supply-chain integration synchronize inflation across borders and dampen traditional elasticities. A second strand of my research examines economic and financial stability aspects of digitization, including digital payments, digital currencies, quantum computing and artificial intelligence.
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