Research
Publications
"Trade, Reform, and Structural Transformation in South Korea,"(2017) IMF Economic Review 65(4), 745–791 with Rahul Giri and Rubina Verma. Here is the data and a working paper version of the paper.
"US Real Exchange Rate Fluctuations and Relative Price Fluctuations," (2006) Journal of Monetary Economics 53(7), 1297–1326, with Timothy J. Kehoe. Here is a description of the data, the original data, and the final data and the working paper version.
"The International Effects of Monetary and Fiscal Policy In A Two-Country Model," in (2001) Money, Capital Mobility, and Trade: Essays in Honor of Robert Mundell, M. Obstfeld and G. Calvo, eds., 9–52, MIT Press, with Michael B. Devereux.
“Sectoral TFP Growth Patterns of the United States: Comparisons, Determinants, and Future Prospects,” (2000) with Jeffrey B. Nugent, in A. Kohsaka, (ed.) Total Factor Productivity Patterns in the PECC Region Japan Committee for the PECC, Osaka, 479-518. (Hard copy available upon request).
“Competitive Depreciation and Monetary Policy Coordination: A Reevaluation,” (2000), Journal of Money, Credit and Banking 32, 722-745, with Michael B. Devereux.
"Exchange Rate Dynamics in a Model of Pricing-to-Market," (2000) Journal of International Economics 50, 215-244, with Michael B. Devereux.
“Domestic Savings in the United States: Trends and Prospects,” (1999) with Jeffrey B. Nugent, in A. Kohsaka, ed. Domestic Savings in the Pacific Region: Trends and Prospects, Japan Committee for the PECC, Osaka, 377-429. (Hard copy available upon request).
"Unemployment, Credit Rationing, and Growth: A Tale of Two Frictions," (1998) Economic Theory 12, 489-517, with Joydeep Bhattacharya.
"Exchange Rate Fluctuations and Macroeconomic Management in the United States," in A. Kohsaka, ed. Exchange Rate Fluctuations and Macroeconomic Management in PECC Countries Japan Committee for the PECC: Osaka, 447-485. (Hard copt available upon request).
"The Exchange Rate in a Model of Pricing-to-Market," (1996) European Economic Review 40, 1007-1021, with Michael B. Devereux.
"Money, Banking, and the Determination of Real and Nominal Exchange Rates," (1997) International Economic Review 38, 703-734, with Bruce D. Smith.
"A Small Open Economy in Depression: Lessons from Canada in the 1930s," (1996) Canadian Journal of Economics 29, 1-36, with Michael Bordo and Angela Redish.
"What Makes Aggregate Fluctuations in Canada Different?” (1994), with James M. Nason, in Poloz, S.(ed.) Economic Behavior and Policy Choice Under Price Stability Bank of Canada: Ottawa.
Working papers (click link to paper or slides)
"How does state ownership affect firm innovation? Evidence from China's 2009-2010 stimulus plan" (2023), manuscript, USC, with Yu Cao (under review) and online appendix.
"Accounting for Japan's "Lost Score"," (2022), manuscript, USC, with slides for a very preliminary version presented at UBCO.
preliminary manuscript, USC, with Yu Cao.
"How Many (More) Lost Decades? The great productivity growth slowdown in Japan," (2021), manuscript, USC.
"Currency manipulation in a model of money, banking, and trade," (2020), for presentation at Bruce Smith Memorial Conference in Austin, Texas, February 2020).
"Real Exchange Rate Movements and the Relative Price of Non-Traded Goods," (2008), Federal Reserve Bank of Minneapolis
Research Department Staff Report 415, and NBER WP #14437, with Timothy J. Kehoe with a data appendix, the exchange rate and price data, and the trade matrix data.
Unpublished papers (click to download paper)
"Tradability of Goods and Real Exchange Rate Fluctuations," (2001), with Timothy J. Kehoe.
“Financial Market Imperfections, Real Exchange Rates, and Capital Flows" (1999), ITAM Discussion Paper 9902, with Elisabeth Huybens.
“The International Monetary Transmission Mechanism: A model of real exchange rate adjustment under pricing-to-market,” (1997), manuscript, University of British Columbia, with Michael B. Devereux.
“Currency Crises and Bank Panics: The Origins of Twin Crises in a Small Open Economy,” (1997), manuscript, USC, and earlier work on the same topic:
"Currency Crises and Bank Panics," (1996), manuscript, USC (for presentation at the 1996 North American Economics and Finance Association meetings).
“Money, Exchange Rates, and Growth,”(1996) manuscript, USC.
"Identifying Disturbances to Purchasing Power Parity," (1995), manuscript, USC and Chapter 1. in Exchange Rates, Monetary Policy, and the International Transmission Mechanism (1994) PhD. dissertation, University of British Columbia.