Publications


Professor Alan M. TaylorColumbia Universityamt2314@columbia.edu

@GoogleScholar    @Wikipedia@NBER    @CEPR    @IDEAS    @SSRN

Davis, J., and A. M. Taylor. “The Leverage Factor: Credit Cycles and Asset Returns.” Management Science. Forthcoming.


Choi, W. J., and A. M. Taylor “Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate.” Journal of International Economics. Forthcoming.


Jordà, Ò., M. Kornejew, M. Schularick, and A. M. Taylor. “Zombies at Large? Corporate Debt Overhang and the Macroeconomy.” Review of Financial Studies. Forthcoming.


Sufi, A., and A. M. Taylor. “Financial crises: A survey.” In Handbook of International Economics, 6th ed., edited by G. Gopinath, K. Rogoff, and E. Helpman. Amsterdam: North Holland, 2022. Forthcoming.


Jordà, Ò., B. Richter, M. Schularick, and A. M. Taylor. “Bank Capital before and after Financial Crises.” In Leveraged: The New Economics of Debt and Financial Fragility edited by M. Schularick. Chicago: University of Chicago Press, 2022. Forthcoming.


Jordà, Ò., S. Singh, and A. M. Taylor. “Longer-run Economic Consequences of Pandemics.” Review of Economic Statistics. Forthcoming.


Jordà, Ò., B. Richter, M. Schularick, and A. M. Taylor. “Bank Capital Redux: Solvency, Liquidity, and Crisis.” Review of Economic Studies 88 (January 2021): 260–286.


Benguria, F., and A. M. Taylor. “After the Panic: Are Financial Crises Demand or Supply Shocks? Evidence from International Trade.” American Economic Review: Insights 2 (December 2020): 509–26.


Novy, D., and A. M. Taylor. “Trade and Uncertainty.” Review of Economics and Statistics 102 (October 2020): 749–765.


Jordà, Ò., M. Schularick, and A. M. Taylor. “The Effects of Quasi-Random Monetary Experiments.” Journal of Monetary Economics 112 (June 2020):22–40.


Jordà, Ò., K. Knoll, D. Kuvshinov, M. Schularick, and A. M. Taylor. “The Rate of Return on Everything, 1870–2015.” Quarterly Journal of Economics 134 (August 2019): 1225–1298.


Jordà, Ò., and A. M. Taylor. “Riders on the Storm.” In Challenges for Monetary Policy. Kansas City: Federal Reserve Bank of Kansas City. Proceedings of a Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 22–24, 2019.


Jordà, Ò., M. Schularick, A. M. Taylor, and F. Ward. “Global Financial Cycles and Risk Premiums.” IMF Economic Review 67 (March 2019): 109–150.


Taylor, A. M. “The Argentina Paradox: Microexplanations and Macropuzzles.” Latin American Economic Review 27:3 (2018). [Online]


Obstfeld, M., and A. M. Taylor, “International Monetary Relations: Taking Finance Seriously.” Journal of Economic Perspectives 31(Summer 2017): 3–28.

 

Jordà, Ò., M. Schularick, and A. M. Taylor. “Macrofinancial History and the New Business Cycle Facts.” In NBER Macroeconomics Annual 2016, vol. 31, edited by M. Eichenbaum and J. Parker. Chicago: University of Chicago Press, 2017.

 

Jordà, Ò., and A. M. Taylor. “The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy.” Economic Journal 126 (February 2016): 219–255.

 

Jordà, Ò., M. Schularick, and A. M. Taylor. “Sovereigns Versus Banks: Credit, Crises, and Consequences.” Journal of the European Economic Association 14 (February 2016): 45–79.

 

Jordà, Ò., M. Schularick, and A. M. Taylor. “The Great Mortgaging: Housing Finance, Crises, and Business Cycles.” Economic Policy 31 (January 2016): 107–52.

 

Jordà, Ò., M. Schularick, and A. M. Taylor. “Leveraged Bubbles.” Journal of Monetary Economics 76 (December 2015): S1–S20.

 

Taylor, A. M. “Credit, Financial Stability, and the Macroeconomy.” Annual Review of Economics 7 (2015): 309–339.

 

Jordà, Ò., M. Schularick, and A. M. Taylor. “Betting the House.” Journal of International Economics. 96 (July 2015): S2–S18.

  

Clark, G., K. H. O’Rourke, and A. M. Taylor, “The Growing Dependence of Britain on Trade during the Industrial Revolution.” Scandinavian Economic History Review 62 (March 2014): 109–36.

 

Taylor, A. M. “The Great Leveraging.” In The Social Value of the Financial Sector: Too Big to Fail or Just Too Big? edited by V. V. Acharya, T. Beck, D. D. Evanoff, G. G. Kaufman, and R. Portes. World Scientific Studies in International Economics, vol. 29. Hackensack, N.J.: World Scientific Publishing, 2014.

 

Taylor, A. M. “External Imbalances and Financial Crises.” In Financial Crises: Causes, Consequences, and Policy Responses edited by Stijn Claessens, M. Ayhan Kose, Luc Laeven, and Fabián Valencia. Washington, D.C.: International Monetary Fund, 2014.

 

Feenstra, R. C., and A. M. Taylor, eds. Globalization in an Age of Crisis: Multilateral Economic Cooperation In The Twenty-First Century. Chicago: University of Chicago Press, 2014.

 

O’Rourke, K. H., A. S. Rahman, and A. M. Taylor. “Luddites, the Industrial Revolution, and the Demographic Transition.” Journal of Economic Growth 18 (December 2013): 373–409.

 

Estevadeordal, A., and A. M. Taylor. “Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s–2000s.” Review of Economics and Statistics 95 (December 2013): 1669–90.

 

Jordà, Ò., M. Schularick, and A. M. Taylor. “When Credit Bites Back.” Journal of Money, Credit and Banking 45(December 2013): 3–28.

 

della Paolera, G., and A. M. Taylor. “Sovereign debt in Latin America, 1820–1913.” Revista de Historia Económica  31(September 2013): 173–217.

 

O’Rourke, K. H., and A. M. Taylor. “Cross of Euros.” Journal of Economic Perspectives 27 (Summer 2013): 167–92.

 

Taylor, A. M. “The Future of International Liquidity and the Role of China.” Journal of Applied Corporate Finance 25 (Spring 2013): 86–94.

 

Taylor, Alan M. “Global Financial Stability and the Lessons of History: A Review of Carmen M. Reinhart and Kenneth S. Rogoff’s This Time Is Different: Eight Centuries of Financial Folly.” Journal of Economic Literature 50 (December 2012): 1092–1105.

 

Jordà, Ò., and A. M. Taylor. “The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself.” Journal of International Economics 88 (September 2012) 74–90.

 

Chong, Y., Ò. Jordà, and A. M. Taylor. “The Harrod–Balassa–Samuelson Hypothesis: Real Exchange Rates And Their Long‐Run Equilibrium.” International Economic Review 53(May 2012): 609–34.

 

Schularick, M., and A. M. Taylor. “Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008.” American Economic Review 102 (April 2012): 1029–61.

 

Berge, T. J., Ò. Jordà, and A. M. Taylor. “Currency Carry Trades.” In NBER International Seminar on Macroeconomics 2010, edited by R. Clarida and F. Giavazzi. Chicago: University of Chicago Press, 2011, pp. 357–387.

 

Taylor, A. M. “The Financial Rebalancing Act.” Foreign Affairs 90 (July/August 2011): 91–99.

 

Jordà, Ò., Schularick, M., and A. M. Taylor. “Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons.” IMF Economic Review 59 (June 2011): 340–378.

 

Taylor, A. M., and J. L. F. Wilson. “International Trade and Finance: Complementaries in the United Kingdom 1870–1913 and the United States 1920–30.” Journal of International Money and Finance 30 (February 2011): 268–88.

 

Pradhan, M., and A. M. Taylor. “Current Accounts and Global Adjustment: The Long and Short of It.” Journal of Applied Corporate Finance 23 (Winter 2011): 32–42.

 

Taylor, A. M. “Global Finance After the Crisis.” Bank of England Quarterly Bulletin 50 (Q4 2010): 366–77. [The John Flemming Memorial Lecture 2010.]

 

Taylor, A. M. “The Global 1970s and the Echo of the Great Depression.” In The Shock of the Global: The 1970s in Perspective, edited by Niall Ferguson et al. Cambridge: Harvard University Press, 2010.

 

Obstfeld, M., J. C. Shambaugh, and A. M. Taylor. “Financial Stability, the Trilemma, and International Reserves.” American Economic Journal Macroeconomics 2(April 2010): 57–94.

 

Glick, R., and A. M. Taylor. “Collateral Damage: Trade Disruption and the Economic Impact of War.” Review of Economics and Statistics 92 (February 2010): 102–127.

 

Obstfeld, M., J. C. Shambaugh, and A. M. Taylor. “Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008.” American Economic Review Papers and Proceedings 99 (May 2009): 480–86.

 

Chernyshoff, N., D. S. Jacks, and A. M. Taylor. “Stuck on Gold: Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard, 1875–1939.” Journal of International Economics 77(April 2009): 195–205.

 

Meissner, C. M., and A. M. Taylor. “Losing our Marbles in the New Century? The Great Rebalancing in Historical Perspective.” In Global Imbalances and the Evolving World Economy, edited by J. S. Little. Boston, Mass.: Federal Reserve Bank of Boston, 2008.

 

Clark, G., K. H. O’Rourke, and A. M. Taylor, “Made in America? The New World, the Old, and the Industrial Revolution.” American Economic Review Papers and Proceedings 98 (May 2008): 523–28.

 

O’Rourke, K. H., and A. M. Taylor, “Democracy and Protectionism.” In The New Comparative Economic History: Essays in Honor of Jeffrey G. Williamson edited by T. J. Hatton, K. H. O’Rourke, and A. M. Taylor. Cambridge, Mass.: MIT Press, 2007.

 

Bergin, P. R., R. Glick. and A. M. Taylor. “Productivity, Tradability, and the Long-Run Price Puzzle.” Journal of Monetary Economics 53 (November 2006): 2041–66.

 

Taylor, A. M. “Foreign Capital in Latin America in the Nineteenth and Twentieth Centuries.” In The Cambridge Economic History of Latin America: Volume 2, The Long Twentieth Century, edited by V. Bulmer-Thomas, J. H. Coatsworth, and R. Cortés Conde. Cambridge: Cambridge University Press, 2005.

 

Obstfeld, M., J. C. Shambaugh, and A. M. Taylor. “The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility.” Review of Economics and Statistics 87 (August 2005): 423–38.

 

Canjels, E., G. Prakash-Canjels, and A. M. Taylor. “Measuring Market Integration: Foreign Exchange Arbitrage and The Gold Standard, 1880–1913.” Review of Economics and Statistics 86 (November 2004): 868–82.

 

Taylor, M. P., and A. M. Taylor. “The Purchasing Power Parity Debate.” Journal of Economic Perspectives 8 (Fall 2004): 135–158.

 

Obstfeld, M., J. C. Shambaugh, and A. M. Taylor. “Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period.” IMF Staff Papers 51 (Special Issue 2004): 75–108.

 

Eichengreen B., and A. M. Taylor. “The Monetary Consequences of a Free Trade Area for the Americas.” In Integrating the Americas: FTAA and Beyond, edited by A. Estevadeordal, D. Rodrik, A. M. Taylor, and A. Velasco. Cambridge: Harvard University Press, 2004.

 

Estevadeordal, A., B. Frantz, and A. M. Taylor. “The Rise and Fall of World Trade, 1870–1939.” Quarterly Journal of Economics 118 (May 2003): 359–407.

 

Obstfeld, M., and A. M. Taylor. “Sovereign Risk, Credibility, and the Gold Standard: 1870–1913 versus 1925–31.” Economic Journal 113 (April 2003): 1–35.

 

della Paolera, G., and A. M. Taylor. “Gaucho Banking Redux.” Economía 3 (Spring 2003): 1–42.

 

Obstfeld, M., and A. M. Taylor. “Globalization and Capital Markets.” In Globalization in Historical Perspective, edited by M. D. Bordo, A. M. Taylor and J. G. Williamson. Chicago: University of Chicago Press, 2003.

 

McLean, I. W., and A. M. Taylor. “Australian Growth: A California Perspective.” In In Search of Prosperity: Analytic Narratives on Economic Growth, edited by D. Rodrik. Princeton, N.J.: Princeton University Press, 2003.

 

Taylor, A. M. “Capital Formation: Saving, Investment, and Foreign Capital.” In A New Economic History of Argentina, edited by G. della Paolera and A. M. Taylor. Cambridge: Cambridge University Press, 2003.

 

Taylor, A. M. “Globalization, Trade, and Development: Some Lessons from History.” In Bridges for Development: Policies and Institutions for Trade and Integration, edited by R. Devlin, and A. Estevadeordal. Washington, D.C.: Inter-American Development Bank, 2003

 

Taylor, A. M. “A Century of Current Account Dynamics.” Journal of International Money and Finance 21 (November 2002): 725–48.

 

della Paolera, G., and A. M. Taylor. “Internal Versus External Convertibility and Emerging-Market Crises: Lessons from Argentine History.” Explorations in Economic History 39 (October 2002): 357–89.

 

Estevadeordal, A., and A. M. Taylor. “Testing Trade Theory in Ohlin’s Time.” In Bertil Ohlin: A Centennial Celebration, 1899–1999, edited by R. Findlay, L. Jonung, and M. Lundahl. Cambridge: MIT Press, 2002.

 

Estevadeordal, A., and A. M. Taylor. “A Century of Missing Trade?” American Economic Review 92 (March 2002): 383–93.

 

Taylor, A. M. “A Century of Purchasing Power Parity.” Review of Economics and Statistics 84 (February 2002): 139–50.

 

Taylor, A. M. “Potential Pitfalls for the Purchasing-Power Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Tests of the Law of One Price.” Econometrica 69 (March 2001): 473–98.

 

Taylor, A. M. “Latin America and Foreign Capital in the Twentieth Century: Economics, Politics, and Institutional Change.” In Political Institutions and Economic Growth in Latin America: Essays in Policy, History, and Political Economy, edited by Stephen H. Haber. Stanford, Calif.: Hoover Institution Press, 2000.

 

della Paolera, G., and A. M. Taylor. “Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime.” Journal of Economic History 59 (September 1999): 567–99.

 

Taylor, A. M. “Sources of Convergence in the Late Nineteenth Century.” European Economic Review 43 (September 1999): 1621–45.

 

Basu, S., and A. M. Taylor. “Business Cycles in International Historical Perspective.” Journal of Economic Perspectives 13 (Spring 1999): 45–68.

 

della Paolera, G., and A. M. Taylor. “Finance and Development in an Emerging Market: Argentina in the Interwar Period.” In Latin America and the World Economy Since 1800, edited by J. H. Coatsworth and A. M. Taylor. Cambridge: Harvard University Press, 1998.

 

Taylor, A. M. “Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century.” Journal of Development Economics 57 (October 1998): 147–84.

 

Taylor, A. M. “On the Costs of Inward-Looking Development: Price Distortions, Growth, and Divergence in Latin America.” Journal of Economic History 58 (March 1998): 1–28.

 

Obstfeld, M., and A. M. Taylor. “The Great Depression as a Watershed: International Capital Mobility in the Long Run.” In The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, edited by M. D. Bordo, C. D. Goldin and E. N. White. Chicago: University of Chicago Press, 1998.

 

Obstfeld, M., and A. M. Taylor. “Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher’s Commodity Points Revisited.” Journal of the Japanese and International Economies 11 (December 1997): 441–79.

 

Taylor, A. M. “Latifundia as Malefactor in Economic Development? Scale, Tenancy, and Agriculture on the Pampas, 1880–1914.” Research in Economic History 17 (1997): 261–300.

 

Taylor, A. M., and J. G. Williamson. “Convergence in the Age of Mass Migration.” European Review of Economic History 1 (April 1997): 27–63.

 

Taylor, A. M. “Peopling the Pampa: On the Impact of Mass Migration to the River Plate, 1870–1914.” Explorations in Economic History 34 (January 1997): 100–132.

 

Taylor, A. M. “Growth and Convergence in the Asia-Pacific Region: On the Role of Openness, Trade and Migration.” In International Trade and Migration in the APEC Region, edited by P. J. Lloyd and L. S. Williams. Oxford: Oxford University Press, 1997.

 

O’Rourke, K. H., A. M. Taylor, and J. G. Williamson. “Factor Price Convergence in the Late Nineteenth Century.” International Economic Review 37 (August 1996): 499–530.

 

Taylor, A. M. “Debt, Dependence, and the Demographic Transition: Latin America into the Next Century.” World Development 23 (May 1995): 869–79.

 

Taylor, A. M. “Tres fases del crecimiento económico argentino.” Revista de Historia Económica 12 (Otoño 1994): 649–83. [Previously published in English as “Three Phases of Argentine Economic Growth.” Working Paper Series on Historical Factors in Long Run Growth no. 60, National Bureau of Economic Research, October 1994.]

 

Taylor, A. M. “Mass Migration to Distant Southern Shores: Argentina and Australia, 1870–1939.” In Migration and the International Labor Market, 1850–1939, edited by T. J. Hatton and J. G. Williamson. London: Routledge, 1994.

 

Taylor, A. M., and J. G. Williamson. “Capital Flows to the New World as an Intergenerational Transfer.” Journal of Political Economy 102 (April 1994): 348–71.

 

Morduch, J. J., and A. M. Taylor. “A Model of Price Liberalization in Russia.” In The Economics of Transformation: Theory and Practice in the New Market Economies, edited by A. Schipke and A. M. Taylor. Berlin: Springer-Verlag, 1994.

 

Taylor, A. M. “External Dependence, Demographic Burdens and Argentine Economic Decline After the Belle Époque.” Journal of Economic History 52 (December 1992): 907–36.

 

Taylor, A. M. “Current Account Determination with Traded Capital Goods.” Economics Letters 37 (September 1991): 61–67.