Working Papers


Professor Alan M. TaylorColumbia Universityamt2314@columbia.edu

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

Some NBER Working Papers may have since been published with revisions. For information, consult my c.v. or published papers.


Kopecky & Taylor, 2022, “The Savings Glut of the Old: Population Aging, the Risk Premium, and the Murder-Suicide of the Rentier.”  w29944.pdf


Sufi, Taylor “Financial Crises: A Survey   w29155.pdf


Caliendo, Feenstra, Romalis, Taylor “A Second-best Argument for Low Optimal Tariffs”   w28380.pdf


Jordà, Kornejew, Schularick, and Taylor “Zombies at Large? Corporate Debt Overhang and the Macroeconomy”    w28197.pdf


Jacks, O’Rourke, and Taylor “The Gravitational Constant?”    w27904.pdf


Jordà, Schularick & Taylor, 2020, “Disasters Everywhere: The Costs of Business Cycles Reconsidered.” w26962.pdf


Kopecky & Taylor, 2020, “The Murder-Suicide of the Rentier: Population Aging and the Risk Premium.”  w26943.pdf


Cloyne, Jordà, & Taylor, 2020, “Decomposing the Fiscal Multiplier.”  w26939.pdf


Jordà,  Singh & Taylor, 2020, “Longer-run Economic Consequences of Pandemics.” w26934.pdf


Jordà,  Singh & Taylor, 2020, “The Long-Run Effects of Monetary Policy.” w26666.pdf


Davis, Fuenzalida & Taylor, 2019, “The Natural Rate Puzzle: Global Macro Trends and the Market-Implied r*”   w26560.pdf,


Davis & Taylor, 2019, “The Leverage Factor: Credit Cycles and Asset Returns”   w26435.pdf,


Benguria & Taylor, 2019, “After the Panic: Are Financial Crises Demand or Supply Shocks? Evidence from International Trade”   w25790.pdf,


O'Rourke, Rahman & Taylor, 2019, “Trade, Technology, and the Great Divergence”   w25741.pdf,


Jordà, Schularick & Taylor, 2019, “The Total Risk Premium Puzzle,” w25653.pdf,


Jordà, Schularick, Taylor & Ward, 2018, Global Financial Cycles and Risk Premiums, w24677.pdf,


Jordà,  Knoll, Kuvshinov, Schularick & Taylor, 2017,  The Rate of Return on Everything, 1870–2015, w24112.pdf


Choi & Taylor, 2017, Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate, w23341.pdf

 

Jordà, Richter, Schularick & Taylor, 2017, Bank Capital Redux: Solvency, Liquidity, and Crisis, w23287.pdf

 

Jordà, Schularick & Taylor, 2017, The Effects of Quasi-Random Monetary Experiments, w23074.pdf

 

Jordà, Schularick & Taylor, 2016, Macrofinancial History and the New Business Cycle Facts, w22743.pdf

 

Aikman, Bush & Taylor, 2016, Monetary Versus Macroprudential Policies: Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report,w22380.pdf

 

Caliendo, Feenstra, Romalis & Taylor, 2015, Tariff Reductions, Entry, and Welfare: Theory and Evidence for the Last Two Decades , w21768.pdf

 

Taylor, 2015, Leveraged Bubbles, w21486.pdf

 

Taylor, 2015, Credit, Financial Stability, and the Macroeconomy, w21039.pdf

 

Jordà, Schularick & Taylor, 2014, Betting the House, w20771.pdf

 

Jordà, Schularick & Taylor, 2014, The Great Mortgaging: Housing Finance, Crises, and Business Cycles, w20501.pdf

 

Novy & Taylor, 2014, Trade and Uncertainty, w19941.pdf

 

Clark, O’Rourke & Taylor, 2014, The Growing Dependence of Britain on Trade during the Industrial Revolution, w19926.pdf

 

Taylor, 2014, The Argentina Paradox: Microexplanations and Macropuzzles, w19924.pdf

 

Jordà, Schularick & Taylor, 2013, Sovereigns versus Banks: Credit, Crises, and Consequences, w19506.pdf

 

Jordà & Taylor, 2013, The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy, w19414.pdf

 

Taylor, 2013, The Future of International Liquidity and the Role of China,w18771.pdf

 

Taylor, 2012, External Imbalances and Financial Crises, w18606.pdf

 

della Paolera & Taylor, 2012, Sovereign Debt in Latin America, 1820–1913, w18363.pdf

 

Taylor, 2012, The Great Leveraging, w18290.pdf

 

Jordà, Schularick & Taylor, 2011, When Credit Bites Back: Leverage, Business Cycles, and Crises, w17621.pdf

 

Jordà & Taylor, 2011, Performance Evaluation of Zero Net-Investment Strategies, w17150.pdf

 

Jordà, Schularick & Taylor, 2010, Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons, w16567.pdf

 

Berge, Jordà & Taylor, 2010, Currency Carry Trades, w16491.pdf

 

Chong, Jordà & Taylor, 2009, The Harrod-Balassa-Samuelson Hypothesis: Real Exchange Rates and their Long-Run Equilibrium, w15868.pdf

 

Jordà & Taylor, 2009, The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself,w15518.pdf

 

Schularick & Taylor, 2009, Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870–2008, w15512.pdf

 

Taylor, 2009, The Global 1970s and the Echo of the Great Depression, w15475.pdf

 

Obstfeld, Shambaugh & Taylor, 2009, Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008, w14826.pdf

 

O’Rourke, Rahman & Taylor, 2008, Luddites and the Demographic Transition, w14484.pdf

 

Estevadeordal & Taylor, 2008, Is the Washington Consensus Dead? Growth, Openness, and the Great Liberalization, 1970s-2000s, w14264.pdf

 

Obstfeld, Shambaugh & Taylor, 2008, Financial Stability, the Trilemma, and International Reserves, w14217.pdf

 

Clark, O’Rourke & Taylor, 2008, Made in America? The New World, the Old, and the Industrial Revolution, w14077.pdf

 

O’Rourke, Rahman & Taylor, 2007, Trade, Knowledge, and the Industrial Revolution, w13057.pdf

 

Meissner & Taylor, 2006, Losing our Marbles in the New Century? The Great Rebalancing in Historical Perspective, w12580.pdf

 

Taylor & Wilson, 2006, International Trade and Finance under the Two Hegemons: Complementaries in the United Kingdom 1870-1913 and the United States 1920-30, w12543.pdf

 

O'Rourke & Taylor, 2006, Democracy and Protectionism, w12250.pdf

 

Chernyshoff, Jacks, & Taylor, 2005, Stuck on Gold: Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard, w11795.pdf

 

Glick & Taylor, 2005, Collateral Damage: Trade Disruption and the Economic Impact of War,w11565.pdf

 

Taylor & Taylor, 2004, The Purchasing Power Parity Debate, w10607.pdf

 

Canjels, Prakash-Canjels & Taylor, 2004, Measuring Market Integration: Foreign Exchange Arbitrage and the Gold Standard, 1879-1913, w10583.pdf

 

Bergin, Glick & Taylor, 2004, Productivity, Tradability, and the Long-Run Price Puzzle, w10569.pdf

 

Obstfeld, Shambaugh & Taylor, 2004, The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility, w10396.pdf

 

Obstfeld, Shambaugh & Taylor, 2004, Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period, w10393.pdf

 

Eichengreen & Taylor, 2003, The Monetary Consequences of a Free Trade Area of the Americas, w9666.pdf

 

Taylor, 2003, Foreign Capital in Latin America in the Nineteenth and   Twentieth Centuries, w9580.pdf

 

della Paolera & Taylor, 2002, Gaucho Banking Redux, w9457.pdf

 

Obstfeld & Taylor, 2002, Sovereign Risk, Credibility and the Gold Standard: 1870-1913   versus 1925-31, w9345.pdf

 

Taylor, 2002, Globalization, Trade, and Development: Some Lessons from History, w9326.pdf

 

Estevadeordal, Frantz & Taylor, 2002, The Rise and Fall of World Trade, 1870-1939, w9318.pdf

 

Taylor, 2002, A Century of Current Account Dynamics, w8927.pdf

 

Obstfeld & Taylor, 2002, Globalization and Capital Markets, w8846.pdf

 

Estevadeordal & Taylor, 2002, Testing Trade Theory in Ohlin's Time, w8842.pdf

 

McLean & Taylor, 2001, Australian Growth: A Californian Perspective, w8408.pdf

 

Estevadeordal & Taylor, 2001, A Century of Missing Trade?, w8301.pdf

 

Taylor, 2000, A Century of Purchasing-Power Parity, w8012.pdf

 

Taylor, 2000, Potential Pitfalls for the Purchasing-Power-Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Tests of the Law of One Price,w7577.pdf

 

Taylor, 1999, Latin America And Foreign Capital In The Twentieth Century: Economics, Politics, And Institutional Change, w7394.pdf

 

della Paolera & Taylor, 1999, Internal Versus External Convertibility and Developing-Country Financial Crises: Lessons from the Argentine Bank Bailout of the 1930s,w7386.pdf

 

Basu & Taylor, 1998, Business Cycles in International Historical Perspective, w7090.pdf

 

della Paolera & Taylor, 1998, Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime, w6767.pdf

 

Taylor, 1997, Argentina and the World Capital Market: Saving, Investment, and International Capital Mobility in the Twentieth Century, w6302.pdf

 

della Paolera & Taylor, 1997, Finance and Development in an Emerging Market: Argentina in the Interwar Period, w6236.pdf

 

Prakash & Taylor, 1997, Measuring Market Integration: A Model of Arbitrage with an Econometric Application to the Gold Standard, 1880-1913, w6073.pdf

 

Obstfeld & Taylor, 1997, Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited, w6053.pdf

 

Obstfeld & Taylor, 1997, The Great Depression as a Watershed: International Capital Mobility in the Long Run, w5960.pdf

 

Taylor, 1997, Latifundia as Malefactor in Economic Development? Scale, Tenancy, and Agriculture on the Pampas, 1880-1914, h0096.pdf

 

Taylor, 1996, Convergence and International Factor Flows in Theory and History,w5798.pdf

 

Taylor, 1996, Sources of Convergence in the Late Nineteenth Century, w5806.pdf

 

Taylor, 1996, International Capital Mobility in History: The Saving-Investment Relationship, w5743.pdf

 

Taylor, 1996, International Capital Mobility in History: Purchasing Power Parity in the Long-Run, w5742.pdf

 

Taylor, 1996, On the Costs of Inward-Looking Development: Price Distortions, Growth, and Divergence in Latin America, w5432.pdf

 

Taylor, 1995, Growth and Convergence in the Asia-Pacific Region: On the Role of Openness, Trade and Migration, w5276.pdf

 

Taylor, 1995, Peopling the Pampa: On the Impact of Mass Migration to the River Plate, 1870-1914, h0068.pdf

 

Taylor, 1994, Domestic Saving and International Capital Flows Reconsidered, w4892.pdf

 

Taylor, 1994, Three Phases of Argentine Economic Growth, h0060.pdf

 

Taylor & Williamson, 1994, Convergence in the Age of Mass Migration, w4711.pdf

 

O'Rourke, Taylor & Williamson, 1993, Land, Labor and the Wage-Rental Ratio: Factor Price Convergence in the Late Nineteenth Century, h0046.pdf

 

Taylor & Williamson, 1991, Capital Flows to the New World as an Intergenerational Transfer, h0032.pdf