Research

• Low inflation bends the Phillips Curve around the World, with Kristen J. Forbes and Joseph E. Gagnon.

  • Economia Journal

  • NBER Working Paper 29323 https://www.nber.org/papers/w29323

  • MIT Working Paper

  • CEPR Discussion Paper https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3960155

  • PIIE Working Paper, Number 20-6, Peterson Institute for International Economics, April 2020.

  • Replication files

  • Selected Press: 

• Low inflation bends the Phillips Curve, with Joseph E. Gagnon.

  • PIIE Working Paper, Number 19-6, Peterson Institute for International Economics, April 2019.

  • Replication files

  • Selected Press: Washington Post, Bloomberg

• A year of rising dangerously? The U.S. stock market performance in the aftermath of the presidential election, with Olivier Blanchard, Mohammad R. Jahan-Parvar, Thomas Pellet, and Beth Anne Wilson.

  • Journal of Policy Modeling, Volume 40, Issue 3, May–June 2018 .

  • International Finance Discussion Papers, Number 1235, Board of Governors of the Federal Reserve System, August 2018.

  • Policy Brief, 18-4, Peterson Institute for International Economics, February 2018.

Policy papers

• Enhancing central bank cooperation in the COVID-19 pandemic, with Simon M. Potter and Edwin M. Truman. 

  • In How the G20 Can Hasten Recovery from COVID-19, Maurice Obstfeld and Adam S. Posen (Eds.). April 2020.

• IMF’s special drawing rights to the rescue, with Edwin M. Truman. 

  • In How the G20 Can Hasten Recovery from COVID-19, Maurice Obstfeld and Adam S. Posen (Eds.). April 2020.

•  Exchange rate policy in the COVID-19 pandemic, with Joseph E. Gagnon. 

  • In How the G20 Can Hasten Recovery from COVID-19, Maurice Obstfeld and Adam S. Posen (Eds.). April 2020.

• Priorities for Review of the ECB’s Monetary Policy Strategy, with Jeremie Cohen-Setton and Joseph E. Gagnon. 

  • Study for the Committee on Economic and Monetary Affairs, Policy Department for Economic, Scientific and Quality of Life Policies,  European Parliament, December 2019

• Are Central Banks Out of Ammunition to Fight a Recession? Not Quite. with Joseph E. Gagnon.

  • Poilcy Brief, Peterson Institute for International Economics, November 2019

• Revisions to the Federal Reserve dollar indexes, with Bastian von Beschwitz and Deepa D. Datta.

  • FEDS Notes, Board of Governors of the Federal Reserve System, January 2019.

Other research and writing

• The Case for Raising the Inflation Target Is Stronger than You Think, with Joseph E. Gagnon. PIIE. December 2019.

• Central Banks Probably Need Extraordinary Measures to Fight the Next Recession, with Edwin M. Truman. PIIE. December 2019.

• Markets Don't Believe Trump's Trade War is Zero-Sum , with Olivier Blanchard. PIIE. July 2019.

• Despite Minor Changes in Treasury's Foreign Exchange Report, Major Flaws Remain, with Joseph E. Gagnon. PIIE. June 2019.

• Currency Manipulation Continues to Decline, with Joseph E. Gagnon. PIIE. June 2019.

• Changes Are Coming to the Fed's Monetary Policy Strategy, with Joseph E. Gagnon. PIIE. April 2019.

• Rethinking the Phillips Curve: Inflation May Rise Modestly Next Year, with Joseph E. Gagnon. PIIE. April 2019

• The Stock Market Correction in Context: Are Equities Cheap or Expensive?, with Joseph E. Gagnon. PIIE. November 2018.

• How vulnerable are EME corporates?, with Daniel O. Beltran. Board of Governors of the Federal Reserve System, June 2018.