Research

"Inequity in Equities: What Explains the Black-White Gap in Equity Market Participation?" (with Jeremy Schwartz), Working Paper.

"Fickle Emerging Market Flows, Stable Euros, and the Dollar Risk Factor," (with Martijn Boermans) Journal of International Economics (forthcoming).

"A Natural Level of Capital Flows" (with Frank and Veronica Warnock) Journal of Monetary Economics 130: 1-16, September 2022.

“KFstar and Portfolio Inflows: A Focus on Latin America,” NBER Working Paper #30453 (with Frank and Veronica Warnock), September 2022.

“Currency Matters: Analyzing International Bond Portfolios” (with Frank and Veronica Warnock) Journal of International Economics 114: 376-388, September 2018. 

“The Symmetry and Cyclicality of R&D Spending in Advanced Economies,” (with Norman Sedgley and Kerry Tan), Empirical Economics 57(5): 1811-1828, November 2019.

“Benchmarking Portfolio Flows,” (with Frank and Veronica Warnock) IMF Economic Review 66(3): 527–563, September 2018.

 “Jobless Recoveries: Stagnation or Structural Change,” (with Jeremy Schwartz) Economic Inquiry 56(2): 709-723, April 2018. 

"The Effects of U.S. Monetary Policy on Emerging Market Economies’ Sovereign and Corporate Bond Markets," (with Frank and Veronica Warnock) Central Banking, Analysis, and Economic Policies Book Series, in: Enrique G. Mendoza & Ernesto Pastén & Diego Saravia (ed.), Monetary Policy and Global Spillovers: Mechanisms, Effects, and Policy Measures, edition 1, volume 25, chapter 3, pages 49-96 Central Bank of Chile, 2018.  

“Macroeconomic Shocks and Corporate R&D,” (with Norman Sedgley and Kerry Tan) B.E. Journal of Macroeconomics, June 2017.

 “US Investment in Global Bonds: As the Fed pushes, Some EMEs pull,” (with Rajeswari Sengupta and Frank and Veronica Warnock) Economic Policy 30(84): 729-766, October 2015.

 “Productive Recessions and Jobless Recoveries,” (with Jeremy Schwartz) Contemporary Economic Policy 33(4): 636-648, October 2015.

“Bond Market Development in Developing Asia,” (with Frank and Veronica Warnock) From Stress to Growth: Strengthening Asia's Financial Systems in a Post-Crisis World Ed. Marcus Noland and Donghyun Park. Peterson Institute for International Economics, October 2015.

 “Emerging Local Currency Bond Markets” (with F.E. Warnock and V.C. Warnock) Financial Analysts Journal 68(4): 73-93, July 2012.

 “Is America’s Pastime Too Time Consuming?” (with Stephen J.K. Walters), Economics Letters 116(2):204-206, May 2012.

 “External capital structures and oil price volatility,” (with A. Rebucci, F.E. Warnock and V.C. Warnock), Journal of Business, Finance and Economics in Emerging Economies 5(2): 1-37, December 2010.

 “Uncertain Prospects: Rates of Return in the Baseball Draft,” (with Stephen J.K. Walters), Journal of Sports Economics 10(5):485-501, October 2009.

 “Testing Fair Wage Theory,” (with Stephen J.K. Walters), Journal of Labor Research 29(4):318-332, December 2008.

 “The Existence and Persistence of a Winner’s Curse: New Evidence from the (Baseball) Field,” (with Stephen J.K. Walters), Southern Economic Journal 75(1):232-45, July 2008.

“Ingredients for a Well-functioning Capital Market,” (with Francis and Veronica Warnock), Korea’s Economy 2008, 24:31-38.

"Fields’ Index of Economic Inequality." International Encyclopedia of the Social Sciences Ed. William A. Darity, Jr., Vol. 3. 2nd ed. Detroit: Macmillan Reference USA, 2008.

 “Foreign Participation in Local-Currency Bond Markets,” (with Francis E. Warnock), Review of Financial Economics 16(3): 291-304, July 2007.

 “Local Currency Bond Markets” (with Francis E. Warnock), IMF Staff Papers 53: 133-146, September 2006.

“Foreign Participation in Emerging Asian Bond Markets” (with Francis E. Warnock), Korea’s Economy 2006, 22: 24-28.

 “Arbitrator Bias and Self-Interest:  Lessons from the Baseball Labor Market” (with Stephen J.K. Walters), Journal of Labor Research 26(2): 267-280, Spring 2005.

 “The Policy Anticipation Hypothesis: Evidence from the Federal Funds Futures Market,” Contemporary Economic Policy 22(4): 544-554, October 2004.

 “Market Size, Pay, and Performance: A General Model and Application to Major League Baseball” (with Stephen J.K. Walters), Journal of Sports Economics 4(2): 108-125, May 2003.

 “U or Inverted-U?  That is the Question.”  Review of Development Economics 5(1): 151-156, February 2001.