Working Papers
"Amplification and Risk-Sharing in the Global Financial Network" (with Leslie Sheng Shen)
Revise and resubmit
[SSRN]
"A Financial New Keynesian Model" (with Thomas M. Mertens)
"Convenience Lost" (with Zhengyang Jiang and Robert Richmond)
"Trade War and the Dollar Anchor" (with Tarek A. Hassan, Thomas M. Mertens, and Jingye Wang)
prepared for Brookings Papers on Economic Activity
[Paper] [Summary] [Press: Reuters] [Video]
Published Papers
7. "Understanding the Strength of the Dollar" (with Zhengyang Jiang and Robert Richmond)
Journal of Financial Economics (June, 2025)
6. "The Hedging Channel of Exchange Rate Determination" (with Gordon Y. Liao)
Review of Financial Studies (2025) 38(1), pp. 1-38
[Slides] [SSRN] [VoxEU Article][Published Version]
5. "A Portfolio Approach to Global Imbalances" (with Zhengyang Jiang and Robert Richmond)
Journal of Finance (2024) 79(3), pp. 2025-2076
[Slides] [SSRN][Published Version]
4. "A Risk-based Theory of Exchange Rate Stabilization" (with Tarek A. Hassan and Thomas M. Mertens)
The Review of Economic Studies, (June, 2022)
[SSRN] [NBER Working Paper] [Problem Set][Mathematica Notebook][Published Version]
Previous versions of this paper were circulated under the title “Currency Manipulation.”
3. "Monetary Policy Spillovers through Invoicing Currencies"
Journal of Finance, (2022) 77(1), pp. 129 - 161
[Slides] [SSRN][Published Version]
2. "The Economics of Currency Risk" (with Tarek A. Hassan)
Annual Review of Economics (2021) 13, pp. 281 - 307
[Slides Latex] [SSRN] [NBER Working Paper] [Data] [Published Version]
"Not So Disconnected: Exchange Rates and the Capital Stock" (with Tarek A. Hassan and Thomas M. Mertens)
Journal of International Economics (2016) 99, pp. S43-S57