Macro and Policy

Who Holds Sovereign Debt and Why It Matters

with Xiang Fang and Bryan Hardy, 2022
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The U.S. Equity Listing Decline and the Aggregate Economy

with Fabio Ghironi, 2019.
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Expenditure Switching and Exchange Rate Policy: A Comment

NBER Macroeconomics Annual, (National Bureau of Economic Research, Cambridge, MA), 2003, 17: 272-280.
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Are Countries with Official International Capital Restrictions 'Liquidity Constrained'?

European Economic Review, June 1997, 41: 1079-1109.
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Does Foreign Exchange Intervention Signal Future Monetary Policy?

(joint with Graciela Kaminsky), Journal of Monetary Economics, April 1996, 37: 285-312.
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Stochastic Regime Switching and Stabilizing Interventions within Regimes

International Journal of Finance and Economics, April 1996.
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Occasional Interventions to Target Rates

American Economic Review, Sept 1995, 85: 691-715.
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Are Foreign Exchange Intervention and Monetary Policy Related and Does It Really Matter?

Journal of Business, April 1995, 68: 185-214.
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Learning About Intervention Target Zones

(joint with Michael Klein), Journal of International Economics, December 1993, 35: 275-295.
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Why Doesn't Society Minimize Central Bank Secrecy?

Economic Inquiry, July 1991, 29: 403-415.
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Current Account and Fiscal Policy Adjustment in the EMS

in C. Wihlborg, M. Fratianni, and T. Willett, eds: Financial Market Regulation and Monetary Arrangements after 1992, (North Holland: Amsterdam), 1991.
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The Behavior of Eurocurrency Returns Across Different Holding Periods and Monetary Regimes

Journal of Finance, September 1990, 45: 1211-1236.
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On Occasional Monetary Policy Coordinations that Fix the Exchange Rate

Journal of International Economics, February 1989, 26: 139-155.
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Can Learning Affect Exchange Rate Behavior? The Case of the Dollar in the Early 1980's

Journal of Monetary Economics, January 1989, 23: 79-100.
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The Persistence of the `Peso Problem' When Policy is Noisy

Journal of International Money and Finance, March 1988, 7: 5-21.
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Testing the Portfolio Balance Model: A Multi-Lateral Approach

Journal of International Economics, February 1988, 24: 107-127.
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