Details about Philippe Bacchetta

Homepage:	http://www.hec.unil.ch/pbacchetta
Workplace:	Centre for Economic Policy Research (CEPR), (more information at EDIRC) Swiss Finance Institute, (more information at EDIRC) Départment d'économétrie et d'économie politique (DEEP) (Department of Econometrics and Economics), Faculté des Hautes Études Commerciales (HEC) (Business School), Université de Lausanne (University of Lausanne), (more information at EDIRC)

Access statistics for papers by Philippe Bacchetta.

Last updated 2024-11-06. Update your information in the RePEc Author Service.

Short-id: pba111

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Working Papers

2024

1. Exchange Rate Determination Under Limits to CIP Arbitrage
   Globalization Institute Working Papers, Federal Reserve Bank of Dallas
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2023)
   NBER Working Papers, National Bureau of Economic Research, Inc (2024)
2. The International Transmission of Asset Market Shocks in Liquidity Traps
   CEPR Discussion Papers, C.E.P.R. Discussion Papers

2023

3. Dollar Shortages, CIP Deviations, and the Safe Haven Role of the Dollar
   NBER Working Papers, National Bureau of Economic Research, Inc
   Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2023)
4. Foreign Exchange Intervention with UIP and CIP Deviations: The Case of Small Safe Haven Economies
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (2)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2023)

2022

5. CBDC as imperfect substitute to bank deposits: a macroeconomic perspective
   MPRA Paper, University Library of Munich, Germany
   Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2021) View citations (9)
6. Countercyclical Foreign Currency Borrowing: Eurozone Firms in 2007-2009
   Post-Print, HAL
   Also in Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2015) View citations (1)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2015) View citations (1)
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2015) View citations (1)
7. Infrequent Random Portfolio Decisions in an Open Economy Model
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (1)
   See also Journal Article Infrequent Random Portfolio Decisions in an Open Economy Model, The Review of Economic Studies, Review of Economic Studies Ltd (2023) View citations (2) (2023)

2021

8. Can Sticky Portfolios Explain International Capital Flows and Asset Prices?
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2021) View citations (2)
   See also Journal Article Can sticky portfolios explain international capital flows and asset prices?, Journal of International Economics, Elsevier (2022) View citations (6) (2022)
   Chapter Can Sticky Portfolios Explain International Capital Flows and Asset Prices?, NBER Chapters, National Bureau of Economic Research, Inc (2021) View citations (2) (2021)
9. The rise in foreign currency bonds: the role of US monetary policy and capital controls
   Working Papers, Swiss National Bank
   Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2020) View citations (1)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (2)
   See also Journal Article The rise in foreign currency bonds: The role of US monetary policy and capital controls, Journal of International Economics, Elsevier (2023) View citations (6) (2023)

2020

10. International Portfolio Choice with Frictions: Evidence from Mutual Funds
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (5)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (5)
11. On the Weakness of the Swedish Krona
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)

2019

12. Corporate Cash and Employment
    Post-Print, HAL View citations (18)
    Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2014) View citations (14)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2014) View citations (8)
    2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (7)
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2014) View citations (7)
    See also Journal Article Corporate Cash and Employment, American Economic Journal: Macroeconomics, American Economic Association (2019) View citations (24) (2019)
13. Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)
    Also in 2018 Meeting Papers, Society for Economic Dynamics (2018) View citations (4)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2019) View citations (8)
    NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (8)
    See also Journal Article Puzzling exchange rate dynamics and delayed portfolio adjustment, Journal of International Economics, Elsevier (2021) View citations (8) (2021)

2018

14. Money and Capital in a Persistent Liquidity Trap
    Working papers, Banque de France
    Also in Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2016) View citations (17)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2016) View citations (20)
    See also Journal Article Money and capital in a persistent liquidity trap, Journal of Monetary Economics, Elsevier (2020) View citations (4) (2020)
15. Sovereign Money Reforms and Welfare
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (1)

2017

16. Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (9)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017) View citations (9)
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2017) View citations (9)
    NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (9)
17. Slow Moving Capital: Evidence from Global Equity Portfolios
    2017 Meeting Papers, Society for Economic Dynamics
18. The Sovereign Money Initiative in Switzerland: An Assessment
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (1)
19. The Sovereign Money Initiative in Switzerland: An Economic Assessment
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (1)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017) View citations (1)
    See also Journal Article The sovereign money initiative in Switzerland: an economic assessment, Swiss Journal of Economics and Statistics, Springer (2018) View citations (6) (2018)

2015

20. Liquidity trap and secular stagnation
    2015 Meeting Papers, Society for Economic Dynamics View citations (2)
21. Self-Fulfilling Debt Crises: Can Monetary Policy Really Help?
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (15)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2015) View citations (13)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2015) View citations (12)
    2015 Meeting Papers, Society for Economic Dynamics (2015) View citations (14)

2014

22. Corporate Saving in Global Rebalancing
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2014) View citations (1)
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2014)
    See also Journal Article Corporate Saving and Global Rebalancing, Journal Economía Chilena (The Chilean Economy), Central Bank of Chile (2014) (2014)
    Chapter Corporate Saving in Global Rebalancing, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2015) View citations (3) (2015)
23. Optimal Exchange Rate Policy in a Growing Semi-Open Economy
    Working Papers, Hong Kong Institute for Monetary Research View citations (8)
    Also in Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2014) View citations (6)
    Working papers, Banque de France (2013) View citations (2)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2013) View citations (3)
    See also Journal Article Optimal Exchange Rate Policy in a Growing Semi-Open Economy, IMF Economic Review, Palgrave Macmillan (2014) View citations (7) (2014)

2013

24. Sudden Spikes in Global Risk
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (21)
    Also in Working Papers, Hong Kong Institute for Monetary Research (2012) View citations (2)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (2)
    See also Journal Article Sudden spikes in global risk, Journal of International Economics, Elsevier (2013) View citations (22) (2013)
25. The Great Recession: A Self-Fulfilling Global Panic
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (17)
    Also in Working Papers, Hong Kong Institute for Monetary Research (2013) View citations (23)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2013) View citations (23)
    NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (23)
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2013) View citations (23)
    2013 Meeting Papers, Society for Economic Dynamics (2013) View citations (18)
    See also Journal Article The Great Recession: A Self-Fulfilling Global Panic, American Economic Journal: Macroeconomics, American Economic Association (2016) View citations (14) (2016)

2012

26. Capital Controls with International Reserve Accumulation: Can this Be Optimal?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (10)
    Also in Working Papers, Banco Central de Reserva del Perú (2012) View citations (6)
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2011) View citations (10)
    2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (4)
    Working papers, Banque de France (2012) View citations (17)
    See also Journal Article Capital Controls with International Reserve Accumulation: Can This Be Optimal?, American Economic Journal: Macroeconomics, American Economic Association (2013) View citations (49) (2013)
27. The Demand for Liquid Assets, Corporate Saving, and Global Imbalances
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)
    Also in Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2010) View citations (37)

2011

28. Modeling Exchange Rates with Incomplete Information
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie
29. Regulating Asset Price Risk
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute
    Also in IHEID Working Papers, Economics Section, The Graduate Institute of International Studies (2011)
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2011)
    See also Journal Article Regulating Asset Price Risk, American Economic Review, American Economic Association (2011) (2011)
30. Self-Fulfilling Risk Panics
    Working Papers, Banco Central de Reserva del Perú View citations (1)
    Also in Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2010) View citations (7)
    Working Papers, Hong Kong Institute for Monetary Research (2010) View citations (6)
    NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (8)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2010) View citations (7)
    2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (1)
    IHEID Working Papers, Economics Section, The Graduate Institute of International Studies (2010) View citations (7)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2010) View citations (3)
    See also Journal Article Self-Fulfilling Risk Panics, American Economic Review, American Economic Association (2012) View citations (40) (2012)

2010

31. On the Dynamics of Leverage, Liquidity, and Risk
    2010 Meeting Papers, Society for Economic Dynamics View citations (1)

2009

32. Can Parameter Instability Explain the Meese-Rogoff Puzzle?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (25)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2009) View citations (25)
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2009) View citations (44)
    See also Journal Article Can Parameter Instability Explain the Meese-Rogoff Puzzle?, NBER International Seminar on Macroeconomics, University of Chicago Press (2010) View citations (22) (2010)
    Chapter Can Parameter Instability Explain the Meese-Rogoff Puzzle?, NBER Chapters, National Bureau of Economic Research, Inc (2010) View citations (23) (2010)
33. Exchange Rate Volatility and Productivity Growth: The Role of Financial Development
    Scholarly Articles, Harvard University Department of Economics View citations (482)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2006) View citations (120)
    Working Papers, Swiss National Bank, Study Center Gerzensee (2006) View citations (127)
    Post-Print, HAL (2009) View citations (414)
    NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations (130)
    See also Journal Article Exchange rate volatility and productivity growth: The role of financial development, Journal of Monetary Economics, Elsevier (2009) View citations (472) (2009)
34. On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (35)
    Also in Working Papers, Hong Kong Institute for Monetary Research (2009) View citations (33)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (34)
    See also Journal Article On the unstable relationship between exchange rates and macroeconomic fundamentals, Journal of International Economics, Elsevier (2013) View citations (88) (2013)
35. Tacit On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (20)

2008

36. Higher Order Expectations in Asset Pricing
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (53)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2004) View citations (8)
    FAME Research Paper Series, International Center for Financial Asset Management and Engineering (2004) View citations (7)
    See also Journal Article Higher Order Expectations in Asset Pricing, Journal of Money, Credit and Banking, Blackwell Publishing (2008) View citations (8) (2008)

2007

37. Random Walk Expectations and the Forward Discount Puzzle
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (24)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2007) View citations (24)
    NBER Working Papers, National Bureau of Economic Research, Inc (2007) View citations (24)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (24)
    See also Journal Article Random Walk Expectations and the Forward Discount Puzzle, American Economic Review, American Economic Association (2007) View citations (24) (2007)

2006

38. Incomplete information processing: a solution to the forward discount puzzle
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (34)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2005) View citations (20)
    See also Journal Article Incomplete information processing: a solution to the forward discount puzzle, Proceedings, Federal Reserve Bank of San Francisco (2006) View citations (38) (2006)
39. Predictability in Financial Markets: What Do Survey Expectations Tell Us?
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (6)
    Also in Working Papers, Hong Kong Institute for Monetary Research (2006) View citations (6)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2006) View citations (6)
    Working Papers, Swiss National Bank, Study Center Gerzensee (2006) View citations (12)
    See also Journal Article Predictability in financial markets: What do survey expectations tell us?, Journal of International Money and Finance, Elsevier (2009) View citations (160) (2009)

2005

40. Can Information Heterogeneity Explain the Exchange Rate Determination?
    FAME Research Paper Series, International Center for Financial Asset Management and Engineering View citations (25)
41. Productivity Growth and the Exchange Rate Regime: The Role of Financial Development
    Working Papers, Barcelona School of Economics View citations (17)
    Also in Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2005) View citations (21)
42. Rational Inattention: A Solution to the Forward Discount Puzzle
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (34)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2005) View citations (34)
    FAME Research Paper Series, International Center for Financial Asset Management and Engineering (2005) View citations (32)

2004

43. A Scapegoat Model of Exchange Rate Fluctuations
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (105)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations (105)
    NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (105)
    Working Papers, Swiss National Bank, Study Center Gerzensee (2004) View citations (105)
    See also Journal Article A Scapegoat Model of Exchange-Rate Fluctuations, American Economic Review, American Economic Association (2004) View citations (107) (2004)
44. Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?
    Econometric Society 2004 North American Winter Meetings, Econometric Society View citations (6)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations (42)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (45)
    Working Papers, Swiss National Bank, Study Center Gerzensee (2003) View citations (37)
    See also Journal Article Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?, American Economic Review, American Economic Association (2006) View citations (323) (2006)
45. Financial Development and the Instability of Open Economies
    Scholarly Articles, Harvard University Department of Economics View citations (207)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (207)
    See also Journal Article Financial development and the instability of open economies, Journal of Monetary Economics, Elsevier (2004) View citations (202) (2004)

2003

46. Why do Consumer Prices React Less than Import Prices to Exchange Rates?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (112)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2002) View citations (24)
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2002) View citations (25)
    Working Papers, Swiss National Bank, Study Center Gerzensee (2002) View citations (35)
    See also Journal Article Why Do Consumer Prices React Less Than Import Prices to Exchange Rates?, Journal of the European Economic Association, MIT Press (2003) View citations (115) (2003)

2002

47. A Theory of Currency Denomination of International Trade
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (38)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2001) View citations (42)
    NBER Working Papers, National Bureau of Economic Research, Inc (2002) View citations (44)
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2002) View citations (32)
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2001) View citations (31)
    See also Journal Article A theory of the currency denomination of international trade, Journal of International Economics, Elsevier (2005) View citations (208) (2005)

2001

48. A Corporate Balance Sheet Approach to Currency Crises
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (46)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2001) View citations (40)
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (2001) View citations (40)
    See also Journal Article A corporate balance-sheet approach to currency crises, Journal of Economic Theory, Elsevier (2004) View citations (162) (2004)
49. Currency Crises and Monetary Policy in an Economy with Credit Constraints
    Scholarly Articles, Harvard University Department of Economics View citations (361)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (2000) View citations (75)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2000) View citations (68)
    See also Journal Article Currency crises and monetary policy in an economy with credit constraints, European Economic Review, Elsevier (2001) View citations (384) (2001)

2000

50. Capital Markets and the Instability of Open Economies
    Working Papers, Swiss National Bank, Study Center Gerzensee View citations (44)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (1999) View citations (51)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (1999) View citations (52)
51. Monetary Policy with Foreign Currency Debt
    Working Papers, Swiss National Bank, Study Center Gerzensee View citations (26)
52. Trade Flows, Prices, and The Exchange Rate Regime
    Working Papers, Swiss National Bank, Study Center Gerzensee View citations (14)

1999

53. A Simple Model of Monetary Policy and Currency Crises
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (24)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (1999)
    See also Journal Article A simple model of monetary policy and currency crises, European Economic Review, Elsevier (2000) View citations (191) (2000)
54. Does Exchange Rate Stability Increase Trade and Welfare ?
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (34)
    See also Journal Article Does Exchange-Rate Stability Increase Trade and Welfare?, American Economic Review, American Economic Association (2000) View citations (247) (2000)

1998

55. Capital Flows to Emerging Markets: Liberalization, Overshooting and Volatility
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (77)
    Also in Working Papers, Swiss National Bank, Study Center Gerzensee (1998) View citations (66)
    NBER Working Papers, National Bureau of Economic Research, Inc (1998) View citations (72)
    See also Chapter Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility, NBER Chapters, National Bureau of Economic Research, Inc (2000) View citations (38) (2000)
56. Does Exchange Rate Stability Increase Trade and Capital Flows?
    Working Papers, Swiss National Bank, Study Center Gerzensee View citations (75)
    Also in Research Paper, Federal Reserve Bank of New York (1998) View citations (67)
    NBER Working Papers, National Bureau of Economic Research, Inc (1998) View citations (78)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (1998) View citations (75)
57. Financial Liberalization and Volatility in Emerging Market Economies
    Working Papers, Swiss National Bank, Study Center Gerzensee View citations (9)
    Also in Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie (1998) View citations (7)

1997

58. Consumption and Credit Constraints: International Evidence
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (121)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1997) View citations (118)
    See also Journal Article Consumption and credit constraints: International evidence, Journal of Monetary Economics, Elsevier (1997) View citations (117) (1997)
59. Trade in Nominal Assets and Net International Capital Flows
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (7)
    See also Journal Article Trade in nominal assets and net international capital flows, Journal of International Money and Finance, Elsevier (2000) View citations (15) (2000)

1996

60. Do Capital Market Imperfections Exacerbate Output Fluctuations ?
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (15)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1996) View citations (14)
    See also Journal Article Do capital market imperfections exacerbate output fluctuations?, European Economic Review, Elsevier (2000) View citations (61) (2000)

1995

61. The Impact of Monetary Policy and Bank Lending: Some International Evidence
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie

1994

62. Net Capital Flows under Exchange Rate and Price Volatility
    Cahiers de Recherches Economiques du Département d'économie, Université de Lausanne, Faculté des HEC, Département d’économie View citations (3)

1993

63. Information Sharing and Tax Competition Among Governments
    CEPR Financial Markets Paper, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 33 Great Sutton Street, London EC1V 0DX. View citations (8)
    Also in UFAE and IAE Working Papers, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) (1992) View citations (2)
    See also Journal Article Information sharing and tax competition among governments, Journal of International Economics, Elsevier (1995) View citations (72) (1995)

1992

64. A Note on Reserve Requirements and Public Finance
    UFAE and IAE Working Papers, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) View citations (1)
    See also Journal Article A note on reserve requirements and public finance, International Review of Economics & Finance, Elsevier (1994) View citations (8) (1994)

1989

65. National Saving and International Investment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (59)
    See also Chapter National Saving and International Investment, NBER Chapters, National Bureau of Economic Research, Inc (1991) View citations (150) (1991)

1987

66. How Far Has the Dollar Fallen?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)

Journal Articles

2023

1. Infrequent Random Portfolio Decisions in an Open Economy Model
   The Review of Economic Studies, 2023, 90, (3), 1125-1154 View citations (2)
   See also Working Paper Infrequent Random Portfolio Decisions in an Open Economy Model, Swiss Finance Institute Research Paper Series (2022) View citations (1) (2022)
2. The rise in foreign currency bonds: The role of US monetary policy and capital controls
   Journal of International Economics, 2023, 140, (C) View citations (6)
   See also Working Paper The rise in foreign currency bonds: the role of US monetary policy and capital controls, Working Papers (2021) (2021)

2022

3. Can sticky portfolios explain international capital flows and asset prices?
   Journal of International Economics, 2022, 136, (C) View citations (6)
   See also Chapter Can Sticky Portfolios Explain International Capital Flows and Asset Prices?, NBER Chapters, 2021 (2021) View citations (2) (2021)
   Working Paper Can Sticky Portfolios Explain International Capital Flows and Asset Prices?, CEPR Discussion Papers (2021) (2021)
4. Countercyclical Foreign Currency Borrowing: Eurozone Firms in 2007–09
   Journal of Money, Credit and Banking, 2022, 54, (1), 203-245
5. Understanding Swiss real interest rates in a financially globalized world
   Swiss Journal of Economics and Statistics, 2022, 158, (1), 1-17

2021

6. Puzzling exchange rate dynamics and delayed portfolio adjustment
   Journal of International Economics, 2021, 131, (C) View citations (8)
   See also Working Paper Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment, CEPR Discussion Papers (2019) View citations (8) (2019)

2020

7. Money and capital in a persistent liquidity trap
   Journal of Monetary Economics, 2020, 116, (C), 70-87 View citations (4)
   See also Working Paper Money and Capital in a Persistent Liquidity Trap, Working papers (2018) (2018)

2019

8. Corporate Cash and Employment
   American Economic Journal: Macroeconomics, 2019, 11, (3), 30-66 View citations (24)
   See also Working Paper Corporate Cash and Employment, Post-Print (2019) View citations (18) (2019)

2018

9. Self-fulfilling debt crises: What can monetary policy do?
   Journal of International Economics, 2018, 110, (C), 119-134 View citations (21)
10. The sovereign money initiative in Switzerland: an economic assessment
    Swiss Journal of Economics and Statistics, 2018, 154, (1), 1-16 View citations (6)
    See also Working Paper The Sovereign Money Initiative in Switzerland: An Economic Assessment, Cahiers de Recherches Economiques du Département d'économie (2017) View citations (1) (2017)

2016

11. The Great Recession: A Self-Fulfilling Global Panic
    American Economic Journal: Macroeconomics, 2016, 8, (4), 177-98 View citations (14)
    See also Working Paper The Great Recession: A Self-Fulfilling Global Panic, Swiss Finance Institute Research Paper Series (2013) View citations (17) (2013)

2015

12. THE DEMAND FOR LIQUID ASSETS, CORPORATE SAVING, AND INTERNATIONAL CAPITAL FLOWS
    Journal of the European Economic Association, 2015, 13, (6), 1101-1135 View citations (46)

2014

13. Corporate Saving and Global Rebalancing
    Journal Economía Chilena (The Chilean Economy), 2014, 17, (2), 04-25
    See also Chapter Corporate Saving in Global Rebalancing, Central Banking, Analysis, and Economic Policies Book Series, 2015, 20, 079-103 (2015) View citations (3) (2015)
    Working Paper Corporate Saving in Global Rebalancing, Swiss Finance Institute Research Paper Series (2014) (2014)
14. Optimal Exchange Rate Policy in a Growing Semi-Open Economy
    IMF Economic Review, 2014, 62, (1), 48-76 View citations (7)
    See also Working Paper Optimal Exchange Rate Policy in a Growing Semi-Open Economy, Working Papers (2014) View citations (8) (2014)

2013

15. Capital Controls with International Reserve Accumulation: Can This Be Optimal?
    American Economic Journal: Macroeconomics, 2013, 5, (3), 229-62 View citations (49)
    See also Working Paper Capital Controls with International Reserve Accumulation: Can this Be Optimal?, CEPR Discussion Papers (2012) View citations (10) (2012)
16. On the unstable relationship between exchange rates and macroeconomic fundamentals
    Journal of International Economics, 2013, 91, (1), 18-26 View citations (88)
    See also Working Paper On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals, NBER Working Papers (2009) View citations (35) (2009)
17. Sudden spikes in global risk
    Journal of International Economics, 2013, 89, (2), 511-521 View citations (22)
    See also Working Paper Sudden Spikes in Global Risk, Swiss Finance Institute Research Paper Series (2013) View citations (21) (2013)

2012

18. Self-Fulfilling Risk Panics
    American Economic Review, 2012, 102, (7), 3674-3700 View citations (40)
    See also Working Paper Self-Fulfilling Risk Panics, Working Papers (2011) View citations (1) (2011)

2011

19. Regulating Asset Price Risk
    American Economic Review, 2011, 101, (3), 410-12
    See also Working Paper Regulating Asset Price Risk, Swiss Finance Institute Research Paper Series (2011) (2011)

2010

20. Can Parameter Instability Explain the Meese-Rogoff Puzzle?
    NBER International Seminar on Macroeconomics, 2010, 6, (1), 125 - 173 View citations (22)
    See also Chapter Can Parameter Instability Explain the Meese-Rogoff Puzzle?, NBER Chapters, 2010, 125-173 (2010) View citations (23) (2010)
    Working Paper Can Parameter Instability Explain the Meese-Rogoff Puzzle?, CEPR Discussion Papers (2009) View citations (25) (2009)
21. Infrequent Portfolio Decisions: A Solution to the Forward Discount Puzzle
    American Economic Review, 2010, 100, (3), 870-904 View citations (177)

2009

22. Exchange rate volatility and productivity growth: The role of financial development
    Journal of Monetary Economics, 2009, 56, (4), 494-513 View citations (472)
    See also Working Paper Exchange Rate Volatility and Productivity Growth: The Role of Financial Development, Scholarly Articles (2009) View citations (482) (2009)
23. Predictability in financial markets: What do survey expectations tell us?
    Journal of International Money and Finance, 2009, 28, (3), 406-426 View citations (160)
    See also Working Paper Predictability in Financial Markets: What Do Survey Expectations Tell Us?, Swiss Finance Institute Research Paper Series (2006) View citations (6) (2006)

2008

24. Higher Order Expectations in Asset Pricing
    Journal of Money, Credit and Banking, 2008, 40, (5), 837-866 View citations (8)
    Also in Journal of Money, Credit and Banking, 2008, 40, (5), 837-866 (2008) View citations (48)
    See also Working Paper Higher Order Expectations in Asset Pricing, CEPR Discussion Papers (2008) View citations (53) (2008)

2007

25. Random Walk Expectations and the Forward Discount Puzzle
    American Economic Review, 2007, 97, (2), 346-350 View citations (24)
    See also Working Paper Random Walk Expectations and the Forward Discount Puzzle, Cahiers de Recherches Economiques du Département d'économie (2007) View citations (24) (2007)

2006

26. Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?
    American Economic Review, 2006, 96, (3), 552-576 View citations (323)
    See also Working Paper Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?, Econometric Society 2004 North American Winter Meetings (2004) View citations (6) (2004)
27. Incomplete information processing: a solution to the forward discount puzzle
    Proceedings, 2006, (Jun) View citations (38)
    See also Working Paper Incomplete information processing: a solution to the forward discount puzzle, Working Paper Series (2006) View citations (34) (2006)

2005

28. A theory of the currency denomination of international trade
    Journal of International Economics, 2005, 67, (2), 295-319 View citations (208)
    See also Working Paper A Theory of Currency Denomination of International Trade, CEPR Discussion Papers (2002) View citations (38) (2002)

2004

29. A Scapegoat Model of Exchange-Rate Fluctuations
    American Economic Review, 2004, 94, (2), 114-118 View citations (107)
    See also Working Paper A Scapegoat Model of Exchange Rate Fluctuations, Cahiers de Recherches Economiques du Département d'économie (2004) View citations (105) (2004)
30. A corporate balance-sheet approach to currency crises
    Journal of Economic Theory, 2004, 119, (1), 6-30 View citations (162)
    See also Working Paper A Corporate Balance Sheet Approach to Currency Crises, CEPR Discussion Papers (2001) View citations (46) (2001)
31. Financial development and the instability of open economies
    Journal of Monetary Economics, 2004, 51, (6), 1077-1106 View citations (202)
    See also Working Paper Financial Development and the Instability of Open Economies, Scholarly Articles (2004) View citations (207) (2004)

2003

32. Why Do Consumer Prices React Less Than Import Prices to Exchange Rates?
    Journal of the European Economic Association, 2003, 1, (2-3), 662-670 View citations (115)
    See also Working Paper Why do Consumer Prices React Less than Import Prices to Exchange Rates?, CEPR Discussion Papers (2003) View citations (112) (2003)

2001

33. Book review: International Capital Flows Martin Feldstein (ed.), The University of Chicago Press and National Bureau of Economic Research, 1999
    Journal of International Economics, 2001, 53, (1), 235-237
34. Currency crises and monetary policy in an economy with credit constraints
    European Economic Review, 2001, 45, (7), 1121-1150 View citations (384)
    See also Working Paper Currency Crises and Monetary Policy in an Economy with Credit Constraints, Scholarly Articles (2001) View citations (361) (2001)
35. Intranational Economics and International Economics
    Journal of International Economics, 2001, 55, (1), 1-1 View citations (6)

2000

36. A simple model of monetary policy and currency crises
    European Economic Review, 2000, 44, (4-6), 728-738 View citations (191)
    See also Working Paper A Simple Model of Monetary Policy and Currency Crises, Cahiers de Recherches Economiques du Département d'économie (1999) View citations (24) (1999)
37. Do capital market imperfections exacerbate output fluctuations?
    European Economic Review, 2000, 44, (3), 449-468 View citations (61)
    See also Working Paper Do Capital Market Imperfections Exacerbate Output Fluctuations ?, Cahiers de Recherches Economiques du Département d'économie (1996) View citations (15) (1996)
38. Does Exchange-Rate Stability Increase Trade and Welfare?
    American Economic Review, 2000, 90, (5), 1093-1109 View citations (247)
    See also Working Paper Does Exchange Rate Stability Increase Trade and Welfare ?, Cahiers de Recherches Economiques du Département d'économie (1999) View citations (34) (1999)
39. Exchange-of-Information Clauses in International Tax Treaties
    International Tax and Public Finance, 2000, 7, (3), 275-293 View citations (43)
40. The impact of monetary policy and banks' balance sheets: some international evidence
    Applied Financial Economics, 2000, 10, (1), 15-26 View citations (9)
41. Trade in nominal assets and net international capital flows
    Journal of International Money and Finance, 2000, 19, (1), 55-72 View citations (15)
    See also Working Paper Trade in Nominal Assets and Net International Capital Flows, CEPR Discussion Papers (1997) View citations (7) (1997)

1997

42. Consumption and credit constraints: International evidence
    Journal of Monetary Economics, 1997, 40, (2), 207-238 View citations (117)
    See also Working Paper Consumption and Credit Constraints: International Evidence, Cahiers de Recherches Economiques du Département d'économie (1997) View citations (121) (1997)
43. Exchange Rate Policy and Disinflation: The Spanish Experience in the ERM
    The World Economy, 1997, 20, (2), 221-238 View citations (2)
44. Firm Restructuring and the Optimal Speed of Trade Reform
    Oxford Economic Papers, 1997, 49, (2), 291-306 View citations (11)

1996

45. Capital controls and the political discount: The Spanish experience in the late 1980s
    Open Economies Review, 1996, 7, (4), 349-369 View citations (2)

1995

46. Information sharing and tax competition among governments
    Journal of International Economics, 1995, 39, (1-2), 103-121 View citations (72)
    See also Working Paper Information Sharing and Tax Competition Among Governments, CEPR Financial Markets Paper (1993) View citations (8) (1993)

1994

47. A note on reserve requirements and public finance
    International Review of Economics & Finance, 1994, 3, (1), 107-118 View citations (8)
    See also Working Paper A Note on Reserve Requirements and Public Finance, UFAE and IAE Working Papers (1992) View citations (1) (1992)
48. Sticky import prices and J-curves
    Economics Letters, 1994, 44, (3), 281-285 View citations (3)

1992

49. Optimal seigniorage and financial liberalization
    Journal of International Money and Finance, 1992, 11, (6), 518-538 View citations (25)

1990

50. Temporary capital controls in a balance-of- payments crisis
    Journal of International Money and Finance, 1990, 9, (3), 246-257 View citations (8)

Books

2003

1. Trans-Atlantic Public Economics Seminar (TAPES), Taxation of Financial Income
   NBER Books, National Bureau of Economic Research, Inc

Edited books

1997

1. Economic Policy in Switzerland
   Palgrave Macmillan Books, Palgrave Macmillan View citations (10)

Chapters

2021

1. Can Sticky Portfolios Explain International Capital Flows and Asset Prices?
   A chapter in NBER International Seminar on Macroeconomics 2021, 2021 View citations (2)
   See also Working Paper Can Sticky Portfolios Explain International Capital Flows and Asset Prices?, C.E.P.R. Discussion Papers (2021) (2021)
   Journal Article Can sticky portfolios explain international capital flows and asset prices?, Elsevier (2022) View citations (6) (2022)

2015

2. Corporate Saving in Global Rebalancing
   Chapter 03 in Global Liquidity, Spillovers to Emerging Markets and Policy Responses, 2015, vol. 20, pp 079-103 View citations (3)
   See also Journal Article Corporate Saving and Global Rebalancing, Central Bank of Chile (2014) (2014)
   Working Paper Corporate Saving in Global Rebalancing, Swiss Finance Institute (2014) (2014)

2010

3. Can Parameter Instability Explain the Meese-Rogoff Puzzle?
   A chapter in NBER International Seminar on Macroeconomics 2009, 2010, pp 125-173 View citations (23)
   See also Working Paper Can Parameter Instability Explain the Meese-Rogoff Puzzle?, C.E.P.R. Discussion Papers (2009) View citations (25) (2009)
   Journal Article Can Parameter Instability Explain the Meese-Rogoff Puzzle?, University of Chicago Press (2010) View citations (22) (2010)

2007

4. Comment on "Optimal Monetary Policy and the Sources of Local-Currency Price Stability"
   A chapter in International Dimensions of Monetary Policy, 2007, pp 367-369

2000

5. Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility
   A chapter in Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, 2000, pp 61-98 View citations (38)
   See also Working Paper Capital Flows to Emerging Markets: Liberalization, Overshooting and Volatility, C.E.P.R. Discussion Papers (1998) View citations (77) (1998)

1997

6. Introduction
   Palgrave Macmillan

1991

7. National Saving and International Investment
   A chapter in National Saving and Economic Performance, 1991, pp 201-226 View citations (150)
   See also Working Paper National Saving and International Investment, National Bureau of Economic Research, Inc (1989) View citations (59) (1989)