Details about Charles Engel
Access statistics for papers by Charles Engel.
Last updated 2022-08-19. Update your information in the RePEc Author Service.
Short-id: pen14
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Working Papers
2022
- Scrambling for Dollars: International Liquidity, Banks and Exchange Rates
Working Papers, Peruvian Economic Association 
Also in Working Papers, Federal Reserve Bank of Minneapolis (2021) View citations (2) NBER Working Papers, National Bureau of Economic Research, Inc (2021) View citations (3) CEPR Discussion Papers, C.E.P.R. Discussion Papers (2021)
2021
- A Reconsideration of the Failure of Uncovered Interest Parity for the U.S. Dollar
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2021) View citations (2)
See also Chapter (2021) Journal Article in Journal of International Economics (2022)
- Forecasting the U.S. Dollar in the 21st Century
NBER Working Papers, National Bureau of Economic Research, Inc 
Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2021)
2019
- Exchange rate puzzles: evidence from rigidly fixed nominal exchange rate systems
BIS Working Papers, Bank for International Settlements View citations (6)
- Safe U.S. Assets and U.S. Capital Flows
GRU Working Paper Series, City University of Hong Kong, Department of Economics and Finance, Global Research Unit 
See also Journal Article in Journal of International Money and Finance (2020)
2018
- Debauchery and Original Sin: The Currency Composition of Sovereign Debt
NBER Working Papers, National Bureau of Economic Research, Inc View citations (26)
Also in 2017 Meeting Papers, Society for Economic Dynamics (2017) View citations (9) GRU Working Paper Series, City University of Hong Kong, Department of Economics and Finance, Global Research Unit (2018) 
See also Journal Article in Journal of the European Economic Association (2022)
- Liquidity and Exchange Rates - An Empirical Investigation
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (30)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2018) View citations (34)
2017
- Real Exchange Rate Convergence: The Roles of Price Stickiness and Monetary Policy
GRU Working Paper Series, City University of Hong Kong, Department of Economics and Finance, Global Research Unit 
See also Journal Article in Journal of Monetary Economics (2019)
- Real Exchange Rates and Sectoral Productivity in the Eurozone
Working Papers, New Zealand Centre of Macroeconomics View citations (2)
Also in CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2014) View citations (29) NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (21) GRU Working Paper Series, City University of Hong Kong, Department of Economics and Finance, Global Research Unit (2017)  Working Papers, Department of Economics, The University of Auckland (2015) View citations (6) Discussion Papers, School of Economics and Finance, Massey University, New Zealand (2017) View citations (2) CEPR Discussion Papers, C.E.P.R. Discussion Papers (2014) View citations (21) Globalization Institute Working Papers, Federal Reserve Bank of Dallas (2014) View citations (12)
See also Journal Article in American Economic Review (2018)
- The Uncovered Interest Parity Puzzle, Exchange Rate Forecasting, and Taylor Rules
NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
See also Journal Article in Journal of International Money and Finance (2019)
2015
- Exchange Rates, Interest Rates, and the Risk Premium
NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
See also Journal Article in American Economic Review (2016)
- International Coordination of Central Bank Policy
NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
See also Journal Article in Journal of International Money and Finance (2016)
- Macroprudential Policy in a World of High Capital Mobility: Policy Implications from an Academic Perspective
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
2013
- Exchange Rates and Interest Parity
NBER Working Papers, National Bureau of Economic Research, Inc View citations (34)
See also Chapter (2014)
2012
- Factor Model Forecasts of Exchange Rates
NBER Working Papers, National Bureau of Economic Research, Inc View citations (20)
See also Journal Article in Econometric Reviews (2015)
2011
- The Real Exchange Rate, Real Interest Rates, and the Risk Premium
NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
Also in Economics Series, Institute for Advanced Studies (2011) View citations (16) Working Papers, Hong Kong Institute for Monetary Research (2011) View citations (19)
2009
- Can long-horizon forecasts beat the random walk under the Engel-West explanation?
Globalization Institute Working Papers, Federal Reserve Bank of Dallas View citations (5)
- Currency Misalignments and Optimal Monetary Policy: A Re-examination
RBA Research Discussion Papers, Reserve Bank of Australia View citations (8)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (25)
See also Journal Article in American Economic Review (2011)
- International Risk Sharing: Through Equity Diversification or Exchange Rate Hedging?
IMF Working Papers, International Monetary Fund View citations (23)
- The International Diversification Puzzle when Goods Prices Are Sticky: It's Really About Exchange-Rate Hedging, not Equity Portfolios
IMF Working Papers, International Monetary Fund View citations (73)
See also Journal Article in American Economic Journal: Macroeconomics (2009)
2008
- Can Long Horizon Data Beat Random Walk under Engel-West Explanation?
2008 Meeting Papers, Society for Economic Dynamics View citations (2)
- Expected consumption growth from cross-country surveys: implications for assessing international capital markets
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (2)
See also Journal Article in IMF Staff Papers (2009)
- International Trade in Durable Goods: Understanding Volatility, Cyclicality, and Elasticities
2008 Meeting Papers, Society for Economic Dynamics View citations (16)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (28)
See also Journal Article in Journal of International Economics (2011)
2007
- Exchange Rate Models Are Not as Bad as You Think
NBER Working Papers, National Bureau of Economic Research, Inc View citations (297)
See also Chapter (2008)
- Expectations and Exchange Rate Policy
Working Papers, Hong Kong Institute for Monetary Research View citations (3)
Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2006) View citations (21) NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations (21)
- International trade in durable goods: understanding volatility, cyclicality, and elastics
Globalization Institute Working Papers, Federal Reserve Bank of Dallas View citations (6)
2006
- Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy
NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)
Also in Working Papers, Hong Kong Institute for Monetary Research (2005) View citations (4) Working Paper Series, European Central Bank (2006) View citations (12)
- Portfolio Choice in a Monetary Open-Economy DSGE Model
NBER Working Papers, National Bureau of Economic Research, Inc View citations (102)
Also in IMF Working Papers, International Monetary Fund (2005) View citations (42)
- The U.S. Current Account Deficit and the Expected Share of World Output
NBER Working Papers, National Bureau of Economic Research, Inc View citations (71)
Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2006) View citations (55) Working Paper Series, Federal Reserve Bank of San Francisco (2006) View citations (56)
See also Journal Article in Journal of Monetary Economics (2006)
2005
- Equivalence Results for Optimal Pass-Through, Optimal Indexing to Exchange Rates, and Optimal Choice of Currency for Export Pricing
NBER Working Papers, National Bureau of Economic Research, Inc View citations (18)
See also Journal Article in Journal of the European Economic Association (2006)
- The US Current Account Deficit: A Re-examination of the Role of Private Saving
RBA Research Discussion Papers, Reserve Bank of Australia View citations (2)
2004
- Accounting for Exchange Rate Variability in Present-Value Models When the Discount Factor is Near One
NBER Working Papers, National Bureau of Economic Research, Inc View citations (63)
- Does "Aggregation Bias" Explain the PPP Puzzle?
NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
- Exchange Rates and Fundamentals
NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)
Also in Working Paper Series, European Central Bank (2003) View citations (18)
See also Journal Article in Journal of Political Economy (2005)
- On the Relationship between Pass-Through and Sticky Nominal Prices
Working Papers, Hong Kong Institute for Monetary Research View citations (7)
- Some New Variance Bounds for Asset Prices
NBER Working Papers, National Bureau of Economic Research, Inc 
See also Journal Article in Journal of Money, Credit and Banking (2005)
- Taylor Rules and the Deutschmark-Dollar Real Exchange Rate
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
See also Journal Article in Journal of Money, Credit and Banking (2006)
2003
- Endogenous Exchange Rate Pass-through when Nominal Prices are Set in Advance
CERS-IE WORKING PAPERS, Institute of Economics, Centre for Economic and Regional Studies View citations (24)
Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) View citations (11) Working Papers, Hong Kong Institute for Monetary Research (2002) View citations (10) NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations (39)
See also Journal Article in Journal of International Economics (2004)
- Revisiting the Border: an assessment of the law of one price using very disaggregated consumer price data
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (30)
2002
- Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect
NBER Working Papers, National Bureau of Economic Research, Inc View citations (273)
See also Journal Article in Journal of Monetary Economics (2002)
- Expenditure Switching and Exchange Rate Policy
NBER Working Papers, National Bureau of Economic Research, Inc View citations (116)
See also Chapter (2003)
- The Responsiveness of Consumer Prices to Exchange Rates And the Implications for Exchange-Rate Policy: A Survey Of a Few Recent New Open-Economy
NBER Working Papers, National Bureau of Economic Research, Inc View citations (68)
2001
- Currency Unions and International Integration
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (16)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2000) View citations (64)
See also Journal Article in Journal of Money, Credit and Banking (2002)
- Endogenous Currency of Price Setting in a Dynamic Open Economy Model
NBER Working Papers, National Bureau of Economic Research, Inc View citations (121)
- The Adjustment of Prices and the Adjustment of the Exchange Rate
NBER Working Papers, National Bureau of Economic Research, Inc View citations (57)
Also in Working Papers, University of Washington, Department of Economics (2000) View citations (9) Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington (2000) View citations (1)
2000
- Comments on Obstfeld and Rogoff's "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?"
NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
- Deviations from purchasing power parity: causes and welfare costs
International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (2)
Also in Working Papers, University of Washington, Department of Economics (1999) View citations (5) Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington (1999) View citations (12)
See also Journal Article in Journal of International Economics (2001)
- Monetary Policy In The Open Economy Revisited: Price Setting Rules And Exchange Rate Flexibility
CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (112)
- Monetary Policy in the Open Economy Revisited: Price Setting and Exchange Rate Flexibiity
Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington View citations (13)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (2000) View citations (172) Working Papers, University of Washington, Department of Economics (2000) View citations (12) Working Papers, Hong Kong Institute for Monetary Research (2000) View citations (121)
See also Journal Article in Review of Economic Studies (2003)
- Optimal Exchange Rate Policy: The Influence of Price Setting and Asset Markets
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
Also in Working Papers, University of Washington, Department of Economics (2000) View citations (4) Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington (2000) View citations (5)
See also Journal Article in Journal of Money, Credit and Banking (2001)
- The Optimal Choice of Exchange-Rate Regime: Price-Setting Rules and Internationalized Production
Working Papers, University of Washington, Department of Economics View citations (8)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (1999) View citations (31) Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington (2000) View citations (13)
See also Chapter (2001)
- Violating the Law of One Price: Should We Make a Federal Case Out of It?
Working Papers, University of Washington, Department of Economics View citations (4)
Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (1999) View citations (9) Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington (2000) View citations (5) NBER Working Papers, National Bureau of Economic Research, Inc (1999) View citations (11)
See also Journal Article in Journal of Money, Credit and Banking (2001)
1999
- Exchange Rate Pass-Through and the Welfare Effects of the Euro
NBER Working Papers, National Bureau of Economic Research, Inc View citations (39)
Also in Working Papers, University of Washington, Department of Economics (1999) View citations (38) Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington (1999) View citations (46)
See also Journal Article in International Economic Review (2003)
- Local-Currency Pricing and the Choice of Exchange-Rate Regime
Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington View citations (3)
Also in Working Papers, University of Washington, Department of Economics (1999) 
See also Journal Article in European Economic Review (2000)
- On the Foreign-Exchange Risk Premium in Sticky-Price General Equilibrium Models
NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
See also Journal Article in International Tax and Public Finance (1999)
1998
- Fixed vs. Floating Exchange Rates: How Price Setting Affects the Optimal Choice of Exchange-Rate Regime
NBER Working Papers, National Bureau of Economic Research, Inc View citations (165)
- Long-Run PPP May Not Hold After All
Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington View citations (10)
Also in Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington (1996) View citations (25) NBER Working Papers, National Bureau of Economic Research, Inc (1996) View citations (35) Working Papers, University of Washington, Department of Economics (1998) View citations (5) Working Papers, University of Washington, Department of Economics (1996) View citations (34)
See also Journal Article in Journal of International Economics (2000)
- Relative Price Volatility: What Role Does the Border Play?
Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington View citations (16)
Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (1998) View citations (7) Working Papers, University of Washington, Department of Economics (1998) View citations (18)
1997
- Intra-National, Intra-Continental, and Intra-Planetary PPP
NBER Working Papers, National Bureau of Economic Research, Inc View citations (29)
Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (1997) View citations (12)
See also Journal Article in Journal of the Japanese and International Economies (1997)
1996
- A Model of Foreign Exchange Rate Indetermination
Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington View citations (10)
Also in Working Papers, University of Washington, Department of Economics (1996) View citations (8) NBER Working Papers, National Bureau of Economic Research, Inc (1996) View citations (10)
- Accounting for U.S. Real Exchange Rate Changes
Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington
Also in NBER Working Papers, National Bureau of Economic Research, Inc (1995) View citations (19) Working Papers, University of Washington, Department of Economics (1996) View citations (64)
See also Journal Article in Journal of Political Economy (1999)
- Regional Patterns in the Law of One Price: The Roles of Geography vs. Currencies
Working Papers, University of Washington, Department of Economics View citations (6)
Also in Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington (1996) View citations (2) NBER Working Papers, National Bureau of Economic Research, Inc (1995) View citations (40) International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (1996) View citations (8)
- The Long-Run U.S./U.K. Real Exchange Rate
NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
Also in Working Papers, University of Washington, Department of Economics (1996) View citations (2) Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington (1996) View citations (12)
See also Journal Article in Journal of Money, Credit and Banking (1999)
1995
- How Wide is the Border?
Working Papers, Pennsylvania State - Department of Economics View citations (39)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (1994) View citations (28) Research Working Paper, Federal Reserve Bank of Kansas City (1995) View citations (34) International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (1995) View citations (19)
See also Journal Article in American Economic Review (1996)
- The Forward Discount Anomaly and the Risk Premium: A Survey of Recent Evidence
NBER Working Papers, National Bureau of Economic Research, Inc View citations (360)
See also Journal Article in Journal of Empirical Finance (1996)
- Why is the Foreward Exchange Rate Forecast Based? A Survey of Recent Evidence
Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington View citations (1)
Also in Research Working Paper, Federal Reserve Bank of Kansas City (1995) View citations (9) Working Papers, University of Washington, Department of Economics (1995) View citations (8)
1994
- Relative Returns on Equities in Pacific Basin Countries
NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
See also Journal Article in Proceedings (1992)
- The Distribution of Exchange Rates in the EMS
NBER Working Papers, National Bureau of Economic Research, Inc View citations (48)
Also in Research Working Paper, Federal Reserve Bank of Kansas City (1994) View citations (17)
See also Journal Article in International Journal of Finance & Economics (1996)
1993
- Tests of CAPM on an International Portfolio of Bonds and Stocks
NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
See also Chapter (1994)
- The Constrained Asset Share Estimation (CASE) Method: Testing Mean-Variance Efficiency of the U.S. Stock Market
NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
Also in Department of Economics, Working Paper Series, Department of Economics, Institute for Business and Economic Research, UC Berkeley (1990) View citations (1) Economics Working Papers, University of California at Berkeley (1990) View citations (2)
1992
- Can the Markov Switching Model Forecast Exchange Rates?
NBER Working Papers, National Bureau of Economic Research, Inc View citations (122)
Also in Research Working Paper, Federal Reserve Bank of Kansas City (1991) View citations (4)
See also Journal Article in Journal of International Economics (1994)
- Distribution of Rents and Growth
Working Papers, Yale - Economic Growth Center View citations (3)
Also in Working Papers, University of Washington, Department of Economics (1992) View citations (2) Discussion Papers in Economics at the University of Washington, Department of Economics at the University of Washington (1992) View citations (2)
- Real Exchange Rates and Relative Prices: An Empirical Investigation
NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
See also Journal Article in Journal of Monetary Economics (1993)
- Tests of mean-variance efficiency of international equity markets
Research Paper, Federal Reserve Bank of New York View citations (6)
Also in Research Working Paper, Federal Reserve Bank of Kansas City (1990) View citations (1)
See also Journal Article in Oxford Economic Papers (1993)
1991
- Is real exchange rate variability caused by relative price changes? An empirical investigation
Research Working Paper, Federal Reserve Bank of Kansas City View citations (9)
1990
- On the foreign exchange risk premium in a general equilibrium model
Research Working Paper, Federal Reserve Bank of Kansas City View citations (8)
See also Journal Article in Journal of International Economics (1992)
- The risk premium and the liquidity premium in foreign exchange markets
Research Working Paper, Federal Reserve Bank of Kansas City
See also Journal Article in International Economic Review (1992)
1989
- Conditional Mean-Variance Efficiency of the U.S. Stock Market
NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
Also in Research Paper, Federal Reserve Bank of New York (1989) View citations (3)
- Long Swings in the Exchange Rate: Are they in the Data and Do Markets Know It?
NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)
1988
- A test of international CAPM
Research Paper, Federal Reserve Bank of New York View citations (1)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (1986)
- TARIFFS AND SAVING IN A MODEL WITH NEW FAMILIES
Working Papers, Yale - Economic Growth Center View citations (1)
Also in NBER Working Papers, National Bureau of Economic Research, Inc (1988)
1987
- Saving and Investment in an Open Economy with Non-Traded Goods
NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
See also Journal Article in International Economic Review (1989)
- Tests of International CAPM with Time-Varying Covariances
NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
See also Journal Article in Journal of Applied Econometrics (1989)
- The Real Effects of Foreign Inflation in the Presence of Currency Substitution
NBER Working Papers, National Bureau of Economic Research, Inc
- Trade Policy under Endogenous Credibility
NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
See also Journal Article in Journal of Development Economics (1991)
1986
- International Borrowing to Finance Investment
NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
- Tariffs, Saving and the Current Account
NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
1982
- Do Asset-Demand Functions Optimize over the Mean and Variance of Real Returns? A Six-Currency Test
NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
See also Journal Article in Journal of International Economics (1984)
- Why Money Announcements Move Interest Rates: An Answer from the Foreign Exchange Market
NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
See also Journal Article in Proceedings (1982)
Journal Articles
2022
- A reconsideration of the failure of uncovered interest parity for the U.S. dollar
Journal of International Economics, 2022, 136, (C) View citations (1)
See also Chapter (2021) Working Paper (2021)
- Debauchery and Original Sin: The Currency Composition of Sovereign Debt
(Toward a Theory of Discounted Repeated Games with Imperfect Monitoring)
Journal of the European Economic Association, 2022, 20, (3), 1095-1144 View citations (1)
See also Working Paper (2018)
2020
- Implementable Rules for International Monetary Policy Coordination
IMF Economic Review, 2020, 68, (1), 108-162 View citations (5)
- Safe U.S. Assets and U.S. Capital Flows
Journal of International Money and Finance, 2020, 102, (C) 
See also Working Paper (2019)
2019
- Real exchange rate convergence: The roles of price stickiness and monetary policy
Journal of Monetary Economics, 2019, 103, (C), 21-32 View citations (15)
See also Working Paper (2017)
- The uncovered interest parity puzzle, exchange rate forecasting, and Taylor rules
Journal of International Money and Finance, 2019, 95, (C), 317-331 View citations (25)
See also Working Paper (2017)
2018
- Real Exchange Rates and Sectoral Productivity in the Eurozone
American Economic Review, 2018, 108, (6), 1543-81 View citations (40)
See also Working Paper (2017)
2016
- Exchange Rates, Interest Rates, and the Risk Premium
American Economic Review, 2016, 106, (2), 436-74 View citations (120)
See also Working Paper (2015)
- International coordination of central bank policy
Journal of International Money and Finance, 2016, 67, (C), 13-24 View citations (16)
See also Working Paper (2015)
- Macroprudential policy under high capital mobility: policy implications from an academic perspective
Journal of the Japanese and International Economies, 2016, 42, (C), 162-172 View citations (21)
See also Chapter (2015)
- Policy Cooperation, Incomplete Markets, and Risk Sharing
IMF Economic Review, 2016, 64, (1), 103-133 View citations (8)
2015
- Factor Model Forecasts of Exchange Rates
Econometric Reviews, 2015, 34, (1-2), 32-55 View citations (72)
See also Working Paper (2012)
2014
- Exchange Rate Stabilization and Welfare
Annual Review of Economics, 2014, 6, (1), 155-177 View citations (21)
2012
- Comment
NBER Macroeconomics Annual, 2012, 26, (1), 310 - 314
- Comment
NBER International Seminar on Macroeconomics, 2012, 8, (1), 87 - 89
- Real Exchange Rate Adjustment in and out of the Eurozone
American Economic Review, 2012, 102, (3), 179-85 View citations (53)
2011
- Currency Misalignments and Optimal Monetary Policy: A Reexamination
American Economic Review, 2011, 101, (6), 2796-2822 View citations (189)
See also Working Paper (2009)
- International trade in durable goods: Understanding volatility, cyclicality, and elasticities
Journal of International Economics, 2011, 83, (1), 37-52 View citations (160)
See also Working Paper (2008)
2010
- Global Interest Rates, Currency Returns, and the Real Value of the Dollar
American Economic Review, 2010, 100, (2), 562-67 View citations (34)
- JIE special issue on international macro-finance
Journal of International Economics, 2010, 80, (1), 1-2 View citations (1)
2009
- Comment
NBER International Seminar on Macroeconomics, 2009, 5, (1), 194 - 196
- Exchange rate policies
Staff Papers, 2009, (Nov) View citations (2)
See also Chapter (2010)
- Expected Consumption Growth from Cross-Country Surveys: Implications for Assessing International Capital Markets
IMF Staff Papers, 2009, 56, (3), 543-573 View citations (10)
See also Working Paper (2008)
- Pass-Through, Exchange Rates, and Monetary Policy
Journal of Money, Credit and Banking, 2009, 41, (s1), 177-185 View citations (3)
Also in Journal of Money, Credit and Banking, 2009, 41, (s1), 177-185 (2009) View citations (1)
- The International Diversification Puzzle When Goods Prices Are Sticky: It's Really about Exchange-Rate Hedging, Not Equity Portfolios
American Economic Journal: Macroeconomics, 2009, 1, (2), 155-88 View citations (110)
See also Working Paper (2009)
2008
- On the record: making sense of today's globalized economy
Southwest Economy, 2008, (Sep), 8-9
- The Bhagwati Award
Journal of International Economics, 2008, 74, (1), 1-(null)
2007
- Expectations, Monetary Policy, and the Misalignment of Traded Goods Prices [with Comments]
NBER International Seminar on Macroeconomics, 2007, 2007, (1), 131 - 172 View citations (2)
- Expenditure switching versus real exchange rate stabilization: Competing objectives for exchange rate policy
Journal of Monetary Economics, 2007, 54, (8), 2346-2374 View citations (78)
2006
- Equivalence Results for Optimal Pass-Through, Optimal Indexing to Exchange Rates, and Optimal Choice of Currency for Export Pricing
Journal of the European Economic Association, 2006, 4, (6), 1249-1260 View citations (98)
See also Working Paper (2005)
- Taylor Rules and the Deutschmark: Dollar Real Exchange Rate
Journal of Money, Credit and Banking, 2006, 38, (5), 1175-1194 View citations (144)
See also Working Paper (2004)
- The U.S. current account deficit and the expected share of world output
Journal of Monetary Economics, 2006, 53, (5), 1063-1093 View citations (68)
Also in Proceedings, 2006, (Jun) (2006) View citations (63)
See also Working Paper (2006)
2005
- Exchange Rates and Fundamentals
Journal of Political Economy, 2005, 113, (3), 485-517 View citations (605)
Also in Proceedings, 2003, (Mar) (2003) View citations (25)
See also Working Paper (2004)
- Some New Variance Bounds for Asset Prices
Journal of Money, Credit and Banking, 2005, 37, (5), 949-55 View citations (7)
See also Working Paper (2004)
- Trade Invoicing in the Accession Countries: Are They Suited to the Euro? [with Comments]
NBER International Seminar on Macroeconomics, 2005, 2005, (1), 357 - 402
2004
- Accounting for Exchange-Rate Variability in Present-Value Models When the Discount Factor Is Near 1
American Economic Review, 2004, 94, (2), 119-125 View citations (60)
- Endogenous exchange rate pass-through when nominal prices are set in advance
Journal of International Economics, 2004, 63, (2), 263-291 View citations (232)
See also Working Paper (2003)
- European product market integration after the euro
(The law of one price in Scandinavian duty-free stores)
Economic Policy, 2004, 19, (39), 348-384 View citations (122)
2003
- Empirical exchange rate models
Journal of International Economics, 2003, 60, (1), 1-2 View citations (5)
- Exchange Rate Pass-Through and the Welfare Effects of the Euro
International Economic Review, 2003, 44, (1), 223-242 View citations (82)
See also Working Paper (1999)
- Monetary Policy in the Open Economy Revisited: Price Setting and Exchange-Rate Flexibility
Review of Economic Studies, 2003, 70, (4), 765-783 View citations (512)
See also Working Paper (2000)
2002
- Currency Unions and International Integration
Journal of Money, Credit and Banking, 2002, 34, (4), 1067-89 View citations (179)
See also Working Paper (2001)
- Exchange rate pass-through, exchange rate volatility, and exchange rate disconnect
Journal of Monetary Economics, 2002, 49, (5), 913-940 View citations (277)
See also Working Paper (2002)
- The Responsiveness of Consumer Prices to Exchange Rates: A Synthesis Of Some New Open Economy Macro Models
Manchester School, 2002, 70, (S1), 1-15 View citations (64)
2001
- Deviations from purchasing power parity: causes and welfare costs
Journal of International Economics, 2001, 55, (1), 29-57 View citations (134)
See also Working Paper (2000)
- Optimal Exchange Rate Policy: The Influence of Price Setting and Asset Markets
Journal of Money, Credit and Banking, 2001, 33, (2), 518-41 View citations (15)
Also in Proceedings, 2001, 518-547 (2001) View citations (15)
See also Working Paper (2000)
- Violating the Law of One Price: Should We Make a Federal Case Out of It?
Journal of Money, Credit and Banking, 2001, 33, (1), 1-15 View citations (72)
See also Working Paper (2000)
2000
- Local-currency pricing and the choice of exchange-rate regime
European Economic Review, 2000, 44, (8), 1449-1472 View citations (46)
See also Working Paper (1999)
- Long-run PPP may not hold after all
Journal of International Economics, 2000, 51, (2), 243-273 View citations (197)
See also Working Paper (1998)
1999
- Accounting for U.S. Real Exchange Rate Changes
Journal of Political Economy, 1999, 107, (3), 507-538 View citations (505)
See also Working Paper (1996)
- Are we globalized yet?
FRBSF Economic Letter, 1999, (nov19)
- On the Foreign Exchange Risk Premium in Sticky-Price General Equilibrium Models
International Tax and Public Finance, 1999, 6, (4), 491-505 View citations (29)
See also Working Paper (1999)
- The Long-Run U.S./U.K. Real Exchange Rate
Journal of Money, Credit and Banking, 1999, 31, (3), 335-56 View citations (32)
See also Working Paper (1996)
1998
- Rent Sharing, Aggregate Saving, and Growth
Review of Development Economics, 1998, 2, (2), 107-122
1997
- Intranational, Intracontinental, and Intraplanetary PPP
Journal of the Japanese and International Economies, 1997, 11, (4), 480-501 View citations (11)
See also Working Paper (1997)
1996
- A note on cointegration and international capital market efficiency
Journal of International Money and Finance, 1996, 15, (4), 657-660 View citations (36)
- How Wide Is the Border?
American Economic Review, 1996, 86, (5), 1112-25 View citations (771)
See also Working Paper (1995)
- The Distribution of Exchange Rates in the EMS
International Journal of Finance & Economics, 1996, 1, (1), 55-67 View citations (51)
See also Working Paper (1994)
- The forward discount anomaly and the risk premium: A survey of recent evidence
Journal of Empirical Finance, 1996, 3, (2), 123-192 View citations (723)
See also Working Paper (1995)
1995
- Tests of conditional mean-variance efficiency of the U.S. stock market
Journal of Empirical Finance, 1995, 2, (1), 3-18 View citations (10)
1994
- Can the Markov switching model forecast exchange rates?
Journal of International Economics, 1994, 36, (1-2), 151-165 View citations (247)
See also Working Paper (1992)
1993
- Exchange rate regimes and volatility
Economic Review, 1993, 78, (Q III), 43-58 View citations (11)
- Real exchange rates and relative prices: An empirical investigation
Journal of Monetary Economics, 1993, 32, (1), 35-50 View citations (265)
See also Working Paper (1992)
- Tests of Mean-Variance Efficiency of International Equity Markets
Oxford Economic Papers, 1993, 45, (3), 403-21 View citations (10)
See also Working Paper (1992)
1992
- On the foreign exchange risk premium in a general equilibrium model
Journal of International Economics, 1992, 32, (3-4), 305-319 View citations (48)
See also Working Paper (1990)
- Relative returns on equities in Pacific Basin countries
Proceedings, 1992, (Sep)
Also in Proceedings, 1992, 48-67 (1992) View citations (1)
See also Working Paper (1994)
- The Risk Premium and the Liquidity Premium in Foreign Exchange Markets
International Economic Review, 1992, 33, (4), 871-79 View citations (10)
See also Working Paper (1990)
1991
- Challenges to stock market efficiency: evidence from mean reversion studies
Economic Review, 1991, 76, (Sep), 21-35 View citations (5)
- Trade policy under endogenous credibility
Journal of Development Economics, 1991, 36, (2), 213-228 View citations (5)
See also Working Paper (1987)
1990
- Long Swings in the Dollar: Are They in the Data and Do Markets Know It?
American Economic Review, 1990, 80, (4), 689-713 View citations (610)
- Tariffs and saving in a model with new generations
Journal of International Economics, 1990, 28, (1-2), 71-91 View citations (25)
1989
- Saving and Investment in an Open Economy with Non-traded Goods
International Economic Review, 1989, 30, (4), 735-52 View citations (48)
See also Working Paper (1987)
- Tests of International CAPM with Time-Varying Covariances
Journal of Applied Econometrics, 1989, 4, (2), 119-38 View citations (90)
See also Working Paper (1987)
- The trade balance and real exchange rate under currency substitution
Journal of International Money and Finance, 1989, 8, (1), 47-58 View citations (6)
1986
- On the correlation of exchange rates and interest rates
Journal of International Money and Finance, 1986, 5, (1), 125-128 View citations (7)
- The International Monetary System: Forty years after Bretton Woods: Review essay
Journal of Monetary Economics, 1986, 17, (3), 441-448
1985
- Exchange Rate Dynamics, Sticky Prices and the Current Account
Journal of Money, Credit and Banking, 1985, 17, (3), 312-27 View citations (8)
1984
- Do asset-demand functions optimize over the mean and variance of real returns? A six-currency test
Journal of International Economics, 1984, 17, (3-4), 309-323 View citations (75)
See also Working Paper (1982)
- Testing for the absence of expected real profits from forward market speculation
Journal of International Economics, 1984, 17, (3-4), 299-308 View citations (26)
- The secular inflation term in open-economy Phillips curves
European Economic Review, 1984, 24, (2), 161-164 View citations (2)
1982
- Why money announcements move interest rates: an answer from the foreign exchange market
Proceedings, 1982, (6), 1-36 View citations (9)
See also Working Paper (1982)
Books
2018
- NBER International Seminar on Macroeconomics 2017
NBER Books, National Bureau of Economic Research, Inc
2012
- Global Financial Crisis
NBER Books, National Bureau of Economic Research, Inc View citations (97)
Chapters
2021
- A Reconsideration of the Failure of Uncovered Interest Parity for the US Dollar
A chapter in NBER International Seminar on Macroeconomics 2021, 2021 View citations (1)
See also Journal Article in Journal of International Economics (2022) Working Paper (2021)
2020
- Comments on “Digital Money: Private versus Public”
Chapter 7 in DIGITAL CURRENCY ECONOMICS AND POLICY, 2020, pp 51-54
- Lessons for Cryptocurrencies from Foreign Exchange Markets
Chapter 8 in DIGITAL CURRENCY ECONOMICS AND POLICY, 2020, pp 55-78
2018
- Revisiting exchange rate puzzles
A chapter in The price, real and financial effects of exchange rates, 2018, vol. 96, pp 3-11
2015
- Macroprudential Policy under High Capital Mobility: Policy Implications from an Academic Perspective
A chapter in International Finance in the Global Markets, 2015 View citations (8)
See also Journal Article in Journal of the Japanese and International Economies (2016)
2014
- Exchange Rates and Interest Parity
Elsevier View citations (125)
See also Working Paper (2013)
2013
- Inflation and globalisation: a modelling perspective
A chapter in Globalisation and inflation dynamics in Asia and the Pacific, 2013, vol. 70, pp 99-108 View citations (7)
2012
- Capital controls: what have we learned?
A chapter in Challenges related to capital flows: Latin American perspectives, 2012, vol. 68, pp 22-26 View citations (2)
2011
- Comment on "Firm Heterogeneity, Endogenous Entry, and the Business Cycle"
A chapter in NBER International Seminar on Macroeconomics 2011, 2011, pp 87-89 View citations (1)
- Comment on "Risk, Monetary Policy and the Exchange Rate"
A chapter in NBER Macroeconomics Annual 2011, Volume 26, 2011, pp 310-314
2010
- Exchange rate policies
A chapter in The international financial crisis and policy challenges in Asia and the Pacific, 2010, vol. 52, pp 229-250 View citations (15)
See also Journal Article in Staff Papers (2009)
2009
- Comment on "Real Variables, Nonlinearity, and European Real Exchange Rates"
A chapter in NBER International Seminar on Macroeconomics 2008, 2009, pp 194-196
- Expectations, Monetary Policy, and the Misalignment of Traded Goods Prices
A chapter in NBER International Seminar on Macroeconomics 2007, 2009, pp 131-157 View citations (3)
2008
- Exchange Rate Models Are Not as Bad as You Think
A chapter in NBER Macroeconomics Annual 2007, Volume 22, 2008, pp 381-441 View citations (135)
See also Working Paper (2007)
2005
- Comment on "Trade Invoicing in the Accession Countries: Are They Suited to the Euro?"
A chapter in NBER International Seminar on Macroeconomics 2005, 2005, pp 394-398 View citations (1)
2003
- Expenditure Switching and Exchange-Rate Policy
A chapter in NBER Macroeconomics Annual 2002, Volume 17, 2003, pp 231-300 View citations (26)
See also Working Paper (2002)
2001
- The Optimal Choice of Exchange Rate Regime: Price-Setting Rules and Internationalized Production
A chapter in Topics in Empirical International Economics: A Festschrift in Honor of Robert E. Lipsey, 2001, pp 163-194 View citations (7)
See also Working Paper (2000)
1998
- Regional Patterns in the Law of One Price: The Roles of Geography versus Currencies
A chapter in The Regionalization of the World Economy, 1998, pp 153-188 View citations (33)
1994
- Tests of CAPM on an International Portfolio of Bonds and Stocks
A chapter in The Internationalization of Equity Markets, 1994, pp 149-183 View citations (16)
See also Working Paper (1993)
Editor
- Journal of International Economics
Elsevier
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