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Working Papers

2022

1. US Sanctions Reinforce the Dollar’s Dominance
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)

2014

2. The Revived Bretton Woods System's First Decade
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)

2009

3. Bretton Woods II Still Defines the International Monetary System
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (77)
   See also Journal Article BRETTON WOODS II STILL DEFINES THE INTERNATIONAL MONETARY SYSTEM, Pacific Economic Review, Wiley Blackwell (2009) View citations (75) (2009)

2008

4. Will Subprime be a Twin Crisis for the United States?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
   See also Journal Article Will Sub‐Prime be a Twin Crisis for the United States?, Review of International Economics, Wiley Blackwell (2009) (2009)

2007

5. The Two Crises of International Economics
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)

2005

6. Interest Rates, Exchange Rates and International Adjustment
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
   See also Journal Article Interest rates, exchange rates and international adjustment, Conference Series ; [Proceedings], Federal Reserve Bank of Boston (2006) View citations (3) (2006)
7. Savings Gluts and Interest Rates: The Missing Link to Europe
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (24)

2004

8. Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (79)
   See also Chapter Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery, NBER Chapters, National Bureau of Economic Research, Inc (2007) View citations (22) (2007)
   Journal Article Direct investment, rising real wages and the absorption of excess labor in the periphery, Proceedings, Federal Reserve Bank of San Francisco (2005) View citations (17) (2005)
9. The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (121)
10. The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (63)

2003

11. An Essay on the Revived Bretton Woods System
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (494)
    See also Journal Article An essay on the revived Bretton Woods system, Proceedings, Federal Reserve Bank of San Francisco (2005) View citations (3) (2005)

1998

12. Derivatives in International Capital Flows
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (50)
13. Notes on the Role of TARGET in a Stage III Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (27)
14. Should the IMF Pursue Capital-Account Convertibility?
    Princeton Essays in International Economics, International Economics Section, Departement of Economics Princeton University, View citations (80)

1997

15. Transición a una red funcional de seguridad financiera en América Latina
    Research Department Publications, Inter-American Development Bank, Research Department
16. Transition to a Functional Financial Safety Net in Latin America
    Research Department Publications, Inter-American Development Bank, Research Department View citations (4)
    Also in IDB Publications (Working Papers), Inter-American Development Bank (1996)

1996

17. The Reform of Wholesale Payment Systems and its Impacton Financial Markets
    IMF Working Papers, International Monetary Fund View citations (16)

1995

18. Collapsing Exchange Rate Regimes: Another Linear Example
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
    See also Journal Article Collapsing exchange rate regimes: Another linear example, Journal of International Economics, Elsevier (1996) View citations (56) (1996)

1994

19. Determining the Value of a Financial Unit of Account Basedon Composite Currencies: The Case of the Private Ecu
    IMF Working Papers, International Monetary Fund View citations (3)
    See also Journal Article Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU, IMF Staff Papers, Palgrave Macmillan (1995) View citations (8) (1995)
20. Foreign Exchange Hedging with Synthetic Options and the Interest Rate Defense of a Fixed Exchange Rate Regime
    IMF Working Papers, International Monetary Fund View citations (5)
21. The Operation and Collapse of Fixed Exchange Rate Regimes
    Working Papers, Stockholm - International Economic Studies View citations (44)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1994) View citations (22)
    See also Chapter The operation and collapse of fixed exchange rate regimes, Handbook of International Economics, Elsevier (1995) View citations (63) (1995)

1992

22. The Dissolution of the Austro-Hungarian Empire: Lessons for Currency Reform
    IMF Working Papers, International Monetary Fund View citations (8)
23. The European Central Bank: A Bank or a Monetary Policy Rule
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (39)
24. The Private ECU: A Currency Floating on Gossamer Wings
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)

1991

25. Alexander Hamilton's Market Based Debt Reduction Plan
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    See also Journal Article Alexander Hamilton's market-based debt reduction plan, Carnegie-Rochester Conference Series on Public Policy, Elsevier (1991) View citations (7) (1991)

1990

26. Banks in the Market for Liquidity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
27. Before the Accord: U.S. Monetary-Financial Policy 1945-51
    Economics Working Papers, University of California at Berkeley View citations (2)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1990) View citations (6)
    See also Chapter Before the Accord: U.S. Monetary-Financial Policy, 1945-51, NBER Chapters, National Bureau of Economic Research, Inc (1991) View citations (1) (1991)

1989

28. The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (36)
    See also Journal Article The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates, The Quarterly Journal of Economics, President and Fellows of Harvard College (1991) View citations (62) (1991)

1988

29. BANK RUNS IN OPEN ECONOMIES AND THE INTERNATIONAL TRANSMISSION OF PANICS
    Working Papers, Yale - Economic Growth Center
    Also in RCER Working Papers, University of Rochester - Center for Economic Research (RCER) (1988) View citations (1)
    NBER Working Papers, National Bureau of Economic Research, Inc (1988) View citations (1)
    See also Journal Article Bank runs in open economies and the international transmission of panics, Journal of International Economics, Elsevier (1989) View citations (12) (1989)

1983

30. Deep Structral Excavation? A Critique of Euler Equation Methods
    NBER Technical Working Papers, National Bureau of Economic Research, Inc View citations (31)

1982

31. A model of stochastic process switching
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1981) View citations (49)
    See also Journal Article A Model of Stochastic Process Switching, Econometrica, Econometric Society (1983) View citations (67) (1983)
32. Two Notes on Indeterminacy Problems
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

1981

33. A Systematic Banking Collapse in a Perfect Foresight World
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
34. Gold monetization and gold discipline
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (1)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1980) View citations (2)
    See also Journal Article Gold Monetization and Gold Discipline, Journal of Political Economy, University of Chicago Press (1984) View citations (84) (1984)
    Chapter Gold Monetization and Gold Discipline, Palgrave Macmillan Books, Palgrave Macmillan (1987) (1987)
35. Process Consistency and Monetary Reform: Further Evidence and Implications
    NBER Working Papers, National Bureau of Economic Research, Inc
36. The Lender of Last Resort and the Run on the Savings and Loans
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
37. Transition from Inflation to Price Stability
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article Transition from inflation to price stability, Carnegie-Rochester Conference Series on Public Policy, Elsevier (1982) View citations (17) (1982)

Journal Articles

2009

1. BRETTON WOODS II STILL DEFINES THE INTERNATIONAL MONETARY SYSTEM
   Pacific Economic Review, 2009, 14, (3), 297-311 View citations (75)
   See also Working Paper Bretton Woods II Still Defines the International Monetary System, NBER Working Papers (2009) View citations (77) (2009)
2. Las dos crisis de la economía internacional
   Boletín, 2009, LV, (4), 207-227
3. Will Sub‐Prime be a Twin Crisis for the United States?
   Review of International Economics, 2009, 17, (4), 655-666
   See also Working Paper Will Subprime be a Twin Crisis for the United States?, NBER Working Papers (2008) View citations (10) (2008)

2007

4. A Review of Global Financial Warriors by John B. Taylor
   International Finance, 2007, 10, (3), 335-343

2006

5. Interest rates, exchange rates and international adjustment
   Conference Series ; [Proceedings], 2006, 51 View citations (3)
   See also Working Paper Interest Rates, Exchange Rates and International Adjustment, NBER Working Papers (2005) View citations (22) (2005)
6. Interest rates, exchange rates and international adjustment: BW II dynamics
   International Economics and Economic Policy, 2006, 3, (3), 293-302 View citations (3)

2005

7. An essay on the revived Bretton Woods system
   Proceedings, 2005, (Feb) View citations (3)
   See also Working Paper An Essay on the Revived Bretton Woods System, NBER Working Papers (2003) View citations (494) (2003)
8. Asian reserve diversification: does it threaten the pegs?
   Proceedings, 2005, (Feb) View citations (3)
9. Direct investment, rising real wages and the absorption of excess labor in the periphery
   Proceedings, 2005, (Feb) View citations (17)
   See also Chapter Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery, NBER Chapters, 2007, 103-132 (2007) View citations (22) (2007)
   Working Paper Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery, NBER Working Papers (2004) View citations (79) (2004)
10. Dollars and deficits: where do we go from here?
    Proceedings, 2005, (Feb) View citations (1)
11. Is It 1958 or 1968? Three Notes on the Longevity of the Revived Bretton Woods System
    Brookings Papers on Economic Activity, 2005, 36, (1), 147-210 View citations (26)
12. The U.S. current account deficit: collateral for a total return swap
    Proceedings, 2005, (Feb) View citations (1)
13. The cosmic risk: an essay on global imbalances and treasuries
    Proceedings, 2005, (Feb) View citations (6)
14. The revived Bretton Woods system: alive and well
    Proceedings, 2005, (Feb)

2004

15. The revived Bretton Woods system
    International Journal of Finance & Economics, 2004, 9, (4), 307-313 View citations (265)

1999

16. The target mechanism: Will it propagate or stifle a stage III crisis?
    Carnegie-Rochester Conference Series on Public Policy, 1999, 51, (1), 195-220 View citations (46)

1996

17. Collapsing exchange rate regimes: Another linear example
    Journal of International Economics, 1996, 41, (3-4), 223-234 View citations (56)
    See also Working Paper Collapsing Exchange Rate Regimes: Another Linear Example, NBER Working Papers (1995) View citations (9) (1995)
18. Derivative products in exchange rate crises
    Proceedings, 1996, 206-231 View citations (12)
19. Managing Risks to Financial Markets from Volatile Capital Flows: The Role of Prudential Regulation
    International Journal of Finance & Economics, 1996, 1, (3), 183-95 View citations (24)
20. The Use of the Yen as a Reserve Currency
    Monetary and Economic Studies, 1996, 14, (2), 1-21 View citations (6)

1995

21. Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU
    IMF Staff Papers, 1995, 42, (1), 134-157 View citations (8)
    See also Working Paper Determining the Value of a Financial Unit of Account Basedon Composite Currencies: The Case of the Private Ecu, IMF Working Papers (1994) View citations (3) (1994)
22. Foreign Exchange Hedging and the Interest Rate Defense
    IMF Staff Papers, 1995, 42, (3), 490-516 View citations (12)
23. Sand in the Wheels of Foreign Exchange Markets: A Sceptical Note
    Economic Journal, 1995, 105, (428), 173-80 View citations (37)

1993

24. Payment system reform in formerly centrally planned economics
    Journal of Banking & Finance, 1993, 17, (5), 849-868 View citations (2)

1991

25. Alexander Hamilton's market-based debt reduction plan
    Carnegie-Rochester Conference Series on Public Policy, 1991, 35, (1), 79-104 View citations (7)
    See also Working Paper Alexander Hamilton's Market Based Debt Reduction Plan, NBER Working Papers (1991) View citations (6) (1991)
26. The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates
    The Quarterly Journal of Economics, 1991, 106, (4), 1367-1372 View citations (62)
    See also Working Paper The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates, NBER Working Papers (1989) View citations (36) (1989)

1990

27. Famous First Bubbles
    Journal of Economic Perspectives, 1990, 4, (2), 35-54 View citations (155)

1989

28. Bank runs in open economies and the international transmission of panics
    Journal of International Economics, 1989, 27, (1-2), 165-175 View citations (12)
    See also Working Paper BANK RUNS IN OPEN ECONOMIES AND THE INTERNATIONAL TRANSMISSION OF PANICS, Working Papers (1988) (1988)
29. Tulipmania
    Journal of Political Economy, 1989, 97, (3), 535-60 View citations (4)

1987

30. Monetary history and monetary policy: A review essay
    Journal of Monetary Economics, 1987, 20, (1), 177-182

1986

31. Interwar movements of dollars to Europe and the US currency supply
    Journal of International Money and Finance, 1986, 5, (1, Supplement), S135-S156 View citations (1)
32. Nominal Contracts in a Bimetallic Standard
    American Economic Review, 1986, 76, (5), 1012-30 View citations (16)
33. Recurrent Devaluation and Speculative Attacks on the Mexican Peso
    Journal of Political Economy, 1986, 94, (1), 148-66 View citations (156)
34. The Belmont-Morgan Syndicate as an optimal investment banking contract
    European Economic Review, 1986, 30, (3), 649-677 View citations (16)
35. Un modelo de los ataques especulativos contra el peso mexicano
    Estudios Económicos, 1986, 1, (1), 127-146

1984

36. Collapsing exchange-rate regimes: Some linear examples
    Journal of International Economics, 1984, 17, (1-2), 1-13 View citations (655)
37. Gold Monetization and Gold Discipline
    Journal of Political Economy, 1984, 92, (1), 90-107 View citations (84)
    See also Working Paper Gold monetization and gold discipline, International Finance Discussion Papers (1981) View citations (1) (1981)
    Chapter Gold Monetization and Gold Discipline, Palgrave Macmillan Books, 1987, 183-211 (1987) (1987)
38. Multi-country tests for price level bubbles
    Journal of Economic Dynamics and Control, 1984, 8, (3), 329-340 View citations (14)

1983

39. A Model of Stochastic Process Switching
    Econometrica, 1983, 51, (3), 537-51 View citations (67)
    See also Working Paper A model of stochastic process switching, International Finance Discussion Papers (1982) (1982)
40. On the equivalence of solutions in rational expectations models
    Journal of Economic Dynamics and Control, 1983, 5, (1), 311-321 View citations (11)
41. Process consistency and monetary reform: Some further evidence
    Journal of Monetary Economics, 1983, 12, (2), 279-295

1982

42. Transition from inflation to price stability
    Carnegie-Rochester Conference Series on Public Policy, 1982, 16, (1), 11-42 View citations (17)
    See also Working Paper Transition from Inflation to Price Stability, NBER Working Papers (1981) (1981)

1980

43. A pitfall in estimation of models with rational expectations
    Journal of Monetary Economics, 1980, 6, (3), 433-435 View citations (11)
44. An Economic Theory of Monetary Reform
    Journal of Political Economy, 1980, 88, (1), 24-58 View citations (33)
45. Market Fundamentals versus Price-Level Bubbles: The First Tests
    Journal of Political Economy, 1980, 88, (4), 745-70 View citations (203)

1978

46. Backward looking and forward looking solutions to monetary models of inflation with rational expectations
    Economics Letters, 1978, 1, (2), 117-119

Books

2001

1. Famous First Bubbles: The Fundamentals of Early Manias, vol 1
   MIT Press Books, The MIT Press View citations (42)

1994

2. Mexico-U.S. Free Trade Agreement, vol 1
   MIT Press Books, The MIT Press View citations (1)

Chapters

2009

1. East Asia’s Role in the Revived Bretton Woods System
   Chapter 6 in Towards Monetary and Financial Integration in East Asia, 2009

2008

2. Life on the Tri-Polar Sphere: How Should Interest and Exchange Rates Realign Next?
   A chapter in International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy, 2008, pp 13-37 View citations (1)

2007

3. Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery
   A chapter in G7 Current Account Imbalances: Sustainability and Adjustment, 2007, pp 103-132 View citations (22)
   See also Journal Article Direct investment, rising real wages and the absorption of excess labor in the periphery, Federal Reserve Bank of San Francisco (2005) View citations (17) (2005)
   Working Paper Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery, National Bureau of Economic Research, Inc (2004) View citations (79) (2004)

2000

4. Is Launching the Euro Unstable in the Endgame?
   A chapter in Currency Crises, 2000, pp 163-177 View citations (5)

1999

5. Risks to Lenders and Borrowers in International Capital Markets
   A chapter in International Capital Flows, 1999, pp 363-420 View citations (20)

1996

6. Dynamic Hedging and the Interest Rate Defense
   A chapter in The Microstructure of Foreign Exchange Markets, 1996, pp 209-228 View citations (2)

1995

7. The operation and collapse of fixed exchange rate regimes
   Chapter 36 in Handbook of International Economics, 1995, vol. 3, pp 1865-1911 View citations (63)
   See also Working Paper The Operation and Collapse of Fixed Exchange Rate Regimes, Stockholm - International Economic Studies (1994) View citations (44) (1994)

1993

8. The Collapse of the Bretton Woods Fixed Exchange Rate System
   A chapter in A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, 1993, pp 461-494 View citations (26)

1991

9. Before the Accord: U.S. Monetary-Financial Policy, 1945-51
   A chapter in Financial Markets and Financial Crises, 1991, pp 175-206 View citations (1)
   See also Working Paper Before the Accord: U.S. Monetary-Financial Policy 1945-51, University of California at Berkeley (1990) View citations (2) (1990)

1987

10. Gold Monetization and Gold Discipline
    Palgrave Macmillan
    See also Working Paper Gold monetization and gold discipline, Board of Governors of the Federal Reserve System (U.S.) (1981) View citations (1) (1981)
    Journal Article Gold Monetization and Gold Discipline, University of Chicago Press (1984) View citations (84) (1984)