Details about Eswar Prasad

Homepage:	http://prasad.aem.cornell.edu
Phone:	607.255.5687
Postal address:	440 Warren Hall Department of Applied Economics and Management Cornell University Ithaca, NY 14853
Workplace:	Charles H. Dyson School of Applied Economics and Management, College of Agriculture and Life Sciences, Cornell University, (more information at EDIRC) Institute of Labor Economics (IZA), (more information at EDIRC) Global Economy and Development Program, Brookings Institution, (more information at EDIRC) National Bureau of Economic Research (NBER), (more information at EDIRC) Department of Economics, Cornell University, (more information at EDIRC)

Access statistics for papers by Eswar Prasad.

Last updated 2025-04-06. Update your information in the RePEc Author Service.

Short-id: ppr1

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Working Papers

2025

1. Financial and Informational Integration Through Oracle Networks
   NBER Working Papers, National Bureau of Economic Research, Inc

2024

2. Beyond the Fundamentals: How Media-Driven Narratives Influence Cross-Border Capital Flows
   NBER Working Papers, National Bureau of Economic Research, Inc
   Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2024)
3. Resolving Puzzles of Monetary Policy Transmission in Emerging Markets
   IZA Discussion Papers, Institute of Labor Economics (IZA)
   Also in CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2024)
   NBER Working Papers, National Bureau of Economic Research, Inc (2024)
   Koç University-TUSIAD Economic Research Forum Working Papers, Koc University-TUSIAD Economic Research Forum (2024)
   Policy Research Working Paper Series, The World Bank (2024)
   See also Journal Article Resolving puzzles of monetary policy transmission in emerging markets, European Economic Review, Elsevier (2025) (2025)

2023

4. A Simple Model of a Central Bank Digital Currency
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
   Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2023) View citations (4)
   See also Journal Article A simple model of a central bank digital currency, Journal of Financial Stability, Elsevier (2024) View citations (4) (2024)
5. Has China's Growth Gone from Miracle to Malady?
   IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (1)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2023) View citations (1)
   See also Journal Article Has China's Growth Gone from Miracle to Malady?, Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution (2023) (2023)

2021

6. New Financial Technologies, Sustainable Development, and the International Monetary System
   ADBI Working Papers, Asian Development Bank Institute View citations (1)

2020

7. Design Choices for Central Bank Digital Currency: Policy and Technical Considerations
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (32)
   Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2020) View citations (31)
8. Global Macro-Financial Cycles and Spillovers
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (11)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (11)
   Koç University-TUSIAD Economic Research Forum Working Papers, Koc University-TUSIAD Economic Research Forum (2020) View citations (11)
   CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2020) View citations (11)
   IZA Discussion Papers, Institute of Labor Economics (IZA) (2020) View citations (11)
9. New and evolving financial technologies implications for monetary policy and financial stability in Latin America
   Documentos de trabajo, FLAR
10. The Determinants of China's International Portfolio Equity Allocations
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (1)
    See also Journal Article The Determinants of China’s International Portfolio Equity Allocations, IMF Economic Review, Palgrave Macmillan (2020) View citations (1) (2020)

2019

11. China’s Impact on Global Financial Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)

2018

12. New Evidence on Cyclical Variation in Labor Costs in the U.S
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2018) View citations (3)

2015

13. Distributional Effects of Monetary Policy in Emerging Market Economies
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (10)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2015) View citations (10)
14. The Coming Wave: Where Do Emerging Market Investors Put Their Money?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2015) View citations (3)
    See also Journal Article The Coming Wave: Where Do Emerging Market Investors Put Their Money?, Journal of Financial and Quantitative Analysis, Cambridge University Press (2020) View citations (12) (2020)
15. What Measure of Inflation Should a Developing Country Central Bank Target?
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (46)
    Also in IMF Working Papers, International Monetary Fund (2015) View citations (47)
    NBER Working Papers, National Bureau of Economic Research, Inc (2015) View citations (46)
    See also Journal Article What measure of inflation should a developing country central bank target?, Journal of Monetary Economics, Elsevier (2015) View citations (45) (2015)

2014

16. Global Implications of the Renminbi’s Ascendance
    Macroeconomics Working Papers, East Asian Bureau of Economic Research
    Also in Finance Working Papers, East Asian Bureau of Economic Research (2014)
17. Global Implications of the Renminbi’s Ascendance
    ADBI Working Papers, Asian Development Bank Institute

2013

18. Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (4)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (5)
    See also Journal Article Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies, IMF Economic Review, Palgrave Macmillan (2014) View citations (10) (2014)
19. The Coming Wave
    Working Papers, Hong Kong Institute for Monetary Research View citations (5)

2012

20. Banks and cross-border capital flows: challenges and regulatory responses
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (19)
21. The Renminbi's Role in the Global Monetary System
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (14)
    See also Journal Article The renminbi’s role in the global monetary system, Proceedings, Federal Reserve Bank of San Francisco (2011) View citations (1) (2011)

2011

22. Role Reversal in Global Finance
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2011) View citations (20)
    See also Journal Article Role reversal in global finance, Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City (2011) View citations (10) (2011)

2010

23. Financial Sector Regulation and Reforms in Emerging Markets: An Overview
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (40)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2010) View citations (30)
24. Income Uncertainty and Household Savings in China
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (51)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2010) View citations (53)
    IMF Working Papers, International Monetary Fund (2010) View citations (51)
    See also Journal Article Income uncertainty and household savings in China, Journal of Development Economics, Elsevier (2013) View citations (99) (2013)
25. Optimal Price Indices for Targeting Inflation Under Incomplete Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (66)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2010) View citations (67)
    IMF Working Papers, International Monetary Fund (2010) View citations (62)

2009

26. An Awkward Dance: China and the United States
    IZA Policy Papers, Institute of Labor Economics (IZA)
27. Financial Globalization and Economic Policies
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (35)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2009) View citations (31)
    See also Chapter Financial Globalization and Economic Policies, Handbook of Development Economics, Elsevier (2010) View citations (80) (2010)
28. India's Approach to Capital Account Liberalization
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (3)
29. India’s Approach to Capital Account Liberalization
    Working Papers, eSocialSciences View citations (1)
30. Monetary Policy Challenges for Emerging Market Economies
    Working Papers, Cornell University, Department of Applied Economics and Management View citations (13)
    See also Chapter Monetary Policy Challenges for Emerging Market Economies, Chapters, Edward Elgar Publishing (2009) View citations (8) (2009)
31. Rebalancing Growth in Asia
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (59)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (56)
    See also Journal Article Rebalancing Growth in Asia, International Finance, Wiley Blackwell (2011) View citations (11) (2011)
32. Saving in Asia: Issues for Rebalancing Growth
    ADB Economics Working Paper Series, Asian Development Bank View citations (16)
33. Some New Perspectives on India's Approach to Capital Account Liberalization
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    See also Journal Article Some New Perspectives on India’s Approach to Capital Account Liberalization, India Policy Forum, National Council of Applied Economic Research (2009) View citations (6) (2009)
34. Thresholds in the Process of International Financial Integration
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (69)
    Also in Policy Research Working Paper Series, The World Bank (2009) View citations (36)
    IZA Discussion Papers, Institute of Labor Economics (IZA) (2009) View citations (43)
    See also Journal Article Thresholds in the process of international financial integration, Journal of International Money and Finance, Elsevier (2011) View citations (241) (2011)

2008

35. A Pragmatic Approach to Capital Account Liberalization
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (161)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2008) View citations (156)
    See also Journal Article A Pragmatic Approach to Capital Account Liberalization, Journal of Economic Perspectives, American Economic Association (2008) View citations (165) (2008)
36. Does Openness to International Financial Flows Contribute to Productivity Growth?
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (45)
37. Does Openness to International Financial Flows Raise Productivity Growth?
    IMF Working Papers, International Monetary Fund View citations (43)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (42)
    See also Journal Article Does openness to international financial flows raise productivity growth?, Journal of International Money and Finance, Elsevier (2009) View citations (162) (2009)
38. Global Business Cycles: Convergence or Decoupling?
    IMF Working Papers, International Monetary Fund View citations (174)
    Also in Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank (2008) View citations (177)
    IZA Discussion Papers, Institute of Labor Economics (IZA) (2008) View citations (158)
    NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (162)
    See also Journal Article GLOBAL BUSINESS CYCLES: CONVERGENCE OR DECOUPLING?, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2012) View citations (227) (2012)
39. Why are Saving Rates of Urban Households in China Rising?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (80)
    Also in IMF Working Papers, International Monetary Fund (2008) View citations (80)
    IZA Discussion Papers, Institute of Labor Economics (IZA) (2007) View citations (60)
    See also Journal Article Why Are Saving Rates of Urban Households in China Rising?, American Economic Journal: Macroeconomics, American Economic Association (2010) View citations (324) (2010)

2007

40. Foreign Capital and Economic Growth
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (389)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2007) View citations (389)
    See also Journal Article Foreign Capital and Economic Growth, Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution (2007) View citations (386) (2007)
41. How Does Financial Globalization Affect Risk Sharing? Patterns and Channels
    IMF Working Papers, International Monetary Fund View citations (109)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2007) View citations (111)
42. Is the Chinese Growth Miracle Built to Last?
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (14)
    See also Journal Article Is the Chinese growth miracle built to last?, China Economic Review, Elsevier (2009) View citations (38) (2009)

2006

43. A Framework for Independent Monetary Policy in China
    IMF Working Papers, International Monetary Fund View citations (48)
    See also Journal Article A Framework for Independent Monetary Policy in China, CESifo Economic Studies, CESifo Group (2007) View citations (34) (2007)
    Chapter A Framework for Independent Monetary Policy in China, Chapters, Edward Elgar Publishing (2009) (2009)
44. Financial Globalization: A Reappraisal
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (470)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations (500)
    IMF Working Papers, International Monetary Fund (2006) View citations (521)
    See also Journal Article Financial Globalization: A Reappraisal, IMF Staff Papers, Palgrave Macmillan (2009) View citations (442) (2009)
45. How Do Trade and Financial Integration Affect the Relationship between Growth and Volatility?
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (126)
    Also in IMF Working Papers, International Monetary Fund (2005) View citations (24)
    Working Paper Series, Federal Reserve Bank of San Francisco (2004) View citations (22)
    See also Journal Article How do trade and financial integration affect the relationship between growth and volatility?, Journal of International Economics, Elsevier (2006) View citations (132) (2006)
46. Modernizing China's Growth Paradigm
    IMF Policy Discussion Papers, International Monetary Fund View citations (12)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2006) View citations (25)
    See also Journal Article Modernizing China's Growth Paradigm, American Economic Review, American Economic Association (2006) View citations (27) (2006)

2005

47. Controlled Capital Account Liberalisation: A Proposal
    Working Papers, eSocialSciences View citations (5)
    Also in IMF Policy Discussion Papers, International Monetary Fund (2005) View citations (24)
48. Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China
    IMF Policy Discussion Papers, International Monetary Fund View citations (107)
49. The Chinese Approach to Capital Inflows: Patterns and Possible Explanations
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (152)
    Also in IMF Working Papers, International Monetary Fund (2005) View citations (162)
    See also Chapter The Chinese Approach to Capital Inflows: Patterns and Possible Explanations, NBER Chapters, National Bureau of Economic Research, Inc (2007) View citations (68) (2007)

2004

50. Financial Globalization, Growth and Volatility in Developing Countries
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (56)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (62)
    Working Paper, Harvard University OpenScholar View citations (96)
    See also Chapter Financial Globalization, Growth and Volatility in Developing Countries, NBER Chapters, National Bureau of Economic Research, Inc (2007) View citations (61) (2007)
51. Hong Kong SAR: Meeting the Challenges of Integration with the Mainland
    IMF Occasional Papers, International Monetary Fund

2003

52. Effects of Financial Globalization on Developing Countries: Some Empirical Evidence
    IMF Occasional Papers, International Monetary Fund View citations (520)
53. Financial Integration and Macroeconomic Volatility
    IMF Working Papers, International Monetary Fund View citations (292)
54. How Does Globalization Affect the Synchronization of Business Cycles?
    IMF Working Papers, International Monetary Fund View citations (312)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2003) View citations (327)
    See also Journal Article How Does Globalization Affect the Synchronization of Business Cycles?, American Economic Review, American Economic Association (2003) View citations (339) (2003)
55. Volatility and Comovement in a Globalized World Economy: An Empirical Exploration
    IMF Working Papers, International Monetary Fund View citations (28)
56. What Determines the Reservation Wages of Unemployed Workers? New Evidence From German Micro Data
    IMF Working Papers, International Monetary Fund View citations (39)
    Also in IZA Discussion Papers, Institute of Labor Economics (IZA) (2003) View citations (40)

2002

57. Changes in the Structure of Earnings During the Polish Transition
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (10)
    Also in IMF Working Papers, International Monetary Fund (2002) View citations (14)
    See also Journal Article Changes in the structure of earnings during the Polish transition, Journal of Development Economics, Elsevier (2006) View citations (42) (2006)
58. Identifying the Common Component of International Economic Fluctuations: A New Approach
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (4)
    Also in IMF Working Papers, International Monetary Fund (1999) View citations (9)
    See also Journal Article Identifying the Common Component of International Economic Fluctuations: A New Approach, Economic Journal, Royal Economic Society (2003) View citations (116) (2003)
59. Inequality, Transfers and Growth: New Evidence from the Economic Transition in Poland
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (76)
    Also in IMF Working Papers, International Monetary Fund (2000) View citations (16)
    See also Journal Article Inequality, Transfers, And Growth: New Evidence From The Economic Transition In Poland, The Review of Economics and Statistics, MIT Press (2002) View citations (79) (2002)
60. Wage Inequality in the United Kingdom, 1975-99
    IZA Discussion Papers, Institute of Labor Economics (IZA) View citations (2)
    Also in IMF Working Papers, International Monetary Fund (2002) View citations (3)
    See also Journal Article Wage Inequality in the United Kingdom, 1975-99, IMF Staff Papers, Palgrave Macmillan (2002) View citations (3) (2002)

2001

61. A Political Economy Perspective on Redistribution and Growth in Transition
    MPRA Paper, University Library of Munich, Germany
62. Consumption and Income Inequality During the Transition to a Market Economy: Poland, 1985–1992
    MPRA Paper, University Library of Munich, Germany View citations (1)
63. Social Transfers and Inequality During the Polish Transition
    MPRA Paper, University Library of Munich, Germany View citations (2)

2000

64. International Spillovers of Macroeconomic Shocks: A Quantitative Exploration
    IMF Working Papers, International Monetary Fund View citations (6)
65. Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (82)
    Also in IMF Working Papers, International Monetary Fund (2000) View citations (69)
    See also Journal Article Medium-term determinants of current accounts in industrial and developing countries: an empirical exploration, Journal of International Economics, Elsevier (2003) View citations (657) (2003)
66. The Unbearable Stability of the German Wage Structure: Evidence and Interpretation
    IMF Working Papers, International Monetary Fund View citations (28)
    See also Journal Article The Unbearable Stability of the German Wage Structure: Evidence and Interpretation, IMF Staff Papers, Palgrave Macmillan (2004) View citations (60) (2004)
67. What Determines the Reservation Wage: Theory and Some New Evidence from German Micro Data
    Econometric Society World Congress 2000 Contributed Papers, Econometric Society

1999

68. Consumption and Income Inequality in Poland During the Economic Transition
    IMF Working Papers, International Monetary Fund View citations (10)
    Also in Working Papers, C.V. Starr Center for Applied Economics, New York University (1998) View citations (1)
69. International Trade and the Business Cycle
    IMF Working Papers, International Monetary Fund View citations (54)
    See also Journal Article International Trade and the Business Cycle, Economic Journal, Royal Economic Society (1999) View citations (53) (1999)
70. Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts
    IMF Working Papers, International Monetary Fund View citations (106)
    See also Journal Article Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts, The World Bank Economic Review, World Bank (2000) View citations (256) (2000)
71. Perspectives on Regional Unemployment in Europe
    IMF Occasional Papers, International Monetary Fund View citations (22)

1998

72. Multimod Mark III: The Core Dynamic and Steady State Model
    IMF Occasional Papers, International Monetary Fund View citations (12)
73. The Italian Labor Market: Stylized Facts, Institutions, and Directions for Reform
    IMF Working Papers, International Monetary Fund View citations (17)

1997

74. Identifying the Common Component in International Economic Fluctuations
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (46)
75. International Evidenceon the Determinants of Trade Dynamics
    IMF Working Papers, International Monetary Fund View citations (2)
    See also Journal Article International Evidence on the Determinants of Trade Dynamics, IMF Staff Papers, Palgrave Macmillan (1998) View citations (22) (1998)
76. Labor Market Adjustment in Canada and the United States
    IMF Working Papers, International Monetary Fund View citations (2)
    See also Journal Article Labour Market Adjustment in Canada and the United States, Canadian Public Policy, University of Toronto Press (1998) (1998)
77. Possible Effects of European Monetary Union on Switzerland: A Case Study of Policy Dilemmas Caused by Low Inflation and the Nominal Interest Rate Floor
    IMF Working Papers, International Monetary Fund View citations (11)

1996

78. Currency Unions, Economic Fluctuations, and Adjustment: Some New Empirical Evidence
    IMF Working Papers, International Monetary Fund View citations (24)
    See also Journal Article Currency Unions, Economic Fluctuations, and Adjustment: Some New Empirical Evidence, IMF Staff Papers, Palgrave Macmillan (1997) View citations (38) (1997)
79. Real Exchange Rate Fluctuations and the Business Cycle: Evidence From Japan
    IMF Working Papers, International Monetary Fund View citations (9)
    See also Journal Article Real Exchange Rate Fluctuations and the Business Cycle: Evidence from Japan, IMF Staff Papers, Palgrave Macmillan (1997) View citations (23) (1997)

1995

80. Currency Unions, Economic Fluctuations and Adjustment: Some Empirical Evidence
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (30)
81. Skill Heterogeneity and Aggregation Bias Over the Business Cycle
    IMF Working Papers, International Monetary Fund
82. The Employment and Wage Effects of Oil Price Changes: A Sectoral Analysis
    IMF Working Papers, International Monetary Fund View citations (3)
    See also Journal Article The Employment and Wage Effects of Oil Price Changes: A Sectoral Analysis, The Review of Economics and Statistics, MIT Press (1996) View citations (98) (1996)

1994

83. Are Prices Countercyclical? Evidence From the G-7
    IMF Working Papers, International Monetary Fund View citations (38)
    See also Journal Article Are prices countercyclical? Evidence from the G-7, Journal of Monetary Economics, Elsevier (1994) View citations (40) (1994)
84. Changes in the Relationship Between the Long-Term Interest Rate and its Determinants
    IMF Working Papers, International Monetary Fund View citations (3)
85. Shocks and Structural Breaks: Labor Market Reforms in the United Kingdom
    IMF Working Papers, International Monetary Fund
86. The Canadian Labor Market: Developments, Prospects, and Policy
    IMF Working Papers, International Monetary Fund View citations (4)

1993

87. Labor Market Aspects of Industrial Restructuring in Canada
    IMF Working Papers, International Monetary Fund View citations (3)
88. The Relation Between Skill Levels and the Cyclical Variability of Employment, Hours, and Wages
    IMF Working Papers, International Monetary Fund View citations (27)
    Also in Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis (1991) View citations (4)

1992

89. Are Prices Countercyclical?
    IMF Working Papers, International Monetary Fund View citations (9)

1991

90. The employment and wage effects of oil price shocks: a sectoral analysis
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis View citations (5)

Journal Articles

2025

1. Resolving puzzles of monetary policy transmission in emerging markets
   European Economic Review, 2025, 173, (C)
   See also Working Paper Resolving Puzzles of Monetary Policy Transmission in Emerging Markets, IZA Discussion Papers (2024) (2024)

2024

2. A simple model of a central bank digital currency
   Journal of Financial Stability, 2024, 73, (C) View citations (4)
   See also Working Paper A Simple Model of a Central Bank Digital Currency, NBER Working Papers (2023) View citations (4) (2023)

2023

3. Has China's Growth Gone from Miracle to Malady?
   Brookings Papers on Economic Activity, 2023, 54, (1 (Spring)), 243-270
   See also Working Paper Has China's Growth Gone from Miracle to Malady?, IZA Discussion Papers (2023) View citations (1) (2023)
4. How will digital technologies influence the international monetary system?
   Oxford Review of Economic Policy, 2023, 39, (2), 389-397
5. The Future of Money and Its Implications for Society, Central Banks, and the International Monetary System
   Review, 2023, 105, (1), 1-8

2022

6. Comment on “Developments and Implications of Central Bank Digital Currency: The Case of China e‐CNY”
   Asian Economic Policy Review, 2022, 17, (2), 251-252 View citations (1)

2020

7. New Evidence on Cyclical Variation in Average Labor Costs in the United States
   The Review of Economics and Statistics, 2020, 102, (5), 966-979 View citations (3)
8. The Coming Wave: Where Do Emerging Market Investors Put Their Money?
   Journal of Financial and Quantitative Analysis, 2020, 55, (4), 1369-1414 View citations (12)
   See also Working Paper The Coming Wave: Where Do Emerging Market Investors Put Their Money?, NBER Working Papers (2015) View citations (3) (2015)
9. The Determinants of China’s International Portfolio Equity Allocations
   IMF Economic Review, 2020, 68, (3), 643-692 View citations (1)
   See also Working Paper The Determinants of China's International Portfolio Equity Allocations, IZA Discussion Papers (2020) View citations (1) (2020)

2015

10. What measure of inflation should a developing country central bank target?
    Journal of Monetary Economics, 2015, 74, (C), 102-116 View citations (45)
    See also Working Paper What Measure of Inflation Should a Developing Country Central Bank Target?, IZA Discussion Papers (2015) View citations (46) (2015)

2014

11. Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies
    IMF Economic Review, 2014, 62, (3), 409-429 View citations (10)
    See also Working Paper Distributional Effects of Macroeconomic Policy Choices in Emerging Market Economies, IZA Discussion Papers (2013) View citations (4) (2013)

2013

12. Income uncertainty and household savings in China
    Journal of Development Economics, 2013, 105, (C), 164-177 View citations (99)
    See also Working Paper Income Uncertainty and Household Savings in China, NBER Working Papers (2010) View citations (51) (2010)
13. The Renminbi's Prospects as a Global Reserve Currency
    Cato Journal, 2013, 33, (3), 563-570 View citations (3)

2012

14. Commentary: the dog and the frisbee
    Proceedings - Economic Policy Symposium - Jackson Hole, 2012, 171-177
15. GLOBAL BUSINESS CYCLES: CONVERGENCE OR DECOUPLING?
    International Economic Review, 2012, 53, (2), 511-538 View citations (227)
    See also Working Paper Global Business Cycles: Convergence or Decoupling?, IMF Working Papers (2008) View citations (174) (2008)

2011

16. Rebalancing Growth in Asia
    International Finance, 2011, 14, (1), 27-66 View citations (11)
    See also Working Paper Rebalancing Growth in Asia, IZA Discussion Papers (2009) View citations (59) (2009)
17. Role reversal in global finance
    Proceedings - Economic Policy Symposium - Jackson Hole, 2011, 339-390 View citations (10)
    See also Working Paper Role Reversal in Global Finance, NBER Working Papers (2011) View citations (23) (2011)
18. The renminbi’s role in the global monetary system
    Proceedings, 2011, (Nov), 127-197 View citations (1)
    See also Working Paper The Renminbi's Role in the Global Monetary System, IZA Discussion Papers (2012) View citations (14) (2012)
19. Thresholds in the process of international financial integration
    Journal of International Money and Finance, 2011, 30, (1), 147-179 View citations (241)
    See also Working Paper Thresholds in the Process of International Financial Integration, NBER Working Papers (2009) View citations (69) (2009)

2010

20. The World Economy: Bottoming Out or a Respite before the Next Crunch?
    Cato Journal, 2010, 30, (2), 383-389
21. Why Are Saving Rates of Urban Households in China Rising?
    American Economic Journal: Macroeconomics, 2010, 2, (1), 93-130 View citations (324)
    See also Working Paper Why are Saving Rates of Urban Households in China Rising?, NBER Working Papers (2008) View citations (80) (2008)

2009

22. Does financial globalization promote risk sharing?
    Journal of Development Economics, 2009, 89, (2), 258-270 View citations (175)
23. Does openness to international financial flows raise productivity growth?
    Journal of International Money and Finance, 2009, 28, (4), 554-580 View citations (162)
    See also Working Paper Does Openness to International Financial Flows Raise Productivity Growth?, IMF Working Papers (2008) View citations (43) (2008)
24. Effects of the Financial Crisis on the U.S.-China Economic Relationship
    Cato Journal, 2009, 29, (2), 223-235 View citations (4)
25. Financial Globalization: A Reappraisal
    IMF Staff Papers, 2009, 56, (1), 8-62 View citations (442)
    Also in Panoeconomicus, 2009, 56, (2), 143-197 (2009) View citations (55)
    See also Working Paper Financial Globalization: A Reappraisal, CEPR Discussion Papers (2006) View citations (470) (2006)
26. Is the Chinese growth miracle built to last?
    China Economic Review, 2009, 20, (1), 103-123 View citations (38)
    See also Working Paper Is the Chinese Growth Miracle Built to Last?, IZA Discussion Papers (2007) View citations (14) (2007)
27. Loren Brandt and Thomas Rawski, China's Great Economic Transformation, Cambridge University Press (2008)
    Journal of International Economics, 2009, 78, (1), 178-180
28. Some New Perspectives on India’s Approach to Capital Account Liberalization
    India Policy Forum, 2009, 5, (1), 125-178 View citations (6)
    Also in India Policy Forum, 2008, 5, (1), 125-178 (2008) View citations (4)
    See also Working Paper Some New Perspectives on India's Approach to Capital Account Liberalization, NBER Working Papers (2009) View citations (6) (2009)

2008

29. A Pragmatic Approach to Capital Account Liberalization
    Journal of Economic Perspectives, 2008, 22, (3), 149-72 View citations (165)
    See also Working Paper A Pragmatic Approach to Capital Account Liberalization, NBER Working Papers (2008) View citations (161) (2008)

2007

30. A Framework for Independent Monetary Policy in China
    CESifo Economic Studies, 2007, 53, (1), 2-41 View citations (34)
    See also Working Paper A Framework for Independent Monetary Policy in China, IMF Working Papers (2006) View citations (48) (2006)
    Chapter A Framework for Independent Monetary Policy in China, Chapters, 2009 (2009) (2009)
31. Foreign Capital and Economic Growth
    Brookings Papers on Economic Activity, 2007, 38, (1), 153-230 View citations (386)
    See also Working Paper Foreign Capital and Economic Growth, IZA Discussion Papers (2007) View citations (389) (2007)
32. The Welfare Implications of Global Financial Flows
    Cato Journal, 2007, 27, (2), 185-192 View citations (4)

2006

33. Changes in the structure of earnings during the Polish transition
    Journal of Development Economics, 2006, 80, (2), 389-427 View citations (42)
    See also Working Paper Changes in the Structure of Earnings During the Polish Transition, IZA Discussion Papers (2002) View citations (10) (2002)
34. How do trade and financial integration affect the relationship between growth and volatility?
    Journal of International Economics, 2006, 69, (1), 176-202 View citations (132)
    Also in Proceedings, 2004, (Jun) (2004) View citations (31)
    See also Working Paper How Do Trade and Financial Integration Affect the Relationship between Growth and Volatility?, IZA Discussion Papers (2006) View citations (126) (2006)
35. Modernizing China's Growth Paradigm
    American Economic Review, 2006, 96, (2), 331-336 View citations (27)
    See also Working Paper Modernizing China's Growth Paradigm, IMF Policy Discussion Papers (2006) View citations (12) (2006)
36. Patterns of international capital flows and their implications for economic development
    Proceedings - Economic Policy Symposium - Jackson Hole, 2006, 119-158 View citations (34)

2005

37. Growth and Volatility in an Era of Globalization
    IMF Staff Papers, 2005, 52, (si), 31-63 View citations (58)

2004

38. The Unbearable Stability of the German Wage Structure: Evidence and Interpretation
    IMF Staff Papers, 2004, 51, (2), 354-385 View citations (60)
    See also Working Paper The Unbearable Stability of the German Wage Structure: Evidence and Interpretation, IMF Working Papers (2000) View citations (28) (2000)

2003

39. How Does Globalization Affect the Synchronization of Business Cycles?
    American Economic Review, 2003, 93, (2), 57-62 View citations (339)
    See also Working Paper How Does Globalization Affect the Synchronization of Business Cycles?, IMF Working Papers (2003) View citations (312) (2003)
40. Identifying the Common Component of International Economic Fluctuations: A New Approach
    Economic Journal, 2003, 113, (484), 101-127 View citations (116)
    See also Working Paper Identifying the Common Component of International Economic Fluctuations: A New Approach, IZA Discussion Papers (2002) View citations (4) (2002)
41. Medium-term determinants of current accounts in industrial and developing countries: an empirical exploration
    Journal of International Economics, 2003, 59, (1), 47-76 View citations (657)
    See also Working Paper Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration, NBER Working Papers (2000) View citations (82) (2000)

2002

42. Inequality, Transfers, And Growth: New Evidence From The Economic Transition In Poland
    The Review of Economics and Statistics, 2002, 84, (2), 324-341 View citations (79)
    See also Working Paper Inequality, Transfers and Growth: New Evidence from the Economic Transition in Poland, IZA Discussion Papers (2002) View citations (76) (2002)
43. Wage Inequality in the United Kingdom, 1975-99
    IMF Staff Papers, 2002, 49, (3), 339-363 View citations (3)
    See also Working Paper Wage Inequality in the United Kingdom, 1975-99, IZA Discussion Papers (2002) View citations (2) (2002)

2001

44. Possible effects of European Monetary Union on Switzerland
    Journal of Policy Modeling, 2001, 23, (5), 531-551 View citations (2)
45. The Dynamics of Reservation Wages: Preliminary Evidence from the GSOEP
    Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, 2001, 70, (1), 44-50 View citations (12)

2000

46. Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts
    The World Bank Economic Review, 2000, 14, (2), 251-85 View citations (256)
    See also Working Paper Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts, IMF Working Papers (1999) View citations (106) (1999)

1999

47. International Trade and the Business Cycle
    Economic Journal, 1999, 109, (458), 588-606 View citations (53)
    See also Working Paper International Trade and the Business Cycle, IMF Working Papers (1999) View citations (54) (1999)

1998

48. A disaggregated analysis of employment growth fluctuations in Canada
    Atlantic Economic Journal, 1998, 26, (3), 274-287 View citations (7)
49. International Evidence on the Determinants of Trade Dynamics
    IMF Staff Papers, 1998, 45, (3), 401-439 View citations (22)
    See also Working Paper International Evidenceon the Determinants of Trade Dynamics, IMF Working Papers (1997) View citations (2) (1997)
50. Labour Market Adjustment in Canada and the United States
    Canadian Public Policy, 1998, 24, (s1), 121-137
    See also Working Paper Labor Market Adjustment in Canada and the United States, IMF Working Papers (1997) View citations (2) (1997)

1997

51. Currency Unions, Economic Fluctuations, and Adjustment: Some New Empirical Evidence
    IMF Staff Papers, 1997, 44, (1), 36-58 View citations (38)
    See also Working Paper Currency Unions, Economic Fluctuations, and Adjustment: Some New Empirical Evidence, IMF Working Papers (1996) View citations (24) (1996)
52. Real Exchange Rate Fluctuations and the Business Cycle: Evidence from Japan
    IMF Staff Papers, 1997, 44, (3), 328-355 View citations (23)
    See also Working Paper Real Exchange Rate Fluctuations and the Business Cycle: Evidence From Japan, IMF Working Papers (1996) View citations (9) (1996)
53. Sectoral shifts and structural change in the Japanese economy: Evidence and interpretation
    Japan and the World Economy, 1997, 9, (3), 293-313 View citations (6)

1996

54. Skill Heterogeneity and the Business Cycle
    Canadian Journal of Economics, 1996, 29, (4), 910-29 View citations (14)
55. The Employment and Wage Effects of Oil Price Changes: A Sectoral Analysis
    The Review of Economics and Statistics, 1996, 78, (3), 389-400 View citations (98)
    See also Working Paper The Employment and Wage Effects of Oil Price Changes: A Sectoral Analysis, IMF Working Papers (1995) View citations (3) (1995)

1994

56. Are prices countercyclical? Evidence from the G-7
    Journal of Monetary Economics, 1994, 34, (2), 239-257 View citations (40)
    See also Working Paper Are Prices Countercyclical? Evidence From the G-7, IMF Working Papers (1994) View citations (38) (1994)

1993

57. Interpreting the Cyclical Behavior of Prices
    IMF Staff Papers, 1993, 40, (2), 266-298 View citations (22)
58. Skill Levels and the Cyclical Variability of Employment, Hours, and Wages
    IMF Staff Papers, 1993, 40, (4), 711-743 View citations (41)

Books

2016

1. Gaining Currency: The Rise of the Renminbi
   OUP Catalogue, Oxford University Press View citations (23)

2015

2. The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance
   Economics Books, Princeton University Press View citations (10)
   Also in Economics Books, Princeton University Press (2014) View citations (60)
   Economics Books, Princeton University Press (2015) View citations (10)

Edited books

2009

1. Monetary Policy Frameworks for Emerging Markets
   Books, Edward Elgar Publishing View citations (35)

Chapters

2023

1. Macroprudential Policies and the COVID-19 Pandemic: Risks and Challenges for Emerging Markets: A Discussion
   Chapter 7 in MACRO-FINANCIAL STABILITY POLICY IN A GLOBALISED WORLD: LESSONS FROM INTERNATIONAL EXPERIENCE Selected Papers from the Asian Monetary Policy Forum 2021 Special Edition and MAS-BIS Conference, 2023, pp 121-127

2015

2. Prologue
   A chapter in The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance, 2015
   Also in A chapter in The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance, 2014 (2014)

2014

3. Managing Capital Flow Volatility
   A chapter in Long-term finance: can emerging capital markets help?, 2014, vol. 75, pp 13-17
4. Preface
   A chapter in The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance, 2014

2012

5. Emerging Markets in the Aftermath of the Global Financial Crisis
   Chapter 6 in The World Economy After The Global Crisis A New Economic Order for the 21st Century, 2012, pp 129-151 View citations (1)

2011

6. Financial Development and Growth: What Role Can Foreign Capital Play?
   Chapter 2 in Financial Inclusion, Innovation, And Investments Biotechnology and Capital Markets Working for the Poor, 2011, pp 29-40

2010

7. Financial Globalization and Economic Policies
   Elsevier View citations (80)
   See also Working Paper Financial Globalization and Economic Policies, C.E.P.R. Discussion Papers (2009) View citations (35) (2009)
8. Postscript to Financial Globalization and Economic Policies
   Elsevier View citations (24)

2009

9. A Framework for Independent Monetary Policy in China
   Chapter 8 in Monetary Policy Frameworks for Emerging Markets, 2009
   See also Journal Article A Framework for Independent Monetary Policy in China, CESifo Group (2007) View citations (34) (2007)
   Working Paper A Framework for Independent Monetary Policy in China, International Monetary Fund (2006) View citations (48) (2006)
10. Monetary Policy Challenges for Emerging Market Economies
    Chapter 1 in Monetary Policy Frameworks for Emerging Markets, 2009 View citations (8)
    See also Working Paper Monetary Policy Challenges for Emerging Market Economies, Cornell University, Department of Applied Economics and Management (2009) View citations (13) (2009)

2007

11. Financial Globalization, Growth and Volatility in Developing Countries
    A chapter in Globalization and Poverty, 2007, pp 457-516 View citations (61)
    See also Working Paper Financial Globalization, Growth and Volatility in Developing Countries, C.E.P.R. Discussion Papers (2004) View citations (56) (2004)
12. The Chinese Approach to Capital Inflows: Patterns and Possible Explanations
    A chapter in Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, 2007, pp 421-480 View citations (68)
    See also Working Paper The Chinese Approach to Capital Inflows: Patterns and Possible Explanations, National Bureau of Economic Research, Inc (2005) View citations (152) (2005)

2006

13. Monetary policy implementation in China
    A chapter in Monetary policy in Asia: approaches and implementation, 2006, vol. 31, pp 25-39 View citations (2)