Jump to Faculty Member
I joined the Johns Hopkins Department of Economics in September, 2008, after ten years in various positions at the Research Department of the International Monetary Fund. My research spans an array of applied and theoretical topics in international and domestic macroeconomics: capital flows, exchange rate regimes and currency crises, sovereign debt and defaults, international liquidity, and monetary policy. Outside of Hopkins, I am also a senior fellow at the Peterson Institute for International Economics, a research associate at National Bureau of Economic Research (NBER, Cambridge MA), a research fellow at the Center for Economic Policy Research (CEPR, London), and a senior fellow at the Peterson Institute for International Economics (Washington, D.C.).
“Capital Account Policies and the Real Exchange Rate", 2012. (PDF)
“Fiscal Challenges to Monetary Dominance in the Euro Area: A Theoretical Perspective", 2012, paper prepared for the Banque de France Financial Stability Review. (PDF)
“Capital Flow Management", 2012, forthcoming in the AER papers and Proceedings (PDF)
“The Dollar and its Discontents", 2012, keynote address at the fourth JIMF Conference, forthcoming in the Journal of International Money and Finance (PDF)
“Capital Flows to Developing Countries: the Allocation Puzzle", 2011, forthcoming in the Review of Economic Studies (coauthored with Pierre-Olivier Gourinchas).(PDF)
“Managing Credit Booms and Busts: A Pigouvian Taxation Approach," 2012, new version, (coauthored with Anton Korinek). (PDF)
“Macro-hedging for Commodity Exporters", 2012, forthcoming in the Journal of Development Economics (coauthored with Eduardo Borensztein and Damiano Sandri).(PDF)
“The Global Liquidity Trap", 2009. (PDF)
“A Tractable Model of Precautionary Reserves or Net Foreign Assets", 2009, (coauthored with Christopher Carroll). (PDF)
“A Theory of International Crisis Lending and IMF Conditionality”, 2008 (coauthored with Jonathan Ostry and Jeromin Zettelmeyer).(PDF)
“Like Mother Like Son? Experimental Evidence on the Transmission of Values from Parents to Children,” 2007 (coauthored with Marco Cipriani and Paola Giuliano).
“Sovereign Default Risk and Bank Fragility in Financially Integrated Economies”, 2011, IMF Economic Review 59(2), pp. 162-194 (coauthored with Patrick Bolton).
“The Optimal Level of Reserves for Emerging Market Countries: a New Formula and Some Applications”, 2011, Economic Journal 121(555), pp. 905-930 (coauthored with Romain Rancière).
“Inflation Targeting and Debt Crises in the Open Economy: a Note”, 2010, in The New International Monetary System: Essays in honor O Alexander Swoboda, C. Wyplosz ed., Routledge, pp. 58-69.
“Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach”, 2010, American Economic Review, AEA Papers and Proceedings, pp.403-407 (co-authored with Anton Korinek).
“La trappe à liquidité globale,” 2010, Revue Economique 61(3), pp.395-406 (text of the 2009 J.J. Laffont lecture at the 2009 annual meeting of the Association Française de Sciences Economiques).
“Symbolic Values, Occupational Choice and Economic Development”, 2010, European Economic Review 54(2), pp. 241-255 (coauthored with Giacomo Corneo).
“Debt Maturity and the International Financial Architecture”, 2009, American Economic Review 99(5), pp. 2135-48.
“Structuring and Restructuring Sovereign Debt: The Role of Seniority”, 2009, Review of Economic Studies 76(3) (coauthored with Patrick Bolton).
“A Theory of Tolerance”, 2009, Journal of Public Economics 93(5-6), pp. 691-702 (coauthored with Giacomo Corneo).
“Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime,” 2007, Journal of Political Economy 115(6), pp.901-924 (coauthored with P. Bolton).
“International Reserves in Emerging Market Countries: Too Much of a Good Thing?”, 2007, in Brookings Papers on Economic Activity 1, W. C. Brainard and G. L. Perry eds., pp. 1-55, with discussions by L. Summers and J. Aizenman (Brookings Institution, Washington DC).
“Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank”, 2007, American Economic Review 97, pp. 474-490 (coauthored with L. Svensson).
“The Elusive Gains from International Financial Integration”, 2006, Review of Economic Studies 73, pp. 715-741 (coauthored with P.-O. Gourinchas).
“The Mussa Theorem (and other results on IMF induced moral hazard)”, 2005, IMF Staff Papers 52, pp. 64-84 (coauthored with J. Zettelmeyer).
“An Interest Rate Defense of a Fixed Exchange Rate?”, 2005, Journal of International Economics 66, pp. 471-484 (co-authored with R. Flood).
"Why Do Emerging Economies Borrow in Foreign Currency?", 2005, in Other People’s Money, B. Eichengreen and R. Hausmann eds., Chicago: University of Chicago Press, pp. 190-217.
“The International Lender of Last Resort: How Large Is Large Enough?”, 2003, in Managing Currency Crises in Emerging Markets, in Michael Dooley and Jeffrey Frankel eds., University of Chicago Press, pp. 89-118 (coauthored with C. Wyplosz).
“Monetary Policy and Asset Prices: Does Benign Neglect Make Sense?”, 2002, International Finance 5, pp.139-164 (coauthored with M. Bordo).
“Noise Trading and Exchange Rate Regimes”, 2002, Quarterly Journal of Economics 177, pp.537-569 (coauthored with A.K. Rose).
“International Bailouts, Moral Hazard and Conditionality”, 2001, Economic Policy 33, pp.409-432 (coauthored with J. Zettelmeyer).
“Status, the Distribution of Wealth, and Growth”, 2001, Scandinavian Journal of Economics 103, pp.283-293 (coauthored with G. Corneo).
"Currency Crisis and Unemployment: Sterling in 1931", 2000, in Currency Crises, P. Krugman, ed., University of Chicago Press, Chicago, pp.7-46 (coauthored with B. Eichengreen).
“Currency crises: A Perspective on Recent Theoretical Developments”, 2000, Special Papers in International Economics 20, International Finance Section, Dept. of Economics, Princeton University, Princeton N.J.
“Currency Crises, Sunspots and Markov-switching Regimes”, 2000, Journal of International Economics 50, pp. 327-350 (coauthored with P. Masson).
"Pecuniary Emulation, Inequality and Growth", 1999, European Economic Review 43, pp.1665-1678 (coauthored with G. Corneo).
“Social Organization in an Endogenous Growth Model”, 1999, International Economic Review 40, pp. 711-25 (coauthored with G. Corneo)
"Segmented Communication and Fashionable Behavior", 1999, Journal of Economic Behavior and Organization 39, pp. 371-85 (coauthored with G. Corneo).
"Generating Real Persistent Effects of Monetary Shocks: How Much Nominal Rigidity Do We Really Need?", 1998, European Economic Review 42, pp. 1009-1032 (reprinted in Imperfect Competition, Nonclearing Markets and Business Cycles, J.P. Benassy ed., the International Library of Critical Writings in Economics 192, Elgar U.K.).
"Social Organization, Status, and Savings Behavior", 1998, Journal of Public Economics 70, pp. 37-51 (coauthored with G. Corneo).
"Are Currency Crises Self-fulfilling? A Test", 1997, Journal of International Economics 43, pp. 263-286.
"Conspicuous Consumption, Snobbism and Conformism", 1997, Journal of Public Economics 66, pp. 55-71 (coauthored with G. Corneo).
"The Instability of Fixed Exchange Rate Systems When Raising the Nominal Interest Rate Is Costly", 1997, European Economic Review 41, pp. 1461-78 (coauthored with B. Bensaid).
"Would a Tobin Tax Have Saved the EMS?", 1996, Scandinavian Journal of Economics 98, pp. 503-520.
“Financial Times Oped: Germany Owes More to Prodigal Periphery” (Link)
“The Role of Central Banks: Lessons from the Crisis” (PDF)
“Dealing with Volatile Capital Flows” (LINK)
“We Need a Multilateral Consultation On How To Avoid Global Deflation” (LINK)
Conference Remarks - “Building an International Monetary and Financial System for the 21st Century: Agenda for Reform” (PDF)
“Dealing With Credit Booms and Busts: the Case for Prudential Taxation” (PDF)
“What Inflation Targeting Means in a Credit Crunch” (PDF)