I joined the Johns Hopkins Department of Economics in 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 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 nonresident senior fellow at the Peterson Institute for International Economics (Washington, D.C.).

A complete list of work can be found here. 

Recent Papers:

"“Whatever It Takes”: Government Default Versus Financial Repression", 2023 (Paper)

“Rounding the Corners of the Trilemma: A Simple Framework”, 2021, forthcoming in Journal of International Money and Finance 122 (Paper)

“Currency Wars, Trade Wars, and Global Demand,” 2021 (Paper)

“To What Extent Are Tariffs Offset by Exchange Rates?” New version 2021 (with Jeongwon Son) (Paper)

“Global Financial Cycle and Liquidity Management,” 2020 (with Damiano Sandri) (PDF)

“Optimal Reserves in Financially Closed Economies,” 2020 (with Damiano Sandri) Journal of International Money and Finance 104, pp. 1-13,  (PDF)

“Macroprudential Regulation Versus Mopping Up After the Crash,” 2020 (Anton Korinek) Review of Economic Studies 87(3), pp. 1470-97, (PDF)

“Central Bank Policy Sets the Lower Bound on Bond Yields” 2020, Peterson Institute for International Economics Working Paper 20-2, with Joe Gagnon, https://www.piie.com/publications/working-papers/central-bank-policy-sets-lower-bound-bond-yields

New version: "Managing Credit Booms and Busts: A Pigouvian Taxation Approach," 2019 (with Anton Korinek, Journal of Monetary Economics, 107, pp. 2-17). (PDF)

Other:

Peterson Institute Webinar, "Rebuilding the Global Economy: Role of international finance and central banks"

Peterson Institute Blog Memo to the Bank for International Settlements on priorities for banking regulation and supervision, and monetary policy

Peterson Institute Blog “Is the US dollar shirking its 'exorbitant duty"'?"

• “Financial Times Oped: Germany Owes More to Prodigal Periphery”
• “The International Monetary System” ( Video of IMF piece)
• “The Role of Central Banks: Lessons from the Crisis”
• “Dealing with Volatile Capital Flows”
• “We Need a Multilateral Consultation On How To Avoid Global Deflation”
• Conference Remarks – “Building an International Monetary and Financial System for the 21st Century: Agenda for Reform”
• “Dealing With Credit Booms and Busts: the Case for Prudential Taxation”
• “What Inflation Targeting Means in a Credit Crunch”