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 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.).
“Currency Wars, Trade Wars, and Global Demand,” 2021 (Paper)
“To What Extent Are Tariffs Offset by Exchange Rates?” 2020 (with Jeongwon Son) (NBER Working Paper 27654)
“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)
Peterson Institute Webinar, "Rebuilding the Global Economy: Role of international finance and central banks"
Peterson Institute Blog “Is the US dollar shirking its 'exorbitant duty"'?"
My presentation on “Policy Interactions and International Spillovers in the Global Economy: an Academic Perspective” at the IBRN‐IMF workshop, Washington DC, October 15 2019 (Slides)
I took our graduate students to a visit of the IMF in Washington DC.
A conference on the "New Economics of Exchange Rate Adjustment" that I co-organized at Cambridge University.
A paper on “Analytical Frameworks and Toolkits in IMF Financial Surveillance” that I wrote for the IMF Independent Evaluation Office. (PDF)
- “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”