Previous Papers
"Does the Current Account Still Matter?"
Richard T. Ely Lecture, January 6, 2012
"Gross Financial Flows, Global Imbalances, and Crises"
L. K. Jha Memorial Lecture, Reserve Bank of India, December 13, 2011
"Stories of the Twentieth Century for the Twenty-First"
with Pierre-Olivier Gourinchas, January 2012
"Expanding Gross Asset Positions and the International Monetary System"
Panel presentation at Jackson Hole Symposium, August 2010
"Global Imbalances and the Financial Crisis: Products of Common Causes"
with Kenneth Rogoff, August 2010
"Remembering Alan Stockman"
July 2010
"The Immoderate World Economy"
Keynote Speech, 3rd Annual JIMF-SCCIE Conference, May 2009
"Lenders of Last Resort in a Globalized World"
November 2009
"Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008*"
with Jay C. Shambaugh and Alan M. Taylor, Dec 2008
"Financial Stability, the Trilemma, and International Reserves"
with Jay C. Shambaugh and Alan M. Taylor, June 2009
"International Risk Sharing and the Costs of Trade"
the Ohlin lectures, May 2007
"The Renminbi's Dollar Peg at the Crossroads"
July 2006; Revised December 2007
"The Unsustainable US Current Account Position Revisited"
with Kenneth Rogoff, October 2004; Revised November 2005
"America's Deficit, the World's Problem"
September 2005
"Global Current Account Imbalances and Exchange Rate Adjustments"
with Kenneth Rogoff, May 2005
"Monetary Policy in the Open Economy Revisited: The Case for Exchange-Rate Flexibility Restored"
with Margarida Duarte, Revised February 2007
"External Adjustment"
reprinted from Review of World Economics, December 2004
"Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period"
with Jay Shambaugh and Alan M. Taylor, April 2004
"Monetary and Fiscal Remedies for Deflation"
with Alan J. Auerbach, January 2004
"The Case for Open-Market Purchases in a Liquidity Trap"
joint with Alan J. Auerbach, revised December 2004
"The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility"
with Jay C.Shambaugh and Alan M. Taylor, revised March 2004
"Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31"
with Alan M. Taylor, January 2003
"Saving, Investment, and Gold: A Reassessment of Historical Current Account Data"
with Matthew T. Jones, 2001
"Global Implications of Self-Oriented National Monetary Rules"
with Kenneth Rogoff, June 2001
"Perspectives on OECD Economic Integration: Implications for US Current Account Adjustment"
with Kenneth Rogoff, 2000
"The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?"
with Kenneth Rogoff, 2000
"New Directions for Stochastic Open Economy Models"
with Kenneth Rogoff, 2000
"Risk and Exchange Rates"
with Kenneth Rogoff, February 2001