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

"The Immoderate World Economy"
Keynote Speech, 3rd Annual JIMF-SCCIE Conference, May 2009

"Financial Stability, the Trilemma, and International Reserves"
with Jay C. Shambaugh and Alan M. Taylor, June 2009

"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

"External Adjustment"
reprinted from Review of World Economics, December 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

"Risk and Exchange Rates"
with Kenneth Rogoff, February 2001