Previous Papers


 

"Does the Current Account Still Matter?"
Richard T. Ely Lecture, January 6, 2012



"Financial Flows, Financial Crises, and Global Imbalances" Journal of International Money and Finance, 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, American Economic Journal: Macroeconomics, 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


"America's Deficit, the World's Problem"
Monetary and Economic Studies, Bank of Japan, 2005


"Global Current Account Imbalances and Exchange Rate Adjustments"
with Kenneth Rogoff, Brookings Papers on Economic Activity, 2005




"External Adjustment"
Review of World Economics, 2004




"Monetary and Fiscal Remedies for Deflation"
with Alan J. Auerbach, January 2004


"The Case for Open-Market Purchases in a Liquidity Trap"
with Alan J. Auerbach, American Economic Review, 2005


"The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility"
with Jay C. Shambaugh and Alan M. Taylor, Review of Economics and Statistics, 2005



"Globalization and Capital Markets" with Alan M. Taylor, in Globalization in Historical Perspective, ed. Michael D. Bordo, Alan M. Taylor, and Jeffrey G, Williamson, University of Chicago Press, 2003



"Risk and Exchange Rates"
with Kenneth Rogoff, in Contemporary Economic Policy: Essays in Honor of Assaf Razin, ed. Elhanan Helpman and Effraim Sadka, Cambridge University Press, 2002.


"Saving, Investment, and Gold: A Reassessment of Historical Current Account Data"
with Matthew T. Jones, in Money, Capital, and Trade: Essays in Honor of Robert A. Mundell, ed. Guillermo Calvo, Rudiger Dornbusch, and Maurice Obstfeld, MIT Press, 2001.


"Global Implications of Self-Oriented National Monetary Rules"
with Kenneth Rogoff, Quarterly Journal of Economics, 2002






"Foreign Resource Inflows, Saving, and Growth" in The Economics of Saving and Growth, ed. K. Schmidt Hebbel and Luis Servén, Cambridge University Press, 1999


"The Global Capital Market: Benefactor or Menace?" Journal of Economic Perspectives, 1998


"The Great Depression as a Watershed: International Capital Mobility over the Long Run" with Alan M. Taylor, in The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, ed. Michael D. Bordo, Claudia Goldin, and Eugene N. White, University of Chicago Press, 1998.


"Regional Nonadjustment and Fiscal Policy: Lessons for EMU" with Giovanni Peri, Economic Policy, 1998


"Destabilizing Effects of Exchange-Rate Escape Clauses" Journal of International Economics, 1997


"Dynamic Seigniorage Theory: An Exploration" Macroeconomic Dynamics, 1997




"Europe’s Gamble" Brookings Papers on Economic Activity, 1997



"Exchange Rate Dynamics Redux" with Kenneth Rogoff, Journal of Political Economy, 1995


"The Mirage of Fixed Exchange Rates" Journal of Economic Perspectives, 1995


"The Logic of Currency Crises" Cahiers Économiques et Monétaires, 1994



"Stochastic Process Switching: Some Simple Solutions" with Kenneth A. Froot, Econometrica, 1991