Publications on Exchange Rates and Currencies
"Reserves, Sanctions and Tariffs in a Time of Uncertainty," with M.Chinn and H.Ito, NBER WP 34177, August 2025.
“Estimation of Nonlinear Exchange Rate Dynamics in Evolving Regimes,” with Yao Hou and Danxia Xie, NBER Working Paper No. 32644, July; June 2024. Double-spaced, July 20, 2024.
“The Dollar versus the Euro as International Reserve Currencies,” with Menzie Chinn and Hiro Ito, 2024, Journal of International Money and Finance, vol.146, August. HKS RWP no. 24-005, March. NBER WP 32387, April 2024.
“Dollar Rivals,” 2024, in 50 Years of Floating, Douglas Irwin and Maurice Obstfeld, editiors (Peterson Institute for International Economics, Washington DC). HKS RWP 23-015, June; NBER WP 31476, July 2023.
"Systematic Managed Floating," 2019, Open Economies Review, April, vol 30, no.2 pp.255-295. Reprinted, 2021, in The Asian Monetary Policy Forum: Insights for Central Banking, S.Davis, E.Robinson, and B.Yeung, eds. (World Scientific Publ. Co. Pte Ltd). NBER WP 23663. Data appendix, 2017.
“The Currency-Plus-Commodity Basket: A Proposal for Exchange Rates in Oil-Exporting Countries to Accommodate Trade Shocks Automatically” Short abstract. In: Macroeconomic Institutions and Management in Resource-Rich Arab Economies, edited by Kamiar Mohaddes, Jeffrey Nugent and Hoda Selim, (Oxford: Oxford University Press), 2019. Abstract. CID WP no 333, 2017.
"The Plaza Accord, 30 Years Later,” published in Currency Policy Then and Now: 30th Anniversary of the Plaza Accord, edited by C.F. Bergsten & R. Green (Peterson Institute for International Economics: Washington), 2016. NBER Working Paper 21813; HKS RWP15-056; Baker Institute WP. Conference, Rice University.
More Topics
Expectations of Participants in the Foreign Exchange Markets
What Makes Exchange Rates Move (incl. PPP)