Working Papers

Working papers available through the National Bureau of Economic Research.

Austerity in the Aftermath of the Great Recession“, (with Christopher House and Christian Proebsting). Appendix 1    Appendix 2    Appendix 3

Quantifying the Benefits of Labor Mobility in a Currency Area, “ (with Christopher House and Christian Proebsting). Data appendix   Technical appendix

Saving Europe: Some Unpleasant Supply-Side Arithmetic of Fiscal Austerity“, NBER WP 20200 (with Enrique Mendoza and Jing Zhang).


Financial Constraints, Institutions and Foreign Ownership,” with Ron Alquist, Nicolas Berman and Rahul Mukherjee, Journal of International Economics (forthcoming), 2019.

The Value of Being Systemically Un-important: The Case of MetLife,” with Chris Naubert, Review of Finance (forthcoming), 2018.

Fire-sale FDI: All smoke and no fire?“, (with Ron Alquist and Rahul Mukherjee), Vox EU commentary.

Fire-sale FDI or Business as Usual?“, (with Ron Alquist and Rahul Mukherjee), Journal of International Economics, 98, pp. 93-113, 2016.

The Greek Budget: No easy options“, (with Christopher House), Brookings Papers in Economic Activity, forthcoming, 2015.

Long-Term Interest Rates: A Survey“, Council of Economic Advisers white paper (with Maurice Obstfeld), 2015.

The Impact of Foreign Liabilities on Small Firms: Firm-Level Evidence from the Korean Crisis“, (with Yun Jung Kim and Jing Zhang), Journal of International Economics, 97(2), pp. 209-230, 2015.

The Euro Crisis“, (with Kathryn Dominguez), RSQE Conference 2013.

The Finnish Great Depression: From Russia with Love“, (with Yuriy Gorodnichenko and Enrique Mendozo), American Economic Review, 2011.

The Role of Trade Finance in the U.S. Trade Collapse: a Skeptic’s View,” joint with Logan Lewis and Linda Tesar, chapter 7 in Jean-Pierre Chauffour and Mariem Malouche (eds.) Trade Finance During the Great Trade Collapse, Washington, DC: The World Bank, 2011, 133-147;

The collapse of international trade in 2008-9: In search of the missing gun“, (with Andrei Levchenko and Logan Lewis), IMF Economic Review, 2010.

Border Effect or Country Effect? Seattle may not be so far from Vancouver after all“, (with Yuriy Gorodnichenko), American Economic Journal: Macroeconomics, vol 1: 1, pp. 219-41, 2009.

The value of control in emerging markets“, (with Anusha Chari and Paige Parker Shelby),Review of Financial Studies, Vol. 23, Issue 4, p. 1741, April 2009.

International Trade, Production Sharing and the Transmission of Business Cycles“, (with Ariel Burstein and Christopher Kurz, Journal of Monetary Economics, vol 44:4. pp. 775-795, 2008.

Cross-Border Trading as a Mechanism for Capital Flight:  ADRs and the Argentine Crisis” with Sebastian Auguste, Kathryn Dominguez and Herman Kamil, Journal of Monetary Economics, Vol 53: 7, pp. 1259-95, 2006.

Exchange Rate Exposure“, (with Kathryn Dominguez), Journal of International Economics.vol 68:1, 2006.

International Borrowing and Macroeconomic Performance in Argentina“, (with Kathryn Dominguez) International capital flows, NBER, 2006.

Why Hasn’t Tax Competition Triggered a Race to the Bottom? Some Quantitative Lessons from the EU“, (with Enrique Mendoza), Journal of Monetary Economics, Volume 52:1, January 2005.

Multinationals and the Gains from International Diversification,” (with Patrick Rowland), Review of Economic Dynamics, Volume 7, Issue 4, October 2004, Pages 789-826.