Working Papers

Scrambling for Dollars: International Liquidity, Banks and Exchange Rates (with Javier Bianchi and Saki Bigio) November 2023 (first version, October 20, 2020)

Collateral Advantage: Exchange Rates, Capital Flows, and Global Cycles (with Michael B. Devereux and Steve Pak Yeung Wu) September 2023 (first version, September 2022)

Exchange Rate Models Are Better Than You Think, and Why They Didn't Work in the Old Days (with Steve Pak Yeung Wu) July 2024

U.S. Liquid Government Liabilities and Emerging Market Capital Flows (with Annie Soyean Lee) July 2024 (first version, June 2024)