Research

Working Papers

Amplification and Risk-Sharing in the Global Financial Network with Leslie Sheng Shen Revise and resubmit
SSRN
A Financial New Keynesian Model with Thomas M. Mertens
SSRN·FRBSF Working Paper
Five Facts About Stablecoins with Will Cong, Gordon Liao, and Eswar Prasad
SSRN·FT Op-Ed
Inelastic by Construction with Mingyang Zhang
Paper·SSRN

Publications

Convenience Lost with Zhengyang Jiang and Robert Richmond — Journal of Financial Economics, August 2026
Published Version·SSRN·NBER Working Paper·Press: NBER Digest
Openness, Integration, and the International Monetary Order with Tarek A. Hassan, Thomas M. Mertens, and Jingye Wang — Economic Policy: PEGI, Spring 2026
Summary·NBER Working Paper
Trade War and the Dollar Anchor with Tarek A. Hassan, Thomas M. Mertens, and Jingye Wang — Brookings Papers on Economic Activity, Fall 2025
Paper·Summary·Video·Press: Reuters
Understanding the Strength of the Dollar with Zhengyang Jiang and Robert Richmond — Journal of Financial Economics, June 2025
Published Version·SSRN
The Hedging Channel of Exchange Rate Determination with Gordon Y. Liao — Review of Financial Studies 38(1), 2025, pp. 1–38
Published Version·SSRN·Slides·Press: VoxEU
A Portfolio Approach to Global Imbalances with Zhengyang Jiang and Robert Richmond — Journal of Finance 79(3), 2024, pp. 2025–2076
Published Version·SSRN·Slides
A Risk-based Theory of Exchange Rate Stabilization with Tarek A. Hassan and Thomas M. Mertens — The Review of Economic Studies, June 2022
Published Version·SSRN·NBER Working Paper·Problem Set·Mathematica Notebook
Monetary Policy Spillovers through Invoicing Currencies — Journal of Finance 77(1), 2022, pp. 129–161
Published Version·SSRN·Slides
The Economics of Currency Risk with Tarek A. Hassan — Annual Review of Economics 13, 2021, pp. 281–307
Published Version·SSRN·NBER Working Paper·Slides·LaTeX·Data
Not So Disconnected: Exchange Rates and the Capital Stock with Tarek A. Hassan and Thomas M. Mertens — Journal of International Economics 99, 2016, pp. S43–S57
Published Version·SSRN·NBER Working Paper·Slides