PROFILE
 

PhD, Princeton University
Member of the faculty since 2007. He previously worked as an economist at the International Research Function of the Federal Reserve Bank of New York. He has been a member of the Bank Council of the Swiss National Bank since 2011. His research interests cover several dimensions of the international transmission of economic cycles and policies: financial globalization and its impact on the international transmission of macroeconomic fluctuations, the international role of some currencies, the dynamics of balance of payments and the value of international assets and liabilities.

SELECTED PUBLICATIONS
 

• Composition of International Assets and the Long Run Current Account, Economic Notes by Banca Monte dei Paschi di Siena 37, 2008, pp.
• 283–313. A column based on this work appears on the Vox online forum: How do capital gains affect long run-current accounts?, October 11, 2008.
• (http://www.voxeu.org/index.php?q=node/2364)
• Vehicle currency use in international trade, with Linda Goldberg, Journal of International Economics 76, 2008, pp. 177-192.
• The Changing Nature of the U.S. Balance of Payments, with Rebecca Hellerstein, Current Issues in Economics and Finance 14 (4), 2008,
• Federal Reserve Bank of New York. A column based on this work appears on the Vox online forum: Financial factors and the current account: Is volatility a concern?, August 21, 2008 (http://www.voxeu.org/index.php?q=node/1559)
• Financial integration and the wealth effect of exchange rate fluctuations, Journal of International Economics75, 2008, pp. 283-294.
• Exchange rate pass-through to trade prices and external adjustment, in IMF World Economic Outlook, ch.3 box 3.3., 2007, pp. 100-102.
• Borrowing without debt? Interpreting the U.S. international investment position, with Matthew Higgins and Thomas Klitgaard, Business Economics 42 (1), 2007, National Association for Business Economics, pp. 17-27. This paper was awarded an Abramson Scroll for outstanding articles by the National Association of Business Economics.
• On the distributional effects of exchange rate fluctuations, Journal of International Money and Finance 25, 2006, pp. 1207-1225.
• The international role of the dollar and trade balance adjustment, with Linda Goldberg, Group of Thirty Occasional Paper 71, 2006.
• Current account adjustment with high financial integration: A scenario analysis, with Michele Cavallo, Federal Reserve Bank of San Francisco
• Economic Review, 2006, pp. 31-46.
• Exchange rate pass-through and the welfare effect of the euro, with Michael Devereux and Charles Engel, International Economic Review 44, 2003, pp. 223-252.
• The role of consumption substitutability in the international transmission of shocks, Journal of International Economics 53, 2001, pp. 421-444. Reprinted in Open Economy Macroeconomics (N.C. Miller ed.), a contribution to The International Library of Critical Writings in Economics, 2006.

Regularly updated lists of publications:

• Repec
• Vox
• Telos

Personal Website