Published

This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 56 countries...

We develop a tractable small-open-economy framework to characterize the constrained efficient use of the monetary policy rate, foreign exchange (FX) intervention, capital controls, and domestic macroprudential measures. The model features dominant...

Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes...

Global linkages are changing amidst elevated geopolitical tensions and a surge in policies directed at increasing supply chain resilience and national security. Using granular bilateral data, we provide new evidence of trade and investment fragmentation...

Pandemics and epidemics pose systemic risks to lives, societies, and to global economic security—and their frequency is expected to increase as rising trade and increased human interaction with animals leads to the emergence of new diseases. The Covid-19...

This paper presents the most comprehensive and up-to-date panel data set of invoicing currency patterns in global trade. It provides data on the shares of exports and imports invoiced in US dollars, euros, and other currencies for 115 countries since 1990...