Working Papers and Current Research

New

This Time is Different, Again? The United States Five Years After the Onset of Subprime, (with Kenneth S. Rogoff), Harvard University, October 14, 2012.  See Also Apples and Oranges: Ordinary Recessions and Recessions with Financial Crises, October 16, 2012.

Unpublished Working Papers

Do Exchange Rate Based Stabilizations Carry the Seeds of Their Own Destruction?, (with Carlos A. Végh).  MPRA Paper 8952, University Library of Munich, Germany.

Intertemporal Consumption Substitution and Inflation Stabilization: An Empirical Investigation. (with Carlos A.Végh), University of Maryland, Papers in International Economics No. 3, 1993.

Real Exchange Rates and Commodity Prices in a Neoclassical Model, IMF Working Paper WP/88/55, June 1988.

Current Research

“Debt Overhangs,” (with Vincent R. Reinhart and Kenneth S. Rogoff)  Journal of Economic Perspectives, 2012.

“Capital Inflows, Exchange Rate Flexibility, and Credit Booms” (with Nicolas E. Magud, t, and Esteban R. Vesperoni) NBER Working Paper 17670, December 2011.

 “The Liquidation of Government Debt,” (with M. Belen Sbrancia), NBER Working Paper 16893, March 2011.

"Capital Controls: Myth and Reality, A Portfolio Approach" (with Nicolas Magud and Kenneth S. Rogoff), NBER Working Paper 16805, February 2011.

This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises, NBER Working Paper 15815, March 2010.

Banking Crises: An Equal Opportunity Menace (with Kenneth S. Rogoff), manuscript, University of Maryland, December 2008. Also available as NBER Working Paper No. 14587, December 2008.

The Lending Channel in Emerging Economies: Are Foreign Banks Different?, (with Marco Arena and Francisco Vazquez), NBER Working Paper 12340, June 2006.