Exchange Rates and Dollarization

“Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold? (with Ethan Ilzetzki and Kenneth S. Rogoff).  National Bureau of Economic Research, Working Paper 23134, February 2017.

Background material for "Exchange Rate Arrangements Entering the 21st Century: Which Anchor Will Hold?" 

“Does Reserve Accumulation Crowd Out Investment?” (with Vincent Reinhart and Takeshi Tashiro), HKS Faculty Research Working Paper Series RWP15-038, July 2015.

Addicted to Dollars (with Keneth S. Rogoff and Miguel A. Savastano) Annals of Economics and Finance, Society for AEF, Vol. 15(1), May 2014, pages 1-52.

Goodbye Inflation Targeting, Hello Fear of Floating? Latin America after the Global Financial Crisis, MPRA 51282, April 2013, forthcoming in Ernesto Zedillo (ed.) Latin America: Taking Off or Still Falling Behind?.

“Do Exchange Rate Based Stabilizations Carry the Seeds of Their Own Destruction?” (with Carlos A. Végh), MPRA Working Paper 8952, June 2008.

The Modern History of Exchange Rate Arrangements: A Reinterpretation (with Kenneth S. Rogoff) NBER Working Paper 8963, 2002. Revised version March 2003, Quarterly Journal of Economics, Vol. CXIX No. 1, February 2004, 1-48.

Featured in: Business Week June 28, 2002 and Finance and Development Vol. 39 No. 3., September 2002.

Twin Fallacies About Exchange Rate Policy in Emerging Markets (with Vincent R. Reinhart), Moneda y Crédito Vol. 216, (2003), 11-29.

What Hurts Most: G-3 Exchange Rate or Interest Rate Volatility? (with Vincent R. Reinhart) in Sebastian Edwards and Jeffrey Frankel, eds. Preventing Currency Crises in Emerging Markets (Chicago: University of Chicago Press for the NBER, 2001), 73-99. See also NBER Digest, (Cambridge: NBER, January 2002).

What Does a G-3 target Zone Mean for Emerging Market Economies? (with Vincent R. Reinhart), Figure 1 (longer version). Finance and Development, Vol. 39 No. 1, (Washington DC: International Monetary Fund, March 2002), 17-19.

Fixing for Your Life (with Guillermo A. Calvo), in Susan Collins and Dani Rodrik, eds., Brookings Trade Forum 2000 (Washington, DC: Brookings Institution, 2001), 1-39.

“Reflections on Dollarization,” (with Guillermo A. Calvo), in Alberto Alesina and Robert Barro (eds.), Currency Unions (Stanford: Hoover Institute Press, 2001), 39-47.

 Fear of Floating (with Guillermo A. Calvo) Longer NBERWP 7993. Revised version, Figure 1 of revised version, Quarterly Journal of Economics, Vol. CXVII No. 2, May 2002, 379-408.
Background material,
Variance ratios.
Fear of Floating: Exchange Rate Flexibility Indices

The Mirage of Floating Exchange Rates, American Economic Review, Vol. 90, No. 2, May 2000, 65-70.
Featured in: IMF Survey. January 23, 2000, and Dow Jones Newswire May 1, 2000.

“Capital Flow Reversals, the Exchange Rate Debate, and Dollarization,” (with Guillermo A. Calvo), Finance and Development, Vol. 36(3), September 1999, 13-15.

Devaluation, Relative Prices, and Trade, IMF Staff Papers, Vol. 42, No. 2, June 1995, 290-312.

Targeting the Real Exchange Rate: Theory and Evidence (with Guillermo A. Calvo and Carlos A. Végh), Journal of Development Economics, Vol. 47, June 1995, 97-133.
Spanish version: La tasa de cambio real como meta de política: teoría y evidencia en: Revista Ensayos Sobre Politica Economica No. 25, Art. 01, Junio de 1994 (Santafe de Bogota, Colombia: Banco de Republica)  7-50.