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In our book, Global Capital Markets: Integration, Crisis, and Growth, we traced out the evolution of the international monetary system using the framework of the “international monetary trilemma”: ...

This paper employs an updated algorithm and database for classifying exchange rate and anchor currency choice, to explore the evolution of the global exchange rate system, including parallel rates, ...

The small open economy model with incomplete asset markets features a steady state that depends on initial conditions and equilibrium dynamics that possess a random walk component. A number of ...

This volume contains six studies on current topics in macroeconomics. Michael Woodford shows that while the assumption of rational expectations is unrealistic, a finite-horizon forward planning model ...

Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage, ...

Dean Corbae, 40th Annual Conference on Macroeconomics "Credit Scores and Inequality Across the Life Cycle" April 11, 2025. Share ...

Kristin Forbes, 40th Annual Conference on Macroeconomics "Tradeoffs and Sacrifice over Rate Cycles: Activity, Inflation and the Price Level" ...

2025, Panel Discussion, 40th Annual Conference on Macroeconomics "The Steep Decline in Global Fertility: Causes and Consequences" ...

The period after the Global Financial Crisis (GFC) was characterized by a considerable risk migration within global liquidity flows, away from cross-border bank lending towards international bond ...

We examine the impact of encouragement emails sent to high-performing students in a principles of microeconomics course at a large state university, aimed at motivating them to take additional ...