Research

Working Papers

• How Good is International Risk Sharing?  (with Mark Aguiar and Oleg Itskhoki) [coming soon]  

• Optimal Exchange Rate Policy  (with Oleg Itskhoki) [November 2023]  

revise & resubmit, American Economic Review

slides  

• Sanctions and the Exchange Rate (with Oleg Itskhoki) [February 2023]  

revise & resubmit, Review of Economic Studies

slides  |   VoxEU, Intereconomics, Novaya

Main Publications

• Mussa Puzzle Redux (with Oleg Itskhoki) [May 2024] 

Econometrica,  accepted

slides  |  MFA Best Paper in Asset Pricing  |  VoxEU

• Optimal Policy under Dollar Pricing (with Konstantin Egorov) 

American Economic Review, 2023

article  |  slides  |  teaching note  |  VoxEU

• An Equilibrium Model of the International Price System 

American Economic Review, 2022

article  |  slides

• Exchange Rate Disconnect in General Equilibrium (with Oleg Itskhoki)

 Journal of Political Economy, 2021   (lead article)

article  |  slides  |  teaching note

Other Publications

• What Drives the Exchange Rate?  (with Oleg Itskhoki) 

IMF Economic Review, 2024

article  |  slides  

• International Sanctions and Limits of Lerner Symmetry (with Oleg Itskhoki)

AEA P&P, 2023

article  

• Exchange Rate Puzzles and Policies (with Oleg Itskhoki)

Credibility of Emerging Markets, Foreign Investors’ Risk Perceptions, and Capital Flows, 2023