In 2018, the United States launched a trade war with China, marking an abrupt departure
from its historical leadership in integrating global markets. By late 2019, the United States …

For a long while after the explosion of macroeconomics in the 1970s, the field looked like a
battlefield. Over time, however, mainly because facts do not go away, a largely shared vision …

After decades of supporting free trade, in 2018 the United States raised import tariffs and
major trade partners retaliated. We analyze the short-run impact of this return to …

We examine conventional approaches to evaluating the economic impact of protectionist
trade policies. We illustrate these conventional approaches by applying them to the tariffs …

For more than half a century, the US dollar has been not just America's currency but the
world's. It is used globally by importers, exporters, investors, governments and central banks …

We provide a theory of the determination of exchange rates based on capital flows in
imperfect financial markets. Capital flows drive exchange rates by altering the balance …

We explore the interplay between trade-invoicing patterns and the pricing of safe assets in
different currencies. Our theory highlights the following points:(i) a currency's role as a unit of …