Forward exchange rate unbiasedness is rejected in tests from the current floating exchange
rate era. This paper surveys advances in this area since the publication of Hodrick's (1987) …

This paper reviews the literature on exchange rate economics over the last two decades,
with particular reference to recent developments. Exchange rate economics has been one of …

When I worked on my Introduction to Multiple Time Series Analysis (Lutk ̈ ̈-pohl (1991)), a
suitable textbook for this? eld was not available. Given the great importance these methods …

Adjustments in bank leverage act as the linchpin in the monetary transmission mechanism
that works through fluctuations in risk-taking. In the international context, we find evidence of …

The new edition of a comprehensive treatment of monetary economics, including the first
extensive coverage of the effective lower bound on nominal interest rates. This textbook …

We develop a model-based, VAR methodology for measuring innovations in monetary
policy and their macroeconomic effects. Using this framework, we are able to compare …

This paper uses the Flow of Funds accounts to assess the impact of a monetary policy shock
on the borrowing and lending activities of different sectors of the economy. Our measures of …

We investigate global factors associated with bank capital flows. We formulate a model of
the international banking system where global banks interact with local banks. The solution …

This paper shows that vector auto regression (VAR) with Bayesian shrinkage is an
appropriate tool for large dynamic models. We build on the results of De Mol and co‐workers …

Past empirical research on the effects of monetary policy in closed and open economies
found evidence of several anomalies, such as the 'liquidity','price','exchange rate'and …