It is surprisingly difficult to find economic variables that strongly comove with exchange rates,
a phenomenon codified in a large literature as “exchange rate disconnect.” We demonstrate …

We find strong empirical evidence that the liquidity yield on government bonds in
combination with standard economic fundamentals can well account for nominal exchange …

We provide a comprehensive account of the evolution of the currency composition of
sovereign and corporate external borrowing by emerging markets from 2003 to 2017. We …

By kee** dollars scarce in international markets, the US–the hegemon–earns monopoly
rents when borrowing in dollar debt and investing in foreign currency assets. However, in …

In this thesis, I study the interplay between exchange rate dynamics and capital flows in the
international macroeconomy, and I consider the optimal policy response for economies that …

This dissertation is composed of three essays on international macroeconomics and finance.
The essays center on the interrelationship between asset prices, risk premia, and financial …