We survey the recent empirical and theoretical developments in the literature on the relation
between prices and exchange rates. After updating some of the major findings in the …

I model the equilibrium risk sharing between countries with varying financial development.
The most financially developed country takes greater risks because its financial …

We propose a new model of exchange rates, based on the hypothesis that the possibility of
rare but extreme disasters is an important determinant of risk premia in asset markets. The …

There has been mounting evidence that the inflation process has been changing. Inflation is
now much lower and much more stable around the globe. And its sensitivity to measures of …

Business leaders, government officials, and academics are focusing considerable attention
on the concept of “corporate social responsibility”(CSR), particularly in the realm of …

ABSTRACT I uncover an economic source of exposure to global risk that drives international
asset prices. Countries that are more central in the global trade network have lower interest …

We examine the concept of firms sacrificing profits in the social interest within the
environmental realm, with particular focus on the case of the United States by addressing …

We study the quarterly bilateral real exchange rate and the relative price of non-traded to
traded goods for 1225 country pairs over 1980-2005. We show that the two variables are …

We estimate the contribution of international common factors to the dynamics of price
inflation rates of a cross‐section of 948 CPI products in four OECD countries: United States …

A puzzle in international macroeconomics is that real exchange rates are highly volatile.
Standard international real business cycle (IRBC) models cannot reproduce this fact. This …