Working Papers

Liquidity and Exchange Rates: An Empirical Investigation and Appendix A, Appendix B (with Steve Pak Yeung Wu) November, 2020 (1st version, November 12, 2018)

Scrambling for Dollars: International Liquidity, Banks and Exchange Rates (with Javier Bianchi and Saki Bigio) February 4, 2021 (first version, October 20, 2020)

A Reconsideration of the Failure of Uncovered Interest Parity for the U.S. Dollar (co-authored with Ekaterina Kazakova, Mengqi Wang and Nan Xiang) February 23, 2021 (first version, September 24, 2020)

Forecasting the U.S. Dollar in the 21st Century (co-authored with Steve Pak Yeung Wu) June 10, 2021 (1st version, January 26, 2021)

Debauchery and Original Sin: The Currency Composition of Sovereign Debt,  (with JungJae Park) April, 2021 (1st version May 12, 2016)

Lessons for Cryptocurrencies from Foreign Exchange Markets.  August 28, 2019