Remarks at the Thirty-Seventh Annual Jackson Hole Symposium, Jackson Hole, Wyoming.

The sharp increase in both gross and net international capital flows over the past two decades has prompted renewed interest in their determinants. Most existing theories of international capital flows are based on one-asset models, which have implications only for net capital flows, not for...

Switzerland's international investment position shows a puzzling feature since 1999: Large and persistent current account surpluses have failed to boost the value of Swiss foreign assets. In this paper, we link this pattern to the substantial increase in the leveraging of Switzerland's...

This paper develops a forward-looking model for import demand under a foreign exchange constraint, in which import growth is an increasing function of contemporaneous and expected future export growth. ; Unlike existing models which stress the role of foreign exchange reserves and...

Remarks at the Washington and Lee University H. Parker Willis Lecture in Political Economics, Lexington, Virginia.

Remarks at the New York Association for Business Economics, New York City.

Remarks at the Council of Society Business Economists Annual Dinner, London, United Kingdom.

Remarks hosted by the Institute of Regulation & Risk North Asia, Hong Kong

Remarks at the Foreign Policy Association Corporate Dinner, New York City