We document that in the European car industry, exchange rate pass-through is larger for low than for high quality cars. To rationalize this pattern, we develop a model of quality pricing and international trade based on the preferences of Mussa and Rosen (1978). Firms sell goods of heterogeneous...

This paper investigates the intraday effects of unannounced foreign exchange intervention on bid-ask exchange rate spreads using official intraday intervention data provided by the Danish central bank. Our starting point is a simple theoretical model of the bid-ask spread which we use to...

Monetary Policy: Debate, Dissent and Discussion with Richard Fisher at the University of Southern California, Annenberg School for Communication and Journalism, Los Angeles, CA, July 16, 2014.

Remarks before the U.S.-Indian Chamber of Commerce, Dallas, TX, September 4, 2014.