Campus Directory

Division Social Sciences Division

Department/College/Unit Economics Department

Title Professor

Affiliation Faculty

Web Site

Additional Location(s) 463 Engineering 2

Mail Stop Economics Department

Biography, Education and Training I joined the faculty at UCSC in 2001 following eleven years at Dartmouth College, where I served as the Champion Professor of International Economics. My research covers a range of issues in open economy including commercial and financial policies, crises in emerging markets, foreign direct investment, capital controls, and exchange rate regimes. I also serve as a Research Associate for the National Bureau of Economic Research.

Other affiliations have included teaching and research positions at the University of Pennsylvania, the University of Chicago Graduate School of Business, and the Hebrew University in Jerusalem. Consulting relationships include the International Monetary Fund, the World Bank, the Inter-American Development Bank, and the Federal Reserve Bank of San Francisco.

Research Interests International economics, economic development

Selected Publications

• "The Impossible Trinity - from the Policy Trilemma to the Policy Quadrilemma", March 2011
• "What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Mispricing of Risk" (with Michael Hutchison and Yothin Jinjarak), February 2011
• "Net Fiscal Stimulus During the Great Recession" (with Gurnain Pasricha), February 2011
• "De facto Fiscal Space and Fiscal Stimulus: Definition and Assessment" (with Yothin Jinjarak), December 2010
• "From the Great Moderation to the Global Crisis: Exchange Market Pressure in the 2000s" (with Jaewoo Lee and Vladyslav Sushko), October 2010.
• "Global Imbalances: Is Germany the new China? A Skeptical View" (with Rajeswari Sengupta), December 2010. forthcoming, Open Economies Review
• "Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds" (with Reuven Glick), September 2010.
• "Fiscal Fragility: What the Past May Say About the Future" (with Gurnain Pasricha), September 2010.
• "Determinants of Financial Stress and Recovery During the Great Recession" (with Gurnain Pasricha), September 2010.
• "Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis" (with Michael Hutchison), September 2010.
• "On the Ease of Overstating the Fiscal Stimulus in the US 2008-09" (with Gurnain Pasricha), February 2010.
• "Using Inflation to Erode the U.S. Public Debt" (with Nancy Marion), December 2010.
• "Hoarding International Reserves Versus a Pigovian Tax-Cum-Subsidy Scheme: Reflections on the Deleveraging Crisis of 2008-9, and a Cost Benefit Analysis", March 2011. Forthcoming, Journel of Economic Dynamics and Control.
• "The Financial Crisis and Sizable International Reserves Depletion: From 'Fear of Floating' to the 'Fear of Losing International Reserves'?" (with Yi Sun), December 2009
• "Adjustments of State Owned and Foreign-Funded Enterprises in China to Economic Reforms, 1980s-2007: a Logistic Smooth Transition Regression (LSTR) Approach" (with Nan Geng), May 2009.
• "Inflation Targeting and Real Exchange Rates in Emerging Markets" (with Michael Hutchison and Ilan Noy), December 2008. Forthcoming, World Development.
• "Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time" (with Menzie Chinn and Hiro Ito), April 2009.
• "The Internationalization of Venture Capital and Private Equity" (with Jake Kendall), September 2008.
• "Capital Market Imperfections and the Theory of Optimum Currency Areas" (with Richard Agenor), June 2008.
• "The life cycle of scholars and papers in economics -- the "citation death tax" (with Kenneth Kletzer), March 2008. Forthcoming, Applied Economics
• "Economic Growth with Constraints on Tax Revenues and Public Debt: Implications for Fiscal Policy and Cross-Country Differences" (with Kenneth Kletzer and Brian Pinto), January 2007.