- International Finance and Macroeconomic at MI , on “systemic risk” and “capital flows”
- Unraveling Dodd-Frank Without Congress (The Hill, 02/13/2017)
- Financial Deregulation: Repeal or Adjust? (The CLS Bkue Sky blog, 02/06/2017)
- Macroprudential Policy: What Does It Really Mean (The CLS Bkue Sky blog, 12/07/2015)
- Exchange Rate Appreciations and Growth: The drivers matter , (VOX EU 08/07/2015)
Exchange rate appreciations could potentially have a damaging effect on competiveness and domestic production. This column argues that the relationship between exchange rate appreciations and growth depends on the underlying shock. Appreciations due to the surge of capital inflows could be relatively less favourable for growth. Concern about appreciations is therefore well-founded when they are due to shocks in global financial markets.
- Commodities: The end of the Holy Grail, (VOX EU 08/04/2013)
Commodities are usually advertised as having the same returns and less volatility than equities. This column presents the results of a recent CEPR working paper showing that previous studies based on rather restrictive assumptions produced biased results that favoured commodities over equities. Using an alternative methodology, co-movement between traditional asset and commodity markets seems to be symmetric and occurs most of the time. What changes is the strength of the relationship. The returns of equities and commodities have become more integrated in the aftermath of the subprime crisis, a result that questions the diversification benefits of commodities.