Program Directors
Mark Aguiar is the Walker Professor of Economics and International Finance at Princeton University. His research spans both open- and closed-economy macroeconomics, including sovereign debt, business cycles in emerging markets, capital taxation, growth, and the micro-foundations of consumption and labor supply. He has been an NBER affiliate since 2008.
Linda Tesar is a professor of economics at the University of Michigan. Her research examines cross-country business cycle linkages, capital flows to emerging markets, the consequences of exchange rate exposure, and global risk-sharing. She has been an NBER affiliate since 1993.
Featured Program Content
For decades, the United States appeared to enjoy a special privilege: although it imported more goods and services than it exported, its net foreign asset...
Policies that preemptively reduced capital inflows from foreigners and the accumulation of foreign exchange debt reduced external finance risk premia...
This paper pushes back against two views about the effects of dollarization. First, there is a view that the dollar is...