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Conference Paper
Jackson Hole 2021 - Monetary Policy in an Uneven Economy (Panel)
Conference Paper
The case for open-market purchases in a liquidity trap
Conference Paper
The unsustainable U.S. current account position revisited
Discussion Paper
Risk-taking, global diversification, and growth
This paper develops a dynamic continuous-time model in which international risk sharing can yield substantial welfare gains through its positive effect on expected consumption growth. The mechanism linking global diversification to growth is an attendant world portfolio shift from safe, but low-yield, capital into riskier, high-yield capital. The presence of these two types of capital is meant to capture the idea that growth depends on the availability of an ever-increasing array of specialized, hence inherently risky, production inputs. A partial calibration exercise based on Penn World ...
Briefing
Goodfriend Memorial Lecture: The U.S. Current Account Deficit and the Global Capital Market Revisited
Introduced in 2023, the Goodfriend Memorial Lecture series honors the legacy of Marvin Goodfriend, long-time Richmond Fed economist, research director and senior policy advisor. The lecture was delivered as part of the Richmond Fed's Collaboration of Research Economists (CORE) Week model, which brings together Richmond Fed economists and visiting economists from a range of disciplines for seminars, conferences, networking and collaboration.