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A Solution to Every Puzzle
Remarks at the 2020 U.S. Treasury Market Conference (delivered via videoconference).
Prepare for Landing
Remarks at the ISDA Benchmark Strategies Forum (delivered via videoconference).
Impact of Abundant Reserves on Money Markets and Policy Implementation
Remarks at the SIFMA Webinar (delivered via videoconference).
A monetary model of the exchange rate with informational frictions
Data for the U.S. and the Euro area during the post-Bretton Woods period shows that nominal and real exchange rates are more volatile than consumption, very persistent, and highly correlated with each other. Standard models with nominal rigidities match reasonably well the volatility and persistence of the nominal exchange rate, but require an average contract duration above 4 quarters to approximate the real exchange rate counterparts. I propose a two-country model with financial intermediaries and argue that: First, sticky and asymmetric information introduces a lag in the consumption ...