Selected Published Books:
Japan’s Great Stagnation: Financial and Monetary Policy Lessons for Advanced Industrial Countries, MIT Press, 2006 (with F. Westermann)
Financial Policy and Central Banking in Japan, MIT Press 2001 (with T. Cargill and T. Ito)
The Political Economy of Japanese Monetary Policy; MIT Press, 1997 (with T. Cargill and T. Ito)
Fiscal Aspects of European Monetary Integration; Cambridge University Press, 1998; with S. Jensen and A. Hughes-Hallett.
Selected Journal Publications (2012-20)
Market Price Effects of Agency Sovereign Debt Announcements: Importance of Prior Credit States, with M. Binici and E. Miao,” International Review of Economics and Finance Volume 69, September 2020, pp. 769-787. Earlier draft issued as Bank for International Settlements Working Paper No. 714 February 2018 (under title “Are Credit Rating Agencies Discredited? Measuring Market Price Effects from Agency Sovereign Debt Announcements”).
The Global Pandemic, Policy Space and Fiscal Rules to Achieve Stronger Stabilization Policies, Seoul Journal of Economics, Fall 2020, Vol. 33, No. 3, pp. 307-331.
Fiscal procyclicality in emerging markets: The role of institutions and economic conditions, International Finance, with M. Bergman, Volume23, Issue2, Summer 2020 pp. 196-214.
Facing the Quadrilemma: Taylor Rules, Intervention Policy and Capital Controls in Large Emerging Markets, with F. Chertman and D. Zink, Journal of International Money and Finance Volume 102, April 2020, pp. 102-122.
European policy and markets: Did policy initiatives stem the sovereign debt crisis in the euro area? with M. Bergman and S. Jensen in European Journal of Political Economy, Volume 57, March 2019, pp. 3-21
Do credit rating agencies provide valuable information in market evaluation of sovereign default Risk? with M. Binici in Journal of International Money and Finance 85 (2018) pp. 58–75.
“Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency” with M. Bergman and S. Jensen in European Journal of Political Economy 44 (2016) 1–19.
“The Transmission of Federal Reserve Tapering News to Emerging Financial Markets,” International Journal of Central Banking, June 2016 (issued as NBER working paper 19980), with J. Aizenman and M. Binici.
“ Exchange Rate Trends and Management in India,” with G. Pasricha, chapter in (editors) K. Kletzer and C. Chate Monetary Policy in India: A Modern Macroeconomic Perspective Springer Verlag 2016.
“Economic Stabilization in the Post-Crisis World: Are Fiscal Rules the Answer?”Journal of International Money and Finance 52 (2015) 82-101, with M. Bergman.
“Shaping the Fiscal Policy Framework: Lessons from Fiscal Consolidations in Denmark and Sweden,” with U.M. Bergman and S. Jensen, Reform Capacity and Macroeconomic Peformance in the Nordic Countries, Oxford University Press 2015.
“China’s Financial Openness and Asset Return Linkages in East Asia”, with R. Glick, in Oxford Handbook of the Economics of the Pacific Rim, 2014, edited by N. Singh and I. Kaur.
“Dove or Hawk? Characterizing Monetary Policy Regime Switches in India”, Emerging Markets Review, 2013, with R. Sengupta and N. Singh.
“Credit ratings and the pricing of sovereign debt during the Euro crisis”, Oxford Review of Economic Policy 29(3), 582-609, with J. Aizenman and M. Binici. Also published as NBER working paper no. 19125 (June 2013).
“China’s Financial Linkages with Asia and the Global Financial Crisis”, Journal of International Money and Finance, 39 (December 2013), 186-206,, with R. Glick.
“Do Sound Public Finances Require Fiscal Rules Or Is Market Pressure Enough?”, European Commission
Directorate-General for Economic and Financial Affairs, European Economy, Economic Papers 489, April 2013, with S.H. Jensen and M. Bergman.
“Impact of Macroeconomic Surprises on Carry Trade Activity”Journal of Banking and Finance, 2013, with V. Sushko.
Special Issue: The European Sovereign Debt Crisis in Journal of International Money and Finance 34(2013) 1-5, co-edited with J. Aizenman and J. Lothian, and editors introduction: “The European Sovereign Debt Crisis: Background and perspectives, overview of the special issue.”
“What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk” Journal of International Money and Finance 34(2013), 37-59, with J. Aizenman and Y. Jinjarak.
“Models of Currency Crises,” with R. Glick, in Gerard Caprio (ed.) The Evidence and Impact of Financial Globalization, 2013, Vol. 3, pp. 485-497. Oxford: Elsevier Inc.
“Indian Capital Control Liberalization: Estimates from NDF Markets,” IMF Economic Review 60(3), pp. 395-438, 2012, with G. Pasricha, G. and N. Singh.
“Asymmetries and State Dependence: The Impact of Macro Surprises on Intraday Exchange Rates,”Journal of Japanese and International Economies 26(2012), pp. 542-560, with R. Fatum and T. Wu.
“India’s Trilemma: Financial Liberalisation, Exchange Rates and Monetary Policy”,The World Economy 35(1), pp. 3-18, January 2012, lead article, with R. Sengupta and N. Singh,