This paper documents evidence of a U-shaped relationship between financial development and the adjustments of foreign exchange reserve holdings in response to a U.S. interest rate increase.

This paper provides a novel, developing country perspective by analyzing patterns of life-cycle consumption, income and savings rates in India.

This paper examines the drivers of the 2020–23 inflation surge, with an emphasis on the similarities and differences across countries, as well as the role that monetary policy frameworks might have played in shaping central banks’ responses.

Global non-U.S. banks have significant dollar exposure both on and off their balance sheet. This paper develops a model to analyze their adjustment to dollar funding shocks, whether from reduced direct lending or external dollar shortages.

U.S. tariff policy has historically balanced competing goals—revenue, protection and reciprocity. Policy priorities have shifted over time in response to changing economic and political conditions. Using a calibrated general equilibrium model, this paper illustrates these trade-offs through the lens of tariff Laffer curves.

This paper studies empirically and theoretically the effects of international financial flows on resource allocation.