Papers
Working Papers
A Risk-based Theory of Exchange Rate Stabilization (with Thomas Mertens and Tony Zhang)
revision requested by The Review of Economic Studies
[Slides] [SSRN] [NBER Working Paper] [BibTex]
Immigration, Innovation, and Growth (with Konrad Burchardi, Thomas Chaney, Lisa Tarquinio, and Stephen Terry)
[Slides] [SSRN] [Immigration Instruments]
The Global Impact of Brexit Uncertainty (with Stephan Hollander, Laurence van Lent, and Ahmed Tahoun)
[Slides] [Press: NYT, Le Monde, HBR, Brookings, Bloomberg, Independent, Gulf News] [NBER Working Paper] [Python Scripts]
Firm-level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1 (with Stephan Hollander, Laurence van Lent, and Ahmed Tahoun)
[Slides] [Data] [SSRN] [Python Scripts]
The Immigrant Next Door: Exposure, Prejudice, and Altruism (with Leonardo Bursztyn, Thomas Chaney, and Aakaash Rao)
[Slides]
The Geography of New Technologies (with Nick Bloom, Aakash Kalyani, Josh Lerner and Ahmed Tahoun )
Published and Forthcoming Papers
The Economics of Currency Risk (with Tony Zhang)
Annual Reviews of Economics, forthcoming
[Slides Latex] [SSRN] [NBER Working Paper] [BibTex] [Data]
Firm-Level Political Risk: Measurement and Effects (with Stephan Hollander, Laurence van Lent, and Ahmed Tahoun)
The Quarterly Journal of Economics (2019) 134 (4), pp. 2135-2202
[Slides] [SSRN] [Press: NYT, WSJ, Vox, Worth, Promarket, HLS] [BibTex] [Video] [Replication File] [PRisk Data] [Python Scripts]
Forward and Spot Exchange Rates in a Multi-Currency World (with Rui Mano)
The Quarterly Journal of Economics (2019) 134 (1), pp. 397-450
[Slides Latex] [SSRN] [NBER Working Paper] [Voxeu column] [BibTex] [Data]
Migrants, Ancestors, and Foreign Investments (with Konrad Burchardi and Thomas Chaney)
The Review of Economic Studies (2019) 86 (4), pp. 1448-1486
[Slides] [World Economic Forum] [Voxeu column] [Video] [Data] [BibTex] [Ancestry Instruments]
The Power of the Street: Evidence from Egypt's Arab Spring (with Daron Acemoglu and Ahmed Tahoun)
The Review of Financial Studies (2018) 31 (1), pp. 1-42 (editor's choice)
[Slides] [Voxeu column] [Video] [Press coverage] [Data] [BibTex]
The Social Cost of Near-Rational Investment (with Thomas M. Mertens)
The American Economic Review (2017) 107 (4), pp. 1059-1103
[Slides] [SSRN] [NBER Working Paper] [Press coverage] [BibTex] [Code: Static Model, Dynamic Model ]
Natural Experiments in Macroeconomics (with Nicola Fuchs-Schündeln)
Handbook of Macroeconomics Volume 2 (2016), North-Holland, pp. 923-1012
[Online appendix] [NBER Working Paper] [Slides] [Teaching Materials: Slides, Handout, Latex Code] [BibTex]
Not so Disconnected: Exchange Rates and the Capital Stock (with Thomas Mertens and Tony Zhang)
Journal of International Economics (2016) 99, pp. S43-S57
[Slides] [NBER Working Paper] [Code] [Video] [BibTex]
Information Aggregation in a Dynamic Stochastic General Equilibrium Model (with Thomas M. Mertens)
NBER Macroeconomics Annual 2014, pp. 159-207
Country Size, Currency Unions, and International Asset Returns
The Journal of Finance (2013) 68(6), pp. 2269-2308. Winner of the Austrian Central Bank's 2009 Klaus Liebscher Award and the Leo Melamed Prize for Outstanding Research in Finance.
[NBER Working Paper] [Slides] [Teaching Note] [BibTex]
The Economic Impact of Social Ties: Evidence from German Reunification (with Konrad Burchardi)
The Quarterly Journal of Economics (2013) 128(3), pp. 1219-1271
[Slides] [NBER Working Paper] [Press coverage] [Data] [BibTex]
Social Structure and Development: A Legacy of the Holocaust in Russia (with Daron Acemoglu and James A. Robinson)
The Quarterly Journal of Economics (2011) 126(2), pp. 895-946.
[NBER Working Paper] [Data] [Press coverage] [BibTex]
Market Sentiment: A Tragedy of the Commons (with Thomas M. Mertens)
The American Economic Review P&P (2011) 101(2), pp. 402-405.
[BibTex]
Work in Progress
Country Risk (with Jesse Schreger, Markus Schwedeler, and Ahmed Tahoun)
[Slides]
Other Writings
What the euro has done for you [Italian]
Il Sole 24 Ore, May 5, 2017
Research Statement (an overview of my work, January 2016)