Working Papers

Currency Manipulation (with Thomas Mertens and Tony Zhang)

[Slides] [SSRN] [NBER Working Paper] [BibTex]

Immigration, Innovation, and Growth (with Konrad Burchardi, Thomas Chaney, Lisa Tarquinio, and Stephen Terry)


Published and Forthcoming Papers

Firm-Level Political Risk: Measurement and Effects (with Stephan Hollander, Laurence van Lent, and Ahmed Tahoun)

The Quarterly Journal of Economics, forthcoming

[Slides] [SSRN] [Press: NYT, Vox, Worth, Promarket, HLS] [BibTex] [Video] [Replication File] [PRisk Data (Data updated together with new draft 4/2019. Now include measures of Political Sentiment.)]

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]

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-Sch√ľndeln)

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

[NBER Working Paper] [BibTex]

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.


Work in Progress

Country Risk (with Jesse Schreger, Markus Schwedeler, and Ahmed Tahoun)


The Global Impacts of Brexit (with Stephan Hollander, Laurence van Lent, and Ahmed Tahoun)


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)