Working Papers

Working papers

  • “Capital Flows in an Aging World”, with Zsofia Barany and Stephane Guibaud. Revised version July 2019. [pdf].
  • "The One-Child Policy and Household Saving", with Taha Choukhmane and Keyu Jin, Revised version December2019. [pdf]. Older version as CEPR DP 9688 [Media coverage: voxeu, Project syndicate]. Revise and Resubmit JEEA.
  • “Credit Constraints and Growth in a Global Economy”, with Keyu Jin and Stephane Guibaud, Revised version April 2015. American Economic Review. [pdf]. Longer WP version [pdf]. Also CEPR DP 9109 [Media coverage: Project syndicate, South China morning post. link]
  • “When Bonds Matter: Home Bias in Goods and Assets”, with Pierre-Olivier Gourinchas, revised version April 2016 [pdf]. Journal of Monetary Economics. Longer working paper version as CEPR DP 8649 and NBER WP 17560.
  • “Financial integration and growth in a risky world”, with Hélène Rey and Pablo Winant, Revised version Oct. 2018. Journal of Monetary Economics. Also NBER WP 21817 and CEPR DP 11009. [pdf]. Additional Technical Appendix [link].
  • “Fertility Policies and Social Security Reforms in China” (with S. Guibaud and K. Jin), Revised version July 2014. Prepared for IMF Economic Review conference ‘Asia: challenges of stability and growth’ (Bank of Korea, Sept 2013), IMF Economic Review, forthcoming [pdf].
  • “Home bias in Open Economy Financial Macroeconomics”, with Helene Rey, 2013 [pdf]. Also NBER WP 17691. Journal of Economic Literature. [Teaching Slides]

Work in progress

  • “The International Taxation of Capital when assets are imperfect substitutes”, with Elisa Faraglia and Francisco Gomes.
  • “Limited Participation and International Risk Sharing”, with Hélène Rey and Tarik Ocaktan
  • “Learning about exchange rates”, with A. Marcet.