Triffin gained enormous influence by reviving the interwar story that gold scarcity threatened
deflation. In particular, he held that central banks needed to accumulate claims on the …

This lecture argues that the Global Financial Cycle is a challenge for the validity of the
Mundellian trilemma. I present evidence that US monetary policy shocks are transmitted …

These romanticized or racist views of China from some of the best minds in Enlightenment
Europe cannot be attributed solely to the lack of information about China at the time because …

“TRADE is BAD.” So wrote President Donald Trump on a draft speech he was editing on Air
Force One while returning from a G-20 summit meeting in 2017.1 This statement reflects the …

China's currency, the renminbi (RMB), has taken the world by storm. The RMB is well on its
way to becoming a significant international currency, one that is used widely in international …

This book provides an analysis of the global monetary system and the necessary reforms
that it should undergo to play an active role in the twenty-first century. As its title indicates, its …

International institutions, from the International Monetary Fund to the International Olympic
Committee, are perceived as bastions of sclerotic mediocrity at best and outright corruption …

An account of the significant though gradual, uneven, disconnected, ad hoc, and pragmatic
innovations in global financial governance and developmental finance induced by the …

We survey the emerging literature on safe assets. The recent evidence on a time-varying
safety premium suggests a demand for safety quite distinct from liquidity and classic money …

In the postcrisis period, some foreign policymakers accused the Federal Reserve of
engaging in “currency wars” and inadvertently creating “financial spillovers,” arguing that …