School of
Economics and Finance
University of St
Andrews
St Andrews
Fife KY16 9AL
United Kingdom
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Tel: +44 1334 462446
Fax:
+44 1334 462444
Email:
ajs10@st-and.ac.uk
Room S12
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WORKING PAPERS (updated 26 April 2022)
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"Country Portfolios, Collateral
Constraints and Optimal Monetary Policy" September 2016. CEPR Discussion Paper No
11499. (with Ozge Senay)
pdf file
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"International Risk Sharing with Portfolio
Choice and Non-Separable Preferences" July 2015. CEPR Discussion Paper No
10724. (with Hande Kucuk) pdf
file
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"International Monetary Policy
Coordination and Financial Market Integration" CEPR Discussion Paper No
4251, January 2004, pdf file.
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"A Simple Second-Order Solution Method for
Dynamic General Equilibrium Models" CEPR Discussion Paper No 3554, July
2002, pdf file. (MATLAB files)
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"Inflation Targeting in a Small Open
Economy" CEPR Discussion Paper No 2726, pdf file.
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PUBLICATIONS
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"Optimal Monetary Policy, Exchange Rate
Misalignments and Incomplete Financial Markets" Journal of International Economics,
2019, 117, 196-208. (with Ozge Senay)
pdf file
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"Local Currency Pricing, Foreign Monetary
Shocks and Exchange Rate Policy" Open
Economies Review, 2015, 26, 633-661. (with Ozge Senay)
pdf
file
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"Nominal Stability and Financial
Globalization" Journal of Money,
Credit and Banking, 2014, 46, 921-959. (with Michael B Devereux and Ozge Senay)
CEPR Discussion Paper 8830,
NBER Working Paper No 17796,
revised pdf file
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"Endogenous Price Flexibility and Optimal
Monetary Policy" Oxford Economic Papers, 2014, 66, 1121-1144.
(with Ozge Senay) pdf file
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"The Timing of Asset Trade and Optimal
Policy in Dynamic Open Economies" Macroeconomic Dynamics,
2013, 17, 1543-1573 (with Ozge Senay) (Working paper version:
pdf file.)
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"Evaluating International Financial
Integration Under Leverage Constraints" European Economic Review,
2011, 55, 427-442 (with Michael B Devereux)
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"Country Portfolios in Open Economy Macro
Models" Journal of the European Economic Association, 2011, 9,
337-369 (with Michael B Devereux) (Working paper version:
pdf file.)
(DYNARE example code)
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"Country Portfolio Dynamics" Journal of
Economic Dynamics and Control, 2010, 34, 1325-1342 (with Michael B
Devereux) (Working paper version: pdf
file.) (DYNARE example code)
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"Valuation Effects and the Dynamics of Net
External Assets" Journal of International Economics, 2010, 80,
129-143. (with Michael B Devereux) (Working paper version: pdf file.)
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"A Portfolio Model of Capital Flows to
Emerging Markets" Journal of Development Economics, 2009, 89,
181-193. (with Michael B Devereux) (Working paper version: pdf file.)
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"Financial Globalization and Monetary
Policy" Journal of Monetary Economics, 2008, 55, 1363-1375. (with
Michael B Devereux) (Working paper version: pdf file.)
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"Foreign Money Shocks and the Welfare
Performance of Alternative Monetary Policy Regimes" Scandinavian Journal
of Economics, 2007, 109, 245-266. (with Ozge Senay) (Working paper
version: pdf file.)
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"Monetary Policy and Portfolio Choice in
an Open Economy Macro Model" Journal of the European Economic Association,
2007, 5 (Papers and Proceedings), 491-499. (with Michael B Devereux)
(Working paper version: pdf file.)
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"Optimal Monetary Policy and the Timing of
Asset Trade in Open Economies" Economics Letters, 2007, 95, 297-302.
(with Ozge Senay) (Working paper version: pdf file.)
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"Computing Second-Order-Accurate Solutions
for Rational Expectation Models using Linear Solution Methods" Journal of
Economic Dynamics and Control, 2007, 31, 515-530. (with Giovanni
Lombardo) (Working paper version: pdf file.)
(MATLAB files)
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"Policy Instrument Choice and
Non-Coordinated Monetary Policy in Interdependent Economies"
Journal of International Money and Finance, 2006, 25, 855-873. (with
Giovanni Lombardo) (Working paper version: pdf
file.)
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"Can Endogenous Changes in Price
Flexibility Alter the Relative Welfare Performance of Exchange Rate
Regimes?" International Seminar on Macroeconomics 2004, 2006,
371-400. (with Ozge Senay) (Working paper version: NBER Working Paper No 11092.)
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"The Expenditure Switching Effect, Welfare
and Monetary Policy in a Small Open Economy" Journal of Economic Dynamics
and Control, 2006, 30, 1159-1182. (Working paper version:
pdf file.)
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"Currency Crises and the Term Structure of
Interest Rates" Open Economies Review, 2006, 17, 57-71. (Working
paper version: pdf file)
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"Incomplete Pass-Through and the Welfare
Effects of Exchange Rate Variability" Journal of International Economics,
2005, 65, 375-399. (Working paper version: pdf file)
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"Cost-Push Shocks and Monetary Policy in
Open Economies" Oxford Economic Papers, 2005, 57, 1-33. (Working
paper version: pdf file)
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"The Expenditure Switching Effect and the
Choice Between Fixed and Floating Exchange Rates" in Driver, Sinclair
and Thoenissen (eds), Exchange Rates, Capital Flows and Policy, 2004,
London: Routledge. (with Ozge Senay) (Working paper version CEPR Discussion
Paper No 4300 pdf file).
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"Monetary Union and the Maastricht
Inflation Criterion: The Accession Countries"
The Economics of Transition, 2004, 12, 635-652. (with Gulcin Ozkan
and Anne Sibert) (This is a substantially revised version of "Monetary
Union, Entry Conditions and Economic Reform" CEPR Discussion Paper No 1720,
pdf file.)
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"Monetary and Fiscal Interactions in Open
Economies" Journal of Macroeconomics, 2004 26, 319-348. (with
Giovanni Lombardo) (Working paper version,
European Central Bank WP No 289)
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"Monetary Union and Labour Market Reform"
Journal of International Economics, 2000, 51, 421-435. (with Anne
Sibert)
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"A Currency Crisis Model with an
Optimising Policymaker" Journal of International Economics,
1998, 44, 339-364. (with Gulcin Ozkan)
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"Fiscal Crises and Aggregate Demand: Can
High Public Debt Reverse the Effects of Fiscal Policy" Journal of Public
Economics, 1997, 65, 147-162.
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"Financial Market Integration and
Macroeconomic Volatility" Scandinavian Journal of Economics,
1996, 98, 521-539.
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"Intrinsic Bubbles and Mean Reverting
Fundamentals" Journal of Monetary Economics, 1996, 37, 163-173.
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"Exchange Rate Realignments and
Realignment Expectations" Oxford Economic Papers 1995, 47, 211-228.
(with Ed Stansfield)
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"State-and-Time-Contingent Switches of
Exchange Rate Regime" Journal of International Economics,
1995, 38, 361-374.
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"Policy Measures to Avoid a Currency
Crisis" Economic Journal, 1995, 105, 510-519. (with Gulcin Ozkan)
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"Monetary and Real Shocks and the Optimal
Target Zone" European Economic Review, 1995, 39, 161-172.
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"Currency Crisis Models: Bridging
the Gap Between Old and New Approaches" in Bordes, Girardin and Melitz (eds)
European Currency Crises and After, 1995, 57-81, Manchester: Manchester
University Press.
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"Menu Costs and Aggregate Price Dynamics"
in Dixon and Rankin (eds.) The New Macroeconomics: Imperfect
Markets and Policy Effectiveness, 1995, 337-359, Cambridge: CUP.
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"Speculative Anticipations of Sterling's
Return to Gold: Was Keynes Wrong" Economic Journal,
1994, 104, 804-12. (with Marcus Miller)
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"Target Zone Models with Price Inertia:
Solutions and Testable Implications" Economic Journal,
1994, 104, 96-113.
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"Contracts, Credibility and Common
Knowledge: Their Role in Inflation Convergence" IMF Staff Papers,
1993, 40, 178-201. (with Marcus Miller)
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"Inflation Convergence with Realignments
in a Two-Speed Europe" Economic Journal, 1992, 102, 333-41. (with
Luisa Lambertini and Marcus Miller)
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"The 'Walters Critique' of the EMS: a Case
of Inconsistent Expectations" The Manchester School
1991, Vol LIX Supplement, 23-37. (with Marcus Miller)
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"Britain's Return to Gold and Entry into
the EMS: Joining Conditions and Credibility" in Krugman and Miller (eds.)
Exchange Rate Targets and Currency Bands, 1991, 82-116, Cambridge: CUP.
(with Marcus Miller)
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"Time Consistency, Discounting and the
Returns to Co-operation" in Carraro, Laussel, Salmon and Soubeyran (eds.)
International Economic Policy Coordination, 1991, 141-65, Oxford:
Blackwell. (with Marcus Miller and Mark Salmon)
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"Entering a Preannounced Currency Band"
Economics Letters, 1990, 34, 363-68. (with Masaki Ichikawa and Marcus
Miller)
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"Monetary and Exchange Rate Targets, and
After: a Stochastic 'Hard Landing' for Sterling?" in Argy and De Grauwe
(eds.) Choosing an Exchange Rate Regime - The Challenge for Smaller
Industrial Countries, 1990, 319-45, Washington: IMF. (with Marcus
Miller)
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"Hysteresis, Monetary Policy and Target
Zones" in Christodoulakis (ed.) Dynamic Modelling and Control of National
Economies, 1989, 465-72, Oxford: Pergamon.
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"Measures of Fiscal Stance and Rules for
Stabilising the Economy: the Case for Separating Measurement from Policy" in
Eltis and Sinclair (eds.) Keynes and Economic Policy, 1988, 216-34,
London: Macmillan. (with Marcus Miller)
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