Some Recent Research on Exchange Rates

Here is some interesting work I’ve seen recently in Paris and Cambridge, MA.

First up, the Banque de France and Sciences Po organized a workshop on Recent Developments in Exchange Rate Economics

Here’s the program (links may go to older versions of the papers, and some presentations haven’t quite made it to paper form):


  1. Quality, Trade and Exchange Rate Pass-Through
    Natalie Chen (University of Warwick)
    Luciana Juvenal (International Monetary Fund)
    Discussant: Philippe Martin (Sciences Po)

  2. Invoicing Currency, Firm Size and Hedging
    Isabelle Mejean (Ecole Polytechnique)
    Julien Martin (Université du Québec)
    Discussant: Walter Steingress (Banque de France)

  3. The Dynamics of the Trade Balance and the Real Exchange Rate: The J Curve and Trade Costs?
    George Alessandria (Rochester University)
    Horag Choi (Monash University)
    Discussant: Francesco Pappada (Banque de France)

  4. The Distributional Consequences of Large Devaluations
    Javier Cravino (University of Michigan)
    Andrei Levchenko (University of Michigan)
    Discussant: Daniele Siena (Banque de France)

  5. Revisiting the Fama Puzzle: An Unexpected Journey
    Menzie Chinn (University of Wisconsin)
    Matthieu Bussiere (Banque de France)
    Laurent Ferrara (Banque de France)
    Jonas Heipertz (Paris School of Economics)
    Discussant: Agnès Bénassy-Quéré (Paris school of economics)

  6. Real Exchange Rates and Commodity Prices
    Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis)
    Joao Luiz Ayres Queiroz da Silva (University of Minnesota)
    Discussant: Julia Schmidt (Banque de France)

Second, yesterday, at the International Finance and Macroeconomics program of the NBER Summer Institute, there were two papers on exchange rates:

  1. If the Fed Sneezes, Who Catches a Cold?
    Luca Dedola, European Central Bank
    Livio Stracca, European Central Bank
    Discussant: Victoria Vanasco, Stanford University

  2. Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?
    Olivier J. Blanchard, International Monetary Fund and NBER
    Irineu E. de Carvalho Filho, International Monetary Fund
    Gustavo Adler, International Monetary Fund

On the Fama Puzzle, I have some other recent work here (with Yi Zhang) and here (with Saad Quayyum).