Williams College, B.A. cum laude in Economics and Mathematics, 1988.
Princeton University, M.A. and Ph.D. in International and Monetary Economics, 1990 and 1994.
IMF Books and Working Papers:
Emerging Market Volatility: Lessons from The Taper Tantrum, Staff Discussion Notes No. 14/9, October 02, 2014
Integrating Europe's Financial Markets, September 12, 2007
Trade Liberalization, Macroeconomic Adjustment, and Welfare: Unifying Trade and Macro Models, Working Paper No. 06/304, December 01, 2006
Macroeconomic Effects and Policy Challenges of Population Aging, Working Paper No. 06/95, April 01, 2006
A Fair Exchange? Theory and Practice of Calculating Equilibrium Exchange Rates, Working Paper No. 05/229, December 01, 2005
GEM: A New International Macroeconomic Model, Occasional Paper No. 239, November 30, 2004
Measuring the Trade Effects of EMU, Working Paper No. 04/154, August 01, 2004
The Determinants of International Portfolio Holdings and Home Bias, Working Paper No. 04/34, February 01, 2004
Exchange Rate Pass-Through in the Euro Area: The Role of Asymmetric Pricing Behavior, Working Paper No. 04/14, January 01, 2004
Explaining the Exchange Rate Pass-Through in Different Prices, Working Paper No. 02/224, December 01, 2002
Population Aging and Its Macroeconomic Implications: A Framework for Analysis, Working Paper No. 02/16, February 01, 2002
Debt, Deficits, and Age-Specific Mortality, Working Paper No. 02/19, February 01, 2002
Methodology for Current Account and Exchange Rate Assessments, Occasional Paper No. 209, December 28, 2001
Population Aging in Japan: Demographic Shock and Fiscal Sustainability, Working Paper No. 01/40, March 01, 2001
Life-Cycles, Dynasties, Savings: Implications for Closed and Small, Open Economies, Working Paper No. 00/126, July 01, 2000
Exchange Rate Assessment: Extension of the Macroeconomic Balance Approach, Occasional Paper No. 167, July 24, 1998
Exchange Rate Volatility, Pricing to Market and Trade Smoothing, Working Paper No. 97/126, October 01, 1997
Government Debt, Life-Cycle Income and Liquidity Constrains: Beyond Approximate Ricardian Equivalence, Working Paper No. 96/140, December 01, 1996
What Determines the Current Account? A Cross-Sectional and Panel Approach, Working Paper No. 96/58, June 01, 1996
Saving Trends in Southeast Asia: A Cross-Country Analysis, Working Paper No. 95/39, April 01, 1995
Pricing to Market and the Real Exchange Rate, Working Paper No. 95/12, January 01, 1995
Long-Run Determinants of the Real Exchange Rate - A Stock-Flow Perspective, Working Paper No. 94/90, August 01, 1994
Other Published Materials
“Has Fiscal Behavior Changed Under European Economic and Monetary Union,” with Xavier Debrun, World Economic Outlook, IMF, September 2004.
"Explaining the Exchange Rate Pass-Through in Different Prices," with E.Choudri & D.Hakura, Journal of International Economics, Vol 65/2, pp. 349-374, 2005.
“Debt, Deficits and Age-specific Mortality,” Review of Economic Dynamics, Vol. 6, pp. 300-312, 2003.
“Europe’s Grand Experiment: The Euro Turns Five,” Finance & Development, Vol. 41, June 2004.
“Population Aging: Its Fiscal and Macroeconomic Implications,” in T. Callen and J. Ostry, eds., Japan’s Lost Decade: Policies for Economic Revival, (International Monetary Fund: Washington), 2003.
“Population Aging in Japan: Demographic Shock and Fiscal Sustainability,” with Martin Muhleisen, Japan and the World Economy, Vol. 15, pp 185 – 210, 2003.
“Asset Markets and Endogenous Liquidity” with Lee Redding, Scottish Journal of Political Economy, Vol. 48, December 2000.
“Empirical Analysis of Exchange Rates,” IMF Research Bulletin, June 2002.
“Japan: Population Aging and Fiscal Challenge,” with Martin Muhleisen, Finance & Development, Vol. 38, March 2001.
“Endogenous Liquidity Providers and Exchange Rate Dynamics,” with Lee Redding, Canadian Journal of Economics, Vol. 32, August 1999.
“Saving Trends in Southeast Asia: A Cross-country Analysis,” with Aasim Husain, Asian Economic Journal, Vol.12, September 1998.
"Implications of Aging Population in Japan" with Martin Muhleisen, IMF Survey, Vol. 29, No. 20, October 23, 2000.
“Government Debt, Life-cycle Income and Liquidity Constraints: Beyond Approximate Ricardian Equivalence,” with Douglas Laxton and Steven Symmansky, IMF Staff papers, Vol. 44, pp. 374-382, September 1997
“Real Exchange Rates and the Pattern of Trade: Comparative Dynamics for North and South,” Journal of International Money and Finance, Vol. 15, pp. 313-336, 1996.
“Pricing to Market and the Real Exchange Rate,” IMF Staff papers, Vol. 42, pp. 855-881, December 1995.
“Long-run Determinants of the Real Exchange Rate: A Stock-Flow Perspective,” IMF Staff papers, Vol. 42, pp. 855-881, March 1995.
“Dynamic Capital Mobility in Pacific Basin Developing Countries: Estimation and Policy Implications,” IMF Staff papers, Vol. 39, pp. 706-717, September 1992.