Papers by Jeremy C. Stein

Showing 3 papers

Published American Economic Journal: Macroeconomics Published Jul 2026

Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings

Mitali Das · Gita Gopinath · Helene Hall · Taehoon Kim · Jeremy C. Stein

This paper investigates why non-U.S. central banks accumulate large holdings of dollar-denominated foreign exchange reserves, focusing on a previously under-emphasized motive: the currency mismatch of …

Monetary Policy International Banking Credit Financial Markets Free Read ↗

Published Classic The Quarterly Journal of Economics Published Nov 1991

Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach

Kenneth A. Froot · Jeremy C. Stein

This 1991 Quarterly Journal of Economics paper by Kenneth Froot and Jeremy Stein explains the empirical correlation between dollar depreciation and foreign direct investment (FDI) inflows into the …

Exchange Rates Capital Flows Financial Frictions International Finance Free Read ↗

Published Classic American Economic Review Published Jun 2000

What Do a Million Observations on Banks Say About the Transmission of Monetary Policy?

Anil K. Kashyap · Jeremy C. Stein

This 2000 *American Economic Review* paper (circulated as NBER Working Paper 6056, June 1997, under the title "What Do a Million Banks Have to Say About the Transmission of Monetary Policy?") tests …

Banking Credit Monetary Policy Transmission Credit Policy Free Read ↗