F31

Pierre-Olivier Gourinchas · Walker Ray · Dimitri Vayanos

Layer 1 — Core Argument The paper develops a two-country preferred-habitat model in which currency and bond markets are populated by different investor clienteles — currency traders with price-elastic …

Fabio Ghironi · Daisoon Kim · Galip Kemal Ozhan

Sanctions are increasingly used as an instrument of economic statecraft, yet their macroeconomic consequences—especially the transitional dynamics and their effects on business cycles—are poorly …

Masao Fukui · Emi Nakamura · Jón Steinsson

Layer 1 — Overview Research Question How does an exchange rate depreciation causally affect macroeconomic outcomes? The paper asks whether depreciations are expansionary or contractionary, and through …