Financial Market Integration
Measuring financial integration via idiosyncratic risk: what effects are we really picking up? (with Christian Schlag), Journal of Money, Credit, and Banking (2007)
We study the method proposed by Flood and Rose (FR, 2004, 2005) for checking for...
Accounting for Real Exchange Rate Changes in East Asia, Journal of International Money and Finance (2007)
This study measures the proportion of real exchange rate movements that can be accounted for...
Goods Market Integration
In Search of a Euro Effect: Big Lessons from a Big Mac Meal? (with Shang-Jin Wei), Journal of International Money and Finance (2008)
We investigate whether the adoption of the euro was accompanied by an increase in prices...
Accounting For Real Exchange Rates in East Asia, Journal of International Money and Finance (2007)
This study measures the proportion of real exchange rate movements that can be accounted for...
A Prism into the PPP Puzzles: The Micro-foundations of Big Mac Real Exchange Rates (with Shang-Jin Wei), Economic Journal (2007)
We match Big Mac prices with prices of its ingredients as a unique prism to...
Slow Passthrough Around the World: A New Import for Developing Countries? (with Jeffrey A. Frankel and Shang-jin Wei) (2005)
Developing countries traditionally experience passthrough of exchange rate changes that is greater and more rapid...
How Big and Heterogeneous are the Effects of Currency Arrangements on Market Integration? A Price Based Approach (with Shang-Jin Wei) (2003)
A rapidly expanding literature studies the effect of currency union and other exchange rate arrangements...
Political Connections
Corporate Lobbying and Financial Performance (with Hui Chen and Ya-Wen Yang) (2008)
Corporate lobbying activities are designed to influence legislators and thus to further corporate goals by...
The Quality of Accounting Information in Politically Connected Firms (with Paul Chaney and Mara Faccio) (2007)
Recent studies have documented systematic exchanges of favors between politicians and firms, and that connected...
Sudden Deaths: Taking Stock of Political Connections (with Mara Faccio) (2006)
Many firms voluntarily incur the costs of attempting to influence politicians. However, estimates of the...
No subject area
Aggregate Price Changes and Dispersion: A Comparison of the Equity and Goods and Services Markets (with Helen A. Popper), The B.E. Journals in Macroeconomics (2006)
Many existing studies have found a correlation between inflation and price dispersion in goods markets....
Understanding Real Exchange Rate Movements with Trade in Intermediate Products (with Helen Popper) (2006)
This paper reexamines decompositions of the real exchange rate that apportion its movements into a...