About Me

Market Pix

My Resume




My research at Selected Works, at SSRN, at Google Scholar, at EconPapers, and at IDEAS

My current research is in four areas:

  1. Quantifying globalization using prices, including the factors affecting the integration of the goods market;
  2. The importance of deviations from the law of one price in determining real exchange rate movements;
  3. How exchange rates affect cross-border pricing; and
  4. Valuing rent-seeking activities such as corporate lobbying and political connections.

Working papers (see below for data)

Blue States and Red States: Business Cycle Divergence and Risk Sharing (with Helen Popper), May 2018

Return Comovement (with Helen Popper), September 2017

Exchange Rate Induced Export Quality Upgrading (with Cui Hu and Yong Tan), Dec 2018

Fiscal Policy Shocks and Real Exchange Rates (with Shang-jin Wei), October 2016

Sovereign Credit Ratings and International Portfolio Flows (with Amar Gande), February 2012

Currency Arrangements and Goods Market Integration: A Price Based Approach (with Shang-Jin Wei), September 2003.

Purchasing Power Disparity During the Floating Rate Period: Exchange Rate Volatility, Trade Barriers and Other Culprits, NBER Working Paper 5032, February 1995

Click here for recent Publications

Working Paper versions of recent published papers

Gauging Exchange Rate Targeting (with Helen Popper), November 2015

Exchange Rate Pass-through in South Africa: Panel Evidence from Individual Goods and Services, December 1, 2010. Data Appendix

Corporate Lobbying and Financial Performance (with Hui Chen and Ya-Wen Yang), October 2014

The Quality of Accounting Information in Politically Connected Firms, (with Paul Chaney, and Mara Faccio), July 2010

Understanding real exchange rate movements with trade in intermediate products, (with Helen Popper), February 2009

Slow Passthrough Around the World: A New Import for Developing Countries? (with Jeff Frankel and Shang-Jin Wei), March 2005.

In Search of a Euro Effect: Big Lessons from a Big Mac Meal? (with Shang-Jin Wei), 2008, Journal of International Money and Finance, Volume 27(2), p. 260-276, (August 2007 version)

Accounting For Real Exchange Rate Changes in East Asia, 2007, Journal of International Money and Finance, Volume 26, p. 1355-1377

Exchange Rate Pegs and Exchange Rate Exposure in East and South East Asia (with Helen Popper) 2006, Journal of International Money and Finance, Volume 25, p. 992-1009

News Spillovers in the Sovereign Debt Market (with Amar Gande), 2005, Journal of Financial Economics, 75(3), pp. 691-734

Aggregate Price Changes and Dispersion: A Comparison of the Equity and Goods and Services Markets (with Helen Popper), link to: Contributions to Macroeconomics, 4(1), Article 1

Exchange Rate Pass-Through in a Small Open Economy: Panel Evidence from Hong Kong, International Journal of Finance and Economics, 2003, Volume 8, Number 1, pp. 1-9

Pricing in International Markets: A Small Country Benchmark - Review of International Economics, 12(3), 509-24, 2004


1. Japanese & US prices (Journal of International Economics, 2001, v55, p. 87-105).

This data set consists of quarterly prices (i.e., price levels!) of 27 (matched) goods, in Japan & the US, for a sample of 96 cities (48 in each country), range: 76.1-97.4. The prices are sampled at a point in time, and represent average prices over a small number of retail outlets in each city in each country.

2. US Prices (Quarterly Journal of Economics, 1996, v111, p. 1211-1236).

This data set consists of quarterly prices (again not indexes!) of 51 goods, in 48 US cities, from 75.1-92.4. The prices are sampled at a point in time, and represent average prices over a small number of retail outlets in each city.

3. Hong Kong Import unit values, (Int. J. of Fin. & Econ., 2003, 8(2), 99-108), 21 5-digit commodities, 8 countries (annual 1992-2000).

The data are unit values for a sample of 21 very disaggregated homogenous goods imported from the 8 largest trading partners.

4. Hong Kong Exports, (Review of Int. Economics, 2004, 12(3), 509-24), 29 5-digit commodities, 9 countries (annual 1992-2000).

The data are in excel spreadsheets (see HKTRADE.xls for a key). There are value and volume data for Hong Kong's exports of a sample of 30 goods exported to the top 9 destinations (excluding China).

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