Working Paper Series


Serial No. Author(s)



Ingomar Krohn (Warwick), Vladyslav Sushko (BIS)

Liquidity in FX spot and forward markets


Matthew Baron (Cornel), Jonathan Brogaard (U. of Washington), Björn Hagströmer (Stockholm), Andrei Kirilenko (Imperial)

Risk and Return in High-Frequency Trading


Nauro F. Campos (Brunel University London and ETH Zurich), Jarko Fidrmuc (ZU Friedrichshafen, CESifo Munich and KTU Kaunas) and Iikka Korhonen (Bank of Finland)

Business Cycle Synchronisation in a Currency Union: Taking Stock of the Evidence

#2017-016 Xingwang Qian (SUNY Buffalo State), Jianhong Qi (Shandong University) Uncertainty and sequential outward foreign direct investment
#2017-015 Yiyi Dong (LSE) and Charles Ka Yui Leung (City University of Hong Kong) Global Financial Integration, Real Estate Security Returns and Financial Crisis
#2017-014 Chi Gong (Sichuan University), Soyoung Kim (Seoul National University)

Regional Business Cycle Synchronization in Emerging and Developing Countries:  Regional or Global Integration? Trade or Financial Integration?

#2017-013 Shuo Cao (Shenzhen Stock Exchange), Huichou Huang (Broad Reach Investment Management), Ruirui Liu (King's College London), Ronald MacDonald (University of Glasgow)

The Term Structure of Exchange Rate Predictability:  Commonality, Scapegoat, and Disagreement


Yin-Wong Cheung (City University of Hong Kong), Kenneth K. Chow (Hong Kong Monetary Authority), Matthew S. Yiu (Hong Kong Institute for Monetary Research)

Effects of Capital Flow on the Equity and Housing Markets in Hong Kong

#2017-011 Charles Engel (Wisconsin-Madison)

Real Exchange Rate Convergence: The Roles of Price Stickiness and Monetary Policy


Guonan Ma (About Capital Management), Ivan Roberts (Reserve Bank of Australia), Gerard Kelly (Reserve Bank of Australia)

A Rebalancing Chinese Economy: Drivers and Challenges


Martin Berka (University of Auckland), Michael B. Devereux (UBC), Charles Engel (Wisconsin-Madison)

Real Exchange Rates and Sectoral Productivity in the Eurozone


Georgios Georgiadis (ECB), Martina Jancokova (ECB)

Financial Globalisation, Monetary Policy Spillovers and Macro-modelling: Tales from 1001 Shocks


Yin-Wong Cheung (City University of Hong Kong), Rasmus Fatum (University of Alberta), Yohei Yamamoto (Hitotsubashi University)

The Exchange Rate Effects of Macro News after the Global Financial Crisis


Kate Hynes (University College Dublin), Yum K. Kwan (City University of Hong Kong and Wilfrid Laurier University), Anthony Foley (Dublin City University)

Local linkages: The interdependence of foreign and domestic firms


Pietro Cova and Filippo Natoli (Bank of Italy)

International Financial Flows and the Risk-taking Channel


Immaculate Machasio and Peter Tillmann (Justus-Liebig-University Giessen of Germany)

Remittance Inflows and State-Dependent Monetary Policy Transmission in Developing Countries
#2017-003 Andrew K. Rose (UC Berkeley)

Currency Wars? Unconventional Monetary Policy Does Not Stimulate Exports


Kimberly A. Berg (Miami, Ohio) and Nelson C. Mark (Notre Dame/NBER)

Measures of Global Uncertainty and Carry-Trade Excess Returns


Charles Ka Yui Leung (City University of Hong Kong) and Chung-Yi Tse (University of Hong Kong)

Flipping in the Housing Market