Contact Information

Phone: +1 (202) 994-9208

1959 E Street, NW
Suite 502D
George Washington University
Washington, DC 20052

Recent Papers

The Euro’s Three CrisesBrookings Papers on Economic Activity, Spring 2012, pp 157–211.

» Papers can be found at my RePec page.
» NBER Working Papers can be found on my authors page.



Date Title and Author
Feb 2004 The Effect of Fixed Exchange Rates on Monetary Policy, Quarterly Journal of Economics vol. 119 no.1, February 2004, p. 301-352.
2004 Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar Period, IMF Staff Papers – Volume 51 special issue 2004, pp 75-108. (with Maurice Obstfeld and Alan M. Taylor)
Aug 2005 The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility , Review of Economics and Statistics – vol 87, issue 3 – August 2005, pp. 423-38. (with Maurice Obstfeld and Alan M. Taylor)
Oct 2006 An Experiment with Multiple Currencies: The American Monetary System From 1838-60, Explorations in Economic History – vol 43, October 2006, 609-45.
Dec 2006 Fixed Exchange Rates and Trade, Journal of International Economics – vol. 70, December 2006, pp. 359-83 [also NBER Working Paper no. 10696] (with Michael Klein)
June 2008 A New Look at Pass-through, Journal of International Money and Finance – Volume 27, Issue 4, Pages 560-591 (June 2008)
2008 The Impact of Foreign Interest Rates on the Economy: The Role of the Exchange Rate Regime, Journal of International Economics – vol. 74, 2008, 341-61 [available as IIIS Discussion Paper no. 116 or IMF Working Paper 06/37] (with Julian di Giovanni)
May 2008 The Dynamics of Exchange Rate Regimes: Fixes, Floats, and Flips, Journal of International Economics – Volume 75, Issue 1, Pages 70-92 (May 2008) [previous version (The Nature of Exchange Rate Regimes) available as NBER Working Paper no. 12729] (with Michael Klein)
2008 Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008, American Economic Review (Papers and Proceedings), May 2009 [available as NBER Working Paper no. 14826] (with Maurice Obstfeld and Alan M. Taylor)
March 2010 Financial Exchange Rates and International Currency Exposures, American Economic Review – vol 100, no. 1, March 2010, pp. 518-540 [Available as NBER Working Paper no. 13433] (with Philip Lane)
April 2010 Financial Stability, the Trilemma, and International Reserves, American Economic Association Journal – Macroeconomics vol. 2, no. 2, April 2010, pp. 57-94. [available as NBER Working Paper no. 14127] (with Alan Taylor and Maury Obstfeld)
January 2010 The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets, Journal of International Economics vol. 80, issue 1, pp. 33-44, January 2010 [available as NBER Working Paper no. 14909] (with Philip Lane)
May 2012 Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks, American Economic Association Journal – Economic Policy, vol. 4(2), pages 95-114, May 2012 [Available as NBER Working Paper no. 15113] (with James Feyrer)
Spring 2012 The Euro’s Three Crises, Brookings Papers on Economic Activity Spring 2012, pp 157-211.

Work in progress

Internal Devaluations (in progress)

Revisiting the Trilemma (in progress)

Stephen C. Smith

Expertise: macroeconomics, international economics, competition policy, energy and environment policy, housing, finance, technology

Department of Economics Faculty Website

Elliott School of International Affairs Faculty Website

Institute for International Economic Policy


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