Fixed vs. Floating Exchange Rate Regimes

"Systematic Managed Floating,"  Open Economies Review, 2019, vol. 30, no. 2, April, pp. 255-295.  Reprinted, 2021, in The Asian Monetary Policy Forum: Insights for Central Banking, Stephen Davis, Edward Robinson and Bernard Yeung, editors (World Scientific Publ. Co. Pte. Ltd, Singapore), 160-223.   PDF, revised, Jan.2019.  NBER WP 23663, August 2017; HKS RWP17-025, June.
Powerpoint (pdf) for 4th Asian Monetary Policy Forum, 2017, May 26, MAS, Singapore.
Supporting documentation:
Overall data appendix (pdf), compiled by Shruti Lakhtakia, April 2017.
Frankel-Xie 2011 appendix (pdf) to accompany section 2(b)ii, estimating Asian fx regimes, May 2017.
* Turkey Appendix to accompany section 2(c) on the FX reaction function of the central bank of Turkey,

“Choosing an Exchange Rate Regime,” in The Handbook of Exchange Rates, edited by Jessica James, Ian W. Marsh and Lucio Sarno (John Wiley), 2012.

Estimation of De Facto Flexibility Parameter and Basket Weights in Evolving Exchange Rate Regimes, with Danxia Xie. American Economic Review. 2010;100.

"Estimation of De Facto Exchange Rate Regimes:  Synthesis of  The Techniques for Inferring Flexibility and Basket Weights,"  with Shang-Jin Wei. Condensed for publication with most tables cut IMF Staff Papers 2008, vol.55.  Replication files.  Presented at Annual Research Conference,  International Monetary Fund, Nov. 2007, slides.   Complete version with all appendix tables (replication files)NBER WP No. 14016, May 2008; or CID WP, 157, March 2008; .  Or, with selected half of appendix tables: HKS RWP08-026, May 2008 .

 "On the Renminbi: The choice between adjustment under a fixed exchange rate and adjustment under a flexible rate,"  written for a High-Level Seminar on Foreign Exchange System, Dalian, China, May 2004.  NBER WP 11274, 2005.  

"Verifiability and the Vanishing Intermediate Exchange Rate Regime," with Sergio Schmukler and Luis Servén; Published in Brookings Trade Forum 2000, edited by Susan Collins and Dani Rodrik (Brookings Institution, Washington DC).  NBER Working Paper 7901, September 2000.

"Verifying Exchange Rate Regimes" with Eduardo Fajnzylber, Sergio Schmukler, and Luis Serven, Journal of Development Economics, vol. 66, no. 809, October 2001: 351-386.

""No SIngle Currency Regime is Right for All Countries or at All Times,"  Essays in International Finance No. 215 (Princeton University Press).   Graham Lecture, Princeton University, April 20, 1999. NBER Working Paper No. 7338, September 1999.

The endogeneity of the optimum currency area criteria,” with AK Rose, The Economic Journal, 1998.   NBER WP 5700.


"No Single Currency Regime is Right for All Countries," testimony before the House Committee on Banking and Financial Services, May 21, 1999.
 Lecture at IMF Institute, August 7, 2000; as reported in IMF Survey, vol. 29, no.17, August 28, 2000.
"Are Exchange Rates Excessively Variable?" with Richard Meese, in NBER Macroeconomics Annual 1987, edited by Stan Fischer (MIT Press, Cambridge).