Craig Burnside

TL;DR: The authors argue that a principal cause of the 1997 Asian currency crisis was large prospective deficits associated with implicit bailout guarantees to failing banking systems, and that the expectation that these future deficits would be at least partially financed by seigniorage revenues or an inflation tax on outstanding nominal debt led to a collapse of the fixed exchange rate regimes in Asia.

TL;DR: In this paper, the authors examine the empirical properties of the payoffs to two popular currency speculation strategies: the carry trade and momentum and review three possible explanations for the apparent profitability of these strategies: speculators are being compensated for bearing risk.

TL;DR: In this article, the authors used standard regression techniques from the growth literature to measure the effect of foreign aid on growth and found that the effect depended on the macroeconomic policies of recipient countries.

TL;DR: A model in which government guarantees to banks’ foreign creditors are a root cause of self-fulfilling twin banking-currency crises and the government is unable or unwilling to fully fund the resulting bailout via an explicit fiscal reform is developed.

TL;DR: This paper argued that a commonly used method of testing business cycle models induces no such lack of power and argued that alternative filters provide different windows through which economists can examine their models and data.