JEL classification

Journal of Economic Literature Classification (10805)

F - International Economics (1408)

F3 - International Finance (361)

F31 - Foreign Exchange (94) Year LSE creators Item Type Departments File available

Article

Accominotti, Olivier, Chambers, David (2016). If you’re so smart: John Maynard Keynes and currency speculation in the interwar years. Journal of Economic History, 76(2), 342 - 386. https://doi.org/10.1017/S0022050716000589

Altavilla, Carlo, de Grauwe, Paul (2010). Forecasting and combining competing models of exchange rate determination. Applied Economics, 42(27), 3455-3480. https://doi.org/10.1080/00036840802112505

Altavilla, Carlo, de Grauwe, Paul (2010). Non-linearities in the relation between the exchange rate and its fundamentals. International Journal of Finance and Economics, 15(1), 1-12. https://doi.org/10.1002/ijfe.384

Bahar, Dany, Molina, Carlos A., Santos, Miguel Angel (2018). Fool's gold: the impact of Venezuelan currency devaluations on multinational stock prices. Economía, 19(1), 93 - 128. https://doi.org/10.1353/eco.2018.0009 picture_as_pdf

Barajas, Adolfo, Montiel, Peter, Chami, Ralph, Hakura, Dalia (2011). Workers' remittances and the equilibrium real exchange rate: theory and evidence. Economía, 11(2), 45 - 94. https://doi.org/10.1353/eco.2011.0000 picture_as_pdf

Bauer, Christian, de Grauwe, Paul, Reitz, Stefan (2009). Exchange rate dynamics in a target zone: a heterogeneous expectations approach. Journal of Economic Dynamics and Control, 33(2), 329-344. https://doi.org/10.1016/j.jedc.2008.05.008

Beine, Michel, de Grauwe, Paul, Grimaldi, Marianna (2009). The impact of FX central bank intervention in a noise trading framework. Journal of Banking and Finance, 33(7), 1187-1195. https://doi.org/10.1016/j.jbankfin.2008.11.014

Benigno, Gianluca, Benigno, Pierpaolo, Ghironi, Fabio (2007). Interest rate rules for fixed exchange rate regimes. Journal of Economic Dynamics and Control, 31(7), 2196-2211. https://doi.org/10.1016/j.jedc.2006.05.012

Benigno, Gianluca, Converse, Nathan, Fornaro, Luca (2015). Large capital inflows, sectoral allocation, and economic performance. Journal of International Money and Finance, 55, 60-87. https://doi.org/10.1016/j.jimonfin.2015.02.015

Benigno, Gianluca, Kucuk, H. (2012). Portfolio allocation and international risk sharing. Canadian Journal of Economics, 45(2), 535-565. https://doi.org/10.1111/j.1540-5982.2012.01703.x

Benigno, Gianluca, Thoenissen, Christoph (2008). Consumption and real exchange rates with incomplete markets and non-traded goods. Journal of International Money and Finance, 27(6), 926-948. https://doi.org/10.1016/j.jimonfin.2008.04.008

Castillo Martinez, Laura, Reis, Ricardo (2026). How do central banks control inflation? A guide for the perplexed. Journal of Economic Literature, 64(1), 195 – 245. https://doi.org/10.1257/jel.20251429 picture_as_pdf

Chang, Roberto, Velasco, Andres (2007). Endogenous financial dollarization and exchange rate policy. Journal of Policy Reform, 8(4), 263-280. https://doi.org/10.1080/13841280500387182

Céspedes, Luis Felipe, Velasco, Andres (2012). Macroeconomic performance during commodity price booms and busts. IMF Economic Review, 60(4), 570-599. https://doi.org/10.1057/imfer.2012.22

Dainauskas, Justas (2023). Time-varying exchange rate pass-through into terms of trade. Journal of International Money and Finance, 137, https://doi.org/10.1016/j.jimonfin.2023.102905 picture_as_pdf

Dasgupta, Amil, Leon-Gonzalez, Roberto, Shortland, Anja (2011). Regionality revisited: an examination of the direction of spread of currency crises. Journal of International Money and Finance, 30(5), 831 - 848. https://doi.org/10.1016/j.jimonfin.2011.05.004

De Grauwe, Paul, Grimaldi, Marianna (2001). Exchange rates, prices and money: a long-run perspective. International Journal of Finance and Economics, 6(4), 289-313. https://doi.org/10.1002/ijfe.162

Egorov, Konstantin, Mukhin, Dmitry (2023). Optimal policy under dollar pricing. American Economic Review, 113(7), 1783 - 1824. https://doi.org/10.1257/aer.20200636 picture_as_pdf

Gourinchas, Pierre-Olivier, Ray, Walker, Vayanos, Dimitri (2025). A preferred-habitat model of term premia, exchange rates, and monetary policy spillovers. American Economic Review, 115(11), 3788 – 3824. https://doi.org/10.1257/aer.20220379 picture_as_pdf

Greenwood, Robin, Hanson, Samuel, Vayanos, Dimitri (2024). Supply and demand and the term structure of interest rates. Annual Review of Financial Economics, 16, 115 - 151. https://doi.org/10.1146/annurev-financial-082123-110048 picture_as_pdf

Guidotti, Pablo E., Sturzenegger, Federico, Villar, Agustín (2004). On the consequences of sudden stops. Economía, 4(2), 171 - 203. https://doi.org/10.1353/eco.2004.0016 picture_as_pdf

Hamann, Franz, Hofstetter, Marc, Urrutia, Miguel (2014). Inflation targeting in Colombia, 2002–12. Economía, 15(1), 1 - 37. https://doi.org/10.31389/eco.83 picture_as_pdf

Henide, Karim (2022). Cross-currency credit spreads: harvesting the idiosyncratic basis as a source of ARP. Journal of Derivatives and Quantitative Studies, 30(2), 74-88. https://doi.org/10.1108/JDQS-10-2021-0026 picture_as_pdf

Irigoin, Alejandra (2026). Foreign monies and exchange risk in pre-modern maritime private trade - (or why did European bills not circulate outside Europe?). Revista de Historia Economica - Journal of Iberian and Latin American Economic History, 43(3), 435 - 468. https://doi.org/10.1017/S0212610925100815

Itskhoki, Oleg, Mukhin, Dmitry (2025). Sanctions and the exchange rate. Review of Economic Studies, https://doi.org/10.1093/restud/rdaf085 picture_as_pdf

Itskhoki, Oleg, Mukhin, Dmitry (2022). Sanctions and the exchange rate. Intereconomics, 57(3), 148 - 151. https://doi.org/10.1007/s10272-022-1050-9 picture_as_pdf

Itskhoki, Oleg, Mukhin, Dmitry (2024). What drives the exchange rate? IMF Economic Review, picture_as_pdf

Kremens, Lukas, Martin, Ian (2019). The quanto theory of exchange rates. American Economic Review, 109(3), 810-843. https://doi.org/10.1257/aer.20180019

Makarov, Igor, Schoar, Antoinette (2019). Price discovery in cryptocurrency markets. AEA Papers and Proceedings, 109, 97-99. https://doi.org/10.1257/pandp.20191020 picture_as_pdf

Mukhin, Dmitry (2022). An equilibrium model of the international price system. American Economic Review, 112(2), 650 - 688. https://doi.org/10.1257/aer.20181550 picture_as_pdf

Plümper, Thomas, Neumayer, Eric (2011). Fear of floating and de facto exchange rate pegs with multiple key currencies. International Studies Quarterly, 55(4), 1121-1142. https://doi.org/10.1111/j.1468-2478.2011.00686.x

Rodrik, Dani (2008). The real exchange rate and economic growth. Journal of Economic Studies, 40(3), 298-313.

Sattler, Thomas, Walter, Stefanie (2010). Monetary credibility vs. voter approval: political institutions and exchange-rate stabilization during crises. Economics and Politics, 22(3), 392-418. https://doi.org/10.1111/j.1468-0343.2010.00367.x

Scherrer, Cristina Mabel (2021). Information processing on equity prices and exchange rate for cross-listed stocks. Journal of Financial Markets, 54, https://doi.org/10.1016/j.finmar.2021.100634 picture_as_pdf

Silva, J.M.C. Santos, Tenreyro, Silvana (2010). Currency unions in prospect and retrospect. Annual Review of Economics, 2(1), 51-74. https://doi.org/10.1146/annurev.economics.102308.124508

Stanton, Christopher, Thomas, Catherine (2025). Who benefits from online gig economy platforms? American Economic Review, 115(6), 1857 - 1895. https://doi.org/10.1257/aer.20221189 picture_as_pdf

Tapia, Matías, Tokman, Andrea (2004). Effects of foreign exchange intervention under public information: the Chilean case. Economía, 4(2), 215 - 245. https://doi.org/10.1353/eco.2004.0020 picture_as_pdf

Zhang, Qi (2017). The Balassa–Samuelson relationship: services, manufacturing and product quality. Journal of International Economics, 106, 55-82. https://doi.org/10.1016/j.jinteco.2016.10.004

de Grauwe, Paul (2000). Exchange rates in search of fundamentals: the case of the euro-dollar rate. International Finance, 3(3), 329-356. https://doi.org/10.1111/1468-2362.00055

de Grauwe, Paul, Grimaldi, Marianna (2006). Exchange rate puzzles: a tale of switching attractors. European Economic Review, 50(1), 1-33. https://doi.org/10.1016/j.euroecorev.2004.07.005

de Grauwe, Paul, Grimaldi, Marianna (2002). Exchange rate regimes and financial vulnerability. EIB Papers, 7(2), 33-48.

de Grauwe, Paul, Grimaldi, Marianna (2005). Heterogeneity of agents, transactions costs and the exchange rate. Journal of Economic Dynamics and Control, 29(4), 691-719. https://doi.org/10.1016/j.jedc.2004.01.004

de Grauwe, Paul, Grimaldi, Marianna (2005). The exchange rate and its fundamentals in a complex world. Review of International Economics, 13(3), 549-575. https://doi.org/10.1111/j.1467-9396.2005.00523.x

de Grauwe, Paul, Markiewicz, Agnieszka (2013). Learning to forecast the exchange rate: two competing approaches. Journal of International Money and Finance, 32, 42-76. https://doi.org/10.1016/j.jimonfin.2012.03.001

de Grauwe, Paul, Rovira Kaltwasser, Pablo (2012). Animal spirits in the foreign exchange market. Journal of Economic Dynamics and Control, 36(8), 1176-1192. https://doi.org/10.1016/j.jedc.2012.03.008

de Grauwe, Paul, Schnabl, Gunther (2008). Exchange rate stability, inflation, and growth in (South) Eastern and Central Europe. Review of Development Economics, 12(3), 530-549. https://doi.org/10.1111/j.1467-9361.2008.00470.x

de Grauwe, Paul, Vansteenkiste, Isabel (2007). Exchange rates and fundamentals: a non-linear relationship? International Journal of Finance and Economics, 12(1), 37-54. https://doi.org/10.1002/ijfe.310

Book

de Grauwe, Paul (Ed.) (2005). Exchange rate economics: where do we stand? MIT Press.

de Grauwe, Paul, Grimaldi, Marianna (2006). The exchange rate in behavioral finance framework. Princeton University Press.

Chapter

Accominotti, Olivier, Chambers, David, Morrison, James (2024). The speculative consequences of the peace. In Clavin, P., Corsetti, G., Obstfeld, M. & Tooze, A. (Eds.), Keynes's Economic Consequences of the Peace after 100 Years: Polemics and Policy (pp. 202 - 233). Cambridge University Press. https://doi.org/10.1017/9781009407540.010 picture_as_pdf

Santos Silva, J. M. C., Tenreyro, S. (2013). Currency unions. In Caprio, G. (Ed.), The Evidence and Impact of Financial Globalization (pp. 451-461). Elsevier (Firm). https://doi.org/10.1016/B978-0-12-397874-5.00033-6

Talani, Leila Simona, Fazio, Giorgio (2008). Interests or expectations? A political economy model of the credibility of exchange rate agreements. In Talani, L. S. & Casey, B. (Eds.), Between Growth and Stability: the Demise and Reform of the European Union's Stability and Growth Pact (pp. 14-59). Edward Elgar.

de Grauwe, Paul, Grimaldi, Marianna (2005). Heterogeneity of agents and the exchange rate: a nonlinear approach. In de Grauwe, P. (Ed.), Exchange Rate Economics: Where Do We Stand? (pp. 125-168). MIT Press.

de Grauwe, Paul, Kaltwasser, Pablo Rovira (2012). The exchange rate in a behavioral finance framework. In James, J., Marsh, I. & Sarno, L. (Eds.), Handbook of Exchange Rates (pp. 111-132). Wiley-Blackwell.

Working paper

Almeida, Alvaro, Goodhart, Charles, Payne, Richard (1997). The effects of macroeconomic 'news' on high frequency exchange rate behaviour. (Financial Markets Group Discussion Papers 258). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Benigno, Gianluca, Converse, Nathan, Fornaro, Luca (2015). Large capital inflows, sectoral allocation andeconomic performance. (CEP Discussion Papers CEPDP1348). London School of Economics and Political Science. Centre for Economic Performance.

Benigno, Gianluca, Converse, Nathan, Fornaro, Luca (2015). Large capital inflows, sectoral allocation, and economic performance. (CFM discussion paper series CFM-DP2015-11). Centre For Macroeconomics.

Benigno, Gianluca, Fornaro, Luca (2012). Reserve accumulation, growth and financial crises. (CEP Discussion Papers CEPDP1161). London School of Economics and Political Science. Centre for Economic Performance.

Benigno, Gianluca, Küçük-Tuger, Hande (2011). Portfolio allocation and international risk sharing. (CEP Discussion Papers CEPDP1048). London School of Economics and Political Science. Centre for Economic Performance. picture_as_pdf

Benigno, Gianluca, Theonissen, Christoph (2006). Consumption and real exchange rates with incomplete markets and non-traded goods. London School of Economics and Political Science. Centre for Economic Performance.

Benigno, Gianluca Dimiano Carmelo, Converse, Nathan, Fornaro, Luca (2015). Large capital inflows, sectoral allocation and economic performance. (CEP Discussion Papers CEPDP1348). London School of Economics and Political Science. Centre for Economic Performance. picture_as_pdf

Breinlich, Holger, Leromain, Elsa, Novy, Dennis, Sampson, Thomas (2019). Exchange rates and consumer prices: evidence from Brexit. (CEP Discussion Papers CEPDP1667). London School of Economics and Political Science. Centre for Economic Performance. picture_as_pdf

Brunnermeier, Markus, Grafe, Clemens (1999). Contrasting different forms of price stickiness: an analysis of exchange rate overshooting and the beggar thy neighbour policy. (Financial Markets Group Discussion Papers 329). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Buiter, Willem H., Lago, Richard, Stern, Nicholas (1996). Promoting an effective market economy in a changing world. Centre for Economic Policy Research (Great Britain).

Cenedese, Gino, Mallucci, Enrico (2015). What moves international stock and bond markets? (CFM discussion paper series CFM-DP2015-14). Centre For Macroeconomics.

Chen, Natalie, Chung, Wanyu, Novy, Dennis (2019). Vehicle currency pricing and exchange rate pass-through. (CEP Discussion Papers CEPDP1624). London School of Economics and Political Science. Centre for Economic Performance. picture_as_pdf

Cornand, Camille, Heinemann, Frank (2006). Speculative attacks with multiple sources of public information. (Financial Markets Group Discussion Papers 570). Financial Markets Group, The London School of Economics and Political Science.

Corsetti, Giancarlo, Crowley, Meredith, Han, Lu, Song, Huasheng (2018). Markets and markups: a new empirical framework and evidence on exporters from China. (CFM Discussion Paper Series CFM-DP2018-03). Centre For Macroeconomics.

Corsetti, Giancarlo, Dasgupta, Amil, Morris, Stephen, Shin, Hyun Song (2001). Does one Soros make a difference? A theory of currency crises with large and small traders. (Financial Markets Group Discussion Papers 372). Financial Markets Group, The London School of Economics and Political Science.

Danielsson, Jon, Payne, Richard (1999). Real trading patterns and prices in spot foreign exchange markets. (Financial Markets Group Discussion Papers 320). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Dasgupta, Amil, Leon-Gonzalez, Roberto, Shortland, Anja (2006). Regionality revisited: an examination of the direction of spread of currency crises. (Financial Markets Group Discussion Papers 584). Financial Markets Group, The London School of Economics and Political Science.

De Paoli, Bianca, Küçük-Tuger, Hande, Søndergaard, Jens (2010). Monetary policy rules and foreign currency positions. (CEP Discussion Papers CEPDP1022). London School of Economics and Political Science. Centre for Economic Performance. picture_as_pdf

Goodhart, C. A. E. (1987). The foreign exchange market: a random walk with a dragging anchor. (Financial Markets Group Discussion Papers 1). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Goodhart, C. A. E., Curcio, Riccardo (1991). The clustering of bid/ask prices and the spread in the foreign exchange market. (Financial Markets Group Discussion Papers 110). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Goodhart, Charles, Love, Ryan, Payne, Richard, Rime, Dagfinn (2002). Analysis of spreads in the dollar/euro and Deutsche Mark/dollar foreign exchange markets. (Financial Markets Group Discussion Papers 467). Financial Markets Group, The London School of Economics and Political Science.

Hartmann, Philipp (1997). Do Reuters spreads reflect currencies' differences in global trading activity? (Financial Markets Group Discussion Papers 265). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Hartmann, Philipp (1996). Trading volumes and transaction costs in the foreign market - evidence from daily dollar-yen spot data. (Financial Markets Group Discussion Papers 232). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Henry, Marc, Payne, Richard (1997). An investigation of long range dependence in intra-day foreign exchange rate volatility. (Financial Markets Group Discussion Papers 264). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Irigoin, Alejandra (2025). Managing exchange risk foreign monies and private trade finance in pre-modern long-distance trade (or why did bills of exchange not circulate beyond Europe?). (Economic History Working Papers 381). London School of Economics and Political Science. picture_as_pdf

Kaminska, Iryna, Vayanos, Dimitri, Zinna, Gabriele (2011). Preferred-habitat investors and the US term structure of real rates. (Financial Markets Group Discussion Papers 674). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Kremens, Lukas, Martin, Ian (2017). The quanto theory of exchange rates. (Financial Markets Group Discussion Papers 769). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Kremens, Lukas, Martin, Ian (2017). The quanto theory of exchange rates. (Systemic Risk Centre Discussion Papers 75). Systemic Risk Centre, The London School of Economics and Political Science. picture_as_pdf

Lane, Philip R., Milesi-Ferretti, Gian Maria (2004). Financial globalization and exchange rates. (CEPDP 662). London School of Economics and Political Science. Centre for Economic Performance.

Malovic, Marko (2007). Exchange rate regimes and monetary policies in emerging markets: a showdown for few theoretical misconceptions. (Discussion papers DP42). Centre for the Study of Global Governance, London School of Economics and Political Science.

Mann, Catherine L., Meade, Ellen E. (2002). Home bias, transactions costs, and prospects for the Euro: a more detailed analysis. (CEPDP 537). London School of Economics and Political Science. Centre for Economic Performance.

Minguez-Afonso, Gara (2006). Imperfect common knowledge in first generation models of currency crises. (Financial Markets Group Discussion Papers 555). Financial Markets Group, The London School of Economics and Political Science.

Mueller, Philippe, Stathopoulos, Andreas, Vedolin, Andrea (2013). International correlation risk. (Financial Markets Group Discussion Papers 716). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Mueller, Philippe, Stathopoulos, Andreas, Vedolin, Andrea (2014). International correlation risk. (Systemic Risk Centre Discussion Papers 26). Systemic Risk Centre, The London School of Economics and Political Science.

Mueller, Philippe, Tahbaz-Salehi, Alireza, Vedolin, Andrea (2016). Exchange rates and monetary policy uncertainty. (Systemic Risk Centre Discussion Papers 54). Systemic Risk Centre, The London School of Economics and Political Science. picture_as_pdf

Mueller, Philippe, Tahbaz-Salehi, Alireza, Vedolin, Andrea (2016). Exchange rates and monetary policy uncertainty. (Systemic Risk Centre Discussion Papers 54). Systemic Risk Centre, The London School of Economics and Political Science.

Salomao, Juliana, Varela, Liliana (2020). Exchange rate exposure and firm dynamics. (Financial Markets Group Discussion Papers 801). Financial Markets Group, The London School of Economics and Political Science. picture_as_pdf

Silva, J.M.C. Santos, Tenreyro, Silvana (2010). Currency unions in prospect and retrospect. (CEP Discussion Paper 986). London School of Economics and Political Science. Centre for Economic Performance.

Vieira Marques Da Costa, Rui, Dhingra, Swati, Machin, Stephen (2019). Trade and worker deskilling. (CEP Discussion Papers CEPDP1622). London School of Economics and Political Science. Centre for Economic Performance. picture_as_pdf

de Roure, Calebe, Tasca, Paolo (2014). Bitcoin and the PPP Puzzle. (Systemic Risk Centre Discussion Papers 16). Systemic Risk Centre, The London School of Economics and Political Science.