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Program Directors

Mark Aguir Profile

Mark Aguiar is the Walker Professor of Economics and International Finance at Princeton University. His research spans both open- and closed-economy macroeconomics, including sovereign debt, business cycles in emerging markets, capital taxation, growth, and the micro-foundations of consumption and labor supply. He has been an NBER affiliate since 2008.

Linda Tesar

Linda Tesar is a professor of economics at the University of Michigan. Her research examines cross-country business cycle linkages, capital flows to emerging markets, the consequences of exchange rate exposure, and global risk-sharing. She has been an NBER affiliate since 1993.

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National governments that finance their activities by issuing debt must find someone to buy it. The interest rate they must pay to borrow depends on the...
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For decades, the United States appeared to enjoy a special privilege: although it imported more goods and services than it exported, its net foreign asset...
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Policies that preemptively reduced capital inflows from foreigners and the accumulation of foreign exchange debt reduced external finance risk premia...
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