CREI Lectures in Macroeconomics 2018 Dominant Currency Paradigm

Gita Gopinath

November 14-16, 2018, 13:00 Auditorium Mercè Rodoreda (24S018) UPF Ciutadella

Ramon Trias Fargas, 25-27 E-08005 Barcelona Tel. (34) 93 542 13 88 Fax: (34) 93 542 28 26 [email protected] www.crei.cat CREI Lectures Gita Gopinath in Macroeconomics Gita Gopinath is the John Zwaanstra Professor of • “Trade Adjustment and Productivity in Large Crises” Schedule The Centre de Recerca en International Studies and of Economics at Harvard (with Brent Neiman) American Economic Review, Economia Internacional University. Her research focuses on International March 2014, Volume 104 (3) November 14th, 13:00 – 14:15 (CREI) is a research Finance and Macroeconomics. She is co-director of the November 15th, 13:00 – 14:15 International Finance and Macroeconomics program at the • “International Prices and Exchange Rates,” (with centre sponsored by November 16th, 13:00 – 14:15 National Bureau of Economic Research, a visiting scholar Ariel Burstein) Gopinath, G., Helpman, E., & Rogoff, Universitat Pompeu Fabra at the Federal Reserve Bank of Boston, member of the K. (Eds.): Handbook of International Economics (UPF) and Generalitat de economic advisory panel of the Federal Reserve Bank Volume 4, 2014. Amsterdam: Elsevier Catalunya. It is located on of New York, Economic Adviser to the Chief Minister of the main UPF campus in state (), a co-editor of the American Economic Barcelona. Review, co-editor of the current Handbook of International Economics and was managing editor of the Review of Dominant Currency Paradigm Economic Studies. She also served as a member of the The CREI Lectures Eminent Persons Advisory Group on G-20 Matters for Standard Keynesian open economy Boz, Emine, Gita Gopinath, and Mikkel in Macroeconomics India’s Ministry of Finance. In 2018 she was elected a fellow macroeconomics rests on tenuous Plagborg-Moller. 2017. “Global Trade and is a series of biennial of the American Academy of Arts and Sciences. In 2017 assumptions. While most trade is invoiced the Dollar” she received the Distinguished Alumnus Award from the lectures, with support in very few currencies, such as the dollar, . In 2014, she was named one of from the canonical Mundell-Fleming benchmark Casas, Camila, Federico Diez, Gita the top 25 economists under 45 by the IMF and she was Gopinath, and Pierre-Olivier Gourinchas. Press. They are given and its variants instead assume that prices chosen as a Young Global Leader by the World Economic are set in the producer’s currency or in local 2016. “Dominant Currency Paradigm”. by a “young senior Forum in 2011. Before coming to Harvard, she was an currency. These lecture series will present scholar”, who has assistant professor of economics at the University of Gopinath, Gita. 2016. “The International an alternative paradigm called the ‘dominant recently made a major, Chicago’s Graduate School of Business. Price System.” Jackson Hole Symposium currency paradigm’ (DCP) characterized Proceedings. focused contribution by pricing in a dominant currency. We will Some of her recent publications include: to macroeconomics or explore empirical evidence, theoretical Barbiero, Omar, Emmanuel Farhi, Gita international economics. • “Capital Allocation and Productivity in South Europe.” models, and positive and normative Gopinath, and Oleg Itskhoki. Forthcoming. The lectures will provide (with Sebnem Kalemli-Ozcan, Loukas Karabarbounis, implications of this paradigm. “The Macroeconomics of Border Taxes.” and Carolina Villegas-Sanchez). Quarterly Journal of NBER Macroeconomics Annual. a high-level summary Lecture 1 (title) “International Prices and Economics, 2017, 132 (4): 1915-1967 of recent work that has Exchange Rates: Empirical Evidence” Gopinath, Gita, and Jeremy Stein. already had a large • “The International Price System” Jackson Hole Forthcoming. “Trade Invoicing, Bank Lecture 2 (title) “Model of DCP and Policy impact on the profession. Symposium Proceedings. 2016. Funding, and Central Bank Reserve Implications” Holdings.” American Economic Review Princeton University Press • “Coordination and Crisis in Monetary Unions,” (with, Lecture 3 (title) “Banking, Trade, and the Papers and Proceedings. has agreed to publish a Mark Aguiar, Manuel Amador and Emmanuel Farhi), Making of a Dominant Currency” series of CREI Lectures in Quarterly Journal of Economics, November 2015, Vol Gopinath, Gita, Oleg Itskhoki, and Roberto Macroeconomics. 130, 1727-1779. Rigobon. 2010. “Currency Choice and Readings: Exchange Rate Pass-through.” American Gopinath, Gita, and Jeremy Stein. Working • “Fiscal Devaluations” (with Emmanuel Farhi and Oleg Economic Review 100 (1): 304-336. Itskhoki) Review of Economic Studies, April 2014, Paper. “Banking, Trade and the Making of a Volume 81 (2) Dominant Currency”.