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Publications of A. Craig Burnside    :chronological  alphabetical  combined listing:

%% Books   
@book{fds350375,
   Author = {Burnside, C},
   Title = {Comment},
   Volume = {23},
   Pages = {349-359},
   Year = {2008},
   Month = {January},
   url = {http://dx.doi.org/10.1086/593089},
   Doi = {10.1086/593089},
   Key = {fds350375}
}

@book{fds43897,
   Title = {Fiscal Sustainability in Theory and Practice: A
             Handbook},
   Publisher = {World Bank},
   Editor = {Craig Burnside},
   Year = {2005},
   Month = {June},
   Key = {fds43897}
}


%% Journal Articles   
@article{fds324943,
   Author = {Burnside, AC and Graveline, JJ},
   Title = {On the Asset Market View of Exchange Rates},
   Journal = {Review of Financial Studies},
   Year = {2019},
   Month = {January},
   Key = {fds324943}
}

@article{fds305299,
   Author = {Burnside, C and Eichenbaum, M and Rebelo, S},
   Title = {Understanding booms and busts in housing
             markets},
   Journal = {Journal of Political Economy},
   Volume = {124},
   Series = {NBER Working Paper 16734},
   Number = {4},
   Pages = {1088-1147},
   Publisher = {University of Chicago Press},
   Year = {2016},
   Month = {August},
   ISSN = {1537-534X},
   url = {http://hdl.handle.net/10161/10440 Duke open
             access},
   Abstract = {Some booms in housing prices are followed by busts. Others
             are not. It is generally difficult to find observable
             fundamentals that are useful for predicting whether a boom
             will turn into a bust or not. We develop a model consistent
             with these observations. Agents have heterogeneous
             expectations about long-run fundamentals but change their
             views because of “social dynamics.” Agents with tighter
             priors are more likely to convert others to their beliefs.
             Boom-bust episodes typically occur when skeptical agents
             happen to be correct. The booms that are not followed by
             busts typically occur when optimistic agents happen to be
             correct.},
   Doi = {10.1086/686732},
   Key = {fds305299}
}

@article{fds315018,
   Author = {Burnside, AC},
   Title = {Identification and inference in linear stochastic discount
             factor models with excess returns},
   Journal = {Journal of Financial Econometrics},
   Volume = {14},
   Number = {2},
   Pages = {295-330},
   Publisher = {Oxford University Press (OUP)},
   Year = {2016},
   ISSN = {1479-8409},
   url = {http://hdl.handle.net/10161/10441 Duke open
             access},
   Abstract = {When excess returns are used to estimate linear stochastic
             discount factor (SDF) models, researchers often adopt a
             normalization of the SDF that sets its mean to 1, or one
             that sets its intercept to 1. These normalizations are often
             treated as equivalent, but they are subtly different both in
             population, and in finite samples. Standard asymptotic
             inference relies on rank conditions that differ across the
             two normalizations, and which can fail to differing degrees.
             I first establish that failure of the rank conditions is a
             genuine concern for many well-known SDF models in the
             literature. I also describe how failure of the rank
             conditions can affect inference, both in population and in
             finite samples. I propose using tests of the rank conditions
             not only as a diagnostic device, but also for model
             reduction. I show that this model reduction procedure has
             desirable properties in a Monte-Carlo experiment with a
             calibrated model.},
   Doi = {10.1093/jjfinec/nbv018},
   Key = {fds315018}
}

@article{fds320422,
   Author = {Burnside, AC and Graveline, J},
   Title = {Exchange Rate Determination, Risk Sharing and the Asset
             Market View},
   Journal = {Economic Research Initiatives at Duke (Erid)},
   Number = {139},
   Pages = {49 pages},
   Year = {2012},
   Month = {December},
   Abstract = {Recent research in international finance has equated changes
             in real exchange rates with differences between the marginal
             utility growths of representative agents in different
             economies. The asset market view of exchange rates,
             encapsulated in this equation, has been used to gain
             insights into exchange rate determination, foreign exchange
             risk premia, and international risk sharing. We argue that,
             in fact, this equation is of limited usefulness. By itself,
             the asset market view does not identify the economic
             mechanism that determines the exchange rate. It only holds
             under complete markets, and even then, it does not generally
             allow us to identify the marginal utility growths of
             distinct agents. Moreover, if we allow for incomplete asset
             markets, measures of agents' marginal utility growths, and
             international risk sharing, cannot be based on asset market
             and exchange rate data alone. Instead, we argue that in
             order to explain how exchange rates are determined, it is
             necessary to make specific assumptions about preferences,
             goods market frictions, the assets agents can trade, and the
             nature of endowments or production.},
   Key = {fds320422}
}

@article{fds291841,
   Author = {Burnside, C},
   Title = {The cross section of foreign currency risk premia and
             consumption growth risk: Comment},
   Journal = {American Economic Review},
   Volume = {101},
   Number = {7},
   Pages = {3456-3476},
   Publisher = {American Economic Association},
   Year = {2011},
   Month = {December},
   ISSN = {0002-8282},
   url = {http://hdl.handle.net/10161/2034 Duke open
             access},
   Abstract = {Lustig and Verdelhan (2007) argue that the excess returns to
             borrowing US dollars and lending in foreign currency
             "compensate US investors for taking on more US consumption
             growth risk," yet the stochastic discount factor
             corresponding to their benchmark model is approximately
             uncorrelated with the returns they study. Hence, one cannot
             reject the null hypothesis that their model explains none of
             the cross sectional variation of the expected returns. Given
             this finding, and other evidence, I argue that the forward
             premium puzzle remains a puzzle.},
   Doi = {10.1257/aer.101.7.3456},
   Key = {fds291841}
}

@article{fds291840,
   Author = {Burnside, C and Eichenbaum, M and Rebelo, S},
   Title = {Carry trade and momentum in currency markets},
   Journal = {Annual Review of Financial Economics},
   Volume = {3},
   Number = {1},
   Pages = {511-535},
   Publisher = {ANNUAL REVIEWS},
   Year = {2011},
   Month = {November},
   ISSN = {1941-1367},
   url = {http://arjournals.annualreviews.org/eprint/CdDwFbwREd8HNpdXPhKb/full/10.1146/annurev-financial-102710-144913},
   Abstract = {We examine the empirical properties of the payoffs to two
             popular currency speculation strategies: the carry trade and
             momentum. We review three possible explanations for the
             apparent profitability of these strategies. The first is
             that speculators are being compensated for bearing risk. The
             second is that these strategies are vulnerable to rare
             disasters or peso problems. The third is that there is price
             pressure in currency markets. © 2011 by Annual Reviews. All
             rights reserved.},
   Doi = {10.1146/annurev-financial-102710-144913},
   Key = {fds291840}
}

@article{fds291861,
   Author = {Burnside, C and Han, B and Hirshleifer, D and Wang,
             TY},
   Title = {Investor overconfidence and the forward premium
             puzzle},
   Journal = {Review of Economic Studies},
   Volume = {78},
   Number = {2},
   Pages = {523-558},
   Publisher = {Oxford University Press (OUP)},
   Year = {2011},
   Month = {April},
   ISSN = {0034-6527},
   url = {http://restud.oxfordjournals.org/content/78/2/523.abstract},
   Abstract = {We offer an explanation for the forward premium puzzle in
             foreign exchange markets based upon investor overconfidence.
             In the model, overconfident individuals overreact to their
             information about future inflation, which causes greater
             overshooting in the forward rate than in the spot rate.
             Thus, when agents observe a signal of higher future
             inflation, the consequent rise in the forward premium
             predicts a subsequent downward correction of the spot rate.
             The model can explain the magnitude of the forward premium
             bias and several other stylized facts related to the joint
             behaviour of forward and spot exchange rates. Our approach
             is also consistent with the availability of profitable carry
             trade strategies. © The Author 2011. Published by Oxford
             University Press on behalf of The Review of Economic Studies
             Limited.},
   Doi = {10.1093/restud/rdq013},
   Key = {fds291861}
}

@article{fds291862,
   Author = {Burnside, C and Eichenbaum, M and Kleshchelski, I and Rebelo,
             S},
   Title = {Do peso problems explain the returns to the carry
             trade?},
   Journal = {Review of Financial Studies},
   Volume = {24},
   Number = {3},
   Pages = {853-891},
   Publisher = {Oxford University Press (OUP)},
   Year = {2011},
   Month = {March},
   ISSN = {0893-9454},
   url = {http://hdl.handle.net/10161/2017 Duke open
             access},
   Abstract = {We study the properties of the carry trade, a currency
             speculation strategy in which an investor borrows
             low-interest-rate currencies and lends high-interest-rate
             currencies. This strategy generates payoffs that are on
             average large and uncorrelated with traditional risk
             factors. We argue that these payoffs reflect a peso problem.
             The underlying peso event features high values of the
             stochastic discount factor rather than very large negative
             payoffs. © 2010 The Author Published by Oxford University
             Press on behalf of The Society for Financial Studies. All
             rights reserved.},
   Doi = {10.1093/rfs/hhq138},
   Key = {fds291862}
}

@article{fds324947,
   Author = {Tabova, A and Burnside, AC},
   Title = {Risk, Volatility, and the Global Cross-Section of Growth
             Rates},
   Journal = {Duke Department of Economics Research Paper},
   Number = {43},
   Year = {2010},
   Month = {April},
   Key = {fds324947}
}

@article{fds167782,
   Title = {Carry Trade and Currency Crashes: A Comment},
   Journal = {NBER Macroeconomics Annual 2008},
   Year = {2008},
   Month = {July},
   Key = {fds167782}
}

@article{fds324953,
   Author = {Burnside, AC},
   Title = {Empirical Asset Pricing and Statistical Power in the
             Presence of Weak Risk Factors},
   Year = {2008},
   Month = {March},
   Key = {fds324953}
}

@article{fds324957,
   Author = {Burnside, AC},
   Title = {The Forward Premium is Still a Puzzle},
   Year = {2007},
   Month = {May},
   Key = {fds324957}
}

@article{fds324958,
   Author = {Burnside, AC and Eichenbaum, M and Kleshchelski, I and Rebelo,
             ST},
   Title = {The Returns to Currency Speculation},
   Journal = {Cepr Discussion Paper},
   Number = {5883},
   Year = {2006},
   Month = {October},
   Key = {fds324958}
}

@article{fds324961,
   Author = {A.C. Burnside and Burnside, AC and Dollar, D},
   Title = {Aid, Policies, and Growth: Revisiting the
             Evidence},
   Year = {2004},
   Month = {March},
   Key = {fds324961}
}

@article{fds324967,
   Author = {Burnside, AC and Eichenbaum, M and Rebelo, ST},
   Title = {On the Fundamentals of Self-Fulfilling Speculative
             Attacks},
   Year = {2000},
   Month = {February},
   Key = {fds324967}
}

@article{fds324968,
   Author = {A.C. Burnside and Burnside, AC and Eichenbaum, M and Fisher, JDM},
   Title = {Fiscal Shocks in an Efficiency Wage Model},
   Booktitle = {Macroeconomics and the Real World, Volume 1: Econometric
             Techniques and Macroeconomics},
   Publisher = {Oxford: Oxford University Press},
   Editor = {Roger E. Backhouse and Andrea Salanti},
   Year = {2000},
   Month = {January},
   Key = {fds324968}
}

@article{fds324969,
   Author = {Burnside, AC and Eichenbaum, M and Fisher, JDM},
   Title = {Assessing the Effects of Fiscal Shocks},
   Year = {2000},
   Month = {January},
   Key = {fds324969}
}

@article{fds324973,
   Author = {Dollar, D and Burnside, AC},
   Title = {Aid, the Incentive Regime, and Poverty Reduction},
   Year = {1998},
   Month = {April},
   Key = {fds324973}
}

@article{fds191300,
   Title = {Industry Innovation: Where and Why. A Comment},
   Journal = {Carnegie-Rochester Conference Series on Public
             Policy},
   Volume = {44},
   Pages = {151–67},
   Year = {1996},
   Month = {June},
   Key = {fds191300}
}

@article{fds191297,
   Author = {A.C. Burnside and Martin Eichenbaum and Sergio Rebelo},
   Title = {Capital Utilization and Returns to Scale},
   Journal = {1995 NBER Macroeconomics Annual},
   Publisher = {Cambridge, MA: MIT Press},
   Year = {1996},
   Month = {January},
   Key = {fds191297}
}

@article{fds324974,
   Author = {Burnside, AC and Eichenbaum, M and Rebelo, ST},
   Title = {Capital Utilization and Returns to Scale},
   Year = {1995},
   Month = {May},
   Key = {fds324974}
}

@article{fds324976,
   Author = {A.C. Burnside and Burnside, AC and McCurdy, TH},
   Title = {The Equity Premium Puzzle},
   Booktitle = {The New Palgrave Dictionary of Money and
             Finance},
   Year = {1992},
   Key = {fds324976}
}


%% Chapters in Books   
@misc{fds154214,
   Author = {Craig Burnside and Martin Eichenbaum and Sergio
             Rebelo},
   Title = {Currency Crises Models},
   Booktitle = {The New Palgrave Dictionary of Economics, 2nd
             ed.},
   Publisher = {Palgrave Macmillan},
   Editor = {Steven N. Durlauf and Lawrence E. Blume},
   Year = {2008},
   Month = {December},
   Key = {fds154214}
}

@misc{fds51684,
   Author = {Craig Burnside and Domenico Fanizza},
   Title = {Debt Relief and Fiscal Sustainability for
             HIPCs},
   Booktitle = {Reinventing Foreign Aid},
   Publisher = {MIT Press},
   Editor = {William Easterly},
   Year = {2008},
   Month = {July},
   Key = {fds51684}
}

@misc{fds43891,
   Author = {A.C. Burnside and Martin Eichenbaum and Sergio Rebelo},
   Title = {Financing the Costs of Currency Crises},
   Pages = {233-70},
   Booktitle = {Fiscal Sustainability in Theory and Practice: A
             Handbook},
   Publisher = {World Bank},
   Editor = {Craig Burnside},
   Year = {2005},
   Month = {June},
   Key = {fds43891}
}

@misc{fds43892,
   Author = {A.C. Burnside and Martin Eichenbaum and Sergio Rebelo},
   Title = {Currency Crises and Fiscal Sustainability},
   Pages = {205-32},
   Booktitle = {Fiscal Sustainability in Theory and Practice: A
             Handbook},
   Publisher = {World Bank},
   Editor = {Craig Burnside},
   Year = {2005},
   Month = {June},
   Key = {fds43892}
}

@misc{fds43893,
   Title = {Some Tools for Fiscal Sustainability Analysis},
   Pages = {35-80},
   Booktitle = {Fiscal Sustainability in Theory and Practice: A
             Handbook},
   Publisher = {World Bank},
   Editor = {Craig Burnside},
   Year = {2005},
   Month = {June},
   Key = {fds43893}
}

@misc{fds43896,
   Title = {Theoretical Prerequisites for Fiscal Sustainability
             Analysis},
   Pages = {11-34},
   Booktitle = {Fiscal Sustainability in Theory and Practice: A
             Handbook},
   Publisher = {World Bank},
   Editor = {Craig Burnside},
   Year = {2005},
   Month = {June},
   Key = {fds43896}
}

@misc{fds43894,
   Author = {A.C. Burnside and Yuliya Meshcheryakova},
   Title = {Mexico: A Case Study of Procyclical Fiscal
             Policy},
   Pages = {133-74},
   Booktitle = {Fiscal Sustainability in Theory and Practice: A
             Handbook},
   Publisher = {World Bank},
   Editor = {Craig Burnside},
   Year = {2005},
   Month = {June},
   Key = {fds43894}
}

@misc{fds43895,
   Author = {A.C. Burnside and Yuliya Meshcheryakova},
   Title = {Cyclical Adjustment of the Budget Surplus: Concepts and
             Measurement Issues},
   Pages = {113-32},
   Booktitle = {Fiscal Sustainability in Theory and Practice: A
             Handbook},
   Publisher = {World Bank},
   Editor = {Craig Burnside},
   Year = {2005},
   Month = {June},
   Key = {fds43895}
}

@misc{fds29658,
   Title = {Discussion [of Monetary Policy in a Small Open Economy, by
             Gabriel Srour]},
   Booktitle = {Price Adjustment and Monetary Policy},
   Publisher = {Ottawa: Bank of Canada},
   Year = {2003},
   Key = {fds29658}
}

@misc{fds325681,
   Author = {A.C. Burnside and Burnside, AC and Eichenbaum, M and Rebelo, S},
   Title = {On the Fiscal Implications of Twin Crises},
   Booktitle = {Managing Currency Crises in Emerging Markets},
   Publisher = {University of Chicago Press},
   Editor = {Dooley, MP and Frankel, JA},
   Year = {2003},
   Key = {fds325681}
}

@misc{fds29660,
   Author = {A.C. Burnside and David Dollar},
   Title = {Aid, Growth, the Incentive Regime, and Poverty
             Reduction},
   Booktitle = {The World Bank: Structure and Policies},
   Publisher = {Cambridge: Cambridge University Press},
   Editor = {Christopher L. Gilbert and David Vines},
   Year = {2000},
   Key = {fds29660}
}

@misc{fds29661,
   Title = {Discrete State-Space Methods for the Study of Dynamic
             Economies},
   Booktitle = {Computational Methods for the Study of Dynamic
             Economies},
   Publisher = {Oxford: Oxford University Press},
   Editor = {Ramon Marimon and Andrew Scott},
   Year = {1999},
   Key = {fds29661}
}

@misc{fds29662,
   Author = {A.C. Burnside and Martin Eichenbaum and Sergio Rebelo},
   Title = {What Caused the Recent Asian Currency Crisis?},
   Booktitle = {The Asian Financial Crisis: Origins, Implications and
             Solutions},
   Publisher = {Boston: Kluwer Academic Publishers},
   Editor = {William C. Hunter and George G. Kaufman and Thomas H.
             Krueger},
   Year = {1999},
   Key = {fds29662}
}


%% Working Papers   
@article{fds204478,
   Author = {Craig Burnside and Jeremy J. Graveline},
   Title = {On the Asset Market View of Exchange Rates},
   Year = {2014},
   Month = {July},
   url = {http://www.nber.org/papers/w18646},
   Key = {fds204478}
}


%% Other   
@misc{fds211374,
   Author = {Craig Burnside and Martin Eichenbaum and Sergio
             Rebelo},
   Title = {Understanding the Profitability of Currency-Trading
             Strategies},
   Journal = {NBER Reporter},
   Volume = {2012},
   Number = {3},
   Pages = {10-14},
   Year = {2012},
   Month = {July},
   url = {http://www.nber.org/reporter/2012number3/burnside.html},
   Key = {fds211374}
}

@misc{fds44266,
   Title = {Comments on “The Welfare Implications of Inflation versus
             Price-Level Targeting in a Two-Sector Small Open Economy
             Model”},
   Series = {Economic Conference Papers and Proceedings},
   Booktitle = {Issues in Inflation Targeting},
   Publisher = {Bank of Canada},
   Year = {2006},
   Key = {fds44266}
}

@misc{fds27357,
   Author = {A.C. Burnside and David Dollar},
   Title = {Aid Spurs Growth-in a Sound Policy Environment},
   Journal = {Finance & Development},
   Volume = {34},
   Number = {4},
   Pages = {4–7},
   Year = {1997},
   Key = {fds27357}
}

@misc{fds27359,
   Author = {contributor to the},
   Title = {1989-90 Official National Hockey League Guide and Record
             Book},
   Publisher = {Montreal: National Hockey League},
   Year = {1989},
   Key = {fds27359}
}


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