Automatic Stabilizer Feature of Fixed Exchange Rate Regimes in Emerging Markets

This paper shows that countries characterized by a financial accelerator mechanism may reverse the usual finding of the literature -- flexible exchange rate regimes do a worse job of insulating open economies from external shocks. I obtain this result with a calibrated small open economy model that endogenizes foreign interest rates by linking them to the banking sector's foreign currency leverage. This relationship renders exchange rate policy more important compared to the usual exogeneity assumption. I find empirical support for this prediction using the Local Projections method. Finally, 2nd order approximation to the model finds larger welfare losses under flexible regimes.

Making A Story Move: The Art of Film Editing

An in-depth treatise on the process of film editing, featuring 16 original interviews from renowned editors. These editors share insight and anecdotes about the daily joys and difficulties of their careers (and the professional principles they subscribe to), as well as the creative, interpersonal, and technical challenges they constantly face. Discussion of the “MTV influence” behind modern film editing is offered, and this influence is explored in filmmaking history. Advice and inspiration is also shared for the benefit of future film editors; Hollywood editors tell their own stories about how they thrived in a notoriously-difficult field, and what it would take for an aspiring editor to do the same.