Professor Martin D. D. Evans

Professor of Economics

Department of Economics

Georgetown University

E-mail address:

Office phone: (202)-687-1570

Research Economist

National Bureau of Economic Research


Associate Editor

The Journal of International Money and Finance

The Journal of Money, Credit and Banking

The Journal of International Economics

Research Interests


International Finance, Foreign Exchange Microstructure, International Financial Markets, Capital Flows, Financial Integration, Asset Pricing, and Time Series Econometrics.

New Working Papers:

Global Imbalances, Risk, and the Great Recession, October, 2013.

Hot Money and External Adjustment, July, 2013.

International Capital Flows and Debt Dynamics, June, 2012.

Exchange-Rate Dark Matter, February, 2012.



Exchange-Rate Dynamics


Princeton University Press 2011


Table of Contents


To Purchase goto PUP Website


Resources for Instructors and Students


Short Course Outline

J.I.E. Review



Published and Forthcoming Articles

International Capital Flows Returns and World Financial Integration   (with V. Hnatkovska) Journal of International Economics, forthcoming.

Exchange Rate Fundamentals and Order Flow   (with R. Lyons) Quarterly Journal of Finance, May 2013.

Solving General Equilibrium Models with Incomplete Markets and Many Financial Assets  (with V. Hnatkovska) The Journal of Economics, Dynamics and Control, 2012. 

Micro Approaches to Foreign Exchange Determination (with Dagfinn Rime), The Handbook of Exchange Rate Economics, 2012.

The Microstructure of Currency Markets in The Encyclopedia of Financial Globalization, March 2011.

Order Flows and The Exchange Rate Disconnect Puzzle  Journal of International Economics, February, 2010.

How Is Macro News Transmitted to Exchange Rates? (with R. Lyons) Journal of Financial Economics, April 2008.

International Financial Integration and the Real Economy (with V. Hnatkovska) IMF Staff Papers, September, 2007.

Financial Integration, Macroeconomic Volatility and Welfare , (with V. Hnatkovska) Journal of the European Economic Association, 2007.

Understanding Order Flow  (with R. Lyons) The International Journal of Finance and Economics, March, 2006.

Inventory Information (with H. Cao and R. Lyons) The Journal Of Business, January, 2006.

Where Are We Now?: Real-Time Estimates of the Macro Economy The International Journal of Central Banking, September, 2005.

Meese-Rogoff Redux: Micro-Based Exchange Rate Forecasting (with R. Lyons), American Economic Review P&P, May, 2005.

Do Currency Markets Absorb News Quickly?  (with R. Lyons) The Journal of International Money and Finance, March, 2005. 

Real Risk, Inflation Risk and the Term Structure The Economic Journal, June 2003.

Informational Integration and FX Trading  (with R. Lyons) The Journal of International Money and Finance, December 2002.

FX Trading and Exchange Rate Dynamics   Journal of Finance, December 2002.

Time-Varying Liquidity in Foreign Exchange (with R. Lyons) Journal of Monetary Economics, 2002.

Order Flow and Exchange Rate Dynamics (with R. Lyons) Journal of Political Economy, 2002.


Older Working Papers

Understanding the Dynamics of the US External Position (with A. Fuertes) July 2010.

A New Micro Model of Exchange Rate Dynamics   (with R. Lyons)