Karen K. Lewis

Department of Finance, Wharton School
2300 SHDH
University of Pennsylvania
Philadelphia, PA 19104-6367
Tel: 215/898-7637
Fax: 215/898-6200

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: AP , IFM
NBER Affiliation: Research Associate
Institutional Affiliation: University of Pennsylvania

NBER Working Papers and Publications

January 2017Disaster Risk and Asset Returns: An International Perspective
with Edith X. Liu: w23065

Published: Karen K. Lewis & Edith X. Liu, 2017. "Disaster risk and asset returns: An international perspective," Journal of International Economics, vol 108, pages S42-S58. citation courtesy of

July 2016Disaster Risk and Asset Returns: An International Perspective
with Edith X. Liu
in NBER International Seminar on Macroeconomics 2016, Richard Clarida, Lucrezia Reichlin, and Michael Devereux, organizers
March 2015Do Foreign Firm Betas Change During Cross-listing?
December 2012Are the Gains from Foreign Diversification Diminishing? Assessing the Impact with Cross-listed Stocks
with Sandy Lai: w18627
February 2012International Consumption Risk Is Shared After All: An Asset Return View
with Edith X. Liu: w17872
July 2011Global Asset Pricing

Published: “Global Asset Pricing,” Annual Review of Financial Economics, Vol. 3: pp. 435-466, 2011.

January 2011Differences of Opinion and International Equity Markets
with Bernard Dumas, Emilio Osambela: w16726

Published: "Differences of Opinion and International Equity Markets," with K. K. LEWIS and E. OSAMBELA, Review of Financial Studies, 30 (2017), 750-800.

November 2006Is the International Diversification Potential Diminishing? Foreign Equity Inside and Outside the US
January 1998International Home Bias in International Finance and Business Cycles
April 1997Are Countries with Official International Restrictions "Liquidity Constrained?"

Published: European Economic Review, Vol. 41, no. 6 (June 1997): 1070-1109.

January 1996Consumption, Stock Returns, and the Gains from International Risk-Sharing

Published: Lewis, Karen K. "Why Do Stocks And Consumption Imply Such Different Gains From International Risk Sharing?," Journal of International Economics, 2000, v52(1,Oct), 1-35.

October 1995Stochastic Regime Switching and Stabilizing Policies within Regimes

Published: International Journal of Finance and Economics, April 1996, vol.1, pp.71-86

August 1995What Can Explain the Apparent Lack of International Consumption Risk Sharing?

Published: Journal of Political Economy, April 1996, vol.104, pp.267-297.

December 1994Puzzles in International Financial Markets

Published: Handbook of International Economics, G. Grossman and K. Rogoff, eds.(North Holland: Amsterdam), 1995.

June 1993Are Forign Exchange Intervention and Monetary Policy Related and Does it Really Matter?

Published: Journal of Business, April 1995, vol.68: pp.185-214.

March 1993Does Foreign Exchange Intervention Signal Future Monetary Policy?
with Graciela Kaminsky: w4298

Published: Journal of Monetary Economics, vol. 37, no. 2, (April 1996), pp. 285-312. citation courtesy of

August 1992Do Expected Shifts in Inflation Policy Affect Real Rates?
with Martin D. Evans: w4134

Published: "Do Expected Shifts in Inflation Affect Estimates of the Long-Run Fischer Relation? Journal of Finance, March 1995, vol.50, pp.225-253.

July 1992Trends in Expected Returns in Currency and Bond Markets
with Martin D. Evans: w4116

Published: European Economic Review, vol. 37, June 1993, pp. 1005-1020

February 1992Peso Problems and Heterogeneous Trading: Evidence From Excess Returns in Foreign Exchange and Euromarkets
with Martin D. Evans: w4003

Published: "Do Long Term Savings in the Dollar Affect Estimates of the Risk Premium?" Review of Financial Studies, 1995, September, vol.8, pp.709-742.

April 1991Learning About Intervention Target Zones
with Michael W. Klein: w3674


  • Journal of International Econmics, vol. 35(3-4), pp. 275-295, November 1993
  • Klein, Michael W. & Lewis, Karen K., 1993. "Learning about intervention target zones," Journal of International Economics, Elsevier, vol. 35(3-4), pages 275-295, November. citation courtesy of

January 1991Should the Holding Period Matter for the Intertemporal Consumption-BasedCAPM?

Published: Journal of Monetary Economics Volume 28, pp. 365-389 December 1991

September 1990Do Stationary Risk Premia Explain It All? Evidence from the Term Struct
with Martin D. Evans: w3451

Published: Journal of Monetary Economics, vol.33, 1994 April

July 1990Why Doesn't Society Minimize Central Bank Secrecy?

Published: Economic Inquiry, Vol. 29, (1991).pp/ 403-415

Occasional Interventions to Target Rates with a Foreign Exchange Application

Published: American Economic Review, Volume 85, 1995, "Occasional Interventions to Target Rates, September, pp.691-715.

March 1990Was There a "Peso Problem" in the U.S. Term Structure of Interest Rates:1979-1982?

Published: Karen K. Lewis, 1991. "Was there a "Peso Problem" in the U.S. Term Structure of Interest Rates: 1979-1982?," International Economic Review, vol 32(1).

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