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Research

Working Papers

1. “Asset Prices and Unemployment Fluctuations” with Pierlauro Lopez, Virgiliu Midrigan and Elena Pastorino.

2. “World Financial Flows and Asset Prices” with Yan Bai and Fabrizio Perri.

3. “Dynamic Competition in the Era of Big Data,’’ with Brad Larsen and Elena Pastorino, revising.

 

Publications in Refereed Journals

1. “On the Optimality of Financial Repression,” with V. V. Chari and Alessandro Dovis, forth coming Journal of Political Economy. [Paper]

2. “Debt Constraints and Employment,” with Virgiliu Midrigan and Elena Pastorino, forthcoming Journal of Political Economy.  [Paper]

3. “Financial Markets and Fluctuations in Volatility,” with Yan Bai and Cristina Arellano, forthcoming Journal of Political Economy. [Paper]

4. “Evolution of Modern Business Cycle Models: Accounting for the Great Recession.” with Virgiliu Midrigan and Elena Pastorino, Journal of Economic Perspective 32.2, 2018. [Paper]

5. “Rethinking Optimal Currency Areas,” with V. V. Chari and Alessandro Dovis, forthcoming Journal of Monetary Economics. [Paper]

6. “Prices are Sticky After All,” with Virgiliu Midrigan, Journal of Monetary Economics, 2015.

7. “Sophisticated Monetary Policies,” with Andrew Atkeson and V. V. Chari, Quarterly Journal of Economics, February 2010.

8. “Time-Varying Risk, Interest Rates, and Exchange Rates in General Equilibrium,” with Fernando Alvarez and Andrew Atkeson, Review of Economic Studies, July 2009.

9. “The New Keynesian Models: Not Yet Useful for Policy Analysis,” with V. V. Chari and Ellen R. McGrattan, American Economic Journal: Macroeconomics, January 2009.

10. “Are Structural VARs with Long-Run Restrictions Useful in Developing Business Cycle Theory,” with V. V. Chari and Ellen McGrattan, Journal of Monetary Economics, November 2008.

11. “Time Inconsistency and Free-Riding in a Monetary Union,” with V. V. Chari, Journal of Money, Credit, and Banking (2nd OSU Macroeconomics Lecture), October 2008.

12. “On the Need for Fiscal Constraints in a Monetary Union,” with V. V. Chari, Journal of  Monetary Economics, November 2007.

13. “If Exchange Rates are Random Walks, Then Almost Everything We Say about Monetary Policy Is Wrong,” with Fernando Alvarez and Andrew Atkeson, American Economic Review, May 2007.

14. “Business Cycle Accounting,” with V. V. Chari and Ellen McGrattan, Econometrica, May 2007.

15. “Modeling the Transition to a New Economy: Lessons from Two Technological Revolutions,” with Andrew Atkeson, American Economic Review, March 2007.

16. “Modern Macroeconomics in Practice: How Theory Is Shaping Policy,” with V. V. Chari, Journal of Economic Perspectives, Fall 2006.

17. “Modeling and Measuring Organization Capital,” with Andrew Atkeson, Journal of Political Economy, October 2005.

18. “The Optimal Degree of Discretion in Monetary Policy,” with Susan Athey and Andrew Atkeson, Econometrica, September 2005.

19. “Sudden Stops and Output Drops,” with V. V. Chari and Ellen McGrattan, American Economic Review, May 2005.

20. “Financial Crises as Herds: Overturning the Critiques,” with V. V. Chari, Journal of Economic Theory, November 2004.

21. “Competitive Equilibria with Limited Enforcement,” with Fabrizio Perri, Journal of Economic Theory, November 2004.

22. “Deflation and Depression: Is There an Empirical Link?” with Andrew Atkeson, American Economic Review, May 2004.

23. “The Time Consistency of Optimal Monetary and Fiscal Policies,” with Fernando Alvarez and Pablo Andrés Neumeyer, Econometrica, March 2004.

24. “Hot Money,” with V. V. Chari, Journal of Political Economy, December 2003.

25. “Can Sticky Price Models Generate Volatile and Persistent Exchange Rates?” with V. V. Chari and Ellen R. McGrattan, Review of Economic Studies, August 2002.

26. “Accounting for the Great Depression,” with V. V. Chari and Ellen R. McGrattan, American Economic Review, May 2002. Reprinted in Federal Reserve Bank of Minneapolis Quarterly Review, Spring 2003.

27. “International Business Cycles with Endogenous Incomplete Markets,” with Fabrizio Perri, Econometrica, May 2002.

28. “Policy-Driven Productivity in Chile and Mexico in the 1980’s and 1990’s,” with Raphael Bergoeing, Timothy J. Kehoe, and Raimundo Soto, American Economic Review, May 2002. Reprinted in Federal Reserve Bank of Minneapolis Quarterly Review, Winter 2002.

29. “Money, Interest Rates, and Exchange Rates with Endogenously Segmented Markets,” with Fernando Alvarez and Andrew Atkeson, Journal of Political Economy, February 2002.

30. “A Decade Lost and Found: Mexico and Chile in the 1980s," with Raphael Bergoeing, Timothy J. Kehoe, and Raimundo Soto, Review of Economic Dynamics, January 2002.

31. “Sticky Price Models of the Business Cycle:  Can the Contract Multiplier Solve the Persistence Problem?” with V. V. Chari and Ellen R. McGrattan, Econometrica, September 2000.

32. “Models of Energy Use: Putty-Putty versus Putty-Clay,” with Andrew Atkeson, American Economic Review, September 1999.

33. “Optimality of the Friedman Rule in Economies with Distorting Taxes,” with V. V. Chari and Lawrence J. Christiano, Journal of Monetary Economics, April 1996.

34. “Social Insurance and Transition,” with Andrew Atkeson, International Economic Review, May 1996.

35. “Models of Sovereign Debt: Partial versus General Reputations,” with Harold L. Cole, International Economic Review, February 1998.

36. “Optimal Fiscal Policy in a Business Cycle Model,” with V. V. Chari and Lawrence J. Christiano, Journal of Political Economy, August 1994.

37. “Dynamics of the Trade Balance and the Terms of Trade: The J-Curve?” with David K. Backus and Finn E. Kydland, American Economic Review, March 1994.

38. “Sustainable Plans and Debt,” with V. V. Chari, Journal of Economic Theory, December 1993. Reprinted in The Legacy of Robert Lucas, Jr., Vol. 3, ed. Kevin D. Hoover, Elger, 1999.

39. “Sustainable Plans and Mutual Default,” with V. V. Chari, Review of Economic Studies,January 1993.

40. “In Search of Scale Effects in Trade and Growth,” with David K. Backus and Timothy J. Kehoe, Journal of Economic Theory, December 1992.

41. “International Evidence on the Historical Properties of Business Cycles,” with David K. Backus, American Economic Review, September 1992.

42. “International Real Business Cycles,” with David K. Backus and Finn E. Kydland, Journal of Political Economy, August 1992.

43. “Optimal Fiscal and Monetary Policy: Some Recent Results,” with V. V. Chari and Larence J. Christiano, Journal of Money, Credit, and Banking, August 1991. Reprinted in Political Economy, Growth, and Business Cycles, ed. Alex Cukierman, Zvi Hercowitz, and Leonardo Leiderman, MIT Press, 1992.

44. “Sustainable Plans,” with V. V. Chari, Journal of Political Economy, August 1990. Reprinted in Monetary and Fiscal Policy, Vol. 1, Credibility, ed. Torsten Persson and Guido Tabellini, MIT Press, 1994.

45. “International Coordination of Fiscal Policy in Limiting Economies,” with V. V. Chari, Journal of Political Economy, June 1990.

46. “On the Denomination of Government Debt: A Critique of the Portfolio Balance Approach,” with David K. Backus, Journal of Monetary Economics, May 1989.

47. “Policy Cooperation Among Benevolent Governments May Be Undesirable,” Review of Economic Studies, April 1989.

48. “Coordination of Fiscal Policies in a World Economy,” Journal of Monetary Economics, May 1987.

 

Other Publications

49. “The Monetary and Fiscal History of Brazil: 1960-2016 with Marcio Garcia, Joao Ayres and Diogo Guillen, forthcoming in a Monetary and Fiscal History of Latin America.

50. “Financial Recessions” Economic Policy, forthcoming.

51. “On the Need for a New Approach to Analyzing Monetary Policy,” with Andrew Atkeson, NBER Macroeconomics Annual 2008, University of Chicago Press, 2009.

52. “Taxing Capital Income: A Bad Idea,” with Andrew Atkeson and V. V. Chari, Federal Reserve Bank of Minneapolis Quarterly Review, Summer 1999.

53. “Optimal Fiscal and Monetary Policy,” with V. V. Chari, in Handbook of Macroeconomics, Vol. 1C, ed. John B. Taylor and Michael Woodford, Elsevier Science, North-Holland, 1999.

54. “Asking the Right Questions about the IMF,” with V. V. Chari, Federal Reserve Bank of Minneapolis Annual Report, 1998.

55. “Reviving Reputation Models of International Debt,” with Harold L. Cole, Federal Reserve Bank of Minneapolis Quarterly Review, Winter 1997.

56. “Los Modelos de Equilibrio General Aplicado de Politica Comercial” (with English summary), with Timothy J. Kehoe, Cuadernos Economicos de I.C.E., 1995.

57. Modeling North American Economic Integration, ed. with Timothy J. Kehoe, Kluwer Academic Publishers, 1995.

58. “Policy Analysis in Business Cycle Models,” with V. V. Chari and Lawrence J. Christiano, in Frontiers of Business Cycle Research, ed. Thomas F. Cooley, Princeton University Press, 1995.

59. “Capturing NAFTA’s Impact with Applied General Equilibrium Models,” with Timothy J. Kehoe, Federal Reserve Bank of Minneapolis Quarterly Review, Spring 1994. Reprinted in Modeling North American Economic Integration, ed. Patrick J. Kehoe and Timothy J. Kehoe, Kluwer Academic Publishers, 1995.

60. “A Primer on Static Applied General Equilibrium Models,” with Timothy J. Kehoe, Federal Reserve Bank of Minneapolis Quarterly Review, Spring 1994. Reprinted in Modeling North American Economic Integration, ed. Patrick J. Kehoe and Timothy J. Kehoe, Kluwer Academic Publishers, 1995.

61. “Relative Price Movements in Dynamic General Equilibrium Models of International Trade,” with David K. Backus and Finn E. Kydland, in Handbook of International Macroeconomics, ed. Frederick van der Ploeg, Blackwell, 1994.

62. “International Business Cycles: Theory vs. Evidence,” with David K. Backus and Finn E. Kydland, Federal Reserve Bank of Minneapolis Quarterly Review, Fall 1993. Reprinted in Frontiers of Business Cycle Research, ed. Thomas F. Cooley, Princeton University Press, 1995.

63. “Policy Cooperation Among Benevolent Governments May Be Undesirable: An Extension,” International Economic Policy Coordination, ed. Carlo Carraro et al., Blackwell, 1991.

64. “Time Consistency and Policy,” with V. V. Chari and Edward C. Prescott, in Handbook of Modern Business Cycle Theory, ed. Robert J. Barro, Harvard University Press, 1989.