Fabio Ghironi


Publications, Working Papers, Keynote, Plenary, and Panel Presentations, Columns, Discussions


My main fields of research are international macroeconomics, macroeconomics, and monetary economics.


My citations: CitEc, Google Scholar, IDEAS, ResearchGate.


My web page in the University of Washington Economics Department’s web site.


My web pages in EconPapers, IDEAS, Microsoft Academic Search, ResearchGate, and SSRN.  In these pages, you can find links to papers or versions of papers that are not available below and additional information on citations, coauthors, etc.


My CEPR Discussion Papers.


My NBER Publications and Working Papers.





These papers are copyrighted by the respective publisher.  A single copy may be downloaded and printed for the reader’s personal research and study only.  No other use is permitted.


Journal Articles:


International Macroeconomics:


The Valuation Channel of External Adjustment,” with Jaewoo Lee and Alessandro Rebucci, Journal of International Money and Finance 57 (October 2015): 86-114. Technical Appendix.


Inflation Targeting and Economic Reforms in New Zealand,” with Matteo Cacciatore and Stephen J. Turnovsky, International Journal of Central Banking 11, Supplement 1 (September 2015): 145-198.


The Domestic and International Effects of Interstate U.S. Banking,” with Matteo Cacciatore and Viktors Stebunovs, Journal of International Economics 95 (March 2015): 171-187. Online Appendix.


Estimating Trade Elasticities: Demand Composition and the Trade Collapse of 2008-09,” with Matthieu Bussičre, Giovanni Callegari, Giulia Sestieri, and Norihiko Yamano, American Economic Journal: Macroeconomics 5 (July 2013): 118-151. Online Appendix. NBER WP version (relation to Houthakker-Magee puzzle).


Net Foreign Asset Positions and Consumption Dynamics in the International Economy,” with Talan B. İşcan and Alessandro Rebucci, Journal of International Money and Finance 27 (December 2008): 1337-1359.


The Role of Net Foreign Assets in a New Keynesian Small Open Economy Model,” Journal of Economic Dynamics and Control 32 (June 2008): 1780-1811.


Interest Rate Rules for Fixed Exchange Rate Regimes,” with Gianluca Benigno and Pierpaolo Benigno, Journal of Economic Dynamics and Control 31 (July 2007): 2196-2211.


Trade Flow Dynamics with Heterogeneous Firms,” with Marc J. Melitz, American Economic Review 97 (May 2007, AER Papers and Proceedings): 356-361.


Macroeconomic Interdependence under Incomplete Markets,” Journal of International Economics 70 (December 2006): 428-450.


International Trade and Macroeconomic Dynamics with Heterogeneous Firms,” with Marc J. Melitz, Quarterly Journal of Economics CXX (August 2005): 865-915. Technical Appendix.


Transatlantic Tradeoffs in the Age of Balanced Budgets and European Monetary Union,” with Barry Eichengreen, Open Economies Review 13 (October 2002): 381-411.


Net Foreign Assets and the Exchange Rate: Redux Revived,” with Michele Cavallo, Journal of Monetary Economics 49 (July 2002): 1057-1097.


Currency Areas, International Monetary Regimes, and the Employment-Inflation Tradeoff,” with Francesco Giavazzi, Journal of International Economics 45 (August 1998): 259-296.


Macroeconomics and Monetary Economics:


Optimal Monetary Policy with Endogenous Entry and Product Variety,” with Florin O. Bilbiie and Ippei Fujiwara, Journal of Monetary Economics 64 (May 2014): 1-20. Technical Appendix.


Endogenous Entry, Product Variety, and Business Cycles,” with Florin O. Bilbiie and Marc J. Melitz, Journal of Political Economy 120 (April 2012): 304-345. NBER WP version (more results).


“Monetary Policy and Business Cycles with Endogenous Entry and Product Variety,” with Florin O. Bilbiie and Marc J. Melitz, in Acemoglu, D., K. S. Rogoff, and M. Woodford, eds., NBER Macroeconomics Annual 2007, University of Chicago Press, Chicago, 2008, 299-353. The Appendix is available here.


Does It Matter (for Equilibrium Determinacy) What Price Index the Central Bank Targets?” with Charles T. Carlstrom and Timothy S. Fuerst, Journal of Economic Theory 128 (May 2006): 214-231.


Some Chapters in Books:


EMU and Enlargement,” with Barry Eichengreen, in Buti, M., and A. Sapir, eds., EMU and Economic Policy in Europe: The Challenge of the Early Years, Cheltenham: Edward Elgar, 2003. (Before May 2001, this paper circulated under the title “The Future of EMU” and contained more material on fiscal policy and less on some issues that pertain to EMU enlargement. You can access that version by clicking here.)


European Monetary Unification and International Monetary Cooperation,” with Barry Eichengreen, in Eichengreen, B., ed., Transatlantic Economic Relations in the Post-Cold War Era, Brookings Institution Press, Washington, D.C., 1998.


European Monetary Unification: The Challenges Ahead,” with Barry Eichengreen, in Torres, F., ed., Monetary Reform in Europe, Universidade Católica Editora, Lisbon, 1996.


Notes and Comments:


Comments on ‘Monetary Policy Rules and Exchange Rate Flexibility in a Simple Dynamic General Equilibrium Model’ by Michael B. Devereux,” with Kólver Hernández, Journal of Macroeconomics 26 (June 2004): 309-313.



Working Papers:


Reverse chronological order, by date of first draft.


International Macroeconomics:


Trade, Unemployment, and Monetary Policy,” with Matteo Cacciatore, first draft: November 2012; this draft: September 2014.


Market Deregulation and Optimal Monetary Policy in a Monetary Union,” with Matteo Cacciatore and Giuseppe Fiori, first draft: December 2011; this draft: September 2014. CEPR DP version and NBER WP version. A non-technical note on the macroeconomic and policy implications of market reforms obtained in this paper is available here.


"Monetary Rules for Emerging Market Economies," with Alessandro Rebucci, BC Econ. Dept. WP 476, first draft: October 2000; this draft: June 2003.


"Endogenously Persistent Output Dynamics: A Puzzle for the Sticky-Price Model?" BC Econ. Dept. WP 527, first draft: March 2002.


"Towards New Open Economy Macroeconometrics," BC Econ. Dept. WP 469, first draft: August 1999; this draft: February 2000.


"Alternative Monetary Rules for a Small Open Economy: The Case of Canada," BC Econ. Dept. WP 466, first draft: November 1998; this draft: October 2000.


"U.S.-Europe Economic Interdependence and Policy Transmission," BC Econ. Dept. WP 470, first draft: March 1998; this draft: January 2000. (Previously circulated under the title "U.S.-Europe Economic Interdependence: Positive Analysis.")


Macroeconomics and Monetary Economics:


“Heterogeneous Firm Financing over the Business Cycle,” with Karen K. Lewis, in progress.


Equity Sales and Manager Efficiency across Firms and the Business Cycle,” with Karen K. Lewis, first draft: March 2008; this draft: March 2011 (IMES Discussion Paper 2011-E-7, Bank of Japan).


Optimal Fiscal Policy with Endogenous Product Variety,” with Sanjay K. Chugh, first draft: April 2009; this draft: June 2015. NBER WP version (different approach to model description: explicit modeling of multi-product firm; same equilibrium conditions).


Monopoly Power and Endogenous Variety in Dynamic Stochastic General Equilibrium: Distortions and Remedies,” with Florin O. Bilbiie and Marc J. Melitz, first draft: June 2006; this draft: August 2008.


Relative Price Dynamics and the Aggregate Economy,” with Charles T. Carlstrom, Timothy S. Fuerst, and Kólver Hernández, first draft: May 2005; this draft: August 2006.



Keynote, Plenary, and Panel Presentations:


The Macroeconomic and Policy Implications of Structural Reforms,” Academic Panel Presentation, ECB-CompNet Conference: Enhancing Competitiveness and Fostering Sustainable Growth: Methodological Issues and Empirical Results, Frankfurt, June 25-26, 2015. Audio of my presentation and the following Q&A is available here. My presentation begins at minute 46:58.


The Monetary Policy Implications of Market Reforms and Trade Integration,” Keynote Speech, 10th CompNet Workshop, Banco de Portugal, Lisbon, September 18-19, 2014.


The Monetary Policy Implications of Market Reforms and Trade Integration,” Keynote Speech, Mainz Workshop in Trade and Macroeconomics, June 26-27, 2014.


Trade, Unemployment, and Monetary Policy,” Plenary Presentation, Korean Economic Association 60th Anniversary Conference, Korea University, Seoul, June 20-21, 2012.





Variable Geometry Bites Back: Schäuble’s Motives,” VOX, July 18, 2015.


Understanding the Great Trade Collapse of 2009,” with Matthieu Bussičre and Giulia Sestieri, VOX, February 14, 2012. (Based on our paper with Giovanni Callegari and Norihiko Yamano on “Estimating Trade Elasticities: Demand Composition and the Trade Collapse of 2008-09.”)





Discussion of ‘Exchange Rate Movements, Firm-Level Exports, and Heterogeneity,’ by Antoine Berthou, Vlad Demian, and Emmanuel Dhyne, ECB-CompNet Conference: Enhancing Competitiveness and Fostering Sustainable Growth: Methodological Issues and Empirical Results, Frankfurt, June 25-26, 2015.


Discussion of ‘International Competitiveness and Monetary Policy,’ by Paul R. Bergin and Giancarlo Corsetti, CPBS 2014 Pacific Basin Research Conference, Federal Reserve Bank of San Francisco, November 7, 2014.


Discussion of ‘Dynamics of Firms and Trade in General Equilibrium,’ by Robert Dekle, Hyeok Jeong, and Nobuhiro Kiyotaki, NBER ITM Summer Institute Meeting, Cambridge, MA, July 8, 2014.


Discussion of ‘Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates,’ by Emmanuel Farhi and Iván Werning, Boston University/Boston Fed Conference on Macro-Finance Linkages, Federal Reserve Bank of Boston, November 30-December 1, 2012.


Discussion of ‘Exchange Rates and Interest Parity,’ by Charles Engel, Handbook of International Economics Conference, NBER, Cambridge, MA, September 14-15, 2012.


Discussion of ‘Fiscal Devaluations,’ by Emmanuel Farhi, Gita Gopinath, and Oleg Itskhoki, NBER ME Program Meeting, New York, March 2, 2012.


Discussion of ‘Floats, Pegs and the Transmission of Fiscal Policy,’ by Giancarlo Corsetti, Keith Kuester, and Gernot J. Müller, 14th Annual Conference of the Central Bank of Chile, Santiago, October 21-22, 2010.


Discussion of ‘On the Global Spread of Risk Panics,’ by Philippe Bacchetta and Eric van Wincoop, ECB-JIE Conference: What Future for Financial Globalization? Frankfurt, September 9-10, 2010.


Discussion of ‘International Recessions,’ by Fabrizio Perri and Vincenzo Quadrini, NBER IFM Program Meeting, Cambridge, MA, March 12, 2010.


Discussion of ‘Risk, Returns, and Multinational Production,’ by José L. Fillat and Stefania Garetto, Green Line Macro Meeting, Boston University, October 16, 2009.


Discussion of ‘The Effects of Globalization on International Business Cycle Co-Movement: Is All Trade and Finance Created Equal?’ by Scott Davis, NBER Universities Research Conference, Cambridge, MA, December 15-16, 2008.


Discussion of ‘Sticky Prices, Endogenous Export Participation, and Real Exchange Rate Fluctuations,’ by Denny Lie, Green Line Macro Meeting, Boston University, May 2, 2008.


Discussion of ‘International Portfolios with Supply, Demand and Redistributive Shocks,’ by Nicolas Coeurdacier, Robert Kollmann, and Philippe Martin, NBER International Seminar on Macroeconomics, Istanbul, June 15-16, 2007.


Discussion of ‘The Role of Nonseparable Utility and Nontradables in International Business Cycle and Portfolio Choice,’ by Akito Matsumoto, NBER IFM Program Meeting, Cambridge, MA, March 23, 2007.


Discussion of ‘Capital Flows to Developing Countries: the Allocation Puzzle,’ by Pierre-Olivier Gourinchas and Olivier Jeanne, 2007 ASSA Meetings, Chicago, January 5-7, 2007.


Discussion of ‘A Solution to Two Paradoxes of International Capital Flows,’ by Jiandong Ju and Shang-Jin Wei, NBER IFM Summer Institute, Cambridge, MA, July 10-14, 2006.


Discussion of ‘The Endogeneity of the Exchange Rate as a Determinant of FDI: A Model of Money, Entry, and Multinational Firms,’ by Katheryn Niles Russ, NBER Universities Research Conference, Cambridge, MA, December 10-11, 2004.


Discussion of ‘The Transmission of Monetary Policy in a Multi-Sector Economy,’ by Hafedh Bouakez, Emanuela Cardia, and Francisco J. Ruge-Murcia, Dynamic Models and Monetary Policymaking, Federal Reserve Bank of Cleveland, September 22-24, 2004.


Discussion of ‘Ramsey Monetary Policy with Financial Distortions,’ by Ester Faia, Second ECB/IMOP Workshop on Dynamic Macroeconomics, Hydra, June 4-5, 2004.


Discussion of 'Exchange Rate Policy and Endogenous Price Flexibility,' by Michael B. Devereux, with Kólver Hernández, 5th Bundesbank Spring Conference, Eltville, May 2-3, 2003.


Discussion of 'Optimal Monetary Policy with Durable and Non-Durable Goods,' by Christopher J. Erceg and Andrew T. Levin, International Research Forum on Monetary Policy, European Central Bank, Frankfurt, July 5-6, 2002.






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