My main fields of research are international macroeconomics, macroeconomics, and monetary economics.
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.
“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:
“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).
,” 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.)
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,
“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.
Reverse chronological order, by date of first draft.
“Trade, Unemployment, and Monetary Policy,” with Matteo Cacciatore, first draft: November 2012; this draft: August 2013.
“Market Deregulation and Optimal Monetary Policy in a Monetary Union,” with Matteo Cacciatore and Giuseppe Fiori, first draft: December 2011; this draft: April 2013.
“The Domestic and International Effects of Interstate U.S. Banking,” with Viktors Stebunovs, first draft: July 2007; this draft: December 2010.
"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: August 2011.
“Optimal Monetary Policy with Endogenous Entry and Product Variety,” with Florin O. Bilbiie and Ippei Fujiwara, first draft: November 2007; this draft: August 2011.
“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.
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.
of ‘Risk, Returns, and Multinational Production,’ by José L. Fillat and
Stefania Garetto, Green Line Macro Meeting,
Discussion of ‘The
Effects of Globalization on International Business Cycle Co-Movement: Is All
Trade and Finance Created Equal?’ by Scott Davis, NBER Universities
‘Sticky Prices, Endogenous Export Participation, and Real Exchange Rate
Fluctuations,’ by Denny Lie, Green Line Macro Meeting,
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.
‘The Role of Nonseparable Utility and Nontradables in International Business
Cycle and Portfolio Choice,’ by Akito Matsumoto, NBER IFM Program Meeting,
of ‘Capital Flows to Developing Countries: the Allocation Puzzle,’ by
Pierre-Olivier Gourinchas and Olivier Jeanne, 2007 ASSA Meetings,
Discussion of ‘A
Solution to Two Paradoxes of International Capital Flows,’ by Jiandong Ju and
Shang-Jin Wei, NBER IFM Summer Institute,
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
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.