Computing Ramsey Equilibria in Medium-Scale Macroeconomic Models, (with Stephanie Schmitt-Grohe), November 2009.

On Quality Bias and Inflation Targets, (with Stephanie Schmitt-Grohe), November 2009.

Foreign Demand for Domestic Currency and the Optimal Rate of Inflation, (with Stephanie Schmitt-Grohe), November 2009.

The Optimal Rate of Inflation, with Stephanie Schmitt-Grohe. Prepared for the Handbook of Monetary Economics, edited by M. Woodford and B. Friedman.

Real Business Cycles in Emerging Countries?, with Javier Garcia-Cicco and Roberto Pancrazi, American Economic Review, forthcoming..

Incomplete Cost Pass-Through Under Deep Habits, with Morten Ravn and Stephanie Schmitt-Grohe, Review of Economic Dynamics, forthcoming, 2009.

Risk Matters: The Real Effects of Volatility Shocks, with Jesus Fernandez-Villaverde, Pablo Guerron, and Juan Rubio-Ramirez, April 2009.

Policy Implications of the New Keynesian Phillips Curve, with Stephanie Schmitt-Grohe, Economic Quarterly, 94, Fall 2008, 335-365.

What's News in Business Cycles, with Stephanie Schmitt-Grohe, 2008. Slides.

Evaluating the Sample Likelihood of Linearized DSGE Models Without the Use of the Kalman Filter, with Stephanie Schmitt-Grohe, August 2007. [Matlab Code]

Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate, with Morten Ravn and Stephanie Schmitt-Grohe, August 2007.

Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model, with Stephanie Schmitt-Grohe, in Monetary Policy Under Inflation Targeting, edited by Klaus Schmidt-Hebbel and Rick Mishkin, Central Bank of Chile, Santiago, Chile, 2007, p. 125-186. [Matlab Code.]

Discussion of `The Conquest of South American Inflation,' by T. Sargent, N. Williams, and T. Zha (NBER working paper No. 12606) , Delivered at the IX Workshop in International Economics and Finance organized by the Central Bank of Chile, The World Bank, and Universidad T. Di Tella. Santiago, Chile, March 16-19, 2007.

Pricing to Habits and the Law of One Price, with Morten Ravn and Stephanie Schmitt-Grohe, American Economic Review, Papers and Proceedings 97, May 2007, 232-238.

Comparing Two Variants of Calvo-Type Wage Stickiness, with Stephanie Schmitt-Grohe, NBER working paper No. 12740, December 2006. [Matlab Code]

Individual Versus Aggregate Collateral Constraints and the Overborrowing Syndrome, May 2006. [Matlab Code.]

On Overborrowing, American Economic Review Papers and Proceedings 96, May 2006, pp. 417-421 . [Matlab Code.]

Habit Persistence, with Stephanie Schmitt-Grohe, prepared for The New Palgrave Dictionary of Economics, second Edition, edited by Steven Durlauf and Lawrence Blume (December 2005).

Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model, with Stephanie Schmitt-Grohe, in Gertler, Mark and Kenneth Rogoff, eds., NBER Macroeconomics Annual 2005, MIT Press: Cambridge MA, 2006, 383-425. [Matlab Code.]

The Macroeconomics of Subsistence Points, with Morten Ravn and Stephanie Schmitt-Grohe, Macroeconomic Dynamics, 12, April 2008, 136-147. [Matlab Code].

Optimal Operational Monetary Policy in the Christiano-Eichenbaum-Evans Model of the U.S. Business Cycle, with Stephanie Schmitt-Grohe. [Matlab Code.]

Deep Habits with Morten Ravn and Stephanie Schmitt-Grohe, Review of Economic Studies 73, 2006, 195-218. [Matlab Code. ] [Companion Documents.]

Optimal Simple And Implementable Monetary and Fiscal Rules with Stephanie Schmitt-Grohe, Journal of Monetary Economics, 54, September 2007, 1702­-1725. [Matlab Code.]

Country Spreads and Emerging Countries: Who Drives Whom? with Vivian Z. Yue, Journal of International Economics, 69, June 2006, 6-36. [Data and Matlab Code.] Download slides.

Backward-Looking Interest-Rate Rules, Interest Rate Smoothing, and Macroeconomic Instability (with Jess Benhabib and Stephanie Schmitt-Grohé),
Journal of Money, Credit, and Banking 35 (December 2003), 1379-1412.

Anticipated Ramsey Reforms and the Uniform Taxation Principle: the Role of International Financial Markets (with Stephanie Schmitt-Grohe), University of Pennsylvania, June 2002.

Closing Small Open Economy Models (with Stephanie Schmitt-Grohe), Journal of International Economics, 61, October 2003, Pages 163-185 . [Matlab Code]

A Fiscal Theory of Sovereign Risk, Journal of Monetary Economics 53, November 2006, 1857-1875.

Chaotic Interest Rate Rules (with Jess Benhabib and Stephanie Schmitt-Grohe), American Economic Review Papers and Proceedings, 92, May 2002,  72-78. An expanded version of this paper is available.

Solving Dynamic General Equilibrium Models Using a Second-Order Approximation to the Policy Function (with Stephanie Schmitt-Grohe), Journal of Economic Dynamics and Control,  vol. 28, January 2004, pp. 755-775. [Matlab Code.]

Optimal Fiscal and Monetary Policy Under Sticky Prices (with Stephanie Schmitt-Grohe), Journal of Economic Theory, 114, February 2004, 198-230. [Matlab Code.]

Optimal Fiscal and Monetary Policy Under Imperfect Competition (with Stephanie Schmitt-Grohe), Journal of Macroeconomics, 26 (June 2004), 183-209. [Matlab Code.]

Liquidity Traps with Global Taylor Rules (with Stephanie Schmitt-Grohe), revised August 2007.

Real  Exchange  Rate  Targeting  and Macroeconomic Instability, Journal of International Economics 59, January 2003, 137-159.

The Analytics of Credible Exchange-Rate-Based Disinflation When Money Facilitates Firms' Transactions, revised January 2000.

Avoiding Liquidity Traps (with Jess Benhabib and Stephanie Schmitt-Grohe), Journal of Political Economy, 110, June 2002, 535-563.

Monetary Policy and Multiple Equilibria, (with Jess Benhabib and Stephanie Schmitt-Grohe), American Economic Review, 91, March 2001, 167-186. (An unpublished appendix is available.)

The Price-Consumption Puzzle of Currency Pegs, Journal of Monetary Economics, Volume 49, Issue 3, April 2002, pages 533-569.

Stabilization Policy and the Costs of Dollarization, Stephanie Schmitt-Grohe),  Journal of Money, Credit, and Banking, 33, May 2001, 482-509. This document is also available in Spanish under the title Politicas de Estabilizacion y los Costos de Dolarizar.

Dollarization and Seignorage: How Much is at Stake? (with Stephanie Schmitt-Grohe). July 1999.

The Business Cycles of Currency Speculation: A Revision of The Mundellian Framework (with  E. Mendoza), NBER working paper No. 7045, March 1999, forthcoming in Money, Factor Mobility, and Trade: Essays in Honor of Robert A. Mundell, coedited by Guillermo Calvo, Rudiger Dornbusch, and Maurice Obstfeld, MIT press.

Devaluation Risk and the Business-Cycle Implications of Exchange-Rate Management  (with  Enrique Mendoza), Carnegie-Rochester Conference Series on Public Policy, Vol. 53 (0), p 239-96. December 2000.

Comparing  the Welfare  Costs and Initial Dynamics of Alternative Inflation StabilizationPolicies, Journal of Development Economics, 1999, 59, 295-318.

The Perils of Taylor Rules (with Jess Benhabib and Stephanie Schmitt-Grohe), Journal of Economic Theory 96,  January/February 2001, 40-69. A non-technical summary of this paper appears in the CEPR Newsletter article "Taylor Rules OK? The Perils of Active Monetary Policy."

Price Level Determinacy and Monetary Policy under a Balanced-Budget Requirement (with Stephanie Schmitt-Grohe),  Journal of Monetary Economics, 45:1, February 2000, 211-246.

Y2K  (with Stephanie Schmitt-Grohe), Review of Economic Dynamics, 2, October 1999, 850-856.  This paper is in continuous time. A discrete-time version is available by clicking here.

The  Tequila  Effect: Theory and Evidence from Argentina, International Finance Discussion Paper No. 552, Federal Reserve Board,    June 1996.

The Effect of Uncertainty on the Demand for Medical Care, Health Capital and Wealth
(with Gabriel Picone and Mark Wilson), Journal of Health Economics, 17, 1998, 171-185.

Balanced-Budget Rules, Distortionary Taxes, and Aggregate Instability (with Stephanie Schmitt-Grohe), Journal of Political Economy, October 1997, 105, 976-1000.

Hysteresis in a Simple Model of Currency Substitution, Journal of Monetary Economics, September 1997, 40(1), 185-202.

Exchange-Rate-Based Inflation Stabilization: The Initial Real Effects of Credible Plans, Journal of Monetary Economics, June 1997, 39(2), 197-221.

The Behavior of the Trade Balance and the Real Exchange Rate During Permanent Stabilization Plans, Economica, 1992, 38(1-2), 133-51. (In Spanish, with English summary.)
 

Nontechnical Documents

Concejo del Salario: Objetivo Loable, Resultados Indeseables, 23 de julio de 2008 (in Spanish).

The Argentine Economy: Three Problems, One Solution, April 8, 2006 (in English).

Apuntar al Central, July 19, 2005 (in Spanish).

Research Summary: Policy Evaluation in Macroeconomics, NBER Reporter, Spring 2005.

On Policy Evaluation in Macroeconomics, Economic Dynamics Newsletter, Volume 6, Issue 1, November 2004.

Interview with webpondo.org (Bogota, May 26, 2004). [In Spanish.]

Argentina: Where To Go From Here? (June 25, 2002)

El Espejismo del Corralito (in Spanish). A comment on the perils of maintining the severe financial restrictions imposed in Argentina by the De la Rua/Cavallo administration in December 2001. These  restrictions were still in place at the time this note was posted on the web on March 19, 2002.