Martin Uribe - Research
Department of Economics
Columbia University

Finite-State Approximation Of VAR Processes: A Simulation Approach, Stephanie Schmitt-Grohé and Martín Uribe, November 2014. Paper and matlab code.

A Model Of The Twin Ds: Optimal Default And Devaluation, (with Seunghoon Na, Stephanie Schmitt-Grohé, and Vivian Yue), July 2014. [Slides]

Are Capital Controls Countercyclical?, with Andres Fernandez and Alessandro Rebucci, manuscript Columbia University, 2014 (fist draft November 2013). Data Set. Expanded Appendix. Slides.

Downward Nominal Wage Rigidity and the Case for Temporary Inflation in the Eurozone (with Stephanie Schmitt-Grohé), Journal of Economic Perspectives 27, Summer 2013, 193–212.

Downward Nominal Wage Rigidity, Currency Pegs, and Involuntary Unemployment, Stephanie Schmitt-Grohé and Martín Uribe, August 2013.[Slides]

The Making Of A Great Contraction With A Liquidity Trap And A Jobless Recovery, (with Stephanie Schmitt-Grohe), manuscript Columbia University, October 2012. [Slides]

Comment On P. Beaudry's and F. Portier's ``Understanding Non-Inflationary Demand Driven Business Cycles,'' NBER Macroeconomics Annual 2013, Number 28, edited by J. Parker and M. Woodford, 2014, pages 144-153.

Comment On G. Benigno's, P. Benigno's, and S. Nistico's ``Risk, Monetary Policy, and the Exchange Rate,'' NBER Macroeconomic Annual 2011, Volume 26, Daron Acemoglu and Michael Woodford, editors, University of Chicago Press August 2012, 315-324.

Managing Currency Pegs, (with Stephanie Schmitt-Grohe), American Economic Review Papers and Proceedings 102, May 2012, 192-197.

Prudential Policy For Peggers, (with Stephanie Schmitt-Grohe), December 2011.

Pegs, Downward Wage Rigidity, and Unemployment: The Role of Financial Structure, (with Stephanie Schmitt-Grohe), November 2011. Slides

Pegs and Pain, (with Stephanie Schmitt-Grohe), November 2011. [Slides]

Foreign Demand for Domestic Currency and the Optimal Rate of Inflation, (with Stephanie Schmitt-Grohe), Journal of Money, Credit, and Banking 44, September 2012, 1307-1324. Matlab Code.

An OLS Approach to Computing Ramsey Equilibria in Medium-Scale Macroeconomic Models, (with Stephanie Schmitt-Grohe), Economics Letters 115, April 2012, 128-129.

Risk Matters: The Real Effects of Volatility Shocks, with Jesus Fernandez-Villaverde, Pablo Guerron-Quintana, and Juan Rubio-Ramirez, American Economic Review 101, October 2011, 2530-2561.

Liquidity Traps: An Interest-Rate-Based Exit Strategy, (with Stephanie Schmitt-Grohe), The Manchester School, 82, S1, September 2014, 1-14.

A Model-Based Evaluation of the Debate on the Size of the Tax Multiplier, (with Ryan Chahrour and Stephanie Schmitt-Grohe), American Economic Journal: Economic Policy 4, May 2012, 28-45.

Business Cycles With A Common Trend in Neutral and Investment-Specific Productivity, (with Stephanie Schmitt-Grohe), Review of Economic Dynamics 14, January 2011, 122-135. Data and Matlab Code. Appendix: Constructing the Investment Deflator.

Introduction to the Special Issue on the Sources of Business Cycles, (with Stephanie Schmitt-Grohe), Review of Economic Dynamics 14, January 2011, 1-2.

On Quality Bias and Inflation Targets, (with Stephanie Schmitt-Grohe), Journal of Monetary Economics59, May 2012, 393-400.

The Optimal Rate of Inflation, (with Stephanie Schmitt-Groh\'e), in Handbook of Monetary Economics edited by Benjamin M. Friedman and Michael Woodford, Volume 3B, Elsevier, San Diego CA, 2011, 653-722.

Real Business Cycles in Emerging Countries?, with Javier Garcia-Cicco and Roberto Pancrazi, American Economic Review, 100, December 2010, 2510–2531. Matlab Code and Data

Deep Habits and the Dynamic Effects of Monetary Policy Shocks, with Morten Ravn, Stephanie Schmitt-Grohe, and Lenno Uuskula, Journal of the Japanese and International Economies, June 2010, 236-258.

Incomplete Cost Pass-Through Under Deep Habits, with Morten Ravn and Stephanie Schmitt-Grohe, Review of Economic Dynamics 13, April 2010, 317-332.

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, Econometrica 80, November 2012, 2733-2764. [Slides], [Supplementary material.], [Matlab Code and Data].

Evaluating the Sample Likelihood of Linearized DSGE Models Without the Use of the Kalman Filter, with Stephanie Schmitt-Grohe, Economics Letters 109, December 2010, 142-143.. [Matlab Code]

Consumption, Government Spending, and the Real Exchange Rate, with Morten Ravn and Stephanie Schmitt-Grohe, Journal of Monetary Economics 59, April 2012, 215-234. (Lead article.)

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. (This paper received the Elsevier's Economics and Finance Journals most cited articles 2005-2009 award.)

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), International Journal of Economic Theory 5, March 2009, 85-106.

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), in Money, Factor Mobility, and Trade: Essays in Honor of Robert A. Mundell, coedited by Guillermo Calvo, Rudiger Dornbusch, and Maurice Obstfeld, MIT press, 2001.

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 Articles

El Manejo del Default: No Tan Malo Como Pinta , published in the blog Foco Economico on August 27, 2014.

Controles de Capital: ¿Se Aplican Macroprudencialmente?, published in the blog Foco Economico on April 9, 2014. (Joint with Andres Fernandez).

EEUU, Europa, y Deflación: Qué Deberían Hacer, y Dejar de Hacer Para Evitarla , published in the blog Foco Economico on November 13, 2013.

La Actual Inflación Nos Cuesta 1% de Crecimiento Por Año, published in the blog Foco Economico on July 19, 2013.

Inflacionariamente Anormales, published in the blog Foco Economico on April 10, 2013.

La Inflación Según Kicillof: La Teoría de las Ganancias Extraordinarias , published in the blog Foco Economico on November 28, 2012.

Finanzas Provinciales: Eurozonizándonos Y Desestadounidizándonos, published in the blog Foco Economico on August 8, 2012.

Independencia del Banco Central e Inflación, published in the blog Foco Economico on May 2, 2012.

Las Trabas de Moreno: Una Aproximacion Ramsiana, published in the blog Foco Economico on January 25, 2012.

Rigidez Salarial a la Baja, (with Stephanie Schmitt-Grohe), published in the blog Foco Economico on September 14, 2011.

Politica Monetaria Argentina 2006-2011: Dos Aplazos y Un Aprobado', joint with Javier Garcia-Cicco, published in the blog Foco Economico on June 22, 2011.

El Tipo de Cambio `Notebook', published in the blog Foco Economico on February 16, 2011.

Sobre la Cura de la Actual Inflación, published in the blog Foco Economico on December 8, 2010.

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.