Ricardo Reis

Research

Ordered by topic. Can see ordered by publication date.

Bibtex file, with entries for all of my papers.

The Euro Crisis

• Maintaining Central-Bank Solvency under New-Style Central Banking, with Robert E. Hall.
  First draft: February 2013. | Local copy (PDF).


• The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis.
  American Economic Review, 103 (3), forthcoming, May 2013. | Local copy (PDF). | Longer version (PDF) released as NBER working paper.


• Comment on "The Euro's Three Crises".
  Brookings Papers on Economic Activity, 212-219, Spring 2012. | Local copy (PDF).


• European Safe Bonds (ESBies) (PDF), with Markus Brunnermeier, Luis Garicano, Philip R. Lane, Marco Pagano, Tano Santos, David Thesmar, Stijn van Nieuwerburgh and Dimitri Vayanos.
  In: euro-nomics.com, available from our website, September 2011.

Monetary Policy

• Maintaining Central-Bank Solvency under New-Style Central Banking, with Robert E. Hall.
  First draft: February 2013. | Local copy (PDF).


• When Should Policymakers Make Announcements?
  First draft: June 2010. Current version: September 2011. | Local copy (PDF).


• Where to Inject Liquidity? A General-Equilibrium Analysis of Policy Responses to Financial Crises
  Under revision. | Local copy (PDF).


• The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis.
  American Economic Review, 103 (3), forthcoming, May 2013. | Local copy (PDF). | Longer version (PDF) released as NBER working paper.


• Comment on "How Useful Are Estimated DSGE Model Forecasts for Central Bankers?
  Brookings Papers on Economic Activity, 245-253, Fall 2010. | Local copy (PDF).


• Exit Strategies and the Federal Reserve (PDF)
  In: No Way Out: Government Interventions in the Great Contraction, edited by V. Reinhart, American Enterprise Institute Press, 2013.


• Interpreting the Unconventional U.S. Monetary Policy of 2007-09.
  Brookings Papers on Economic Activity, 40, 119-165, Spring 2009. | Local copy (PDF).


• Optimal Monetary Policy Rules in an Estimated Sticky-Information Model
  American Economic Journal: Macroeconomics, 1 (2), 1-28, July 2009. | Local copy (PDF).


• A Sticky-Information General-Equilibrium Model for Policy Analysis.
  In: Monetary Policy under Uncertainty and Learning, edited by K. Schmidt-Heubel, C. Walsh and N. Loayza, Central Bank of Chile, Santiago, chapter 8, 227-283, 2009. | Local copy (PDF).


• The Analytics of Monetary Non-Neutrality in the Sidrauski Model.
  Economics Letters, 94 (1), 129-135, January 2007. | Local copy (PDF).


• Understanding the Greenspan Standard, with Alan S. Blinder.
  In: The Greenspan Era: Lessons for the Future, Jackson Hole: Federal Reserve Bank of Kansas City, 11-96, August 2005. | Local copy (PDF).


• Monetary Policy for Inattentive Economies, with Laurence Ball and N. Gregory Mankiw.
  Journal of Monetary Economics, 52 (4), 703-725, May 2005. | Local copy (PDF). | For the proofs, see longer version (PDF) released as NBER working paper.


• What Measure of Inflation Should a Central Bank Target? with N. Gregory Mankiw.
  Journal of the European Economic Association, 1 (5), 1058-1086, September 2003. | Local copy (PDF).


• Where Is the Natural Rate? Rational Policy Mistakes and Persistent Deviations of Inflation from Target.
  Advances in Macroeconomics, 3 (1), article 1, 2003. | Winner of the Kenneth Arrow Prize for Junior Faculty for the best economics paper published in the B.E. Press in 2003. | Local copy (PDF) and minor erratum (PDF).

Fiscal Policy

• The Role of Automatic Stabilizers in the U.S. Business Cycle, with Alisdair McKay.
  First draft: August 2012. Current version: April 2013. | Local copy (PDF).


• Correlated Disturbances and U.S. Business Cycles, with Vasco Cúrdia.
  First draft: April 2009. Current version: February 2012. | Local copy (PDF).


• When Should Policymakers Make Announcements?
  First draft: June 2010. Current version: September 2011. | Local copy (PDF).


• Targeted Transfers and the Fiscal Response to the Great Recession, with Hyunseung Oh.
  Journal of Monetary Economics, 59 (supplement), S50-S64, December 2012 | Local copy (PDF). | Unpublished appendix with proofs of results.


• Using VARs to Identify Models of Fiscal Policy: A Comment on Perotti.
  NBER Macroeconomics Annual 2007, 22, 227-236, 2008. | Local copy (PDF). | Longer version (PDF) released as WWS discussion paper.

Inattentiveness and Sticky Information

• When Should Policymakers Make Announcements?
  First draft: June 2010. Current version: September 2011. | Local copy (PDF).


• Targeted Transfers and the Fiscal Response to the Great Recession, with Hyunseung Oh.
  Journal of Monetary Economics, 59 (supplement), S50-S64, December 2012 | Local copy (PDF). | Unpublished appendix with proofs of results.


• Imperfect Information and Aggregate Supply, with N. Gregory Mankiw.
  In: Handbook of Monetary Economics, edited by B. Friedman and M. Woodford, Elsevier-North Holland, vol. 3A, chapter 5, 183-230, 2011 | Local copy (PDF).


• A Sticky-Information General-Equilibrium Model for Policy Analysis.
  In: Monetary Policy under Uncertainty and Learning, edited by K. Schmidt-Heubel, C. Walsh and N. Loayza, Central Bank of Chile, Santiago, chapter 8, 227-283, 2009. | Local copy (PDF).


• Optimal Monetary Policy Rules in an Estimated Sticky-Information Model
  American Economic Journal: Macroeconomics, 1 (2), 1-28, July 2009. | Local copy (PDF).


• Sticky Information in General Equilibrium, with N. Gregory Mankiw.
  Journal of the European Economic Association, 5 (2-3), 603-613, April-May 2007. | Local copy (PDF) and important erratum (PDF). | Longer version (PDF) released as NBER working paper.


• Inattentive Consumers.
  Journal of Monetary Economics, 53 (8), 1761-1800, November 2006. | Local copy (PDF) and minor erratum (PDF).


• Inattentive Producers.
  Review of Economic Studies, 73 (3), 793-821, July 2006. | Local copy (PDF).


• Pervasive Stickiness, with N. Gregory Mankiw.
  American Economic Review, 96 (2), 164-169, May 2006. | Local copy (PDF). | Longer version (PDF) released as NBER working paper.


• Monetary Policy for Inattentive Economies, with Laurence Ball and N. Gregory Mankiw.
  Journal of Monetary Economics, 52 (4), 703-725, May 2005. | Local copy (PDF). | For the proofs, see longer version (PDF) released as NBER working paper.


• Disagreement about Inflation Expectations, with N. Gregory Mankiw and Justin Wolfers.
  NBER Macroeconomics Annual 2003, 18, 209-248, 2004. | Local copy (PDF).


• Sticky Information: A Model of Monetary Non-neutrality and Structural Slumps, with N. Gregory Mankiw.
  In: Knowledge, Information, and Expectations in Modern Macroeconomics: In Honor of Edmund S. Phelps, edited by P. Aghion, R. Frydman, J. Stiglitz and M. Woodford, Princeton: Princeton University Press, 64-86, 2003. | Local copy (PDF).


• Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve, with N. Gregory Mankiw.
  Quarterly Journal of Economics, 117 (4), 1295-1328, November 2002. | Local copy (PDF).

Dynamic Measures of Inflation

• A Dynamic Measure of Inflation
  First draft: June 2005. Current version: February 2010. | Local copy (PDF).


• Relative Goods' Prices, Pure Inflation and the Phillips Correlation, with Mark W. Watson.
  American Economic Journal: Macroeconomics, 2 (3), 128-157, July 2010. | Local copy (PDF).


• Dynamic Measures of Inflation.
  NBER Reporter, number 3, 2009.


• Measuring Changes in the Value of the Numeraire (PDF) , with Mark W. Watson
  Unpublished manuscript, 2007


• Understanding the Greenspan Standard, with Alan S. Blinder.
  In: The Greenspan Era: Lessons for the Future, Jackson Hole: Federal Reserve Bank of Kansas City, 11-96, August 2005. | Local copy (PDF).


• What Measure of Inflation Should a Central Bank Target? with N. Gregory Mankiw.
  Journal of the European Economic Association, 1 (5), 1058-1086, September 2003. | Local copy (PDF).

Building, Estimating and Evaluating DSGE Models

• Correlated Disturbances and U.S. Business Cycles, with Vasco Cúrdia.
  First draft: April 2009. Current version: February 2012. | Local copy (PDF).


• Comment on "Testing for Keynesian Labor Demand".
  NBER Macroeconomics Annual, forthcoming, 2012. | Local copy (PDF).


• Comment on "How Useful Are Estimated DSGE Model Forecasts for Central Bankers?
  Brookings Papers on Economic Activity, 245-253, Fall 2010. | Local copy (PDF).


• A Sticky-Information General-Equilibrium Model for Policy Analysis.
  In: Monetary Policy under Uncertainty and Learning, edited by K. Schmidt-Heubel, C. Walsh and N. Loayza, Central Bank of Chile, Santiago, chapter 8, 227-283, 2009. | Local copy (PDF).


• Optimal Monetary Policy Rules in an Estimated Sticky-Information Model
  American Economic Journal: Macroeconomics, 1 (2), 1-28, July 2009. | Local copy (PDF).


• Using VARs to Identify Models of Fiscal Policy: A Comment on Perotti.
  NBER Macroeconomics Annual 2007, 22, 227-236, 2008. | Local copy (PDF). | Longer version (PDF) released as WWS discussion paper.


• Sticky Information in General Equilibrium, with N. Gregory Mankiw.
  Journal of the European Economic Association, 5 (2-3), 603-613, April-May 2007. | Local copy (PDF) and important erratum (PDF). | Longer version (PDF) released as NBER working paper.


• Pervasive Stickiness, with N. Gregory Mankiw.
  American Economic Review, 96 (2), 164-169, May 2006. | Local copy (PDF). | Longer version (PDF) released as NBER working paper.

The Persistence of Macroeconomic Series: Measurement and Implications

• Correlated Disturbances and U.S. Business Cycles, with Vasco Cúrdia.
  First draft: April 2009. Current version: February 2012. | Local copy (PDF).


• Comment on "Testing for Keynesian Labor Demand".
  NBER Macroeconomics Annual, forthcoming, 2012. | Local copy (PDF).


• The Time-Series Properties of Aggregate Consumption: Implications for the Costs of Fluctuations
  Journal of the European Economic Association, 7 (4), 722-753, June 2009. | Local copy (PDF).


• The Brevity and Violence of Contractions and Expansions, with Alisdair McKay.
  Journal of Monetary Economics, 55 (4), 738-751, May 2008. | Local copy (PDF). | Accompanying online appendix (PDF).


• The Persistence of Inflation in the United States, with Frederic Pivetta.
  Journal of Economic Dynamics and Control, 31 (4), 1326-1358, April 2007. | Local copy (PDF).


• Where Is the Natural Rate? Rational Policy Mistakes and Persistent Deviations of Inflation from Target.
  Advances in Macroeconomics, 3 (1), article 1, 2003. | Winner of the Kenneth Arrow Prize for Junior Faculty for the best economics paper published in the B.E. Press in 2003. | Local copy (PDF) and minor erratum (PDF).


• Costs of Banking System Instability: Some Empirical Evidence, with Glenn Hoggarth and Victoria Saporta.
  Journal of Banking and Finance, 26 (5), 825-855, May 2002. | Local copy (PDF).