2024:
Exchange Controls as a Fiscal Instrument
(with Martin Uribe),
resubmitted to the Journal of Political Economy.
[Paper]
[Slides]
Heterogeneous Downward Nominal Wage Rigidity: Foundations of a Nonlinear Phillips Curve
(with Martin Uribe) NBER working paper 30774, December 2022.
[Paper]
[Slides]
What Do Long Data Tell Us About the Permanent Component of Inflation?,
(with Martin Uribe), Revised January 2024. NBER Working Paper 30357.
[Paper]
[Slides]
[Replication Files]
[Press Coverage]
2023:
Optimal Bank Reserve Remuneration and Capital Control Policy,
(with Chun-Che Chi
and
Martin Uribe),
conditionally accepted at American Economic Journal: Macroeconomics.
[Paper]
[Slides]
[Replication files]
Female Career Award HEC Lausanne (UNIL), October 3, 2023. Award Ceremony Lecture
How Important Is The Commodity Supercycle?,
(with Andrés Fernández
and Martin Uribe),
in Credibility of Emerging Markets, Foreign Investors’ Risk Perceptions, and Capital Flows,
edited by Alvaro Aguirre, Andres Fernandez, and Sebnem Kalemli-Özcan, Central Bank of Chile, Santiago, Chile, 2023, 205-247.
[Paper]
[Slides]
[Commodity Price Supercycle Time Series]
2022:
The Macroeconomic Consequences of Natural Rate Shocks: An Empirical Investigation
,
(with Martin Uribe), NBER Working Paper 30337, August 2022.
Interview with David A Price for Econ Focus Magazine of the Federal Reserve Bank of Richmond, July 2022.
The Effects of Permanent Monetary Shocks on Exchange Rates and Uncovered Interest Rate Differentials
(with Martin Uribe), Journal of International Economics 135, 2022, 103560.
doi:10.1016/j.jinteco.2021.103560
[Paper]
[Slides]
[Online Appendix]
[Replication Files]
2021:
CEPR-UBS Podcast on Policy Responses to Covid-19
Reviving the Salter-Swan Small Open Economy Model,
(with Martin Uribe), Journal of International Economics 130, May 2021, 103441.
[Paper]
[Slides]
Multiple Equilibria in Open Economies with Collateral Constraints
(with Martin Uribe),
Review of Economics Studies 88, March 2021, 969-1001.
[Paper]
[Slides]
[Replication Files]
Deterministic Cycles in Open Economies with Flow Collateral Constraints
(with Martin Uribe), Journal of Economic Theory 192, March 2021, 105195.
[Paper]
2020:
Covid-19: Testing Inequality in New York City,
(with Ken Teoh and Martin Uribe), April 2020.
[Paper]
[Slides]
[Replication Files]
[CEPR VoxTalks]
2018:
The Neo Fisher Effect and Exiting a Liquidity Trap
Talk at European Central Bank Conference on Monetary Policy, Frankfurt am Main, October 29-30, 2018
The Twin Ds: Optimal Default and Devaluation
(with S. Na, Martin Uribe, and V. Yue),
American Economic Review, 108, July 2018, 1773-1819.
[Slides]
[Replication Files]
The Neo-Fisher Effect
Nobel Symposium on Money and Banking, May 26-28, 2018 in Stockholm.
[Slides]
[Video]
Learning to Live in a Liquidity Trap
(with Jasmina Arifovic and
Martin Uribe),
Journal of Economic Dynamics and Control 89, April 2018, 120-136.
[Slides]
How Important Are Terms Of Trade Shocks?
(with Martin Uribe),
International Economic Review 59, February 2018, 85-111.
[Online Appendix].
[Slides].
[Replication Files].
[VoxEU].
2017:
Caffè Lectures: Monetary Policy in Times of Low Inflation
November 2017. [Slides]
Is Optimal Capital-Control Policy Countercyclical In Open-Economy Models With Collateral Constraints?
(with Martin Uribe),
IMF Economic Review 65, August 2017, 498-527.
[Slides]
[Replication Files].
World Shocks, World Prices, And Business Cycles: An Empirical Investigation
(with
Andrés Fernández,
and Martin Uribe),
Journal of International Economics 108, May 2017, S2-S14.
[Replication Files].
Adjustment to Small, Large, and Sunspot Shocks in Open Economies
With Stock Collateral Constraints,
(with Martin Uribe,),
Ensayos sobre Política Económica 35, April 2017, 2-9.
Liquidity Traps and Jobless Recoveries (with Martin Uribe)
American Economic Journal: Macroeconomics 9, January 2017, 165-204.
[Slides for long presentation]
[Slides for short presentation]
[Replication Files]
[Press Coverage.]
2016:
Downward Nominal Wage Rigidity, Currency Pegs, and Involuntary Unemployment
(with Martin Uribe),
Journal of Political Economy 124, October 2016, 1466-1514.
[Online appendix]
[Slides]
[Replication files].
2014:
Liquidity Traps: An Interest-Rate-Based Exit Strategy
(with Martin Uribe),
The Manchester School, 82, S1, September 2014, 1-14.
Pegs, Downward Wage Rigidity, and Unemployment:
The Role of Financial Structure
(with Martin Uribe)
in Capital Mobility and Monetary Policy, edited by Miguel Fuentes D., Claudio E. Raddatz, Carmen M. Reinhart, Central Bank of Chile, Santiago, Chile, 2014, 69-95.[Slides]
2013:
Downward Nominal Wage Rigidity and
the Case for Temporary Inflation in the
Eurozone
(with Martin Uribe),
Journal of Economic Perspectives, 27, Summer 2013, 193-212.
[Press Coverage]
2012:
What's News in Business Cycles
(with Martín Uribe),
Econometrica, 80, November 2012, 2733-2764.
[Slides]
[Supplementary Material and Matlab Code]
On Quality Bias
and Inflation Targets (with Martín Uribe),
Journal of Monetary Economics, 59, May 2012, 393-400.
[Supplementary Material]
Foreign Demand
for Domestic Currency and the Optimal Rate of Inflation (with Martin Uribe),
Journal of Money, Credit, and Banking 44, September 2012, 1307-1324.
Managing Currency Pegs
(with Martin Uribe),
American Economic Review: Papers and Proceedings 102,
May 2012, 192-197.
A Model-Based Evaluation of the Debate on the Size of the Tax Multiplier (with Ryan Chahrour and Martín Uribe),
American Economic Journal: Economic Policy 4, May 2012, 28-45.
Consumption, Government Spending, and the Real Exchange Rate
(with M. Ravn and M. Uribe),
Journal of Monetary Economics 59, April 2012, 215-234.
[Supplementary Material]
An OLS Approach to Computing Ramsey
Equilibria in Medium-Scale Macroeconmic Models (with Martín Uribe),
Economics Letters, 115, April 2012, 128-129.
Implementing
Iskrev's Identifiabilty Test
(with Martin Uribe), May 2012.
[Matlab Code]
Prudential Policy for Peggers
(with Martin Uribe), NBER Working Paper No. 18031, May 2012.
[Slides]
(This paper became part of Downward Nominal Wage Rigidity, Currency Pegs, and Involuntary Unemployment, JPE 2016.)
2011:
Business Cycles With A Common Trend in Neutral and Investment-Specific Productivity
(with Martín Uribe), Review of Economic Dynamics, 14, January 2011, 122-135.
[Supplementary Material]
Introduction to the Special Issue on the Sources of Business Cycles,
(with Martin Uribe),
Review of Economic Dynamics 14, January 2011, 1-2.
The Optimal Rate of Inflation
(with Martin Uribe) in Handbook of Monetary Economics, edited by Benjamin M. Friedman and Michael Woodford,
Volume 3B, Elsevier, San Diego CA, 2011, 653-722.
Pegs and Pain
(with Martin Uribe), NBER Working Paper No. 16847, March 2011. [Slides]
(This paper became part of Downward Nominal Wage Rigidity, Currency Pegs, and Involuntary Unemployment, JPE 2016.)
2010:
Evaluating the Sample Likelihood of Linearized DSGE Models Without the Use of the Kalman Filter
(with Martin Uribe), Economics Letters 109, December 2010, 142-143. [Matlab Code]
Deep habits and the dynamic effects of monetary policy shocks
(with M. Ravn, M. Uribe, L. Uuskula), Journal of the Japanese and International Economies 24, June 2010, 236-258.
Incomplete Cost Pass-Through Under Deep Habits
(with M. Ravn and M. Uribe), Review of Economic Dynamics 13, April 2010, 317-332.
Discussion of `Letting Different Views about Business Cycles Compete,' by Paul Beaudry and Bernd Lucke,
NBER Macroeconomics Annual 2009, Volume 24, Daron Acemoglu, Kenneth Rogoff and Michael Woodford, editors,
April 2010, page 475 - 489.
2009:
Liquidity Traps with Global Taylor Rules
(with Martín Uribe), International Journal of Economic Theory 5, March 2009, 85-106.
Finite-State Approximation Of VAR Processes: A Simulation Approach,
(with Martin Uribe), July 2009.
[Matlab code]
2008:
Policy Implications of the New Keynesian Phillips Curve,
(with Martin Uribe), Economic Quarterly, Federal Reserve Bank of Richmond 94, Fall 2008, 435-465.
Habit Persistence
(with Martin Uribe), New Palgrave Dictionary of Economics, Palgrave Macmillan, May 2008.
The Macroeconomics of Subsistence Points
(with Morten Ravn and Martin Uribe), Macroeconomic Dynamics 12, April 2008, 136-147. [Matlab Codes]
2007:
Optimal, Simple, and Implementable Monetary and Fiscal Rules
(with Martín Uribe), Journal of Monetary Economics 54, September 2007, 1702-1725.[Matlab Codes]
Pricing To Habits and the Law of One Price
(with M. Ravn and M. Uribe), American Economic Review, Papers and Proceedings 97, May 2007, 232-238.
Optimal Inflation Stabilization in a Medium-Scale Macroeconomic Model
(with Martin Uribe),
in Monetary Policy Under Inflation Targeting, edited by Klaus Schmidt-Hebbel and Rick Mishkin,
Central Bank of Chile, Santiago, Chile, 2007, 125-186. [Matlab Codes]
Why the Monopolist
Does Not Deviate from the Symmetric Equilibrium in a Model with Good-Specific Subsistence Points
(with Martin Uribe), August 2007.
Wissenschaft, Junge Ökonomen zieht es ins Ausland,
Handelsblatt, By Olaf Storbeck Montag 23. April 2007, Seite 1.
Junge Top-Ökonomen wandern aus,
Handelsblatt, By Olaf Storbeck, Montag 23. April 2007, Seite 9.
2006:
Deep Habits
(with M. Ravn and M. Uribe),
Review of Economic Studies 73, January 2006, 195-218. [Companion notes and matlab code ]
Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model
(with Martin Uribe), in Gertler, Mark and Kenneth Rogoff, eds., NBER Macroeconomics Annual 2005, MIT Press: Cambridge MA, 2006, 383-425. [Matlab Codes]
Comparing
Two Variants of Calvo-Type Wage Stickiness
(with Martin Uribe), October 2006.
2005:
Stephanie Schmitt-Grohé, Premio Bernácer 2004 al mejor economista joven europeo,
Expansión, jueves 7 de abril de 2005.
Research Summary:Policy Evaluation in Macroeconomics,
NBER Reporter, Spring 2005.
2004:
Discussion of `Limits to Inflation Targeting,' by Christopher A. Sims, in Ben S. Bernanke and Michael Woodford, Editors,
The Inflation-Targeting Debate, The University of Chicago Press, 2004, 299-308.
Discussion of `Inflation Targeting and Optimal Monetary Policy,' by Michael Woodford,
The Federal Reserve Bank of St. Louis Review 86, July/August 2004, 43-49.
Optimal Fiscal and Monetary Policy under Imperfect Competition
(with Martín Uribe),
Journal of Macroeconomics, 26 (June 2004), 183-209. [Matlab Codes]
Optimal Fiscal and Monetary Policy under Sticky Prices
(with Martín Uribe).
Journal of Economic Theory 114 (February 2004), 198-230. [Matlab Codes]
Solving Dynamic General Equilibrium Models Using a Second-Order Approximation to the Policy Function
(with Martín Uribe),
Journal of Economic Dynamics and Control 28 (January 2004),755-775. [Matlab Codes]
Optimal Operational
Monetary Policy in the Christiano-Eichenbaum-Evans Model of the U.S. Business Cycle
(with Martin Uribe), Revised August 2004.
The Research Agenda: Stephanie-Schmitt-Grohé and Martín Uribe on Policy Evaluation in Macroeconomics,
Economic Dynamics Newsletter 6, November 2004.
New Hires Expand Economics' International Profile Husband-wife team bring complementary strengths to department,
Duke Dialogue, January 2004.