My main research interests are monetary economics, international economics, and time series econometrics (in particular, Bayesian methods to estimate general equilibrium models). Here is a list of my publications and working papers (in PDF format):
Publications:
- External Financing Risks: How Important is the Composition of the International Investment Position?, 2023, with Luis Cubeddu and Swarnali A. Hannan, Journal of International Money and Finance, Vol. 131, March 2023, 102772.
- Unconventional Monetary Policies in the Euro Area, Japan, and the United Kingdom, 2018, with Giovanni Dell'Ariccia and Damiano Sandri, Journal of Economic Perspectives, Vol. 32, No. 4, pp.147-172.
- Can International Macroeconomic Models Explain Low-Frequency Movements of Real Exchange Rates?, 2015, with Juan Francisco Rubio-Ramírez, Journal of International Economics, Vol. 96, No. 1, pp. 199-211.
- Deciding to Enter a Monetary Union: The Role of Trade and Financial Linkages, 2014, with Ruy Lama, European Economic Review, Vol. 72, Issue C, pp. 138-165.
- Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area, 2014, with Dominic Quint, International Journal of Central Banking, Vol. 10, No. 2, pp. 169-236. For an online appendix click here.
- How to Deal with Real Estate Booms: Lessons from Country Experiences, 2013, with Chris Crowe, Giovanni Dell’Ariccia, and Deniz Igan, Journal of Financial Stability, Vol. 9, Issue 3, pp. 300-319.
- Nontradable Goods and the Real Exchange Rate, 2013, with Vicente Tuesta, Open Economies Review, Vol. 24, Issue 3, pp. 495-535. Click here for an online appendix.
- Monetary and Macroprudential Policy Rules in a Model with House Price Booms, 2012, with Prakash Kannan and Alasdair Scott, B.E. Journal of Macroeconomics, Contributions, Vol. 12, No. 1, Article 16.
- Cointegrated TFP Processes and International Business Cycles, 2011, with Juan Francisco Rubio-Ramírez and Vicente Tuesta, Journal of Monetary Economics, Vol. 58, March, pp.156-171.
- The Effects of Housing Prices and Monetary Policy in a Currency Union, 2011, with Oriol Aspachs-Bracons, International Journal of Central Banking, Vol. 7, No. 1, pp. 225-274.
- Investment-Specific Technology Shocks and International Business Cycles: An Empirical Assessment, 2011, with Federico Mandelman, Juan Francisco Rubio-Ramírez and Diego Vilán, Review of Economic Dynamics, Vol. 14, No. 1, pp. 136-155.
- Recurring Patterns Around House Price Busts, 2011, with Prakash Kannan and Alasdair Scott, Applied Economics Letters, Vol. 18, No. 2, pp. 107-113.
- Euro-Dollar Real Exchange Rate Dynamics in an Estimated Two-Country Model: An Assessment, 2010, with Vicente Tuesta, Journal of Economic Dynamics and Control, Vol. 34, April, pp. 780-797.
- The Drivers of Housing Cycles in Spain, 2010, with Oriol Aspachs-Bracons, SERIES: Journal of the Spanish Economic Association, Vol. 1-2, March, pp. 101-130.
- Inflation Differentials Between Spain and the EMU: A DSGE Perspective, 2009, Journal of Money, Credit, and Banking. Vol. 41, No. 6, pp. 1141-1166. Click here for an online appendix.
- Comparing New Keynesian Models in the Euro Area: A Bayesian Approach, 2008, with Juan Francisco Rubio-Ramírez, Spanish Economic Review, Vol. 10, March, pp. 23-40.
- Does Inflation Increase After a Monetary Policy Tightening? Answers Based on an Estimated DSGE Model, 2007, Journal of Economic Dynamics and Control, Vol. 31, March, pp. 906-937. For an older (IMF Working Paper 03/149) version click here.
- Comparing New Keynesian Models of the Business Cycle: A Bayesian Approach, 2005, with Juan Francisco Rubio-Ramírez, Journal of Monetary Economics, Vol. 52, September, pp. 1151-1166.
- Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?, 2004, with Jordi Galí, NBER Macroeconomics Annual, Vol. 19, pp. 225-288. Appendix.
- Inflation Persistence: How Much Can We Explain?, 2003, with Juan Francisco Rubio-Ramírez, Federal Reserve Bank of Atlanta Economic Review, vol.88(2), pp. 43-55.
- Inflation Targeting in the Context of IMF-Supported Adjustment Programs, 2002, with Mario Blejer, Alfredo Leone and Gerd Schwartz, International Monetary Fund Staff Papers, vol.49(3), pp. 313-338.
- Economies of Scale, Trade Barriers, and Foreign Direct Investment in Spain, 2001, Investigaciones Económicas, vol. XXV(1), pp. 31-61.
Other IMF Publications:
- Policies for Macrofinancial Stability: Options to Deal with Real Estate Booms, 2011, with Chris Crowe, Deniz Igan and Giovanni Dell'Ariccia, IMF Staff Discussion Note 11/02.
- U.S. Consumption After the 2008 Crisis, 2010, with Jaewoo Lee and Damiano Sandri, IMF Staff Position Note 10/01.
- Lessons for Monetary Policy From Asset Price Fluctuations, 2009, with Antonio Fatás, Prakash Kannan and Alasdair Scott, Chapter 3 of the October 2009 World Economic Outlook.
Working Papers:
- 2022 Update of the External Balance Assessment Methodology, 2023, with Cian Allen and an IMF team, IMF Working Paper 2023/047.
- Credit Cycles, Fiscal Policy, and Global Imbalances, 2021, with Callum Jones, IMF Working Paper 21/43.
- The External Balance Assessment Methodology: 2018 Update, 2019, with Luis Cubeddu and an IMF team, IMF Working Paper 19/65.
- An Estimated DSGE Model to Analyze Housing Market Policies in Hong Kong SAR, 2018, IMF Working Paper 18/90.
- Should Unconventional Monetary Policies Become Conventional?, 2017, with Dominic Quint, IMF Working Paper 17/85. For an online appendix click here.
- Steady as She Goes—Estimating Potential Output During Financial Booms and Busts, 2015, with Helge Berger, Thomas Dowling, Sergi Lanau, Mico Mrkaic and Marzie Taheri Sanjani, IMF Working Paper 15/233.
- Financial Factors: Implications for Output Gaps, 2015, with Marzie Taheri Sanjani, IMF Working Paper 15/153.
- Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia, 2011, with Isabelle Mejean and Damiano Sandri, IMF Working Paper 11/46.
- Forecasting U.S. Investment, 2011, with Jaewoo Lee, IMF Working Paper 10/246.
- Government Spending and Consumption-Hours Preferences, 2006, with J. David López-Salido, La Caixa Working Paper 02/2006.
- Monetary Policy Rules and the U.S. Business Cycle: Evidence and Implications, 2004, IMF Working Paper 04/164.
- Prudential Issues in Less Diversified Economies, 2003, with Aditya Narain and Steen Byskov, IMF Working Paper 03/198.
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Last modifed: February 8, 2021.