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Work in Progress
Debt, Equity and Optimal Monetary Policy (with D. Finocchiaro).
Inflation Redistribution, Liquidity Constraints and Welfare (with M. Prado)
Working Papers
House Prices, Credit Growth, and Excess Volatility: Implications for Monetary and Macroprudential Policy (with Paolo Gelain and Kevin Lansing)
Effect of Credit Tightening on Entrepreneurship and Wealth (with A.Antunes, T Cavalcanti and A. WIllamil)
Domestic and International Financial Shocks in a Small Open Economy: A Bayesian Investigation (with A. Dib and Y. Zhang).
Credit Frictions, Housing Prices, and Monetary Policy Rules (with Andrea Pescatori). SLIDES. May 2008.
Revise and Resubmit
PDF Expectation-Driven Cycles in the Housing Market (with Luisa Lambertini and Maria Teresa Punzi). w. p. Banco de Portugal. May 2010.
PDF Housing Collateral, Residential Investment and the Canadian Business Cycle (with I. Christensen, P. Corrigan and S. Nishiyama). Older version w.p. Bank of Canada, October 2009 PDF.
Submitted Papers
Collateral requirements: Macroeconomic Fluctuations and Macro-Prudential Policy.
PDF Housing Market Dynamics: Any News? (with S. Gomes) w.p. Banco de Portugal 2011.
PDF On the Amplification Role of Collateral Constraints. w.p. 201115 Banco de Portugal May 2011.
Older verion working paper 08-23, Bank of Canada.
PDF Leaning Against Boom-Bust Cycles in Credit and Housing Prices: Monetary and Macroprudential Policy. (with Luisa Lambertini and Maria Teresa Punzi). w.p. 201108 Older version w.p. Banco de Portugal March 2011.
Monographs, Policy Reports, Bank Publications and Articles
Macro-Financial Linkages in the Euro Area (with A. D’Agostino, M. Cervena, M. Ciccarelli, P. Guarda, M. Haavio, K.Hubrich, P. Jeanfils, E. Ortega, M. Valderrama, M. Valentinyiné) WGEM, ECB Report, 2011. Housing Market and Macroeconomic Boom-Bust Cycles (with M.T.Punzi), Moneda y Crédito, vol. 230, 2010. Boom-Bust Cycles and Stabilization Policy (with M.T.Punzi), Conference volume BoK-BIS Conference on Macroprudential Regulation and Policy. Financial Frictions in NCB Macro-Models (with M. Jonsson, A. Locarno P. McAdam and C.Thomas), WGEM, ECB Report, 2010. Monetary Policy Expectations and Boom-Bust Cycles in the Housing Market, Economic Bulletin, BdP, 2009:04. The Role of Collateral Constraints in the Transmission of Shocks, Monetary Policy Briefing Box, BdP, 2009:3 Older Working Papers Credit Market and Macroeconomic Volatility. European Central Bank, wp 743.
PDF Financial Liberalization, Bank Crises and Growth: Assessing the Links (with Alessandra Bonfiglioli). Working paper 567, Stockholm School of Economics.
Discussions
Discussion of “Grafting Macroprudential Policies in a Macroeconomic Framework"by Angelini, Neri and Panetta. Eurosystem Seminar on Macro-Financial Risks and Vulnerabilities 14/15 June 2010, ECB.
Discussion of “Credit and Banking in a DSGE Model of the Euro Area” by Gerali, Neri,Sessa, Signoretti.Financial Markets and the Macroeconomy: Challenges for Central Banks. November 6-7, 2009. Sveriges Riskbank, September 2009.
Discussion of “Banking Competition, House Prices and Macroeconomic Stability” by Javier Andrés and Oscar Arce. Household Indebtedness, House Prices and the Economy
Sveriges Riskbank, September 2008.
Discussion of “Housing Market Spillovers: Evidence from an Estimated DSGE model” by Matteo Iacoviello and Stefano Neri, 5th Workshop of Macroeconomic Dynamics, Rome, December 2006. SLIDES.
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