• Short and Variable Lags Buda, G., Carvalho, V. M., Corsetti, G., Duarte, J. B., Hansen, S., Moura, A. S., Ortiz, A., Rodrigo, T., Rodríguez Mora, J. V., Alves da Silva, G., Janeway Institute Working Paper 2308

•  Exchange Rate Insulation Revisited, Giancarlo Corsetti, Keith Kuester, Gernot Müller, Sebastian Schmidt CERP DP 15689. Revised December 2023. 

Published papers:

• The elusive gains from inward-looking monetary policy, joint with Martin Bodenstein and Luca Guerrieri, previously CEPR DP 14359 February 2020, Forthcoming Review of Economic Studies

• Gambling to preserve price (and fiscal) stability, with Bartosz Mackowiak, IMF Economic Review 2023

•  The Macroeconomic Stabilization of Tariff Shocks: What is the Optimal Monetary Response?, with Paul Bergin, Journal of International Economics 2023

• Exchange Rate Misalignment and External Imbalances: What is the Optimal Monetary Policy Response?, with Luca Dedola and Sylvain Leduc, August 2022. Forthcoming, Journal of International Economics.

• One Money, Many Markets: Monetary Transmission and Housing Financing in the Euro Area, with Joao Duarte and Samuel Mann, March 2020. CEPR DP 14968  Journal of the European Economic Association

• Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantages, with Paul Bergin, American Economic Journal: Macroeconomics, 12(4):246-86, 2020, NBER WP

• Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary union, Giancarlo Corsetti, Luca Dedola, Marek Jarociński, Bartosz Maćkowiak, Sebastian Schmidt ECB Discussion paper 1988, December 2016,  European Journal of Political Economy

• Step away from the zero lower bound: small open economies in a world of secular stagnation, Giancarlo Corsetti, Eleonora Mavroeidi, Gregory Thwaites and Martin Wolf, (also: Bank of England Working Paper 666, 2017) Journal of International Economics

• Fixed on Flexible: Rethinking Exchange Rate Regimes After the Great Recession Giancarlo Corsetti, Keith Kuester and Gernot J. Mueller,  IMF Economic Review 65(3), August 2017, 586-632. An early version was previously circulated as The Case for Flexible Exchange Rates in a Great Recession,  CEPR Discussion Paper DP 11432 

• Sovereign risk and belief-driven fluctuations in the euro area, joint with Keith Kuester, Andre Meier and Gernot Mueller, IMF WP 13/227 Journal of Monetary Economics 

• Optimal monetary policy in open economies , prepared for the Handbook of Monetary Economics, vol. III, Edited by Ben Friedman and Michael Woodford, mimeo 2010

• Optimal Monetary Policy and the Sources of Local-Currency Price Stability with Luca Dedola and Sylvain Leduc, in Jordi Gali and Mark Gertler (eds) International Dimensions of Monetary Policy, Chicago University Press, 2009

• New Open Economy Macroeconomics (January 2007). Entry for the New Palgrave Dictionary of Economics, 2nd edition

• The Simple Geometry of Transmission and Stabilization in Closed and Open Economies with Paolo Pesenti, NBER International Seminar on Macroeconomics 2007, pages 65-116 National Bureau of Economic Research, Inc.

• Openness and the case for flexible exchange rates Research and Economics 2006

• My paper with Paolo Pesenti International Dimensions of Optimal Monetary Policy, Journal of Monetary Economics 52/2 pp 281-305, 2005

• My paper with Paolo Pesenti: Welfare and Macroeconomic Interdependence, Quarterly Journal of Economics 2001

• Competitive Devaluations: towards a welfare based approach, with Paolo Pesenti, Nouriel Roubini and Cedric Tille: Journal of International Economics, June 2000.  

• Revised 2023: Debt Crises, Fast and Slow, with Seung Hyun Maeng, February CEPR DP 14868, 2023Revised December 2021 

• Debt Sustainability and the Terms of Official Support, Giancarlo Corsetti Aitor Erce and Timothy Uy, CEPR DP 13292, November 2018

• Debt Seniority and Sovereign Debt Crises, Anil Ari , Giancarlo Corsetti , Luca Dedola, IMF Working Paper No. 18/104, May 2018

• Fiscal Crises, Confidence and Default: A Bare-bones Model with Lessons for the Euro Area, with Luca Dedola, December 2011 

Published papers:

• Official Lending Strategies During the Euro Area Crisis,  Giancarlo Corsetti Aitor Erce and Timothy Uy, July 1 2020, Review of International Organizations

• Liquidity and consumption: Evidence from three post-earthquake reconstruction programs in Italy, with Antonio Acconcia and Saverio Simonelli, American Economic Journal: Macroeconomics, July 2020

• The Mystery of the Printing Press: Monetary Policy and Self-fulfilling Debt Crisis with Luca Dedola. Journal of European Economic Association

Here is the text of my Schumpeter Lecture on the Mystery of the Printing Press at the EEA, Mannheim, August 24, 2015 video

• Sovereign risk and belief-driven fluctuations in the euro area, joint with Keith Kuester, Andre Meier and Gernot Mueller, IMF WP 13/227 Journal of Monetary Economics

• Sovereign risk, Fiscal Policy and Macroeconomic Stability with Keith Kuester, Andre' Meier, and Gernot Mueller. Economic Journal 2012

• What determines government spending multipliers? with Andre Meier and Gernot Mueller, IMF WP 12/150 , CEPR DP 9010, 2012 Economic Policy, October 2012

• Multilateral Economic Cooperation: The role of fiscal policy, with Gernot Mueller, paper prepared for the conference “Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century” organized by the NBER and the Bank of England, London, September 2011

• Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment, with Antonio Acconcia and Saverio Simonelli, American Economic Review, 2014

• "Floats, Pegs and the Transmission of Fiscal Policy," joint with K Kuester and G Mueller, in Luis Felipe Cespedes and Jordi Gali (eds.) Fiscal Policy and Macroeconomic Performance, Santiago, Chile: Central Bank of Chile, 2011. Originally presented at the Fourteenth Annual Conference of the Central Bank of Chile, October 21 22, 2010, Fiscal Policy and Macroeconomic Performance. CEPR DP 8180    Working Papers Central Bank of Chile 608, Central Bank of Chile. 

• Debt Consolidation and Fiscal Stabilization of Deep Recessions, joint with Kuester, Meier and Mueller. American Economic Review PP May 2010

• Fiscal Stimulus with Spending Reversals, with A Meier and Gernot Mueller, IMF working paper 09106, CEPR DP 7302, Review of Economics and Statistics

• Cross-border spillovers from fiscal stimulus, with A Meier and Gernot Mueller, International Journal of Central Banking 2010

• Twin Deficits, Openness and the Business Cycle , with Gernot Mueller, Journal of European Economic Association 2008

• Twin Deficits: Squaring Theory, Evidence and Common Sense, with Gernot Mueller, Economic Policy October 2006 --- The old version (March 2006) is available here 

• The theory of reserve accumulation, revisited, with Seung Hyun (Fred) Maeng, Nov 2023, revised March 2024

• An early draft: Global Value Chains and International Risk Sharing, with Lucio D’Aguanno, Aydan Dogan, Simon Lloyd, Rana Sajedi; March 2024

Published:

• Traded and nontraded goods prices, and international risk sharing: an empirical investigation with Luca Dedola and Francesca Viani, in Chris Pissarides and Jeff Frenkel (eds.) NBER International Seminar in Macroeconomics, 2011

• The international risk sharing puzzle is at business cycle and lower frequency, joint with Luca Dedola and Francesca Viani, Canadian Journal of Economics 2011

• The International Dimension of Productivity and Demand Shocks in the US Economy, joint with Luca Dedola and Sylvain Leduc Journal of European Economic Association Feb 2014. Complete version with web appendix

• Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism Among G7 Countries with Luca Dedola and Sylvain Leduc, in Lucrezia Reichlin and Kenneth West (eds.) NBER International Seminar on Macroeconomics 2006. Revised version November 2006

• International Risk Sharing and the transmission of productivity shocks, with Luca Dedola and Sylvain Leduc, Review of Economic Studies, 2008.  

• Discussion of "Obstfeld and Rogoff's International Macro Puzzles: A Quantitative Assessment", Journal of Economic Dynamics and Control, Volume 72, November 2016, Pages 24–28

• Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantages, with Paul Bergin, American Economic Journal: Macroeconomics, 12(4):246-86, 2020, NBER WP

• Varieties and the Transfer Problem, with Philippe Martin and Paolo Pesenti. Journal of International Economics 2013

• The extensive margin and monetary policy, with Paul Bergin, Journal of Monetary Economics, 2008, previously circulated as "Towards a theory of firm entry and stabilization policy," NBER wp 11821, CEPR dp 537

• Productivity spillovers, terms of trade and the `home market effect' joint with Philippe Martin and Paolo Pesenti, Journal of International Economics 2007  

•  Exchange Rate Insulation Revisited, Giancarlo Corsetti, Keith Kuester, Gernot Müller, Sebastian Schmidt CERP DP 15689. Revised December 2023. 

Published

• Invoicing and Pricing-to-market: Evidence on International Pricing by UK exporters, Giancarlo Corsetti, Meredith Crowley, and Lu Han, March 2022, Journal of International Economics.

  • • British firms invoice in multiple currencies, even in the same destination market 

    • UK data provide evidence that firms switch invoicing currency over time 

    • Exchange rate pass through and pricing-to-market differ by invoicing currency 

    • Firms adjust relative markups across markets only when invoicing in local currency 

    • Within a year of the Brexit vote, all UK export prices aligned with the weak pound 

• 2021 revision of Markets and Markups: A New Empirical Framework and Evidence on Exporters from China, and Appendix, Online appendix, Giancarlo Corsetti, Meredith Crowley, Lu Han and Huasheng Song, July 2019. CEPR DP13904

Published papers:

• High exchange rate volatility and low pass-through, with Luca Dedola and Sylvain Leduc, Journal of Monetary Economics Sept 2008

• Optimal Monetary Policy and the Sources of Local-Currency Price Stability Joint with Luca Dedola and Sylvain Leduc (Revised draft September 2007). Prepared for the NBER Volume: International Dimensions of Monetary Policy, edited by Jordi Gali and Mark Gertler, Chicago University Press.

• A macroeconomic Model of International Price Discrimination 2005 Journal of International Economics, 67(1), 129-155. Old version with longer discussion of multiple equilibria

• Endogenous pass-through and Optimal Monetary Policy: A Model of Self-Validating Exchange Rate Regimes with Paolo Pesenti (January 2002-revised September 2004, presented in Atlanta 2002) CEPR wp 8737

• Varieties and the Transfer Problem, with Philippe Martin and Paolo Pesenti. Journal of International Economics 2013

• What Drives US Foreign Borrowing? Evidence on the External Adjustment to Transitory and Permanent Shocks,  with Panagiotis Konstantinou, revised 2011 (December 2008). American Economic Review, 2012

• Twin Deficits, Openness and the Business Cycle , with Gernot Mueller, Journal of European Economic Association 2008

• Twin Deficits: Squaring Theory, Evidence and Common Sense, with Gernot Mueller, Economic Policy October 2006 --- The old version (March 2006) is available here 

• The theory of reserve accumulation, revisited, with Seung Hyun (Fred) Maeng, Nov 2023, revised March 2024

Published papers:

• Debt Crises, Fast and Slow, with Seung Hyun Maeng, February CEPR DP 14868, June 2020, JEEA 2023

• Correlation Analysis of Financial Contagion short piece joint with Marcello Pericoli and Massimo Sbracia on pitfalls studies of contagion (2010)

• International Lending of Last Resort and Moral Hazard: a Model of IMF's Catalytic Finance, with Bernardo Guimaraes and Nouriel Roubini (November 2002 -- this draft: March 2005). Journal of Monetary Economics 2006

• Some Contagion, Some Interdependence: More Pitfalls In Tests of Financial Contagion with Marcello Pericoli and Massimo Sbracia,(June 2000- revised March 2002) Journal of International Money and Finance 2005

• The role of large players in currency crises  (with Paolo Pesenti and Nouriel Roubini, presented at the NBER conference on Currency Crises in Emerging Market in January 2001), NBER Working Paper No. W8303 May 2001. In “Preventing currency crises in emerging markets” edited by Edwards and Frenkel, University of Chicago Press.

• Does one Soros make a difference? A Theory of Currency Crises with Large and Small Traders  with Stephen Morris, Hyun Song Shin and Amil Dasgupta (revised July 2000) Cowles Foundation Discussion Paper 1273, and CEPR w.p.. Review of Economic Studies 2004

• Fiscal Imbalances and the Dynamics of Currency Crises with Bartosz Mackowiak, (previously Economic Growth Center at Yale University 2000 and CEPR 2001). European Economic Review 2006

• A fiscal perspective on currency crises and “original sin”, with Bartosz Mackowiak, in Barry Eichengreen and Ricardo Hausmann (eds), "Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economics," Chicago University Press.

• What Caused the Asian Currency and Financial Crisis?,  Japan and the World Economy 11 (3), September 1999, pp.305-373. Also: National Bureau of Economic Research Working Papers 6833 "Part  I : A Macroeconomic  Overview" 6834 "Part  II: The Policy Debate"

• Shadow Rates and Multiple equilibria in the Theory of Currency Crises with Lilia Cavallari, Journal of International Economics

•  Paper Tigers? A Model of the Asian Crisis, European Economic Review (43)7, 1999. Also National Bureau of Economic Research Working Paper No.6783, 1998.

• The Asian Crisis: An Overview of the Empirical Evidence and Policy Debate (with Paolo Pesenti and Nouriel Roubini), forthcoming in Pierre Richard Agenor, Marcus Miller, David Vines and Axel Weber (eds.), Financial Crises: Causes, Contagion and Consequences, Cambridge, U.K.: Cambridge University Press, 1999

• Willem Buiter, Giancarlo Corsetti and Paolo Pesenti,"Interpreting the ERM Crisis: Country-Specific and Systemic Issues", Princeton Studies in International Finance No. 84, February 1998, published by Princeton Studies in International Finance , Princeton University.

• Financial Markets and European Monetary Cooperation. The Lessons of the 1992-93 ERM Crisis (with Willem Buiter and Paolo Pesenti), Cambridge, U.K.: Cambridge University Press, 1998. SANWA MONOGRAPH in international finance.   

• Debt Sustainability and the Terms of Official Support, Giancarlo Corsetti Aitor Erce and Timothy Uy, CEPR DP 13292, November 2018

Published papers:

• One Money, Many Markets: Monetary Transmission and Housing Financing in the Euro Area, with Joao Duarte and Samuel Mann, March 2020. CEPR DP 14968  Journal of the European Economic Association

• Official Lending Strategies During the Euro Area Crisis,  Giancarlo Corsetti Aitor Erce and Timothy Uy, July 1 2020, Review of International Organizations.

• The Euro Crisis in the Mirror of the EMS: How Tying Odysseus to the Mast Avoided the Sirens but Led Him to Charybdis, withBarry Eichengreen, Galina Hale and Eric Tallman, Open Economies Review, Springer, vol. 31(2), pages 219-236, April.

• Macroeconomic stabilization, monetary-fiscal interactions, and Europe’s monetary union, Giancarlo Corsetti, Luca Dedola, Marek Jarociński, Bartosz Maćkowiak, Sebastian Schmidt ECB Discussion paper 1988, December 2016,  European Journal of Political Economy

• Sovereign risk and belief-driven fluctuations in the euro area, joint with Keith Kuester, Andre Meier and Gernot Mueller, IMF WP 13/227 Journal of Monetary Economics

• A Modern Reconsideration of the Theory of Optimum Currency Areas, prepared for the ECFIN Conference EMU@10, in Brussels, Revision February 2008

• Endogenous pass-through and Optimal Monetary Policy: A Model of Self-Validating Exchange Rate Regimes with Paolo Pesenti (January 2002-revised September 2004, presented in Atlanta 2002) CEPR wp 8737

• Annual Report on the European Economy, by the European Economic Advisory Group at CESifo 2002, 2003, 2004, 2005, 2006, 2007. 2008, 2009

• A short piece by Giancarlo Corsetti for Tiaa-cref: Idea Exchange with Barry Eichengreen (Dec 2001): Feeling the Impact of the EuroCurrency

• Stability, Asymmetry and Discontinuity: the Launch of European Monetary Union, with Paolo Pesenti, Brookings Papers on Economic Activity, December 1999 

• The (Past and) Future of European Currencies, with Paolo Pesenti, March 2000, in Cuadernos de Economía