Research
Peer Reviewed Publications
(last update: April 25, 2022)
Savings in Latin America: A Second Look from a Neoclassical Perspective (with Ayse Imrohoroglu and Cesar Tamayo) - IMF Economic Review, 67, 2019, 791-823.
Link to final draft
Foreign Corporate Debt, Spreads, and Economic Activity in Emerging Economies: An Empirical Investigation (with Julian Caballero and Jongho Park) - Journal of International Economics, 118, 2019, 160-178.
Link to revised draft
Sharing a Ride in the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies, (with Andrés González and Diego Rodríguez) - Journal of International Economics, 111, 2018, 99-121.
Link to accepted draft
Link to Online Appendix, replication files (empirical analysis, model)
World Shocks, World Prices, And Business Cycles: An Empirical Investigation (with Stephanie Schmitt-Grohé and Martín Uribe) - Journal of International Economics,108, May 2017, S2-S14 (lead article).
Link to submitted draft,
Link to data & codes
Bond Finance, Bank Credit, and Aggregate Fluctuations in an Open Economy (with Roberto Chang and Adam Gulan) - Journal of Monetary Economics, 85(C), 2017, 90-109. Carnegie-Rochester-NYU Conference Series on Public Policy.
Link to published article
Fur ther Evidence on the Usefulness of Real-Time Datasets for Economic Forecasting (with Norm Swanson) - Quantitative Finance and Economics, 1(1), 2017, 2-25.
Link to accepted draft
Capital Control Measures: A New Dataset, (with Michael Klein, Martin Schindler, Alessandro Rebucci and Martín Uribe) - IMF Economic Review, Vol. 64 (3), 2017.
Link to dataset. New update: includes years 2018 and 2019. In using this dataset the appropriate citation is Andrés Fernández, Michael Klein, Alessandro Rebucci, Martin Schindler, and Martín Uribe, 2015. "Capital Control Measures: A New Dataset", NBER Working Paper No. 2097
Blogs in EconBrowser (March/2016), VOX-EU (April/2015)
From Institutions to Financial Development and Growth: What are the Links? (with Cesar Tamayo), Journal of Economic Surveys, Vol. 31, No. 1, pp.17-57, 2017.
Link to published article
Are Capital Controls Countercyclical?, (with Alessandro Rebucci and Martín Uribe) - Lead Article, Journal of Monetary Economics, 76, (2015) 1-14.
Link to published article and expanded appendix
Informal Employment and Business Cycles in Emerging Economies: The Case of Mexico, (with Felipe Meza). Review of Economic Dynamics, 18 (2015), 381-405.
Link to published article
Link to technical appendix
Interest Rates, Leverage, and Business Cycles in Emerging Economies: The Role of Financial Frictions, (with Adam Gulan). American Economic Journal - Macroeconomics, 2015, 7(3), 153-188.
Link to published article
Link to technical appendix
On the Sources of Aggregate Fluctuations in Emerging Economies (with Roberto Chang) International Economic Review, Vol. 54, No. 4, November 2013, 1267-1295.
Link to published article
Link to replication files
"Tropical" Real Business Cycles? A Bayesian Exploration. Ensayos sobre Política Económica, Vol. 28, No. 61, 2010, 60-105.
Link to published article
Information in the Revision Process of Real-Time Datasets (with Valentina Corradi and Norman R. Swanson) Journal of Business and Economic Statistics, Vol. 27, No. 4, October 2009, 455-467.
Link to published article
Structural Reforms, Macroeconomic Impact and Monetary Policy in Colombia (translation). Desarrollo y Sociedad. Vol. 51. Marzo 2003, 55-128.
Link to published article
Books & Special Volumes
Guest Editor – Special Volume “Financial Frictions: Macroeconomic Implications and Policy Options for Emerging Economies” - Journal of International Economics – To be published in 2022
Editor of the Conference Volume on "Emerging Markets Credibility, Foreign Investors Risk Perceptions and Capital Flows" (joint with Sebnem Kalemli-Ozkan and Alvaro Aguirre) - To be published in 2022
Chapters in Books
Does the Commodity Super Cycle Matter? with Stephanie Schmitt-Grohé (Columbia U.) and Martín Uribe (Columbia U.) – NBER Working Paper No. 27589, July, 2020. Forthcoming in the Central Bank of Chile’s Conference Volume
Global Drivers and Macroeconomic Volatility in EMEs: a Dynamic Factor, General Equilibrium Perspective? with Gent Bajraj (Central Bank of Chile), Miguel Fuentes (Central Bank of Chile), Benjamín García (Central Bank of Chile), Jorge Lorca (Central Bank of Chile), Manuel Paillacar (Central Bank of Chile), Juan Marcos Wlasiuk (Central Bank of Chile). Forthcoming in the Central Bank of Chile’s Conference Volume.
Firms’ Productivity as an Engine for Saving. In Eduardo Cavallo and Tomás Serebrisky (eds.) (2016) "Saving for Development. How Latin America Can Save more and Better". Inter-American Development Bank (with Cesar Tamayo and Matias Busso)
Monetary History of Colombia during the XXth Century: Main Trends and Key Episodes (translation). In James Robinson and Miguel Urrutia (eds.) (2007) "The Colombian Economy in the Twentieth Century: A Quantitative Analysis" (translation). Fondo de Cultura Económica y Banco de la República. (with Fabio Sanchez and Armando Armenta)
Repec Link to Working Paper (in Spanish)
Links with information about the book in Amazon.com and in the Colombian Central Bank
Work in Progress
Controls on Capital Outflows: New Evidence and a Theory with Roberto Chang (Rutgers), and Humberto Martínez (U. de Chile).
New!! Preliminary draft available
How to Respond to a Sudden Stop in Firm Financing: Government or Market? Lessons from the Pandemic Era Policies with Miguel Acosta (CB of Chile), Patricia Gomez-Gonzalez (Fordham), and Sebnem Kalemli-Ozkan (Maryland).
New!! Preliminary draft available
Sticky Capital Controls (with Miguel Acosta and Laura Alfaro) - Submitted
Link to NBER Working Paper (new draft coming soon!)
Pricing Under Distress with Boragan Aruoba (Maryland), Daniel Guzmán (UBC), Ernesto Pastén (CB of Chile), and Felipe Saffie (UVA - Darden)
New!! Preliminary draft available
Anatomy of Firm’s Margins of Adjustment: Evidence from the COVID Pandemic in Chile with Elías Albagli (CB of Chile), Juan Guerra-Salas (CB of Chile) and Federico Huneeus (CB of Chile)
New!! Preliminary draft available
On Fiscal Procyclicality and Market Incompleteness (with Ruy Lama, Daniel Guzman, and Carlos Vegh) - Submitted
Link to NBER Working Paper
Cross-Sectional Labor Dynamics After Foreign Shocks with Rosario Aldunate (Michigan U.), Andrés Blanco (Michigan U.), and Gastón Navarro (FED - Board) - Draft expected by first half of 2022
Capital Flows to Emerging Markets: Disentangling Quantities from Prices with Alejandro Vicondoa (Catholic U. - Chile) - Draft expected by first half of 2022
The Global Financial Cycle and Capital Flows to EMEs: Dissecting the Mechanism with Miguel Acosta (CB of Chile), Patricia Gomez-Gonzalez (Fordham), and Sebnem Kalemli-Ozkan (Maryland) - Draft expected by second half of 2022
Monetary Policy and Firm Dynamics with Boragan Aruoba (Maryland), Bernabe Lopez (CB of Chile), Will Lu (CB of Chile), and Felipe Saffie (UVA - Darden) - Draft expected by second half of 2022.
Downward Nominal Wage Rigidities and Inflation Targeting in Emerging Economies with Carlos Rondon (CB of Chile), Stephanie Schmitt-Grohe (Columbia U.) and Martín Uribe (Columbia U.) - Draft expected by second half of 2022
Other Working Papers
Monetary Policy Surprises in Chile: Measurement & Real Effects (with Boragan Aruoba, Daniel Guzmán, Ernesto Pastén, and Felipe Saffie)
Link to CBCh working paper - August, 2021
Link to dataset of MP surprises
Competition-Adjusted Measures of Real Exchange Rates (with Ernesto Stein, Samuel Rosenow, and Victor Zuluaga)
Link to first draft
Equilibrium Unemployment during Financial Crises, February/2013 (with Juan David Herreño)
Repec Link to: IADB Working Paper
Labor, Output and Consumption in Business Cycle Models of Emerging Economies: A Comment, September/2011 (with Felipe Meza)
Repec Link to: U. de Los Andes Working Paper
On the Relevance of Real-Time Datasets in Forecasting, May/2011 (with Norman R. Swanson)
Repec Link to: (old) Rutgers Working Paper
Capital Flows and Business Cycles in Latin America During the 1920s-30s, a Second Look From a Neoclassical Perspective, September/2008
Link to Mimeo
Balance of payments crises under fixed exchange rate in Colombia: 1938-1967, February/2006 (with Fabio Sanchez and Armando Armenta)
Repec Links to: U. de Los Andes Working Papers in English or in Spanish
Recent Discussions
Spillovers at the Extremes: The Macroprudential Stance and Vulnerabilities to the Global Financial Cycle. By A. Chari, K. Dilts-Stedman; and K. Forbes. AEA 2023