Publications

“The Aggregate Implications of Innovation Policy”, with Ariel Burstein. Journal of Political Economy. December 2019 Matlab Codes Journal Version

“Transitional Dynamics in Aggregate Models of Innovative Investments” with Ariel Burstein and Manolis Chatzikonstantinou, Annual Review of Economics, August 2019, Appendix

Government Guarantees and the Valuation of American Banks, with Adrien d'Avernas, Andrea Eisfeldt, and Pierre Olivier Weill. NBER Macroeconomics Annual (2018).

“Measuring the Financial Soundness of US Firms 1926-2012” with Andrea Eisfeldt and Pierre Olivier Weill. Research in Economics, Vol. 71 (2017), pp. 613-635.

“Public and External Debt Crises” with Cristina Arellano and Mark Wright. NBER Macroeconomics Annual 2015. (2016)

"Entry and Exit in OTC Derivatives Markets" with Andrea Eisfeldt and Pierre-Olivier Weill. Econometrica. Vol. 83, pp. 2231-2292 (2015). Also an Appendix with proofs

"Optimal Regulation in the Presence of Reputation Concerns" with Christian Hellwig and Guillermo Ordonez, Quarterly Journal of Economics. 130(1): 415-464. (2015)

Comment on "Competition and Innovation" by Boldrin, Correa Allamand, Levine, and Ornaghi, Cato Papers on Public Policy (2011)

"Innovation, Firm Dynamics, and International Trade" with Ariel Burstein, Journal of Political Economy, June (2010)

Online appendix and Matlab Codes can be found here

"Sophisticated Monetary Policies" with V.V. Chari and Patrick Kehoe, Quarterly Journal of Economics, February (2010)

"Sluggish Responses of Prices and Inflation to Monetary Shocks in an Inventory Model of Money Demand" with Fernando Alvarez and Chris Edmond,

Quarterly Journal of Economics, August (2009)

"Time Varying Risk, Interest Rates, and Exchange Rates in General Equilibrium" with Fernando Alvarez and Patrick Kehoe, Review of Economic Studies, July (2009)

"On the Need for a New Approach for Analyzing Monetary Policy" with Patrick Kehoe, NBER Macroeconomics Annual 2008

"Pricing to Market, Trade Costs, and International Relative Prices" with Ariel Burstein, American Economic Review, December (2008)

"Pricing to Market in a Ricardian Model of International Trade" with Ariel Burstein. American Economic Review, Papers and Proceedings. May (2007)

"If Exchange Rates are Random Walks, then almost everything we say about monetary policy is wrong" with Fernando Alvarez and Patrick Kehoe. American Economic Review, Papers and Proceedings. May (2007).

"Modeling the transition to a new economy: lessons from two technological revolutions" with Patrick J. Kehoe. American Economic Review, March (2007), Vol. 97, no 1. pp. 64-88

"Modeling and Measuring Organization Capital", with Patrick J. Kehoe, Journal of Political Economy, October (2005), Vol. 113, no. 5, pp. 1026-1053.

"On the optimal degree of discretion in monetary policy" with Susan Athey and Patrick J. Kehoe, Econometrica, Vol. 73, no. 5, pp. 1431-1475 September (2005)

"Deflation and Depression: Is there an empirical link", with Patrick J. Kehoe, American Economic Review Papers and Proceedings, May (2004)

"Money, interest rates, and exchange rates in endogenously segmented markets", with Fernando Alvarez and Patrick J. Kehoe, Journal of Political Economy, (2002), Vol. 110, n. 1, pp. 73-112

"Are Phillips curves useful for forecasting inflation?" with Lee Ohanian , Federal Reserve Bank of Minneapolis Quarterly Review, (2001), Winter, Vol. 25, no. 1

Discussion of Stephen Morris and Hyun Song Shin's "Rethinking multiple equilibria in macroeconomic modeling" in NBER Macroeconomic Annual (2000)

"Taxing Capital Income: A Bad Idea", with V.V. Chari and Patrick Kehoe , Federal Reserve Bank of Minneapolis Quarterly Review, (1999), Summer, Vol. 23 no. 3, pp. 3-17

"Models of Energy Use: Putty-Putty versus Putty-Clay", with Patrick J. Kehoe. American Economic Review, (1999), vol. 89, no. 4, September pp. 1028-43.

"Money and Exchange Rates in the Grossman-Weiss Rotemberg Model", with Fernando Alvarez, Journal of Monetary Economics, (1997), vol. 40, no. 3, pp.619-40.

"The Rate of Time Preference, The Intertemporal Elasticity of Substitution, and the Level of Wealth", with Masao Ogaki. Review of Economics and Statistics, (1997), vol. 79, no. 4, pp. 564-572.

"The Balance of Payments and Borrowing Constraints: An Alternative View of the Mexican Crisis", with Jose Victor Rios Rull, Journal of International Economics Vol. 41, No. 3-4, December (1996), pp. 331-349

"Wealth Varying Intertemporal Elasticities of Substitution: Evidence from Panel and Aggregate Data", with Masao Ogaki , Journal of Monetary Economics, (1996), vol. 38, no. 3, pp. 507-534.

"Social Insurance and Transition", with Patrick J. Kehoe, International Economic Review, vol. 37, no. 2, (1996), pp. 377-401.

"Are Data on Industry Evolution and Job Turnover Relevant for Macroeconomics?", with Aubhik Khan and Lee Ohanian, Carnegie Rochester Conference Series on Public Policy, vol. 44, June (1996), pp. 215-250.

"Efficiency and Equality in a Simple Model of Unemployment Insurance", with Robert E. Lucas, Jr., Journal of Economic Theory, (1995), vol. 66, no. 1 (June), pp. 64-88

"Reconsidering the Cost of Business Cycles with Incomplete Markets", with Christopher Phelan, NBER Macroeconomic Annual, (1994)

Discussion of Giles St. Paul's "On the Political Economy of Labor Market Flexibility" in NBER Macroeconomic Annual (1993).

"Do Private Capital Markets Insure Regional Risk? Evidence from the United States and Europe", with Tamim Bayoumi, Open Economies Review, vol. 4, (1993), pp. 303-324.

"On Efficient Distribution with Private Information", with Robert E. Lucas, Jr., Review of Economic Studies, vol. 59 July (1993), pp.427-453.

"International Lending with Moral Hazard and Risk of Repudiation", Econometrica, vol. 59, number 4 July (1991), pp. 1069-1089.