Research

Work in progress

• • Financial Integration in a Monetary Union with Heterogeneous Firms and Unemployment.

  • Financial Integration and the Sovereign-bank Loop: What role for macroprudential policy? [slides]

  • Labor Market Adjustment in Response to Credit Shocks, joint with Marcel Jansen.

  • Fiscal Rules at the Zero Lower Bound, joint with María Malmierca.

  • The Effect of the Global Financial Crisis on Market Structure in the Banking Sector: A Structural Analysis of the Data, joint with Katheryn N. Russ and Franziska Bremus, (03/15).

  • Optimal State-contingent Public-sector Prices in a Currency Union, joint with James Costain (12/13).

  • Households' Portfolio, Wealth and Learning, joint with Ana Hidalgo (02/07).

Working papers

• • The Role of Fiscal Delegation in a Monetary Union: A survey of the political economy issues, joint with James Costain. Working Papers in Economic Theory UAM (2012/11)

  • On Stickiness, Cash in advance, and Persistence, joint with Stéphane Auray. Working Papers in Economic Theory UAM (2007/05) [Abstract] [PDF]

  • Productivity Shocks and the Business Cycle: Reconciling Recent VAR Evidence, joint with James Costain (02/07).

  • International Transmission of Shocks under Financial Frictions: some implications for international business cycle comovement. Working Papers in Economic Theory UAM (2008/01)

  • Debt Limits and Endogenous Growth. Working Paper UC3M Economic Series #05-27(17)

Publications

• • Faraway, So Close!: Technology diffusion and firm heterogeneity in the medium-term cycle of advanced economies, joint with Mónica Correa-López. Accepted for publication at Journal of International Economics, June 2021.

    • Previous version entitled "Faraway, so close! Technology diffusion and firm heterogeneity in the medium-term cycle of advanced economies ", Working Papers 1835, Banco de España.

    • Summary in Research Update, Banco de España (Spring 2019, Feature 2)

    • Post in VoxEU.org here (23 April 2019)

    • Related post in Nadaesgratis.es "¡Tan lejos, tan cerca! Una reflexión más sobre los ciclos," (12 February 2020).

  • La interacción entre la política macroprudencial y la política monetaria, ICE, Revista de Economía, 918: 119-137.

    • Video summary in YouTube here (14 April 2021).

  • Financial Frictions and Stabilization Policies, joint with María Malmierca, Economic Modelling, 2020; 89: 166-188.

  • Understanding Markups in the Open Economy, joint with Katheryn N. Russ. American Economic Journal: Macroeconomics, 2015; 7(2): 157-80. Previously circulated under the title "Teams of Rivals: Endogenous Markups in a Ricardian World"

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  • Hymer's Multinationals, joint with Katheryn N. Russ. Journal of Economic Behavior and Organization, 2013; 94(C) October: 381-392.

  • Investment, Matching and Persistence in a modified Cash-in-Advance Economy, joint with Stéphane Auray. Journal of Economic Dynamics and Control, 2013; 37(3): 591-610.

  • All Banks Great, Small, and Global: Loan pricing and foreign competition, joint with Katheryn N. Russ. International Review of Economics and Finance, 2013; 26(April): 4-24.

  • International Transmission of Medium-Term Technology Cycles: Evidence from Spain as a recipient economy, joint with Mónica Correa-López. The B.E. Journal of Macroeconomics. Volume 12, Issue 1, ISSN (Online) 1935-1690, DOI: 10.1515/1935-1690.2355, November 2012

  • Effective fiscal instruments for the European Commission, VoxEU.org, June 2012.

  • Smoothing Shocks and Balancing Budgets in a Currency Union, joint with James Costain. Moneda y Crédito, 2012; 234: 37-91.

  • Portfolio Choice and Information Acquisition: A note, joint with Ana Hidalgo. Cuadernos de Economía, 2012; 35(98): 55-67.

  • Ramsey Policies in a Small Open Economy with Sticky Prices and Capital, joint with Stéphane Auray and Aurélien Eyquem. Journal of Economic Dynamics and Control, 2011; 35(9): 1531-1546.

  • Exchange Rate Dynamics in Economies with Portfolio Rigidities. International Review of Economics and Finance, 2010; 19: 366-382.

  • Can Financial Frictions Help Explain the Performance of the U.S. Fed?. The B.E. Journal of Macroeconomics, 2009; Vol. 9, Iss. 1 (Contributions) Article 27.

  • Performance of Interest Rate Rules under Credit Market Imperfections. Economic Modelling, 2009; 26: 586-596.

  • Límites de Deuda y Crecimiento Económico. Cuadernos de Economía, 2007; 30(83): 57-84.