Publications

"Tariffs and the Exchange Rate: Evidence from Twitter," 2024, IMF Economic Review, forthcoming, with D. Matveev.  

"Asset Prices in a Production Network," 2024, European Economic Review, Vol. 166 (July), Article 104751. 

"The Power of the Federal Reserve Chair," 2023, International Economic Review, Vol. 64, No. 2 (May), pp. 727-756, with A. Riboni.

"How Do Central Banks Make Decisions?" 2022, Canadian Journal of Economics, Vol. 55, No. 4 (November), pp. 1643-1670. Presidential Address delivered at the 56th Annual Meetings of the Canadian Economics Association.

"Estimating Nonlinear Dynamic Equilibrium Models by Matching Impulse Responses," 2020, Economics Letters, Vol. 197 (December), Article 109624.

"Mind-Changes at the FOMC," 2019, Economics Letters, Vol. 184 (November), Article 108565, with A. Riboni.

"Extreme Events and Optimal Monetary Policy," 2019, International Economic Review, Vol. 60, No. 2 (May), pp. 939-963, with J. Kim.

"Monetary Policy Committees: Voting and Deliberation," 2018, in Hawks and Doves: Deeds and Words, S. Eijffinger and D. Masciandaro (Eds.), pp. 75-80, with A. Riboni. London: CEPR Press.

"Canadian Inflation Targeting," 2017, Canadian Journal of Economics, Vol. 50, No. 5 (December), pp. 1556–1572, with P. Beaudry.

"Collective versus Individual Decision-Making: A Case Study of the Bank of Israel Law," 2017, European Economic Review, Vol. 93, No. 1 (April), pp. 73-89, with A. Riboni.

"Skewness Risk and Bond Prices," 2017, Journal of Applied Econometrics, Vol. 32, No. 2 (March), pp. 379-400.

"Collective Decision Making and Monetary Policy," 2016, in Central Banking and Monetary Policy: Which Will Be the New Post-Crisis Normal? E. Gnan and D. Masciandaro (Eds.), pp. 43-50, with A. Riboni. Brussels: Editions Larcier.

"Dissent in Monetary Policy Decisions," 2014, Journal of Monetary Economics, Vol. 66, No. 1 (September), pp. 137-154, with A. Riboni.

"Do Inflation-Targeting Central Banks Implicitly Target the Price Level?" 2014, International Journal of Central Banking, Vol. 10, No. 2 (June), pp. 301-326.

"Sectoral Price Rigidity and Aggregate Fluctuations," 2014, European Economic Review, Vol. 65, No. 1 (January), pp. 1-22, with H. Bouakez and E. Cardia. (Lead article.)

"Factor Analysis of a Large DSGE Model," 2013, Journal of Applied Econometrics, Vol. 28, No. 6 (September/October), pp. 903-928, with A. Onatski. (Lead article.)

"Generalized Method of Moments Estimation of DSGE Models," 2013, in Handbook of Research Methods and Applications in Empirical Macroeconomics, N. Hashimzade and M. Thornton (Eds.), pp. 464-485, Camberley: Edward Elgar Publishing.

"Estimating Nonlinear DSGE Models by the Simulated Method of Moments: With an Application to Business Cycles," 2012, Journal of Economic Dynamics and Control, Vol. 36, No. 6 (June), pp. 914-938.

"Monetary Policy when Wages are Downwardly Rigid: Friedman Meets Tobin," 2011, Journal of Economic Dynamics and Control, Vol. 35, No. 12 (December), pp. 2064-2077, with J. Kim.

"Durable Goods, Inter-Sectoral Linkages and Monetary Policy," 2011, Journal of Economic Dynamics and Control, Vol. 35, No. 5 (May), pp. 730-745, with H. Bouakez and E. Cardia.

"Monetary Policy by Committee: Consensus, Chairman Dominance or Simple Majority?” 2010,  Quarterly Journal of Economics, Vol. 125, No. 1 (February), pp. 363–416, with A. Riboni.

“The Transmission of Monetary Policy in a Multi-Sector Economy,”  2009, International Economic Review, Vol. 50, No. 4 (November), pp. 1243-1266, with H. Bouakez and E. Cardia.

“How Much Inflation is Necessary to Grease the Wheels? " 2009, Journal of Monetary Economics, Vol. 56, No. 3 (April), pp. 365-377, with J. Kim.

“The Dynamic (In)efficiency of Monetary Policy by Committee,” 2008, Journal of Money, Credit and Banking, Vol. 40, No. 5 (August), pp. 1001-1032, with A. Riboni.

“Preference Heterogeneity in Monetary Policy Committees,” 2008, International Journal of Central Banking, Vol. 4, No. 1 (March), pp. 213-233, with A. Riboni.

“Methods to Estimate Dynamic Stochastic General Equilibrium Models,” 2007, Journal of Economic Dynamics and Control, Vol. 31, No. 8 (August), pp. 2599--2636.

“The Expectations Hypothesis of the Term Structure when Interest Rates are Close to Zero,” 2006, Journal of Monetary Economics, Vol. 53, No. 7 (October), pp. 1409-1424.

“Habit Formation and the Persistence of Monetary Shocks,” 2005, Journal of Monetary Economics, Vol. 52, No. 6 (September), pp. 1073-1088, with H. Bouakez and E. Cardia.

“Explaining the Transition between Exchange Rate Regimes,” 2005, Scandinavian Journal of Economics, Vol. 107, No. 2 (June), pp. 261-278, with P. Masson.

“The Zero Lower Bound on Interest Rates and Monetary Policy in Canada,” 2005, in Issues in Inflation Targeting, R. Amano and R. Solomon (Eds.), pp. 223-242. Ottawa: Bank of Canada.

“Nonlinear Monetary Policy Rules: Some New Evidence for the U.S.,” 2004, Studies in Nonlinear Dynamics and Econometrics, Vol. 8, No. 3 (September), Article 2, with J. J. Dolado and R. Maria-Dolores.

“The Inflation Bias when the Central Banker Targets the Natural Rate of Unemployment,” 2004, European Economic Review, Vol. 48, No. 1 (February), pp. 91-107.

“Inflation Targeting under Asymmetric Preferences,” 2003, Journal of Money, Credit and Banking, Vol. 35, No. 5 (October 2003), pp. 763-785.

“Does the Barro-Gordon Model Explain the Behavior of U.S. Inflation?: A Reexamination of the Empirical Evidence,” 2003, Journal of Monetary Economics, Vol. 50, No. 6 (September), pp. 1375-1390.

“Distortionary Taxation and Labor Supply,” 2003, Journal of Money, Credit and Banking, Vol. 35, No. 3 (June), pp. 351-374, with E. Cardia and N. Kozhaya.

“A Prudent Central Banker,” 2002, IMF Staff Papers, Vol. 49, No. 3 (September), pp. 456-469.

“Explaining the Persistence of Commodity Prices,” 2000, Computational Economics, Vol. 16, No. 1-2 (October), pp. 149-171, with S. Ng. 

“Uncovering Financial Markets’ Beliefs about Inflation Targets,” 2000, Journal of Applied Econometrics, Vol. 15, No. 5 (September/October), pp. 483-512.

“The Effects of Learning and Signaling on Money Demand: With an Application to Heterodox Inflation Stabilization Programs,” 2000, Empirical Economics, Vol. 25, No. 1 (February), pp. 61-92.

“Government Expenditure and the Dynamics of High Inflation,” 1999, Journal of Development Economics, Vol. 58, No. 2 (April), pp. 333-358.

“Analysis of Exchange Rate Target Zones Using a Limited-Dependent Rational Expectations Model with Jumps,” 1999, Journal of Business and Economic Statistics, Vol. 17, No. 1 (January), pp. 50-66, with M. H. Pesaran.

"Limited-Dependent Rational Expectations Models with Stochastic Thresholds,” 1996, Economics Letters, Vol. 51, No. 3 (June), pp. 267-276, with M. H. Pesaran.

“Credibility and Changes in Policy Regime,” 1995, Journal of Political Economy, Vol. 103, No. 1 (February), pp. 176-208.