Ongoing Research Projects
Optimal Robust Monetary Policy in Mexico (with Francisco Adame & Rogelio González).
Estimating of r* in a small open economy after the pandemic (with Francisco Adame, Rocío Elizondo, Cid Rodriguez & Carlos Zarazúa).
Measuring the monetary policy transmission mechanism in a small open economy before and after the pandemic (with Rocío Elizondo, Luis Hernández-Román, Raúl Ibarra & Miroslava Quiroga).
Articles & Manuscripts
18. Comparison of inflation expectations from surveys and markets across different horizons (with Rocío Elizondo), Latin American Journal of Central Banking, In Press, 2025.
17. Information Effects of U.S. Monetary Policy Announcements on Emerging Economies: Evidence from Mexico (with Carlos Alba & Raúl Ibarra), Banco de México Working Paper 2024-14, 2024.
16. Endogenous Wage Indexation and Aggregate Shocks (with Gert Peersman & Joris Wauters), Journal of Macroeconomics, 72, June 2022.
Paper | Online technical appendix | Replication files | BIS WP version (2017)
15. The Longer-Term Convergence Level of the Neutral Rate of Interest in Mexico (with Rocio Elizondo, Cid A. Rodríguez-Pérez & Jessica Roldán-Peña), in: Ángel Estrada-García e Iván Katarynik (Eds.), Joint Research Program 2018, XXIII Meeting of the Central Bank Researchers Network: The Natural Interest Rate in Emerging Economies, Centro de Estudios Monetarios Latinoamericanos, pp. 162-194, 2021.
14. The COVID-19 Economic Crisis in Mexico through the Lens of a Financial Conditions Index (with Ana Laura García), Latin American Economic Review, 30, pp. 1-27, 2021.
Paper | Banxico WP (extended version)
13. Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies (with Enrique G. Mendoza, Victoria Nuguer & Jessica Roldán-Peña), American Economic Journal: Macroeconomics, 13 (3), pp. 37-73, 2021.
Paper | Online technical appendix | NBER version
12. Inquiry on the Transmission of U.S. Aggregate Shocks to Mexico: A SVAR Approach (with Rocio Elizondo & Luis G. Hernández-Román), Journal of International Money and Finance, 104 (C), pp. 1-24, 2020.
Paper | Online technical appendix
11. What Determines the Natural Rate of Interest in an Emerging Economy? (with Rocio Elizondo, Cid A. Rodríguez-Pérez & Jessica Roldán-Peña), Banco de México Working Paper 2018-22, 2018.
10. Financial and Real Shocks and the Effectiveness of Monetary and Macroprudential Policies in Latin American Countries (with Rocio Gondo, Carlos Montoro, Markus Kichner, Javier García-Cicco, Diego Fernández, Fernando Pérez & Roberto Chang), BIS Working Paper 668, 2017.
9. Discussion of “The Effect of Unconventional Monetary Policy on Inflation Expectations: Evidence from Firms in the UK”, International Journal of Central Banking, 12, pp. 197-205, 2016.
8. Discussion of “Should the U.S. Federal Reserve Increase the Federal Funds Rate in 2016? An Assessment Based on the Neutral Interest Rate” (with Jessica Roldán-Peña and Rocio Elizondo), Investigación Económica, LXXV, pp. 19-26, 2016.
7. How Robust Are SVARs at Measuring Monetary Policy in Small Open Economies? (with Rocio Elizondo), Banco de México Working Paper 2015-18, 2015.
Banxico WP | Online technical appendix
6. Investigating the Zero Lower Bound in the Nominal Interest Rate under Financial Instability (with Céline Poilly), in: J. Leal, S. McKnight (Eds.), Contemporary Topics in Macroeconomics, El Colegio de México (ISBN: 978-607-462-637-7), 2014.
5. How Do Financial Frictions Affect the Spending Multiplier During a Liquidity Trap? (with Céline Poilly), Review of Economic Dynamics, 16, pp. 296-311, 2013.
Paper | Technical appendix | Replication files
4. How Well Does Sticky Information Explain the Dynamics of Inflation, Output, and Real Wages?, Journal of Economic Dynamics and Control, 36, pp. 830-850, 2012.
Paper | Replication files for baseline estimation
3. Comment on Identification with Taylor Rules, Maastricht University Working Paper, RM/08/034, 2008.
2. Monetary Policy Inertia or Persistent Shocks: A DSGE Analysis (with Patrick Fève, & Julien Matheron), International Journal of Central Banking, 3, pp. 1-38, 2007.
1. Some Perils of Policy Rule Regression: The Taylor Rule Revisited (with Patrick Fève), IDEI Working Paper 301, 2004.