Research
Ongoing Research Projects
Wage Indexation and Monetary Policy in a Small Open Economy.
The Monetary Policy Transmission Mechanism in an Emerging Market Economy: A HANK Perspective.
Articles & Manuscripts
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 zFirms 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.