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Current Research

Papers

Growth and business cycles:

  • "External constraints and endogenous growth: why didn't some countries benefit from capital flows?" (with K. Gente and C. Nourry). KEDP 13/04.
  • "Sectoral, country, and world factors in international business cycles” (with A. Karadimitropoulou). KEDP13/07.
  • "A disaggregate characterisation of recessions" (with Fabrizio Coricelli and Katerina Karadimitropoulou). KEDP 12/09.
  • "Non-balanced growth and production technology estimation" (with P. McAdam and A. Willman). KEDP 12/03. Published as "Production technology estimates and balanced growth" at OBES.
  • "Interpreting the hours-technology time-varying relationship" (with C.Cantore and F.Ferroni). Banque de France Working Paper, 351 updated in KEDP 12/01.
  • "The dynamics of hours worked and technology" (with C.Cantore and F.Ferroni). Banco de Espana Working Paper 1238.
  • "Aggregation, the skill-premium and the two-level production function" (with P.McAdam and A.Willman). ECB Working Paper, 1400.
  • "The Choice of CES Production Techniques and Balanced Growth" (with Mathan Satchi). KEDP 11/12.
  • "In dubio, pro CES: specification of technical progress and the elasticity of substitution" (with P. McAdam and Alpo Wilman, ECB). ECB Working Paper, 1175.
  • "Explaining the skill-premium. Technical change or capital-skill complements?" (with P. McAdam and Alpo Wilman). In progress.
  • "Bayesian estimation of flexible biased technical progress functions" (with J-C. Martinez-Ovando, P. McAdam, Alpo Wilman and S Walker). In progress.
  • "Business cycles, factor shares and substitution" In progress.
International Macroeconomics and Finance:
  • "External constraints and endogenous growth: why didn't some countries benefit from capital flows?" (with K. Gente and C. Nourry). KEDP 13/04.
  • "Sectoral, country, and world factors in international business cycles” (with A. Karadimitropoulou). Coming up soon.
  • "Is low inflation really causing the decline in exchange rate pass-through?” (with R. Nogueira). KEDP 10/02.
  • "On causal relationships between fundamentals and exchange rates: better than you think" (with D. Christopoulos). KEDP 09/09.
  • "Sources of current account fluctuations in industrialized countries" (with K. Karadimitropoulou). KEDP 09/10.

Book

Leon-Ledesma, M.A. and Mihailov, A. (2014) Advanced International Macroeconomics and Finance. Oxford University Press. Forthcoming.

Table of contents

PART I. MACROECONOMIC CONCEPTS AND THEORIES OF EXTERNAL ADJUSTMENT

Chapter 1. Basic Notions of Open-Economy Macroeconomics

Chapter 2. Static Macroeconomic Approaches to the Balance of Payments and the Exchange Rate

Chapter 3. Dynamic Macroeconomic Approaches to the Balance of Payments and the Exchange Rate

 

PART II. FOUNDATIONS OF INTERTEMPORAL TRADE, RISK SHARING AND THE REAL EXCHANGE RATE

Chapter 4. The Intertemporal Approach to the Current Account: Analytical Introduction of Time

Chapter 5. Asset Markets and Risk Sharing: Analytical Introduction of Uncertainty

Chapter 6. The Real Exchange Rate

 

PART III. OPTIMISING MODELS OF INTERNATIONAL MACROECONOMICS AND FINANCE

Chapter 7. Optimising Models of Exchange Rates, Asset Prices, and Business Cycles Under Flexible Prices

Chapter 8. New Open-Economy Macroeconomics Models of Exchange Rate Dynamics and Uncertainty

Chapter 9. New Keynesian Theory and Empirics of Inflation, Monetary and Fiscal Policies in Open Economies

 

PART IV. CRISES, FINANCIAL FRICTIONS, AND MARKET MICROSTRUCTURE

Chapter 10. Exchange-Rate Regimes, Speculative Attacks, and Currency Crises

Chapter 11. Global Imbalances, Financial Frictions, and Sovereign Debt

Chapter 12. Heterogeneous Information, Forex Market Microstructure, and International Macro-Finance

 

(Some chapters of this graduate text on international macroeconomics and finance are available on request).