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Current Research

Papers

Growth and business cycles:

  • "Appropriate technology and the labour share" (with Mathan Satchi). KEDP 15/05.
  • "Fundamental shock selection in DSGE models" (with F. Ferroni and S. Grassi). KEDP 15/08.
  • "Was German wage moderation responsible for European Imbalances? Feeding GVARs with theory" (with T. Bettendorf). KEDP 15/10.
  • "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.
  • "The Choice of CES Production Techniques and Balanced Growth" (with Mathan Satchi). KEDP 11/12. 
  • "Monetary policy and capital-labor distribution" (with C. Cantore, F. Ferroni and L. Fornaro). In progress.
  • "The rise of the service economy and the real return on capital" (with A.Moro). NEW. KEDP 16/04.
  • "Misallocation and national champions policy: does access to public credit improve capital allocation?" (with D. Christopoulos). In progress.
  • "Equilibrium default in a production economy" (with J.Orrillo). In progress.
  • "Inequality and the rise of the service economy" (with M. Toledo). In progress. 
  • "Potential growth, misallocation, and institutional obstacles: firm level evidence" (No. 480 2016). Prepared as a background paper for the Asian Development Bank Outlook.
International Macroeconomics and Finance:
  • "Was German wage moderation responsible for European Imbalances? Feeding GVARs with theory" (with T. Bettendorf). KEDP 15/10.
  • "External constraints and endogenous growth: why didn't some countries benefit from capital flows?" (with K. Gente and C. Nourry). KEDP 13/04.
  • "Undervaluation, social optimum, and growth" (with K. Gente and C. Nourry). In progress.

Book

Leon-Ledesma, M.A. and Mihailov, A. (forthcoming) 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

 

(We are currently revising the first draft of the 12 chapters. Drafts of some chapters are available on request for teaching purposes).