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Current Research

Current papers

  • "The rise of services and balanced growth in theory and data" (with A.Moro). NEW. Centre for Macroeconomics DP 2017-04. (This paper supersedes KEDP1604). 
  • "Industry Volatility and International Trade" (with Adina Ardelean and Laura Puzzello). NEW KEDP 1707.
  • "Appropriate technology and the labour share" (with Mathan Satchi). KEDP 15/05. NEW VERSION AVAILABLE HERE, November 2016.
  • "The Choice of CES Production Techniques and Balanced Growth" (with Mathan Satchi). KEDP 11/12. (Older version of "Appropriate technology and the labour share", the first version appeared in 2010 as "A note on balanced growth with a less than unitary elasticity of substitution" here).
  • "Production and endogenous bankruptcy under collateral constraints" (with J.Orrillo). NEW. KEDP 16/10.
  • "Potential growth, misallocation, and institutional obstacles: firm level evidence" (No. 480 2016). Prepared as a background paper for the Asian Development Bank Outlook.
  • "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.
  • "Inequality and the rise of the service economy" (with M. Toledo). In progress. 
  • "The missing link: monetary policy and the labor share" (with C.Cantore and Filippo Ferroni). In progress.
  • "Undervaluation, social optimum, and growth under credit constraints" (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).