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research

Current Projects:

  • Regional Defaults and Migration in General Equilibrium (with Grey Gordon)
  • Exchange Rate Dynamics and Endogenous Productivity (with Nils Gornemann and Felipe Saffie)
  • Exchange Rate Regimes and Migration (with Charles Engel)
  • Political Distribution Risk and Business Cycle (with Thorsten Drazberg and Jesus Fernandez-Villaverde)
  • What is Capacity Utilization? (with Han Chen, Ryo Jinnai, and Molin Zhong)
  • Bubbles and Endogenous Productivity (with Ryo Jinnai and Tomohiro Hirano)

Working Papers:

Published Papers:

       Refereed Publications:

  1. Impulse Response Matching Estimator for DSGE Models (with Atsushi Inoue and Lutz Kilian, Sept 2016) (forthcoming, Journal of Econometrics) 
  2. Interest Rates and Prices  in an Inventory Model of Money with Credit (with Mike Dotsey, August 2016) (forthcoming, Journal of Monetary Economics)
  3. Fiscal Volatility Shocks and Economic Activity (with Jesus Fernandez-Villaverde, Keith Kuester and Juan Rubio-Ramirez) 2015, American Economic Review 105, pp: 3352-84.
  4. Nonlinear Adventures at the Zero Lower Bound (with Jesus Fernandez-Villaverde, Grey Gordon and Juan Rubio-Ramirez) 2015 Journal of Economic Dynamics and Control 57, pp: 182-204
  5. Estimating Dynamic Equilibrium Models with Stochastic Volatility (with Jesus Fernandez-Villaverde and Juan Rubio-Ramirez) Forthcoming Journal of Econometrics.
  6. Supply-Side Policies and the Zero Lower Bound  (with Jesus Fernandez-Villaverde and Juan Rubio-Ramirez) IMF Review 62 (2014), pp: 248 - 260. 
  7. Frequentist Inference in Weakly Identified DSGE Models (with Atsushi Inoue and Lutz Kilian)  Quantitative Economics 4 (2013), pp: 197-229.
  8. Common and Idiosyncratic Disturbances in Developed Small Open Economies Journal of International Economics 90 (2013), pp: 33-49.
  9. Risk Matters: The Real Effects of Stochastic Volatility Shocks (2011, with J. Fernandez-Villaverde, J. Rubio-Ramirez and M.Uribe) American Economic Review 101 (2011), pp: 2530-2561.
  10. The Implications of Inflation in an Estimated New-Keynesian Model  Journal of Economic Dynamics and Control 35 (2011), pp: 947-962.
  11. Economic Development and Heterogeneity in the Great Moderation among the States (with A. Leblecioglu and T. Grennes) B.E. Journal of Macroeconomics 11 (2011) Contributions, article 21.
  12. Economic Development and Volatility among the States (with A. Leblecioglu and T. GrennesEconomics Bulletin (2010), pp: 1963-1976.
  13. What you match does matter: The effects of observable variables on DSGE estimation  Journal of Applied Econometrics, 25 (2010), pp: 774-804.
  14. Money Demand Heterogeneity and the Great Moderation  Journal of Monetary Economics 56 (2009), pp: 255-266. 
  15. Refinements on Macroeconomic Modeling: The Role of Non-Separability and Heterogeneous Labor Supply Journal of Economic Dynamics and Control 32 (2008), pp: 3613 – 3630.
        Other Publications:
  • The Economics of Small Open Economies (2013, Business Review Federal Reserve Bank of Philadelphia)
  • Bayesian Estimation of DSGE Models (with James Nason) in M. Thornton and N. Hashimzade eds. Handbook of Empirical Methods in Macroeconomics (forthcoming, 2012) Edward Elgar Publishing Ltd.
  • Do Animal Spirits Drive Economic Cycles? (with Molin Zhong) 2016, Business Review, Federal Reserve Bank of Philadelphia.
Discussions:
  • Does the New Keynesian Model Have a Uniquess Problem? by Christiano, Eichenbaum, and Johannsen.
  • Fewer but Better: Sudden Stops, Firm Entry, and Financial Selection by Ates and Saffie.
  • Endogenous Technology Adoption by Anzoategui, Comin, Gertler, and Martinez. 
  • A Model of Secular Stagnation by Eggerstsson and Mehrotra.
  • Uncertainty and the Signalling Channel of Monetary Policy by Jenny Tang.
  • Empirical Implications of the Zero Lower Bound by Gust, Lopez-Salido, and Smith.
  • Estimating Fiscal Limits: The Case of Greece by Bi and Traum.
  • Non-defaultable Debt and Sovereign Risk by Hatchondo and Martinez.
  • The Real Effects of Global Risk Shocks in SOE by Garcia-Cicco, Heresi, and Naudon.
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