Research
Working Papers
"Optimal Time-Consistent Macroprudential Policy: a Comment", (with A. Rebucci and A. Zaretsky), February 2024.
“The Bitcoin Macro Disconnect” (with C. Rosa), February 2023.
“The Dollar’s Imperial Circle” (with O.Akinci, S. Pelin, and J, Turek), October 2022, (accepted IMF Economic Review).
“Managing Monetary Policy Normalization” (with P. Benigno), June 2022.
"The GSCPI: A New Barometer of Global Supply Chain Pressures" (with J. Groen, A. Noble, and J. Di Giovanni), May 2022.
“Interest, Reserves and Prices” (with P. Benigno), May 2021.
“Estimating Macroeconomic Models of Financial Crises: an Endogenous Regime-Switching Approach” (with A. Foerster, C. Otrok, A. Rebucci), February 2020 (R&R at Quantitative Economics)
“The Financial (In)Stability Real Interest Rate, R**” (with O.Akinci, M.Del Negro, A. Queralto), November 2020. (R&R Review of Economic Studies)
“The Global Financial Resource Curse”(with L. Fornaro and M. Wolf), February 2020, this version October 2023 (R&R American Economic Review).
“Risk and Real Interest Rate” (with T. Adrian, V.Bazinas, S.Krogstrup and M. Obstfeld), November 2019.
“Contagious Sudden Stops” (with C. He), December 2015.
“Monetary and Financial Policies for Emerging Market Economies” (with K. Aoki and N. Kiyotaki), December 2015.
“Monetary and Macro-Prudential Policies: an Integrated Analysis”, (with H. Chen, C. Otrok, A. Rebucci, E. Young) December 2011.
“Adjusting to Capital Account Liberalization”, (with K. Aoki and N. Kiyotaki), December 2008.
Published Papers
“Optimal Policy for Macro-Financial Stability” (2023) (with H. Chen, C. Otrok, A. Rebucci, E. Young) American Economic Journal: Macroeconomics.
“Reserve Accumulation, Growth, and Financial Crisis” (2022) (with L. Fornaro and M. Wolf), Journal of International Economics.
“Stagnation Traps”, (2018) (with L. Fornaro), The Review of Economic Studies, Volume 85, Issue 3, Pages 1425–1470.
“Revisiting the Commodity Curse: A Financial Perspective”, (2017) (with E. Alberola), Journal of International Economics, Volume 108, Supplement 1, Pages S87-S106.
“Optimal Capital Controls or Exchange Rate Policies? A Pecuniary Externality Perspective” (2016) (with H. Chen, C. Otrok, A. Rebucci, E. Young), Journal of Monetary Economics vol.84 pages 147-165.
“Large Capital Inflows, Sectoral Allocation, and Economic Performance” (2015) (with N. Converse and L. Fornaro), Journal of International Money and Finance, vol.55, pages 60-87.
“The Financial Resource Curse” (2014) (with L. Fornaro) Scandinavian Journal of Economics, vol.116, Issue 1, pages58-86.
“Second-Order Approximation of Dynamic Models with Time-Varying Risk” (2013) (with P. Benigno and S. Nistico') Journal of Economic Dynamics and Control, vol. 37 (7).
“Financial Crises and Macro-Prudential Policies” (2013) (with H. Chen, C. Otrok, A. Rebucci, and E. Young) Journal of International Economics, Volume 89, Issue 2.
“Portfolio Allocation and International Risk Sharing” (2012) (with H.Kucuk-Tuger) Canadian Journal of Economics, Volume 45, No 2.
“Risk, Monetary Policy and the Exchange Rate” (2011) (with P. Benigno and S. Nistico') NBER Macro Annual 2011.
“On the International Dimension of Fiscal Policy” (2010) (with B. De Paoli), Journal of Money, Credit and Banking, Volume 42, Issue 8.
“Consumption and Real Exchange Rates with Incomplete Markets and Non-traded Goods” (2008) (with C. Thoenissen) Journal of International Money and Finance, Volume 27, Issue 6.
“Exchange Rate Determination under Interest Rate Rules” (2008) (with P. Benigno) Journal of International Money and Finance, Volume 27, Issue 6.
“Implementing Monetary Cooperation Through Inflation Targeting”, (2008) (with P. Benigno), Macroeconomic Dynamics Volume 12.
“Interest Rate Rules for Fixed Exchange Rate Regimes", (2007), (with P. Benigno and F. Ghironi) Journal of Economic Dynamics and Control, Volume 31, Issue 7.
“Designing Targeting Rules for International Monetary Policy Cooperation” (2006) (with P. Benigno) Journal of Monetary Economics, vol.53.
“Real Exchange Rate Persistence and Monetary Policy Rules” (2004) Journal of Monetary Economics, vol. 51.
“Price Stability in Open Economies” (2003) (with P. Benigno) Review of Economic Studies, vol. 70(4) no. 245.
“Equilibrium Exchange Rates and Supply Side Performance” (2003) (with C. Thoenissen), Economic Journal, vol.113 no.486.