"Monetary Policy and Endogenous Financial Crises," (with F. Boissay , F. Collard and C. Manea ), Review of Economic Studies, 2026, forthcoming
“Heterogeneity and Aggregate Fluctuations: Insights from TANK Models” (with D. Debortoli), NBER Macroeconomics Annual, 39(1), 2025, 307-357.
"Optimal monetary policy with r*< 0." (with R. Billi and A. Nakov), Journal of Monetary Economics 142, 2024, 1-20.
“Idiosyncratic Income Risk and Aggregate Fluctuations,” (with D. Debortoli), American Economic Journal: Macroeconomics 16(4), 2024, 279-310.
“Insider-Outsider Labor Markets, Hysteresis, and Monetary Policy,” Journal of Money, Credit and Banking 54(S1), 2022, 53-88.
“Should the ECB Adjust its Strategy in the Face of a Lower r*?” (with P. Andrade, H. Le Bihan, and J. Matheron), Journal of Economic Dynamics and Control 132, 2021, 1-23.
“Monetary Policy and Asset Price Bubbles: A Laboratory Experiment,” (with G. Giusti and C. Noussair), Journal of Economic Dynamics and Control 130, 2021, 1-15.
“Monetary Policy and Bubbles in a New Keynesian Model with Overlapping Generations,” American Economic Journal: Macroeconomics 13(2), 2021, 121-167.
“The Vanishing Procyclicality of Labour Productivity” (with T. van Rens), The Economic Journal 131, 2021, 302-326.
“Uncovered Interest Parity, Forward Guidance and the Exchange Rate,” Journal of Money, Credit and Banking 52(S2), 2020, 465-496.
“Gains from Wage Flexibility and the Zero Lower Bound,” (with R. Billi), Oxford Bulletin of Economics and Statistics 82(6), 2020, 1239-1261.
“The Effects of a Money-Financed Fiscal Stimulus,” Journal of Monetary Economics 115, 2020, 1-19
“Has the U.S. Wage Phillips Curve Flattened? A Semi-Structural Exploration” (with L. Gambetti) in G. Castex, J. Galí and D. Saravia (eds.) Changing Inflation Dynamics, Evolving Monetary Policy, Central Bank of Chile (Santiago, Chile), 2020, 149-172.
“The Optimal Inflation Target and the Natural Rate of Interest,” (with P. Andrade, H. Le Bihan and J. Matheron), Brookings Papers on Economic Activity, Fall issue, 2020, 173-230.
“On the Empirical (Ir)Relevance of the Zero Lower Bound Constraint,” (with D. Debortoli and L. Gambetti), NBER Macroeconomics Annual, 2020, 141-170.
“The State of New Keynesian Economics: A Partial Assessment,” Journal of Economic Perspectives 32(3), 2018, 87-112.
“Understanding the Gains from Wage Flexibility: The Exchange Rate Connection,” (with T. Monacelli), American Economic Review 106(12), 2016, 3829-3868.
“Hysteresis and the European Unemployment Problem Revisited,” in Inflation and Unemployment in Europe, Proceedings of the ECB Forum on Central Banking, European Central Bank, Frankfurt am Main, 2015, 53-79.
“The Effects of Monetary Policy on Stock Market Bubbles: Some Evidence” (with L. Gambetti), American Economic Journal: Macroeconomics, 7(1), 2015, 233-257.
“Monetary Policy and Rational Asset Price Bubbles,” American Economic Review, vol. 104(3), 2014, 721-752.
“Patterns of Convergence and Divergence in the Euro Area” (with A. Estrada and D. López-Salido), IMF Economic Review, vol. 61(4), 2013, 601-630.
“Notes for a New Guide to Keynes (I): Wages, Aggregate Demand and Employment,” Journal of the European Economic Association, vol. 11(5), 2013, 973-1003.
“Fiscal Policy and Economic Performance: An Overview,” (with L.F. Céspedes), in L.F. Céspedes and J. Galí (eds.), Fiscal Policy and Macroeconomic Performance, Central Bank of Chile (Santiago, Chile), 2013, 1-21.
“Non-Ricardian Aspects of Fiscal Policy in Chile” (with L.F. Céspedes and J. Fornero), in ), in L.F. Céspedes and J. Galí (eds.), Fiscal Policy and Macroeconomic Performance, Central Bank of Chile (Santiago, Chile), 2013, 293-332.
“Slow Recoveries: A Structural Interpretation” (with F. Smets and R. Wouters), Journal of Money, Credit and Banking, supplement to vol. 44(2), 2012, 9-30.
“The Monetary Pillar and the Great Financial Crisis,” in The Great Financial Crisis: Lessons for Financial Stability and Monetary Policy, European Central Bank, 2012, 74-95.
“Unemployment in an Estimated New Keynesian Model” (with F. Smets and R. Wouters), NBER Macroeconomics Annual, 2012, 329-360.
“Are Central Banks’ Projections Meaningful?,” Journal of Monetary Economics, 58(6-8), 2011, 537-550.
“The Return of the Wage Phillips Curve,” Journal of the European Economic Association 9 (3), 2011, 436-461.
“Monetary Policy and Unemployment,” in B. Friedman and M. Woodford (eds.) Handbook of Monetary Economics, vol. 3A, Elsevier B.V., 2011, 487-546.
“The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so Different from the 1970s?” (with O. Blanchard) in J. Galí and M. Gertler (eds.), International Dimensions of Monetary Policy, University of Chicago Press (Chicago, IL), 2010, 373-428.
“Inflation Pressures and Monetary Policy in a Global Economy,” International Journal of Central Banking, 6 (1), 2010, 93-102.
“Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment,” (with O. Blanchard), American Economic Journal: Macroeconomics, 2010, 2 (2), 1-30.
“The New Keynesian Approach to Monetary Policy Analysis: Lessons and New Directions” in V. Wieland (ed.), The Science and Practice of Monetary Policy Today, Springer, 2009, 9-22.
“On the Sources of the Great Moderation,” (with L. Gambetti), American Economic Journal: Macroeconomics, vol. 1, no.1, 2009, 26-57.
“Constant Interest Rate Projections without the Curse of Indeterminacy: A Note,” International Journal of Economic Theory, vol. 5, 2009, 61-68.
“Optimal Monetary and Fiscal Policy in a Currency Union,” (with T. Monacelli), Journal of International Economics, 76 (1), 2008, 116-132.
“Macroeconomic Modeling for Monetary Policy Evaluation,” (with M. Gertler), Journal of Economic Perspectives, vol. 21 (4), 2007, 25-45.
“Understanding the Effects of Government Spending on Consumption,” (with J.D. López-Salido and J. Vallés), Journal of the European Economics Association, vol. 5, issue 1, 2007, 227-270.
“Real Wage Rigidities and the New Keynesian Model,” (with O.J. Blanchard), Journal of Money, Credit and Banking, supplement to vol. 39, no. 1, 2007, 35-66.
“Markups, Gaps, and the Welfare Costs of Economic Fluctuations,” (with M. Gertler and J.D. López Salido), Review of Economics and Statistics, 89 (1), 2007, 44-59.
“New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling,” (with I. Angeloni, L. Aucremanne, M. Ehrmann, A. Levin, and F. Smets), Journal of the European Economic Association (Papers and Proceedings), vol. 4 (2-3), 2006, 562-574.
“Modern Perspectives on Fiscal Stabilization Policies,” CESifo Economic Studies, vol. 51, no. 4, 2005, 587-599.
“Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve,” (with M. Gertler and J.D. López-Salido), Journal of Monetary Economics, vol. 52, no. 6, 2005, 1107-1118
“Monetary Policy and Exchange Rate Volatility in a Small Open Economy,” (with Tommaso Monacelli), Review of Economic Studies, vol. 72, issue 3, 2005, 707-734.
“Trends in Hours, Balanced Growth, and the Role of Technology in the Business Cycle,” Federal Reserve Bank of St. Louis Review, vol. 87, no. 4, 2005, 459-486.
“On the Role of Technology Shocks as a Source of Business Cycles: Some New Evidence,” Journal of the European Economic Association, vol 2., issue 2-3 (Papers and Proceedings), 2005, 372-380.
“Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?,” (with Pau Rabanal), NBER Macroeconomics Annual 2004, 225-288.
“Rule of Thumb Consumers and the Design of Interest Rate Rules,” (with J.D. López-Salido and Javier Vallés), Journal of Money, Credit, and Banking, vol. 36, no. 4, 2004, 739-764.
“Fiscal Policy and Monetary Policy Integration in Europe,” (with Roberto Perotti), Economic Policy, vol. 37, 2003, 533-572.
“Technology Shocks and Monetary Policy: Assessing the Fed’s Performance,” (with D. López-Salido and J. Vallés), Journal of Monetary Economics, vol. 50 (4), 2003, 723-743.
“New Perspectives on Monetary Policy, Inflation, and the Business Cycle,” in M. Dewatripont, L. Hansen, and S. Turnovsky (editors), Advances in Economics and Econometrics, volume III, 151-197, 2003 , Cambridge University Press.
“A Simple Framework for International Monetary Policy Analysis,” (with R. Clarida and M. Gertler), Journal of Monetary Economics vol. 49, no. 5, 2002, 879-904.
“The Conduct of Monetary Policy in the Face of Technological Change: Theory and Postwar U.S. Evidence,” in Stabilization and Monetary Policy: the International Experience, Banco de México, México D.F., 2002.
“Targeting Inflation in an Economy with Staggered Price Setting,” in Inflation Targeting: Design, Performance, Challenges, edited by Norman Loayza and Raimundo Soto, Central Bank of Chile, Santiago, Chile, 2002.
“Una Nueva Curva de Phillips para España,” (with J. D. López-Salido), Moneda y Crédito, vol. 212, 265-304, 2001 (an English version can be found as “A New Phillips Curve for Spain”, BIS Papers 3: Empirical studies of structural changes and inflation, Bank for International Settlements, Basel, 2001)
“Optimal Monetary Policy in Open vs. Closed Economies: An Integrated Approach,” (with R. Clarida and M. Gertler), American Economic Review (Papers and Proceedings), vol. 91, no. 2, 248-252, 2001.
“European Inflation Dynamics” (with Mark Gertler and David López-Salido), European Economic Review, vol. 45, no. 7, 1237-1270, 2001. (companion Erratum published in European Economic Review 47, 759-760, 2003.)
“Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory” (with R. Clarida and M. Gertler), Quarterly Journal of Economics, vol. CXV, issue 1, 147-180, 2000.
“The Return of the Phillips Curve and Other Recent Developments in Business Cycle Theory,” Spanish Economic Review, vol. 2, no. 1, 1-10, 2000.
“The Science of Monetary Policy: A New Keynesian Perspective” (with R. Clarida and M. Gertler), Journal of Economic Literature, vol. 37, no. 4, 1661-1707, 1999.
“Inflation Dynamics: A Structural Econometric Analysis” (with M. Gertler), Journal of Monetary Economics, vol. 44, no. 2, 1999, 195-222.
“To Each According To...? Markets, Tournaments, and the Matching Problem with Borrowing Constraints” (with R. Fernández), Review of Economic Studies, vol. 66, no. 229, 1999, 799-824.
“Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?," American Economic Review, 89(1), March 1999, 249-271.
“Monetary Policy Rules in Practice: Some International Evidence,” (with R. Clarida and M. Gertler), European Economic Review, 42, 1998, 1033-1067.
“Unemployment in Dynamic General Equilibrium Economies,” European Economic Review, vol. 40, 1996, 839-845.
“Factores Internacionales en las Recesiones de Comienzos de los Años Noventa,” (with D. Backus) Moneda y Crédito, vol. 202, 1996, 81-104. (English version: “International Factors in the Recessions of the Early Nineties”, in Sato, Ramachandran, and Mino eds., Global Integration and Competition, Kluwer Academic Publishers, 1999).
“Multiple Equilibria in a Growth Model with Monopolistic Competition,” Economic Theory, vol. 8, 1996, 251-266.
“Fluctuaciones y Persistencia del Empleo en España”, in R. Marimon (coord.), La Economía Española: una Visión Diferente, Antoni Bosch editor, 1996, 119-138.
“Product Diversity, Endogenous Markups, and Development Traps,” Journal of Monetary Economics, vol 36, no. 1, 1995, 39-64.
“On Growth and Indeterminacy: Some Theory and Evidence,” (with J. Benhabib), Carnegie-Rochester Conference Series on Public Policy, vol. 43, 1995, 163-211.
“Expectations-Driven Spatial Fluctuations,” Regional Science and Urban Economics, vol. 25, 1995, 1-19.
“Endogenous Growth and Poverty Traps in a Cournotian Model,” (with F. Zilibotti), Annales d’Economie et de Statistique, vol. 37/38, 1995, 197-214.
“Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks ?,” (with R. Clarida), Carnegie Rochester Conference Series on Public Policy, vol. 41, 1994, 1-56.
“Local Externalities, Convex Adjustment Costs, and Sunspot Equilibria,” Journal of Economic Theory, vol. 64, no. 1, 1994, 242-252.
“Monopolistic Competition, Endogenous Markups and Growth,” European Economic Review (Papers and Proceedings), vol. 38, 1994, 748-756.
“Monopolistic Competition, Business Cycles, and the Composition of Aggregate Demand,” Journal of Economic Theory, vol. 63, no. 1, 1994, 73-96.
“Government Size and Macroeconomic Stability,” European Economic Review, vol. 38, 1994, 117-132.
“Keeping Up with the Joneses: Consumption Externalities, Portfolio Choice and Asset Prices,” Journal of Money, Credit, and Banking, 1994, 1-8.
“Variability of Durable and Nondurable Consumption: Evidence for Six OECD Countries,” Review of Economics and Statistics, vol. 75, 1993, 418-428.
“How Well does the IS-LM Model Fit Postwar U.S. Data?,” Quarterly Journal of Economics, 1992, 709-738.
“Budget Constraints and Time Series Evidence on Consumption,” American Economic Review, vol. 81, no. 5, 1991, 1238-1253.
“Finite Horizons, Life Cycle Savings, and Time Series Evidence on Consumption,” Journal of Monetary Economics, vol. 26, 1990, 433-452.