Senior Adviser, DG Research

European Central Bank

Senior Researcher (on leave)
Research Professor (on leave)
Barcelona GSE
Adjunct Professor
Universitat Pompeu Fabra

Research Fellow



European Central Bank

Sonnenmannstrasse, 20

60314 Frankfurt



Tel: +49 6913445992




My website at CREI:


Alberto Martin

Curriculum Vitae  [download pdf]



I am currently a Senior Adviser at the European Central Bank (ECB). None of the papers listed below (or on any of my personal websites) should be reported as representing the views of the ECB. The views expressed are my own and do not necessarily reflect those of the ECB.


Working papers


·        Collateral Booms and Information Depletion [pdf]
October 2018, with Vladimir Asriyan and Luc Laeven
Read a non-technical summary on VOXEU


·        The Financial Transmission of Housing Bubbles: Evidence from Spain [pdf]
February 2018, with Enrique Moral-Benito and Tom Schmitz
Read a non-technical summary on VOXEU


·        Fiscal Multipliers and Foreign Holdings of Public Debt [pdf]
December 2017, with Fernando Broner, Daragh Clancy and Aitor Erce
Read a non-technical summary on VOXEU


·        Monetary Policy for a Bubbly World [pdf]
July 2016, with Vladimir Asriyan, Luca Fornaro and Jaume Ventura
A previous version of this paper was circulated under the name Money and Liquidity Traps: An Analytical Perspective


·        The Long and the Short of It: Sovereign Debt Crises and Debt Maturity [pdf]
December 2014 (revised September 2015), with Raquel Fernandez


Older Working papers (to be rescued)


·        Bubbly Business Cycles [pdf] presentation slides
in progress, with Vasco Carvalho and Jaume Ventura


·        Adverse Selection, Credit, and Efficiency: the Case of the Missing Market [pdf]
December 2010 (previous version September 2009)


·        Endogenous Credit Cycles [pdf]
August 2008, revise and resubmit at the Review of Financial Studies
previously circulated as
Endogenous Credit Cycles and Financial Dampening in an Adverse Selection Economy (2005)
Companion results on financial dampening [pdf]




·        Banks, Government Bonds, and Default: What do the Data Say? [pdf] [online appendix]
June 2013 (revised April 2018), with Nicola Gennaioli and Stefano Rossi
Forthcoming, Journal of Monetary Economics
Read a non-technical summary on VOXEU


·        The Macroeconomics of Rational Bubbles: a User’s Guide [pdf]
September 2017, with Jaume Ventura
Forthcoming, Annual Review of Economics


·        Managing Credit Bubbles [pdf]
with Jaume Ventura (revised March 2015)
Journal of the European Economic Association, 14 (3), 2016, 753-789.
Many of the ideas in this paper were circulated in 2012-13 under the name of Bubbly Collateral and Economic Activity
Read a non-technical summary on VOXEU


·        The International Transmission of Credit Bubbles: Theory and Policy [pdf]
with Jaume Ventura
Journal of Monetary Economics, 76, 2015, S37-S56.
Note: the NBER working paper version has a different model, with terms-of-trade effects


·        Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects [pdf]
with Fernando Broner, Aitor Erce and Jaume Ventura
Journal of Monetary Economics 61, 2014, 114-142
Read a non-technical summary on VOXEU


·        Sovereign Default, Domestic Banks and Financial Institutions [pdf]
February 2013, with Nicola Gennaioli and Stefano Rossi
Journal of Finance 69 (2), 2014, 819-866
Read a non-technical summary on VOXEU
Para una reseña en castellano de esta investigación, ver aquí


·        International Capital Flows and Credit Market Imperfections: a Tale of Two Frictions [pdf]
with Filippo Taddei, Journal of International Economics, 89 (2), 2013, 441-452


·         Economic Growth with Bubbles [pdf]
with Jaume Ventura, American Economic Review, 102 (6), 2012, 3033-3058
Read a non-technical summary of this research on VOXEU
Read some press coverage in the Financial Times and in Bloomberg
Para una reseña en castellano de esta investigación, ver aquí


·        Understanding Bubbly Episodes [pdf]
with Vasco Carvalho and Jaume Ventura, American Economic Review P&P, 102 (3), 2012, 95-100


·        Theoretical Notes on Bubbles and the Current Crisis [pdf]
Revised: February 2011, with Jaume Ventura
IMF Economic Review, 59(1), 2011, 6-40

Read a non-technical summary of this research on VOXEU
Read some press coverage in the Financial Times and in Bloomberg
Para una reseña en castellano de esta investigación, ver aquí


·        Sovereign Risk and Secondary Markets [pdf]
Revised: June 2009, with Fernando Broner and Jaume Ventura
American Economic Review, 100(4), 2010, 1523-1555


·        A Model of Collateral, Investment, and Adverse Selection [pdf]
Revised: January 2009
Journal of Economic Theory, 144 (4), 2009, 1572-1588


·        On the Role of Retaliation in Trade Agreements [pdf]
Revised: April 2008, with Wouter Vergote
Journal of International Economics, 76 (1), 2008, 61-77
Previously circulated as: Antidumping: Welfare Enhancing Retaliation?  (June 2005)


·        Enforcement Problems and Secondary Markets [pdf]
November 2007, with Fernando Broner and Jaume Ventura
Journal of the European Economic Association P&P, 6 (2-3), 2008, 683-694


·        On Rothschild Stiglitz as Competitive Pooling [pdf]
Economic Theory, 31 (2), 2007, 371-386


Book Chapters

·        Asset Bubbles and Sudden Stops in a Small Open Economy [pdf]
September 2014, with Jaume Ventura
in Global Liquidity, Spillovers to Emerging Markets, and Policy Responses, Central Bank of Chile (Forthcoming)


·        Financial Reform and Capital Flows: Insights from General Equilibrium [pdf]
September 2012, with Jaume Ventura
in Caballero, R. and Hebel, K., Economic Policy in Emerging Economies, Central Bank of Chile (Forthcoming)


·        Institutions, Financial Integration and Complementarity [pdf]
July 2010, with Nicola Gennaioli and Stefano Rossi,
in R. Kolb (ed.), Sovereign Debt: from Safety to Default, John Wiley & Sons, Inc., 89-100 (2011)


Policy papers

·        Managing the Soverign-Bank Nexus [pdf]
July 2018, with G. Dell’Ariccia, C. Ferreira, N. Jenkinson, L. Laeven, C. Minoiou, and A. Popov
IMF Departmental Paper.


·        The Fund’s Lending Framework and Sovereign Debt – Further Considerations [pdf]
April 2015, IMF Staff Report to the Executive Board.


·        The Fund’s Lending Framework and Sovereign Debt – Preliminary Considerations [pdf]
June 2014, IMF Staff Report to the Executive Board.


Published Discussions

·        Comments on “The Fiscal and Monetary History of Ecuador: 1950-2015”, by S. Cueva and J. Díaz [pdf]
August 2018
Forthcoming in The Monetary and Fiscal History of Latin America, by H. Larsen and J. Nicolini (Eds.)


·        Comments on “The Productivity Puzzle and Misallocation: an Italian Perspective”, by Calligaris, Del Gatto, Hassan, Ottaviano, and Schivardi [pdf]
August 2018
Forthcoming in Economic Policy


·        Comments on “Reverse Speculative Attacks”, by Amador, Bianchi, Bocola and Perri [pdf]
November 2015
Journal of Economic Dynamics and Control, 72C, 138-140, 2016.


Other Discussions

·         Friendly Fire: the Trade Impact of the Russia Sanctions and Counter-sanctions, by Crozet and Hins (2018).

·         Efficient Bubbles?, by Haddad, Ho, and Loualiche (2018).

·         The Productivity Puzzle and Misallocation: an Italian Perspective, by Calligaris, Dell Gato, Hassan, Ottaviano, and Schivardi (2018).

·         Currency Wars, Trade Wars and Global Demand, by Jeanne (2018).

·         The Tail that Wags the Economy: Belief-Driven Business Cycles and Persistent Stagnation, by Kozlowski, Veldkamp, and Venkateswaran (2017).

·         Monetary Policy, Inflation and Rational Asset Price Bubbles, by Ikeda (2017)

·         The Unemployment Accelerator, by Blanco and Navarro (2017)

·         Search For Yield, by Martinez-Miera and Repullo (2016)

·         Fiscal Rules and the Sovereign Default Premium, by Hatchondo, Martinez and Roch (2016)

·         Reverse Speculative Attacks, by Amador, Bianchi, Boccola and Perri (2015)

·         Valuing an International Lender of Last Resort, by Gete (2015)

·         The Economics of Sovereign Debt, Bailouts, and the Eurozone Crisis, by Gourinchas and Martin (2015)

·         Sovereign Default and Political Turnover, by Livshits, Phan and Trebesch (2015)

·         Macroprudential Regulation Versus Mopping Up After the Crash, by Jeanne and Korinek (2015)

·         International Credit Flows and Pecuniary Externalities, by Brunnermeier and Sannikov (2014)

·         Linkages Across Sovereign Debt Markets, by Arellano and Bai (2014).

·         Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades, by Adelino and Ferreira (2014).

·         On the Optimality of Financial Repression, by Chari, Dovis, and Kehoe (2014).

·         Economic Expansions and Housing Booms, by Borri and Reichlin (2014)

·         Argentina’s Crisis and Recovery: A Demand Side Story 1998-2006, by Burstein and Werning (2013).

·         Optimal Sovereign Default, by Adam and Grill (2013).

·         Productivity Growth and Capital Flows: The Dynamics of Reforms, by Buera and Shin (2013).

·         Domestic Sovereign Default as Optimal Redistributive Policy, by D’Erasmo and Mendoza (2012)

·         Bubbly Liquidity, by Farhi and Tirole (2012)

·         Fiscal Policy and Default, by Aguiar and Amador (2011)

·         Financial Risk Capacity, by Bigio (2011).

·         Managing Credit Booms and Busts: A Pigouvian Taxation Approach, by Jeanne and Korinek (2011).

·         Financial Crises and Macro-Prudential Policies, by Beningno, Chen, Otrok, Rebucci and Young (2011).

·         Recovery Before Redemption: A Theory of Delays in Sovereign Debt Renegotiation by Benjamin and Wright (2010)

·         Global Imbalances by Portes (2010)

·         Growth Volatility and Access to Finance by Imbs and Morellec (2009)

·         Growing Like China by Song, Storesletten and Zilibotti (2008)

·         Trade Credit and Sovereign Debt by Kohlscheen and O´Connell (2008)

·         A Theory of Liquidity and Regulation of Financial Intermediation, by Farhi, Golosov, and Tsyvinski (2008)

·         Crisis Lending, Moral Hazard and IMF Conditionality, by Jeanne, Ostry and Zettelmeyer (2007)

·         Optimal External Debt and Default, by Guimaraes (2007)

·         The Allocation Puzzle by Gourinchas and Jeanne, (2007)

·         The GATT/WTO as an Incomplete Contract by Maggi and Staiger (2006)

·         A Cost-of-Living Dynamic Price Index, with an Application to Indexing Retirement Accounts by Reis (2006)

·         Inefficient Credit Booms by Lorenzoni (2006)



Macroeconomics and Finance – G(2018)

Topics in Macro III: Financial Markets – G(2015-2016, 2018)

Advanced Macroeconomics – G (2015, 2016, 2018)

Macroeconomics of the Global Economy - MBA (INSEAD, 2016)

Money and Exchange Rates – G (2012-2013)

Topics in International Finance - G(2009-2013)

Graduate International Finance - G(2007, 2008)

Graduate Micro - G(Fall 2005)

Introduction to Macroeconomics - U(2012)

Topics in Macroeconomics - U(2009-2013)

Macroeconomics I - U(2011-2013, 2015-2017)

Economic Theory III - U(2007, 2008)


Working papers also available at IDEAS/RePEc.



Alberto Martin  |  CREI  |  Department of Economics and Business  |  Universitat Pompeu Fabra