Senior Adviser, DG Research
European Central Bank
Tel: +49 6913445992
My website at CREI:
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.
Monetary Policy for a Bubbly World [pdf]
The Long and the Short of It: Sovereign Debt Crises
and Debt Maturity [pdf]
Older Working papers (to be rescued)
Bubbly Business Cycles [pdf] – presentation slides
Adverse Selection, Credit,
and Efficiency: the Case of the Missing Market [pdf]
Endogenous Credit Cycles [pdf]
Banks, Government Bonds, and Default: What do the
Data Say? [pdf] [online appendix]
The Macroeconomics of Rational Bubbles: a User’s
Managing Credit Bubbles [pdf]
The International Transmission of Credit Bubbles:
Theory and Policy [pdf]
Sovereign Debt Markets in Turbulent Times: Creditor
Discrimination and Crowding-Out Effects [pdf]
Domestic Banks and Financial Institutions [pdf]
International Capital Flows and Credit Market
Imperfections: a Tale of Two Frictions
with Bubbles [pdf]
Understanding Bubbly Episodes [pdf]
on Bubbles and the Current Crisis [pdf]
A Model of
Collateral, Investment, and Adverse Selection [pdf]
On the Role of
Retaliation in Trade Agreements [pdf]
Problems and Secondary Markets [pdf]
Stiglitz as Competitive Pooling [pdf]
Asset Bubbles and Sudden Stops in a Small Open
Financial Reform and Capital Flows: Insights from
General Equilibrium [pdf]
Financial Integration and Complementarity [pdf]
Managing the Soverign-Bank
The Fund’s Lending Framework and Sovereign Debt –
Further Considerations [pdf]
The Fund’s Lending Framework and Sovereign Debt –
Preliminary Considerations [pdf]
Comments on “The
Fiscal and Monetary History of Ecuador: 1950-2015”, by S. Cueva and J. Díaz [pdf]
Comments on “The Productivity Puzzle and
Misallocation: an Italian Perspective”, by Calligaris,
Del Gatto, Hassan, Ottaviano,
and Schivardi [pdf]
Comments on “Reverse Speculative Attacks”, by Amador,
Bianchi, Bocola and Perri [pdf]
· 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)
· 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.