Publications

Publications in Refereed Journals

Corporate Cash and Employment, American Economic Journal: Macroeconomics, forthcoming (with Kenza Benhima and Céline Poilly) Online Appendix, Related Vox column,

Self-Fulfilling Debt Crises: What Can Monetary Policy Do? Journal of International Economics 110, 119-134, 2018 (with Elena Perazzi and Eric van Wincoop), Online AppendixRelated Vox column

The Sovereign Money Initiative in Switzerland: An Economic Assessment Swiss Journal of Economics and Statistics, 154:3, 1-16, 2018

The Great Recession: A Self-Fulfilling Global Panic, American Economic Journal: Macroeconomics, 8(4), 177–198, 2016 (with E. van Wincoop) More complete working paper version Related Vox column

The Demand for Liquid Assets, Corporate Saving, and International Capital Flows, Journal of the European Economic Association, 13, 1101-1135, 2015 (with K. Benhima), Technical Appendix

Optimal Exchange Rate Policy in a Growing Semi-Open Economy, IMF Economic Review 62, 48-76, 2014 (with K. Benhima and Y. Kalantzis), Related Vox column

On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals Journal of International Economics 91, 18-26, 2013 (with E. van Wincoop)

Capital Controls with International Reserve Accumulation: Can this Be Optimal? American Economic Journal: Macroeconomics, 5, 229–262, 2013 (with K. Benhima and Y. Kalantzis)

Sudden Spikes in Global Risk, Journal of International Economics 89, 511-521, 2013 (with E. van Wincoop)

Self-Fulfilling Risk Panics, American Economic Review, 102, 3674–3700, December 2012 (with C. Tille and E. van Wincoop), Related Vox column

Regulating Asset Price Risk, American Economic Review, Papers and Proceedings 101, 410-412, May 2011 (with C. Tille and E. van Wincoop)

Infrequent Portfolio Decisions: A Solution to the Forward Discount Puzzle, American Economic Review 100, 837-869, 2010 (with E. van Wincoop) Technical Appendix

Exchange Rate Volatility and Productivity Growth: The Role of Financial Development, Journal of Monetary Economics 56, 494-513, 2009 (with Ph. Aghion, R. Rancière, and K. Rogoff)

Predictability in Financial Markets: What Do Survey Expectations Tell Us?, Journal of International Money and Finance 28, 406-426, 2009 (with E. Mertens and E. van Wincoop)

Higher Order Expectations in Asset Pricing, Journal of Money, Credit, and Banking 40, 837-866, 2008 (with E. van Wincoop)

Random Walk Expectations and the Forward Discount Puzzle, American Economic Review, Papers and Proceedings, 97, 346-350, May 2007 (with E. van Wincoop) Version with Technical Appendix

Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle? American Economic Review 96, 552-576, 2006 (with E. van Wincoop)

A Theory of the Currency Denomination of International Trade, Journal of International Economics 67, 295-319, 2005 (with E. van Wincoop)

A Corporate Balance-Sheet Approach to Currency Crises, Journal of Economic Theory 119, 6-30, 2004 (with Ph. Aghion and A. Banerjee)

A Scapegoat Model of Exchange Rate Fluctuations, American Economic Review, Papers and Proceedings, 94, 114-118, May 2004 (with E. van Wincoop) Version with Technical Appendix.

Financial Development and the Instability of Open Economies, Journal of Monetary Economics 51, 1077-1106, 2004 (with Ph. Aghion and A. Banerjee)

Why Do Consumer Prices React less than Import Prices to Exchange Rates?, Journal of the European Economic Association, Papers and Proceedings, 1, 662-670, 2003 (with E. van Wincoop). Version with Technical Appendix.

Currency Crises and Monetary Policy in a Credit-Constrained Economy, European Economic Review 45, 1121-1150, 2001 (with Ph. Aghion and A. Banerjee)

Does Exchange Rate Stability Increase Trade and Welfare?, American Economic Review 90, 1093-1109, 2000 (with E. van Wincoop)

Do Capital Market Imperfections Exacerbate Output Fluctuations?, European Economic Review 44, 449-468, 2000 (with R. Caminal)

Exchange-of-Information Clauses in International Tax Treaties, International Tax and Public Finance, Vol. 7, No. 3, 275-294, May 2000 (with M.P. Espinosa)

Trade in Nominal Assets and Net International Capital Flows, Journal of International Money and Finance, vol. 19, No. 1, 55-72, February 2000 (with E. van Wincoop)

Do Capital Market ImperfectionsA Simple Model of Monetary Policy and Currency Crises, European Economic Review, Papers and Proceedings, 44, 728-738, 2000 (with Ph. Aghion and A. Banerjee)

The Impact of Monetary Policy and Bank Lending: Some International Evidence, Applied Financial Economics 10, 15-26, 2000. (with F. Ballabriga)

Consumption and Credit Constraints: International Evidence,Journal of Monetary Economics 40, 207-238, 1997 (with S. Gerlach)

Firm Restructuring and the Optimal Speed of Trade Reform, Oxford Economic Papers 49, 291-306, 1997 (with H. Dellas)

Exchange Rate Policy and Disinflation: The Spanish Experience in the ERM,The World Economy, vol. 20 No. 2, 221-238, March 1997

Capital Controls and the Political Discount: The Spanish Experience in the Late 1980s, Open Economies Review 7, 349-369, 1996

Information Sharing and Tax Competition among Governments, Journal of International Economics 39, 103-121, 1995 (with M.P. Espinosa)

Sticky Import Prices and J-curves, Economics Letters 44, 281-285, 1994 (with S. Gerlach)

A Note on Reserve Requirements and Public Finance, International Review of Economics and Finance, vol. 3, N° 1, 107-118, 1994 (with R. Caminal)

Optimal Seigniorage and Financial Liberalization, Journal of International Money and Finance, Vol.11, N° 6, 518-38, 1992 (with R. Caminal).

Liberalization of Capital Movements and of the Domestic Financial Sector, Economica, 59, 465-74, 1992

Fiscal Deficits, Capital Controls, and the Dual Exchange Rate, Revista Española de Economía, Vol.9, No. 1, 31-51, 1992

Temporary Capital Controls in a Balance-of Payments Crisis, Journal of International Money and Finance, Vol. 9, No. 3, 246-257, 1990

Other Publications in English

Is Swiss Public Debt too Small?” in Monetary Economics Issues Today – Festschrift in honour of Ernst Baltensperger, Orell Füssli, 2017, 193-202.

Corporate Saving in Global Rebalancing, in Raddatz, C., D. Saravia and J. Ventura (eds), Global Liquidity, Spillovers to Emerging Markets and Policy Responses. Santiago, Chile: Central Bank of Chile, 79-103, 2015 (with K. Benhima) Related Vox column

Modeling Exchange Rates with Incomplete Information, in James, J., Marsh, I.W. and Sarno, L. (eds.), Handbook of Exchange Rates, Wiley, 2012 (with E. van Wincoop)

Explaining Deviations from Uncovered Interest Rate Parity, in G. Caprio (ed.), Handbook of Safeguarding Global Financial Stability: Political, Social, Cultural, and Economic Theories and Models, Vol. 2, 209-212, Elsevier, 2013.

Can Parameter Instability Explain the Meese-Rogoff Puzzle?, in NBER International Seminar on Macroeonomics 2009, 125-173, 2010 (with E. van Wincoop and T. Beutler)

Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility, in S. Edwards (ed.), Capital Flows and the Emerging Economies – Theory, Evidence, and Controversies, The University of Chicago Press, 61-98, 2000 (with E. van Wincoop)

Capital Flows, Output Volatility, and Financial Crises in Emerging Markets, in Governance, Equity and Global Markets – Proceedings of the Annual Bank Conference on Development Economics in Europe, 573-578 (with Ph. Aghion and A. Banerjee)

Financial Liberalization and Volatility in Emerging Market Economies, in P.R. Agénor, M. Miller, D. Vines, and A. Weber (eds.), The Asian Financial Crises: Causes, Contagion and Consequences, Cambridge University Press, 1999. p. 167-190. (with Ph. Aghion and A. Banerjee) Published under the wrong title “Capital Markets and the Instability of Open Economies”

Spain and the Real Exchange Rate Problem, in C. Johnson and S. Collignon (eds.), The Monetary Economics of Europe – Causes of the EMS Crisis, Pinter Publishers, 18-32, 1994

The Lessons from Fiscal Reform in Democratic Spain, in K. Mizsei (ed.), Developing Public Finance in Emerging Market Economies, Institute for EastWest Studies, 183-202, 1994

Abolishing Capital Controls in Spain: A Challenge for the 90s, in H. Gibson and E. Tsakalotos (eds.), Economic Integration and Financial Liberalization: Prospects for Southern Europe, MacMillan Press, 173-194, 1992

National Saving and International Investment, in D. Bernheim and J. Shoven (eds.), National Saving and Economic Performance, University of Chicago Press, 1991 (with M. Feldstein)

How Far Has the Dollar Fallen ? Business Economics, October 1987, 35-39 (with M. Feldstein)

Publications in Spanish

“Ahorro empresarial y rebalanceo global,” Economía Chilena, Vol. 17, Nº2, August 2014 (with K. Benhima)

Política monetaria con deuda denominada en moneda extranjera, Moneda y Crédito, No. 210, 69-105, 2000.

La desaparición de la peseta: aspectos macroeconómicos, in A. Mas-Colell and M. Motta (eds), Nuevas Fronteras de la Politica Economica, CREI, 1998, 77-110. (with M. Sebastián)

La relación ahorro-inversión en el proceso de integración económica y monetaria, Papeles de Economía Española, 70, 186-195, 1997. (with R. Martínez)

Inversión regional y crecimiento en la comunidad europea, in J.M. Esteban y X. Vives (eds.), Crecimiento y convergencia regional en España y Europa, Vol. 2, Instituto de Análisis Económico, 405-449, 1994.

Transmisión de información fiscal entre gobiernos por motivos estratégicos, Hacienda Pública Española, 1994. (with M.P. Espinosa)

Por que es necesaria una devaluación de la peseta, in J. Pérez-Campanero (ed.), El tipo de cambio de la peseta ante el Mercado Unico y la Unión Monetaria Europea, Fedea y Ediciones Mundi-Prensa, Madrid, 47-62, 1992.

Es deseable la coordinación internacional de la imposición sobre el capital?, Moneda y Crédito, No. 192, 1991. (with R. Caminal)

La política presupuestaria en la Unión Económica y Monetaria, Papeles de Economía Española, 48, 1991. (with R. Caminal)

Ahorro, inversión y movilidad de capitales, Moneda y Crédito, No. 191, 13-40, 1990.

Política macroeconómica y mercado único, Hacienda Pública Española, April 1990. (with R. Caminal).

Edited volumes and journals

Taxation of Financial Income, Journal of Public Economics 87, Jan. 2003. Edited with Roger Gordon

Lessons of Intranational Economics for International Economics, Journal of International Economics 55, October 2001. Edited with Andy Rose and Eric van Wincoop

Economic Policy in Switzerland, Macmillan Press, 1997. Book edited with W. Wasserfallen.

Mercados y Tipos de Cambio – Presentación, Cuadernos Económicos de ICE 53, 1993.