{"id":9,"date":"2015-01-16T15:28:57","date_gmt":"2015-01-16T14:28:57","guid":{"rendered":"http:\/\/people.unil.ch\/philippebacchetta\/?page_id=9"},"modified":"2025-12-29T10:19:01","modified_gmt":"2025-12-29T09:19:01","slug":"publications","status":"publish","type":"page","link":"https:\/\/people.unil.ch\/philippebacchetta\/publications\/","title":{"rendered":"Publications"},"content":{"rendered":"

Publications in Refereed Journals<\/h2>\n

The International Transmission of Asset Market Shocks in Liquidity Traps<\/a>, Journal of International Economics<\/em> forthcoming (with K. Benhima, Y. Kalantzis, and M. Phillot)<\/p>\n

CBDC as Imperfect Substitute to Bank Deposits: A Macroeconomic Perspective<\/a>, Journal of Money, Credit, and Banking <\/em>forthcoming (with Elena Perazzi) <\/b><\/p>\n

International Portfolio Choice with Frictions: Evidence from Mutual Funds<\/a>, Review of Financial Studies <\/em>36, 4233-4270, 2023 (with S. Ti\u00e8che and E. van Wincoop)\u00a0 \u2013 Online Appendix<\/a>, https:\/\/doi.org\/10.1093\/rfs\/hhad027<\/p>\n

Infrequent Random Portfolio Decisions in an Open Economy Model<\/a>, Review of Economic Studies<\/em> 90, 1125\u20131154, 2023 (with E. van Wincoop and E. Young), https:\/\/doi.org\/10.1093\/restud\/rdac054<\/p>\n

The Rise in Foreign Currency Bonds: The Role of US Monetary Policy and Capital Controls<\/a>, Journal of International Economics<\/em> 140, 103709, 2023 (with R. Cordonier and O. Merrouche), https:\/\/doi.org\/10.1016\/j.jinteco.2022.103709<\/p>\n

Understanding Swiss Real Interest Rates in a Financially Globalized World<\/a>, Swiss Journal of Economics and Statistics <\/em>158, 2022 (<\/span>with K. Benhima and <\/span>J.-P. Renne), https:\/\/doi.org\/10.1186\/s41937-022-00095-3<\/span>
\n<\/span><\/p>\n

\u00a0Can Sticky Portfolios Explain International Capital Flows and Asset Prices?<\/a> Journal of International Economics<\/em> 136, 103583, 2022 (with M. Davenport and E. van Wincoop), https:\/\/doi.org\/10.1016\/j.jinteco.2022.103583<\/p>\n

Countercyclical Foreign Currency Borrowing: Eurozone Firms in 2007\u201309<\/a>, Journal of Money, Credit, and Banking <\/em>54, 203-245, 2022 (with Ouarda Merrouche) <\/b>Onlin<\/a>e<\/a> Appendix<\/a><\/em> –\u00a0Related<\/em><\/a> Vox column<\/a><\/em>, https:\/\/doi.org\/10.1111\/jmcb.12818<\/p>\n

Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment<\/a>, Journal of International Economics <\/em>131, 103460, 2021 (with Eric van Wincoop) – Online Appendix<\/em><\/a>, Video<\/a> IMFC5 conference presentation, https:\/\/doi.org\/10.1016\/j.jinteco.2021.103460<\/a><\/em><\/p>\n

Money and Capital in a Persistent Liquidity Trap<\/a>, Journal of Monetary Economics <\/em>116, 70-87, 2020 (with Kenza Benhima, and Yannick Kalantzis) Online Appendix<\/a>, https:\/\/doi.org\/10.1016\/j.jmoneco.2019.09.005<\/a><\/em><\/p>\n

Corporate Cash and Employment<\/a>, American Economic Journal:<\/em> Macroeconomics<\/em> 11, 30-66, 2019 (with Kenza Benhima and C\u00e9line Poilly) Online Appendix<\/a>, Related Vox column<\/a><\/em><\/p>\n

Self-Fulfilling Debt Crises: What Can Monetary Policy Do?<\/a> Journal of International Economics<\/em> 110, 119-134, 2018 (with Elena Perazzi and Eric van Wincoop),\u00a0Online Appendix<\/em><\/a> \u2014 <\/strong>Related Vox column<\/a><\/em>
\n<\/strong><\/p>\n

The Sovereign Money Initiative in Switzerland: An Economic Assessment<\/a>\u00a0 Swiss Journal of Economics and Statistics, <\/em>154:3, 1-16, 2018<\/p>\n

The Great Recession: A Self-Fulfilling Global Panic<\/a>, American Economic Journal: Macroeconomics<\/em>, 8(4), 177\u2013198, 2016 (with E. van Wincoop)\u00a0 More complete working paper version<\/a><\/em>\u00a0 <\/strong>Related Vox column <\/a><\/em><\/p>\n

The Demand for Liquid Assets, Corporate Saving, and International Capital Flows,<\/a> Journal of the European Economic Association, <\/em>13, 1101-1135, 2015 (with K. Benhima), Technical Appendix<\/a><\/p>\n

Optimal Exchange Rate Policy in a Growing Semi-Open Economy,<\/a>\u00a0IMF Economic Review<\/em> 62, 48-76,\u00a02014 (with K. Benhima and Y. Kalantzis), Related Vox column<\/a><\/i><\/p>\n

On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals <\/a>Journal of International Economics <\/em>91, 18-26, 2013 (with E. van Wincoop), https:\/\/doi.org\/10.1016\/j.jinteco.2013.06.001<\/p>\n

Capital Controls with International Reserve Accumulation: Can this Be Optimal?<\/a> American Economic Journal: Macroeconomics, <\/em>5, 229\u2013262, 2013\u00a0<\/em> (with K. Benhima and Y. Kalantzis)<\/p>\n

Sudden Spikes in Global Risk,<\/a> Journal of International Economics<\/em> 89, 511-521, 2013 (with E. van Wincoop), https:\/\/doi.org\/10.1016\/j.jinteco.2012.07.006<\/p>\n

Self-Fulfilling Risk Panics,<\/a> American Economic Review, 102, 3674\u20133700, December 2012\u00a0 (<\/em>with C. Tille and E. van Wincoop), \u00a0Related Vox column<\/a><\/em><\/p>\n

Regulating Asset Price Risk,<\/a> American Economic Review, Papers and Proceedings<\/em> 101, 410-412, May 2011 (with C. Tille and E. van Wincoop)<\/p>\n

Infrequent Portfolio Decisions: A Solution to the Forward Discount Puzzle,<\/a> American Economic Review<\/em> 100, 837-869, 2010 (with E. van Wincoop) Technical Appendix<\/p>\n

Exchange Rate Volatility and Productivity Growth: The Role of Financial Development,<\/a> Journal of Monetary Economics<\/em> 56, 494-513, 2009 (with Ph. Aghion, R. Ranci\u00e8re, and K. Rogoff)<\/p>\n

Predictability in Financial Markets: What Do Survey Expectations Tell Us?<\/a>, Journal of International Money and Finance<\/em> 28, 406-426, 2009\u00a0(with E. Mertens and E. van Wincoop)<\/p>\n

Higher Order Expectations in Asset Pricing<\/a>, Journal of Money, Credit, and Banking<\/em> 40, 837-866, 2008 (with E. van Wincoop)<\/p>\n

Random Walk Expectations and the Forward Discount Puzzle<\/a>, American Economic Review, Papers and Proceedings<\/em>, 97, 346-350, May 2007 (with E. van Wincoop)\u00a0Version with Technical Appendix<\/p>\n

Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?<\/a> American Economic Review <\/em>96, 552-576, 2006 (with E. van Wincoop)<\/p>\n

A Theory of the Currency Denomination of International Trade<\/a>, Journal of International Economics<\/em> 67, 295-319, 2005 (with E. van Wincoop), https:\/\/doi.org\/10.1016\/j.jinteco.2004.01.006<\/p>\n

A Corporate Balance-Sheet Approach to Currency Crises,<\/a> Journal of Economic Theory<\/em> 119, 6-30, 2004 (with Ph. Aghion and A. Banerjee)<\/p>\n

A Scapegoat Model of Exchange Rate Fluctuations,<\/a> American Economic Review, Papers and Proceedings<\/em>, 94, 114-118, May 2004 (with E. van Wincoop) Version with Technical Appendix.<\/p>\n

Financial Development and the Instability of Open Economies,<\/a> Journal of Monetary Economics<\/em> 51, 1077-1106, 2004 (with Ph. Aghion and A. Banerjee)<\/p>\n

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

Currency Crises and Monetary Policy in a Credit-Constrained Economy,<\/a> European Economic Review<\/em> 45, 1121-1150, 2001 (with Ph. Aghion and A. Banerjee)<\/p>\n

Does Exchange Rate Stability Increase Trade and Welfare?,<\/a> American Economic Review<\/em>\u00a0 90, 1093-1109, 2000 (with E. van Wincoop)<\/p>\n

Do Capital Market Imperfections Exacerbate Output Fluctuations?,<\/a> European Economic Review<\/em> 44, 449-468, 2000 (with R. Caminal)<\/p>\n

Exchange-of-Information Clauses in International Tax Treaties,<\/a> International Tax and Public Finance<\/em>, Vol. 7, No. 3, 275-294, May 2000 (with M.P. Espinosa)<\/p>\n

Trade in Nominal Assets and Net International Capital Flows,<\/a> Journal of International Money and Finance,<\/em> vol. 19, No. 1, 55-72, February 2000 \u00a0(with E. van Wincoop)<\/p>\n

Do Capital Market ImperfectionsA Simple Model of Monetary Policy and Currency Crises,<\/a> European Economic Review, Papers and Proceedings<\/em>, 44, 728-738, 2000 (with Ph. Aghion and A. Banerjee)<\/p>\n

The Impact of Monetary Policy and Bank Lending: Some International Evidence,<\/a> Applied Financial Economics<\/em> 10,<\/em> 15-26, 2000. (with F. Ballabriga)<\/p>\n

Consumption and Credit Constraints: International Evidence,<\/a>\u201d Journal of Monetary Economics <\/em>40, 207-238, 1997 (with S. Gerlach)<\/p>\n

\u201cFirm Restructuring and the Optimal Speed of Trade Reform,<\/a> Oxford<\/em> Economic Papers<\/em> 49, 291-306, 1997 (with H. Dellas)<\/p>\n

\u201cExchange Rate Policy and Disinflation: The Spanish Experience in the ERM,<\/a>\u201d The World Economy<\/em>, vol. 20 No. 2, 221-238, March 1997<\/p>\n

Capital Controls and the Political Discount: The Spanish Experience in the Late 1980s, Open Economies Review <\/em>7, 349-369, 1996<\/p>\n

Information Sharing and Tax Competition among Governments,<\/a> Journal of International Economics <\/em>39, 103-121, 1995\u00a0 (with M.P. Espinosa), https:\/\/doi.org\/10.1016\/0022-1996(94)01356-W<\/p>\n

Sticky Import Prices and J-curves,<\/a> Economics Letters<\/em> 44, 281-285, 1994 (with S. Gerlach)<\/p>\n

A Note on Reserve Requirements and Public Finance,<\/a> International Review of Economics and Finance<\/em>, vol. 3, N\u00b0 1, 107-118, 1994 (with R. Caminal)<\/p>\n

Optimal Seigniorage and Financial Liberalization,<\/a> Journal of International Money and Finance<\/em>, Vol.11, N\u00b0 6, 518-38, 1992 (with R. Caminal).<\/p>\n

Liberalization of Capital Movements and of the Domestic Financial Sector,<\/a>\u00a0 Economica<\/em>, 59, 465-74, 1992<\/p>\n

Fiscal Deficits, Capital Controls, and the Dual Exchange Rate<\/a>, Revista Espa\u00f1ola de Econom\u00eda<\/em>, Vol.9, No. 1, 31-51, 1992<\/p>\n

Temporary Capital Controls in a Balance-of Payments Crisis,<\/a> Journal of International Money and Finance<\/em>, Vol. 9, No. 3, 246-257, 1990<\/p>\n

Other Publications in English<\/h2>\n

\u201cOn the Weakness of the Swedish Krona<\/a>,\u201d Sveriges Riksbank Economic Review<\/em>, \u00a02021:1, 6-26 (with P. Chikhani)<\/p>\n

\u201cIs Swiss Public Debt too Small?<\/a>\u201d in Monetary Economics Issues Today \u2013 Festschrift in honour of Ernst Baltensperger<\/em>, Orell F\u00fcssli, 2017, 193-202.<\/p>\n

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

Modeling Exchange Rates with Incomplete Information,<\/a> in James, J., Marsh, I.W. and Sarno, L. (eds.), Handbook of Exchange Rates, <\/em>Wiley, 2012 (with E. van Wincoop)<\/p>\n

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

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

Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility, in S. Edwards (ed.), Capital Flows and the Emerging Economies \u2013 Theory, Evidence, and Controversies<\/em>, The University of Chicago Press, 61-98, 2000 (with E. van Wincoop)<\/p>\n

Capital Flows, Output Volatility, and Financial Crises in Emerging Markets,<\/span> in Governance, Equity and Global Markets \u2013 Proceedings of the Annual Bank Conference on Development Economics in Europe<\/em>, 573-578 (with Ph. Aghion and A. Banerjee)<\/p>\n

Financial Liberalization and Volatility in Emerging Market Economies, in P.R. Ag\u00e9nor, M. Miller, D. Vines, and A. Weber (eds.), The Asian Financial Crises: Causes, Contagion and Consequences<\/em>, Cambridge University Press, 1999. p. 167-190. (with Ph. Aghion and A. Banerjee) Published under the wrong title \u201cCapital Markets and the Instability of Open Economies\u201d<\/p>\n

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

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

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<\/em>, MacMillan Press,\u00a0 173-194, 1992<\/p>\n

National Saving and International Investment, in\u00a0 D. Bernheim and J. Shoven (eds.), National Saving and Economic Performance<\/em>, University of Chicago Press, 1991 (with M.\u00a0 Feldstein)<\/p>\n

How Far Has the Dollar Fallen ?\u00a0 Business Economics<\/em>, October 1987, 35-39 (with M. Feldstein)<\/p>\n

Publications in Spanish<\/h2>\n

\u201cAhorro empresarial y rebalanceo global,\u201d Econom\u00eda Chilena, Vol. 17, N\u00ba2, August 2014 (with K. Benhima)<\/p>\n

Pol\u00edtica monetaria con deuda denominada en moneda extranjera, Moneda y Cr\u00e9dito<\/em>, No. 210, 69-105, 2000.<\/p>\n

La desaparici\u00f3n de la peseta: aspectos macroecon\u00f3micos, in A. Mas-Colell and M. Motta (eds), Nuevas Fronteras de la Politica Economica<\/em>, CREI, 1998, 77-110. (with M. Sebasti\u00e1n)<\/p>\n

La relaci\u00f3n ahorro-inversi\u00f3n en el proceso de integraci\u00f3n econ\u00f3mica y monetaria, Papeles de Econom\u00eda Espa\u00f1ola<\/em>, 70, 186-195, 1997. (with R. Mart\u00ednez)<\/p>\n

Inversi\u00f3n regional y crecimiento en la comunidad europea, in J.M. Esteban y X. Vives (eds.), Crecimiento y convergencia regional en Espa\u00f1a y Europa<\/em>, Vol. 2, Instituto de An\u00e1lisis Econ\u00f3mico, 405-449, 1994.<\/p>\n

Transmisi\u00f3n de informaci\u00f3n fiscal entre gobiernos por motivos estrat\u00e9gicos, Hacienda P\u00fablica Espa\u00f1ola<\/em>, 1994. (with M.P. Espinosa)<\/p>\n

Por que es necesaria una devaluaci\u00f3n de la peseta, in J. P\u00e9rez-Campanero (ed.),\u00a0 El\u00a0 tipo de cambio de la peseta ante el Mercado Unico y la Uni\u00f3n Monetaria Europea<\/em>, Fedea y Ediciones Mundi-Prensa, Madrid, 47-62, 1992.<\/p>\n

Es deseable la coordinaci\u00f3n internacional de la imposici\u00f3n sobre el capital?, Moneda y Cr\u00e9dito<\/em>, No. 192, 1991. (with R. Caminal)<\/p>\n

La pol\u00edtica presupuestaria en la Uni\u00f3n Econ\u00f3mica y Monetaria, Papeles de Econom\u00eda Espa\u00f1ola<\/em>, 48, 1991. (with R. Caminal)<\/p>\n

Ahorro, inversi\u00f3n y movilidad de capitales, Moneda y Cr\u00e9dito<\/em>, No. 191, 13-40, 1990.<\/p>\n

Pol\u00edtica macroecon\u00f3mica y mercado \u00fanico, Hacienda P\u00fablica Espa\u00f1ola<\/em>, April 1990. (with R. Caminal).<\/p>\n

Edited volumes and journals<\/h2>\n

Taxation of Financial Income, Journal of Public Economics<\/em> 87, Jan. 2003. Edited with Roger Gordon<\/p>\n

Lessons of Intranational Economics for International Economics, Journal of International Economics<\/em> 55, October 2001. Edited with Andy Rose and Eric van Wincoop<\/p>\n

Economic Policy in Switzerland<\/em>, Macmillan Press, 1997. Book edited with W. Wasserfallen.<\/p>\n

Mercados y Tipos de Cambio – Presentaci\u00f3n, Cuadernos Econ\u00f3micos de ICE<\/em>\u00a0 53, 1993.<\/p>\n

See also<\/h2>\n

Philippe Bacchetta’s profile on ResearchGate<\/a><\/p>\n

Philippe Bacchetta’s profile on Unisciences<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Publications by Professor Philippe Bacchetta in Refereed Journals and in Edited volumes and journals<\/p>\n","protected":false},"author":1001009,"featured_media":0,"parent":0,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"class_list":["post-9","page","type-page","status-publish"],"_links":{"self":[{"href":"https:\/\/people.unil.ch\/philippebacchetta\/wp-json\/wp\/v2\/pages\/9","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/people.unil.ch\/philippebacchetta\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/people.unil.ch\/philippebacchetta\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/people.unil.ch\/philippebacchetta\/wp-json\/wp\/v2\/users\/1001009"}],"replies":[{"embeddable":true,"href":"https:\/\/people.unil.ch\/philippebacchetta\/wp-json\/wp\/v2\/comments?post=9"}],"version-history":[{"count":3,"href":"https:\/\/people.unil.ch\/philippebacchetta\/wp-json\/wp\/v2\/pages\/9\/revisions"}],"predecessor-version":[{"id":835,"href":"https:\/\/people.unil.ch\/philippebacchetta\/wp-json\/wp\/v2\/pages\/9\/revisions\/835"}],"wp:attachment":[{"href":"https:\/\/people.unil.ch\/philippebacchetta\/wp-json\/wp\/v2\/media?parent=9"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}