Fabio Ghironi: Research

Fabio Ghironi

Research

Publications, Working Papers, Discussions, Links

My main fields of research are international macroeconomics, macroeconomics, and monetary economics.

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Publications:

These papers are copyrighted by the respective publisher. A single copy may be downloaded and printed for the reader’s personal research and study only. No other use is permitted.

Journal Articles:

“Monetary Policy and Business Cycles with Endogenous Entry and Product Variety,” with Florin O. Bilbiie and Marc J. Melitz, NBER Macroeconomics Annual 2007 (forthcoming). The Appendix is available here.

"The Role of Net Foreign Assets in a New Keynesian Small Open Economy Model," Journal of Economic Dynamics and Control (forthcoming).

“Interest Rate Rules for Fixed Exchange Rate Regimes,” with Gianluca Benigno and Pierpaolo Benigno, Journal of Economic Dynamics and Control 31 (July 2007): 2196-2211.

“Trade Flow Dynamics with Heterogeneous Firms,” with Marc J. Melitz, American Economic Review 97 (May 2007, AER Papers and Proceedings): 356-361.

“Macroeconomic Interdependence under Incomplete Markets,” Journal of International Economics 70 (December 2006): 428-450.

“Does It Matter (for Equilibrium Determinacy) What Price Index the Central Bank Targets?” with Charles T. Carlstrom and Timothy S. Fuerst, Journal of Economic Theory 128 (May 2006): 214-231.

“International Trade and Macroeconomic Dynamics with Heterogeneous Firms,” with Marc J. Melitz, Quarterly Journal of Economics CXX (August 2005): 865-915.

"Transatlantic Tradeoffs in the Age of Balanced Budgets and European Monetary Union," with Barry Eichengreen, Open Economies Review 13 (October 2002): 381-411.

"Net Foreign Assets and the Exchange Rate: Redux Revived," with Michele Cavallo, Journal of Monetary Economics 49 (July 2002): 1057-1097.

"Currency Areas, International Monetary Regimes, and the Employment-Inflation Tradeoff," with Francesco Giavazzi, Journal of International Economics 45 (August 1998): 259-296.

Some Chapters in Books:

"EMU and Enlargement," with Barry Eichengreen, in Buti, M., and A. Sapir, eds., EMU and Economic Policy in Europe: The Challenge of the Early Years, Cheltenham: Edward Elgar, 2003. (Before May 2001, this paper circulated under the title "The Future of EMU" and contained more material on fiscal policy and less on some issues that pertain to EMU enlargement. You can access that version by clicking here.)

"European Monetary Unification and International Monetary Cooperation," with Barry Eichengreen, in "Transatlantic Economic Relations in the Post-Cold War Era," Eichengreen, B., ed., Brookings Institution Press, Washington, D.C., 1998.

Notes and Comments:

“Comments on ‘Monetary Policy Rules and Exchange Rate Flexibility in a Simple Dynamic General Equilibrium Model’ by Michael B. Devereux,” with Kólver Hernández, Journal of Macroeconomics 26 (June 2004): 309-313.

Working Papers:

Reverse chronological order, by date of first draft.

“Monopoly Power and Endogenous Variety in Dynamic Stochastic General Equilibrium: Distortions and Remedies,” with Florin O. Bilbiie and Marc J. Melitz, June 2006.

“The Valuation Channel of External Adjustment,” with Jaewoo Lee and Alessandro Rebucci, first draft: July 2005; this draft: December 2006.

“Endogenous Entry, Product Variety, and Business Cycles,” with Florin O. Bilbiie and Marc J. Melitz, first draft: May 2005 (first presented: Summer 2004); this draft: December 2006. (An earlier draft, with more examples of impulse responses, second moments, and details – and some typos –, is available here.)

“Relative Price Dynamics and the Aggregate Economy,” with Charles T. Carlstrom, Timothy S. Fuerst, and Kólver Hernández, first draft: May 2005; this draft: August 2006.

"Net Foreign Asset Positions and Consumption Dynamics in the International Economy," with Alessandro Rebucci and Talan İşcan, first draft: January 2003; this draft: November 2005. (A longer version, titled “Productivity Shocks and Consumption Smoothing in the International Economy,” is available as BC Econ. Dept. WP 565.)

"Monetary Rules for Emerging Market Economies," with Alessandro Rebucci, BC Econ. Dept. WP 476, first draft: October 2000; this draft: June 2003.

"Endogenously Persistent Output Dynamics: A Puzzle for the Sticky-Price Model?" BC Econ. Dept. WP 527, March 2002.

"Towards New Open Economy Macroeconometrics," BC Econ. Dept. WP 469, first draft: August 1999; this draft: February 2000.

"Alternative Monetary Rules for a Small Open Economy: The Case of Canada," BC Econ. Dept. WP 466, first draft: November 1998; this draft: October 2000.

"U.S.-Europe Economic Interdependence and Policy Transmission," BC Econ. Dept. WP 470, first draft: March 1998; this draft: January 2000. (Previously circulated under the title "U.S.-Europe Economic Interdependence: Positive Analysis.")

Discussions:

Discussion of ‘International Portfolios with Supply, Demand and Redistributive Shocks,’ by Nicolas Coeurdacier, Robert Kollmann, and Philippe Martin, NBER International Seminar on Macroeconomics, Istanbul, June 15-16, 2007.

Discussion of ‘The Role of Nonseparable Utility and Nontradables in International Business Cycle and Portfolio Choice,’ by Akito Matsumoto, NBER IFM Program Spring Meeting, March 23, 2007.

Discussion of ‘Capital Flows to Developing Countries: the Allocation Puzzle,’ by Pierre-Olivier Gourinchas and Olivier Jeanne, 2007 ASSA Meetings, Chicago, January 5-7, 2007.

Discussion of ‘A Solution to Two Paradoxes of International Capital Flows,’ by Jiandong Ju and Shang-Jin Wei, NBER IFM Summer Institute, July 10-14, 2006.

Discussion of ‘The Endogeneity of the Exchange Rate as a Determinant of FDI: A Model of Money, Entry, and Multinational Firms,’ by Katheryn Niles Russ, NBER Universities Research Conference, December 10-11, 2004.

Discussion of ‘The Transmission of Monetary Policy in a Multi-Sector Economy,’ by Hafedh Bouakez, Emanuela Cardia, and Francisco J. Ruge-Murcia, Dynamic Models and Monetary Policymaking, Federal Reserve Bank of Cleveland, September 22-24, 2004.

Discussion of ‘Ramsey Monetary Policy with Financial Distortions,’ by Ester Faia, Second ECB/IMOP Workshop on Dynamic Macroeconomics, Hydra, June 4-5, 2004.

Discussion of 'Exchange Rate Policy and Endogenous Price Flexibility,' by Michael B. Devereux, with Kólver Hernández, 5th Bundesbank Spring Conference, Eltville, May 2-3, 2003.

Discussion of 'Optimal Monetary Policy with Durable and Non-Durable Goods,' by Christopher J. Erceg and Andrew T. Levin, International Research Forum on Monetary Policy, European Central Bank, Frankfurt, July 5-6, 2002.

Links:

My Web Page at the Department of Economics of Boston College