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Refereed Publications
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The Global Financial Cycle and US Monetary Policy in an Interconnected World (2021)
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with Stéphane Dées
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in the Journal of International Money and Finance
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[Link to Banque de France WP]
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Services Deepening and the Transmission of Monetary Policy (2019)
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with Omar Rachedi
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in the Journal of the European Economic Association, vol. 17, p. 1261-1293
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[Link to Banco de España WP]
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A Spectral EM Algorithm for Dynamic Factor Models, (2018)
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with Gabriele Fiorentini and Enrique Sentana
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in the Journal of Econometrics, vol. 205, p. 249-279
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[Link to Banco de España WP]
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Uncovering the Heterogeneous Effects of ECB Unconventional Monetary Policies across Euro Area Countries, (2018)
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with Pablo Burriel
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in the European Economic Review, vol. 101, p. 210-229
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[Link to Banco de España WP]
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Fast ML Estimation of Dynamic Bifactor Models: an Application to European Inflation, (2016)
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with Gabriele Fiorentini and Enrique Sentana
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in Advances in Econometrics, Vol. 35: Dynamic Factor Models, S.J. Koopman and E.T. Hillebrand (editors.), Emerald
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[Link to Banco de España WP]
Book Chapters
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External Shocks and International Inflation Linkages: a Global VAR Analysis, (2013)
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with Marco J. Lombardi
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in The GVAR Handbook: Structure and Applications of a Macro Model of the Global Economy for Policy Analysis,
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Filippo di Mauro, M. Hashem Pesaran (editors), Oxford University Press
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[Link to ECB WP]
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Regional Financial Spillovers across Europe: a Global VAR Analysis, (2013)
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with Silvia Sgherri
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in The GVAR Handbook: Structure and Applications of a Macro Model of the Global Economy for Policy Analysis
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Filippo di Mauro, M. Hashem Pesaran (editors), Oxford University Press
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[Link to IMF WP]
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Key Elements of Global Inflation, (2010)
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with Robert Anderton, Filippo di Mauro, and Marco J. Lombardi
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in Inflation in an Era of Relative Price Shocks, Fry R., C. Jones & C. Kent (editors), Reserve Bank of Australia
Other Publications
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Global Macro-Financial Effects of US Monetary Policy: a Quantitative Exploration, (2019)
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in Banco de España Quarterly Report on the Spanish Economy, June 2019, Box 3
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The Estimated Natural Rate of Interest, (2019)
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in Banco de España Annual Report 2018, Chapter 3, Box 3.1
The Natural Rate of Interest: Estimates, Drivers, and Challenges to Monetary Policy, (2018)
edited by Claus Brand, Marcin Bielecki, and Adrian Penalver
in ECB Occasional Paper Series No. 217, December 2018
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The Macroeconomic Impact of Monetary Policy, (2017)
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with Ana del Rio, Samuel Hurtado, and Carlos Thomas
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in Banco de España Annual Report 2017, Chapter 1, Box 1.3
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Macro-Financial Modelling of the Singapore Economy: a GVAR Approach, (2017)
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with Filippo di Mauro
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in Monetary Authority of Singapore Macroeconomic Review, Special Feature A, p. 80-89, October
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The Natural Interest Rate: Concept, Determinants and Implications for Monetary Policy, (2017)
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with Galo Nuño and Carlos Thomas
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in Banco de España Analytical Articles, 7/17
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An Empirical Assessment of the Macroeconomic Impact of the Quantitative Easing Programme, (2015)
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with Pablo Burriel
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in Banco de España Annual Report 2015, Chapter 3, Box 3.2
Working Papers
Regional Housing Market Conditions in Spain
with Nuria Mata, David Rey, Sebastian Schmitz, and Johannes Schuffels
Do SVARs with Sign Restrictions Not Identify Unconventional Monetary Policy Shocks?
with Jeff Boeckx, Marteen Dossche, Boris Hofmann, and Gert Peersman
The Rise and Fall of the Natural Interest Rate
with Gabriele Fiorentini, Gabriel Pérez-Quirós, and Enrique Sentana
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Job Destruction without Job Creation: Structural Transformation in the Overborrowed America
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with Claudio Michelacci
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Make it in America? Business Subsidies and Employment in the Great Recession
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with Claudio Michelacci and Vincenzo Quadrini
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