Financial Sector, Inflation, and Monetary Policy

“The Liquidation of Government Debt,” (with M. Belen Sbrancia), NBER Working Paper 16893, March 2011.  Economic Policy, Vol. 30(82), March 2015, 291-333. Most recent version here.

Shifting Mandates: The Federal Reserve’s First Centennial,” (with Kenneth S. Rogoff). American Economic Review, Vol. 103(3), May 2013, 48-54.
Online Data

Goodbye Inflation Targeting, Hello Fear of Floating? Latin America after the Global Financial Crisis, MPRA 51282, April 2013, forthcoming in Ernesto Zedillo (ed.) Latin America: Taking Off or Still Falling Behind?.

“The Return of Financial Repression,”
Banque de France Financial Stability Review, No. 16, April 2012, 37-48.

 “Limits of Monetary Policy in Theory and Practice,” (with Vincent R. Reinhart). Cato Journal, Vol. 31(3), Fall 2011, 427-439.

“Financial Repression Redux”, (with Jacob Kirkeegard and Belen Sbrancia), Finance and Development, Vol. 48(2), June 2011.

“The Lending Channel in Emerging Economies: Are Foreign Banks Different?”  (with Marco Arena and Francisco Vazquez), Banks and Bank Systems, Vol. 5(2), 2010, 20-50.

When It Rains, It Pours: Procyclical Capital Flows and Policies (with Graciela L. Kaminsky and Carlos A.Végh). in Mark Gertler and Kenneth S. Rogoff, eds. NBER Macroeconomics Annual 2004.  Cambridge, Mass: MIT Press, 11-53.

The Realities of Modern Hyperinflation (with Miguel A. Savastano), Finance and Development, Vol. 40, No. 2, Washington DC: International Monetary Fund, June 2003), 20-23.
Spanish version:
Realidades de las hiperinflaciones modernas (con Miguel A. Savastano), Finance and Development, (Washington DC: International Monetary Fund, June 2003), 20-23. Finanzas y Desarollo.

Financial Liberalization: The African Experience (with Ioannis Tokatlidis), Journal of African Economies, Vol. 12 Supplement 2, 2003, 53-88. For a longer version of the paper click here.

Before and After Financial Liberalization (with Ioannis Tokatlidis), MPRA Paper 6986, University Library of Munich, Germany. 2003.

On the Use of Reserve Requirements to Deal With the Capital Flow Problem (with Vincent R. Reinhart), International Journal of Finance and Economics, Vol. 4 No.1, January 1999, 27-54.

"Forecasting turning points in Canada," (with Vincent Reinhart) MPRA 13884, 1996.

The Demand for Money in Developing Countries: Assesing the Role of Financial Innovation (with Patricio Arrau, Jose DeGregorio, and Peter Wickham).  Shorter version  in Journal of Development Economics, Vol. 46, 1995, 317-340.

Nominal Interest Rates, Consumption Booms, and Lack of Credibility: A Quantitative Examination (with Carlos A.Végh), Journal of Development Economics, Vol. 46 No. 2, April 1995, 357-378.

Intertemporal consumption substitution and inflation stabilization:  An empirical investigation (with Carlos A. Vegh). MPRA Paper 13427, University Library of Munich, Germany, 1994.

Inflation Stabilization in Chronic Inflation Countries: The Empirical Evidence (with Carlos A. Vegh). MPRA Paper 13689, University Library of Munich, Germany, August 1994.

Output Fluctuations and Monetary Shocks: Evidence from Colombia (with Vincent R. Reinhart), IMF Staff Papers, Vol. 38 No. 4, December 1991, 705-735. IMF Working Paper 91/35
Spanish version:
Fluctuaciones del producto y choques monetarios: evidencia colombiana en: Revista Ensayos Sobre Política Economica No. 20, Art. 02, Diciembre de 1991 (Santafe de Bogota, Colombia: Banco de Republica) 53-85.