Recent Publications

Vanasco, V., U. Malmendier and D. Pouzo,

"Investor Experiences and Financial Market Dynamics"


Journal of Financial Economics, 2020, 136(3), 597-622

Published in Journal of Monetary Economics, 115, 2020, 162-179. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. You are not required to obtain permission to reuse this article.
Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

Monràs, J.,

"Local Adjustment to Immigrant-Driven Labor Supply Shocks"


Forthcoming in Journal of Human Capital, 2020

Published in Journal of Monetary Economics, 115, 2020, 162-179. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. You are not required to obtain permission to reuse this article.
Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

R. Billi and J. Galí,

"Gains from Wage Flexibility and the Zero Lower Bound"


Oxford Bulletin of Economics and Statistics, 2020, 82(6), 1239-1261

Published in Journal of Monetary Economics, 115, 2020, 162-179. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. You are not required to obtain permission to reuse this article.
Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

Martin, A., F. Broner and J. Ventura,

"On Public Spending and Economic Unions"


Forthcoming in IMF Economic Review, 2020

Published in Journal of Monetary Economics, 115, 2020, 162-179. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. You are not required to obtain permission to reuse this article.
Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

Asriyan, V.,

"Balance Sheet Channel with Information-Trading Frictions in Secondary Markets"


Forthcoming in The Review of Economic Studies, 2020

Published in Journal of Monetary Economics, 115, 2020, 162-179. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. You are not required to obtain permission to reuse this article.
Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

Debortoli, D.,

"Comments on The Fiscal-Monetary Policy Mix in the Euro Area: Challenges at the Zero Lower Bound"


Forthcoming in Economic Policy, 2020

Published in Journal of Monetary Economics, 115, 2020, 162-179. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. You are not required to obtain permission to reuse this article.
Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

Asriyan, V., W. Fuchs and B. Green,

"Aggregation and Design of Information in Asset Markets with Adverse Selection"


Forthcoming in Journal of Economic Theory, 2020

Published in Journal of Monetary Economics, 115, 2020, 162-179. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. You are not required to obtain permission to reuse this article.
Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

A. P. Behrer, E. L. Glaeser, G. Ponzetto and A. Shleifer,

"Securing Property Rights"


Forthcoming in Journal of Political Economy, 2020

Published in Journal of Monetary Economics, 115, 2020, 162-179. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. You are not required to obtain permission to reuse this article.
Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

Monràs, J.,

"Immigration and Wage Dynamics: Evidence from the Mexican Peso Crisis"


Journal of Political Economy, 2020, 128 (8), 3017-3089

Published in Journal of Monetary Economics, 115, 2020, 162-179. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. You are not required to obtain permission to reuse this article.
Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

Debortoli, D., R. Nunes and P. Yared,

"Optimal Fiscal Policy without Commitment: Revisiting Lucas-Stokey"


Forthcoming in Journal of Political Economy, 2020

Published in Journal of Monetary Economics, 115, 2020, 162-179. Open Access.
Previously circulated as ‘Local Versus Aggregate Lending Channels: The Effects of Securitization on Corporate Credit Supply in Spain’
This is an open access article distributed under the terms of the Creative Commons CC BY license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. You are not required to obtain permission to reuse this article.
Outreach: VoxEU 2018 and 2018 · Federal Reserve Bank of Richmond Economic Quarterly 101(4) (2015) · IMF Global Financial Stability Report: Transition Challenges to Stability (2013) · Speech by J.M. González Páramo, Executive Board Member of the ECB (2011) 

Latest News

Board of trustees:

Partnerships: