Financial Crises, Sovereign Default and Sudden Stops
  • Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies new
    (with Julio Carrillo, Victoria Nuguer & Jessica Roldan, AEJ-Macroeconomics, July 2021)
  • A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature  (with Javier Bianchi, Review of Economic Dynamics, 2020)
  • FiPIt: A Simple, Fast Global Method for Solving Models with Two Endogenous States & Occasionally Binding Constraints    (with Sergio Villalvazo, Review of Economic Dynamics, 2020)
  • Positive and Normative Implications of Liability Dollarization for Sudden Stops Models of Macroprudential Policy  
     (with Eugenio Rojas, IMF Economic Review, March 2019)
  • Optimal, Time-Consistent Macroprudential Policy
    (with Javier Bianchi, Journal of Political Economy, November 2018, online appendix)
  • Optimal v. Simple Financial Policy Rules in a Production Economy with “Liability Dollarization"
    (with Juan Hernandez, Ensayos Sobre Política Económica, March 2017)
  • Fundamentals News, Global Liquidity and Macroprudential Policy
  • (with Javier Bianchi and Chenxin Liu, Journal of International Economics, March 2016)
  • Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default
  • (with Pablo D'Erasmo, Journal of the European Economics Association, Feb. 2016)
  • Financial Innovation, the Discovery of Risk and the U.S. Credit Crisis
  • (with Emine Boz, Journal of Monetary Economics, March 2014, lead article)
  • Financial Globalization, Financial Crises, & the External Portfolio Structure of Emerging Markets
    (with Katherine Smith, Scandinavian Journal of Economics, January, 2014, v. 116(1), p. 20-57
  • From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications
    (with Anton Korinek, vol. 6, 2014, Annual Review of Economics
  • Macroprudential Policy in a Fisherian Model of Financial Innovation
  • (with Javier Bianchi and Emine Boz, IMF Economic Review, 2012)
  • A General Equilibrium Model of Sovereign Default and Business Cycles
  • (with Vivian Yue, Quarterly Journal of Economics, 2012)

  • The Finnish Great Depression: From Russia with Love
  • (with Yuriy Goridnichenko and Linda Tesar, American Economic Review, June 2012)
  • Sudden Stops, Financial Crises and Leverage
  • (American Economic Review, Dec. 2010, lead article)
  • Financial Globalization, Financial Crises and Contagion
  • (with Vincenzo Quadrini, Journal of Monetary Economics, 2010)
  • Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism
  • (with Bora Durdu and Marco Terrones, Journal of Development Economics, 2008)
  • Quantitative Implications of a Debt-Deflation Theory of Sudden Stops and Asset Prices
  • (with Katherine A. Smith, Journal of International Economics, September 2006)
  • Margin Calls, Trading Cost, and Asset Prices in Emerging Markets: The Financial Mechanics of the 'Sudden Stop' Phenomenon
  • (with Katherine A. Smith, extended working paper version of the JIE paper)
  • Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff
  • (with Ceyhun Bora Durdu, Journal of International Economics, June 2006)
  • Lessons from the Debt Deflation Theory of Sudden Stops
  • (American Economic Review Papers & Proceedings, May 2006)
  • Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop Prone Economies
  • (Economia, Fall 2005)
  • On the Instability of Variance Decompositions of the Real Exchange Rate across Exchange Rate Regimes: Evidence from Mexico & the United States
  • (NBER working paper with details on the variance analysis of real exchange rates documented in the Economia, Fall 2005 article)
  • Credit Frictions and 'Sudden Stops' in Small Open Economies:An Equilibrium Business Cycle Framework for Emerging Markets Crises
  • (with Cristina Arellano, Ch. 7 of Dynamic Macroeconomic Analysis: Theory and Policy in General Equilibrium ed. by S. Altug, J. Chadha and C. Nolan, Cambridge U. Press, 2003, working paper version)
  • Credit, Prices and Crashes: Business Cycles with a Sudden Stop
  • (Ch. 7 of Preventing Currency Crises in Emerging Markets ed. by S. Edwards and J. Frankel, NBER, U. of Chicago Press, 2002, working paper version)
  • The Benefits of Dollarization when Stabilization Policy Lacks Credibility and Financial Markets are Imperfect
  • (Journal of Money, Credit and Banking, vol. 33, May 2001, working paper version)
  • Capital Markets Crises and Economic Collapse in Emerging Markets: An Informational Frictions Approach
  • (with Guillermo A. Calvo, American Economic Review, Papers & Proceedings, May 2000, working paper version)
  • The Business Cycles of Balance-of-Payments Crises: A Revision of A Mundellian Framework (with Martin Uribe, published in Money, Capital Mobility, and Trade: Essays in Honor of Robert A. Mundell, ed. by G. Calvo, R. Dornbusch and M. Obstfeld, MIT Press, Cambridge:MA, 2000, working paper version)
  • Empirical Puzzles of Chilean Stabilization Policy, (Chile: Recent Policy Lessons and Emerging Challenges, World Bank,1999)
  • (with Guillermo A. Calvo)
  • Mexico's balance-of-payments crisis: a chronicle of a death foretold (Journal of International Economics, 1996)
  • (En Español: "La crisis de la balanza de pagos de México: crónica de una muerte anunciada," Economia Mexicana, LVII 219 Enero-Marzo, 1997)
  • Petty Crime and Cruel Punishment: Lessons from the Mexican Debacle (AER, 1996)
  • (with Guillermo A. Calvo)

    Fiscal Policy

  • History Remembered: Optimal Sovereign Default on Domestic and External Debt new
    (Journal of Monetary Economics, January, 2021)
  • The Public Debt Crisis of the United States (The Manchester School, vol. 85, September, 2017)
  • What Is a Sustainable Public Debt? (with Pablo D'Erasmo and Jing Zhang, Handbook of Macroeconomics, v.2B, Elsevier, 2016)
  • How Big (Small) are Fiscal Multipliers? (with Ethan Ilzetzki and Carlos Vegh, Journal of Monetary Economics, March 2013)
  • Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies (with Atish R. Ghosh, Jun I. Kim, Jonathan D. Ostry, and Mahvash S. Qureshi, Economic Journal)
  • Public Debt, Fiscal Solvency & Macroeconomic Uncertainty in Latin America: The Cases of Brazil, Colombia, Costa Rica and Mexico
  • (with Marcelo Oviedo, economia mexicana, v.XVIII, no. 2, 2009, pp.133-173)
  • International Evidence on Fiscal Solvency: Is Fiscal Policy 'Responsible'? (with Jonathan Ostry, Journal of Monetary Economics, v.55, 2008, pp. 1081-1093 )
  • Why Hasn't Tax Competition Triggered a Race to the Bottom? Some Quantitative Lessons from the EU
  • (with Linda Tesar, Journal of Monetary Economics, 2005, v. 52, p. 163-204, Carnegie-Rochester Conference Series on Public Policy)
  • A Quantitative Analysis of Tax Competition V. Tax Coordination under Perfect Capital Mobility
  • (NBER working paper of the first version of the above paper)
  • The International Macroeconomics of Taxation and the Case Against European Tax Harmonization
  • (published in Economic Policy in the International Economy, ed. by E. Helpman and E. Sadka, Cambridge University Press, 2003, working paper version)
  • The International Ramifications of Tax Reforms; Supply-Side Economics in a Global Economy (with Linda Tesar, American Economic Review, 1998, v. 88, p. 226-245)
  • On the Ineffectiveness of Tax Policy in Altering Long-Run Growth: Harberger's Superneutrality Conjecture (with Gian Maria Milesi-Ferretti and P. Asea, Journal of Public Economics, 1997)
  • Estimates for 18 OECD Countries, 1965-1992 used in Mendoza, Milesi-Ferretti and Asea (JPubE 1997)

  • Effective Tax Rates in Macroeconomics: Cross Country Estimates of Tax Rates on Factor Incomes and Consumption (with Assaf Razin and Linda Tesar, Journal of Monetary Economics, 1994)
  • Updated Cross Country Estimates for G-7 Countries 1965-1996 (Using the method is described in Mendoza, Razin and Tesar, JME 1994):

    Financial Globalization
  • On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment
  • (with C. Bora Durdu and Marco E. Terrones, forthcoming Journal of International Money and Finance 2012)
  • Capital Mobility and International Sharing of Cyclical Risk
  • (with Julien Bengui & Vincenzo Quadrini, forthcoming Journal of Monetary Economics-Carnegie-Rochester Conference 2012)
  • On The Welfare Implications of Financial Globalization without Financial Development
  • (with Vincenzo Quadrini & Jose Victor Rios-Rull, International Seminar on Macroeconomics, September 2007)
  • Financial Integration, Financial Development and Global Imbalances
  • (with Vincenzo Quadrini & Jose Victor Rios-Rull, Journal of Political Economy, 2009, lead article)
  • Rational Contagion and the Globalization of Securities Markets
  • (with Guillermo A. Calvo, Journal of International Economics, June 2000, working paper version)
  • The robustness of macroeconomic indicators of capital mobility
  • (in Capital Mobility: The Impact on Consumption, Investment and Growth, ed. by L. Leiderman and A. Razin, Cambridge Univ. Press, 1994)
  • Capital Controls and the Gains from Trade in a Business Cycle Model of a Small Open Economy
  • (IMF Staff papers, 1991)

    Real Business Cycle Models

  • Devaluation Risk and The Business Cycle Implications of Exchange Rate Management (with Martin Uribe)
  • (Carnegie Rochester Conference Series on Public Policy, V. 53, 2001, working paper version)
  • Terms of Trade Uncertainty and Economic Growth: Are Risk Indicators Significant in Growth Regressions
  • (Journal of Development Economics, 1997)
  • The Terms of Trade, The Real Exchange Rate and Economic Fluctuations
  • (International Economic Review, 1995)
  • Trade Reforms of Uncertain Duration and Real Uncertainty: A First Approximation
  • (with with Guillermo A. Calvo) (IMF Staff Papers, 1994)
  • Dynamic Gains from North American Free Trade in an Equilibrium Model of the Current Account
  • (North American Journal of Economics & Finance, 1994)
  • The Balassa-Samuelson Model: A General-Equilibrium Appraisal
  • (with Patrick K. Asea) (Review of International Economics, 1994)
  • The Effects of Macroeconomic Shocks in a Basic EquilibriumFramework
  • (IMF Staff Papers, 1992)
  • Real Business Cycles in a Small Open Economy
  • (American Economic Review, September 1991)

    Articles in Spanish

  • Porqué las Economías Emergentes Deberian Renunciar a las Monedas Nacionales: Un Caso para la Sustitución de Instituciones?
  • (El Trimestre Económico v. LXXI (1), no. 281, Enero-Marzo 2004, versión en pruebas tipográficas antes de edición final)
  • La crisis de la balanza de pagos de México: crónica de una muerte anunciada
  • (Investigacion Económica, LVII 219 Enero-Marzo, 1997)