Details about Sylvain Leduc

E-mail:
Homepage:	https://www.frbsf.org/economic-research/economists/sylvain-leduc/
Phone:	(415) 974-3059
Postal address:	Federal Reserve Bank of San Francisco Economic Research 101 Market St San Francisco, CA 94105
Workplace:	Economic Research, Federal Reserve Bank of San Francisco, (more information at EDIRC)

Access statistics for papers by Sylvain Leduc.

Last updated 2021-07-14. Update your information in the RePEc Author Service.

Short-id: ple111

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Jump to Journal Articles Chapters

Working Papers

2022

1. The Road of Federal Infrastructure Spending Passes Through the States
   Working Paper Series, Federal Reserve Bank of San Francisco

2020

2. Average Is Good Enough: Average-Inflation Targeting and the ELB
   Working Paper Series, Federal Reserve Bank of San Francisco View citations (9)
   Also in Staff Working Papers, Bank of Canada (2020) View citations (7)
3. Can Pandemic-Induced Job Uncertainty Stimulate Automation?
   Working Paper Series, Federal Reserve Bank of San Francisco View citations (1)
4. Clouded in Uncertainty: Pursuing Financial Stability with Monetary Policy
   Working Paper Series, Federal Reserve Bank of San Francisco
5. Exchange Rate Misalignment and External Imbalances: What is the Optimal Monetary Policy Response?
   Working Paper Series, Federal Reserve Bank of San Francisco View citations (1)
   Also in Discussion Papers, Centre for Macroeconomics (CFM) (2020) View citations (1)
   IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan (2020) View citations (1)
6. Learning in the Oil Futures Markets: Evidence and Macroeconomic Implications
   Working Paper Series, Federal Reserve Bank of San Francisco View citations (3)
   Also in CIRANO Working Papers, CIRANO (2016) View citations (5)
   International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2016) View citations (9)

2019

7. Precautionary Pricing: The Disinflationary Effects of ELB Risk
   Working Paper Series, Federal Reserve Bank of San Francisco View citations (3)
8. Robots or Workers? A Macro Analysis of Automation and Labor Markets
   Working Paper Series, Federal Reserve Bank of San Francisco View citations (2)

2018

9. Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-off
   Discussion Papers, Centre for Macroeconomics (CFM) View citations (8)
   Also in Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2018) View citations (20)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2018) View citations (7)
   LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2018) View citations (11)
10. From NY to LA: A Look at the Wage Phillips Curve Using Cross-Geographical Data
    2018 Meeting Papers, Society for Economic Dynamics View citations (3)

2016

11. The Slow Job Recovery in a Macro Model of Search and Recruiting Intensity
    2016 Meeting Papers, Society for Economic Dynamics View citations (7)
    Also in Working Paper Series, Federal Reserve Bank of San Francisco (2016) View citations (2)

2015

12. Are State Governments Roadblocks to Federal Stimulus? Evidence from Highway Grants in the 2009 Recovery Act
    2015 Meeting Papers, Society for Economic Dynamics
13. Unconventional monetary policy and the dollar: conventional signs, unconventional magnitudes
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (13)
    See also Journal Article in International Journal of Central Banking (2018)

2013

14. Are State Governments Roadblocks to Federal Stimulus? Evidence on the Flypaper Effect of Highway Grants in the 2009 Recovery Act
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (8)
    See also Journal Article in American Economic Journal: Economic Policy (2017)
15. Is Asia Decoupling from the United States (Again)?
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (7)
    See also Journal Article in Pacific Economic Review (2013)
16. The Effects of Unconventional and Conventional U.S. Monetary Policy on the Dollar
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (18)
17. Uncertainty Shocks Are Aggregate Demand Shocks
    2013 Meeting Papers, Society for Economic Dynamics View citations (64)
    Also in Working Paper Series, Federal Reserve Bank of San Francisco (2012) View citations (29)
    See also Journal Article in Journal of Monetary Economics (2016)

2012

18. Commodity price movements in a general equilibrium model of storage
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (8)
    See also Journal Article in IMF Economic Review (2013)
19. Roads to Prosperity or Bridges to Nowhere? Theory and Evidence on the Impact of Public Infrastructure Investment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (46)
    Also in 2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (46)
    Working Paper Series, Federal Reserve Bank of San Francisco (2012) View citations (16)
    See also Chapter (2012)
    Journal Article in NBER Macroeconomics Annual (2013)
20. Should transportation spending be included in a stimulus program? a review of the literature
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (1)
21. Threatening to Offshore in a Search Model of the Labor Market
    2012 Meeting Papers, Society for Economic Dynamics View citations (5)

2011

22. Central bank announcements of asset purchases and the impact on global financial and commodity markets
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (5)
    See also Journal Article in Journal of International Money and Finance (2012)
23. Should central banks lean against changes in asset prices?
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (4)

2010

24. Entry dynamics and the decline in exchange-rate pass-through
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (1)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2010) View citations (2)
25. Expectations and economic fluctuations: an analysis using survey data
    Working Papers, Federal Reserve Bank of Philadelphia View citations (6)
    Also in Working Paper Series, Federal Reserve Bank of San Francisco (2010) View citations (2)
    See also Journal Article in The Review of Economics and Statistics (2013)
26. Optimal monetary policy in open economies
    Economics Working Papers, European University Institute View citations (212)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2010) View citations (72)
    Working Paper Series, Federal Reserve Bank of San Francisco (2010) View citations (73)
    See also Chapter (2010)

2009

27. Should Monetary Policy React to Current Account Imbalances?
    2009 Meeting Papers, Society for Economic Dynamics View citations (4)
28. The international dimension of productivity and demand shocks in the U.S. economy
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (8)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (6)
    See also Journal Article in Journal of the European Economic Association (2014)

2008

29. The adjustment of global external balances: does partial exchange rate pass-through to trade prices matter?
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (1)
    See also Journal Article in Journal of International Economics (2009)

2007

30. Optimal Monetary Policy and the Sources of Local-Currency Price Stability
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (24)
    Also in RSCAS Working Papers, European University Institute (2007) View citations (24)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (15)
    See also Chapter (2007)
31. Productivity and the dollar
    Working Paper Series, Federal Reserve Bank of San Francisco View citations (1)
32. The role of China in Asia: engine, conduit, or steamroller?
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (14)

2006

33. Monetary policy, oil shocks, and TFP: accounting for the decline in U.S. volatility
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (4)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2003) View citations (25)
    See also Journal Article in Review of Economic Dynamics (2007)
34. Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism Among G7 Countries
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (79)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2006) View citations (34)
    Economics Working Papers, European University Institute (2006) View citations (72)
    See also Chapter (2008)
35. Trade Integration, Competiton, and the Decline in Exchange-rate Pass-through
    2006 Meeting Papers, Society for Economic Dynamics View citations (7)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2006) View citations (25)
    See also Journal Article in Journal of Monetary Economics (2010)

2005

36. DSGE Models of High Exchange-Rate Volatility and Low Pass-Through
    Economics Working Papers, European University Institute View citations (37)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2005) View citations (20)
    2005 Meeting Papers, Society for Economic Dynamics (2005) View citations (13)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2005) View citations (25)
    See also Journal Article in Journal of Monetary Economics (2008)
37. Financial market developments and economic activity during current account adjustments in industrial economies
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (39)
38. International risk-sharing and the transmission of productivity shocks
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) View citations (21)
    Also in Working Papers, Federal Reserve Bank of Philadelphia (2003) View citations (39)
    Economics Working Papers, European University Institute (2003) View citations (31)
    Working Paper Series, European Central Bank (2004) View citations (90)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations (70)
    See also Journal Article in Review of Economic Studies (2008)

2004

39. Financial Frictions, Distribution Costs, and Current Account Crises
    2004 Meeting Papers, Society for Economic Dynamics

2002

40. Self-fulfilling expectations and the inflation of the 1970s: evidence from the Livingston Survey
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)
    See also Journal Article in Journal of Monetary Economics (2007)
41. Why are business cycles alike across exchange-rate regimes?
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)

2001

42. A quantitative analysis of oil-price shocks, systematic monetary policy, and economic downturns
    Working Papers, Federal Reserve Bank of Philadelphia View citations (42)
    See also Journal Article in Journal of Monetary Economics (2004)
43. A quantitative welfare analysis of the trade-off between the current regime and macroeconomic stabilization
    Working Papers, Federal Reserve Bank of Philadelphia
44. Why Is the Business-Cycle Behavior of Fundamentals Alike Across Exchange-Rate Regimes?
    Working Papers, Oesterreichische Nationalbank (Austrian Central Bank) View citations (21)
    Also in Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (2001) View citations (21)
    Econometric Society World Congress 2000 Contributed Papers, Econometric Society (2000)
    See also Journal Article in International Journal of Finance & Economics (2001)

2000

45. Exchange-rate puzzles in a model with arbitrage
    Working Papers, Federal Reserve Bank of Philadelphia
46. Incomplete markets, borrowing constraints, and the foreign exchange risk premium
    Working Papers, Federal Reserve Bank of Philadelphia
    Also in Research in Economics, Santa Fe Institute (1998)
    See also Journal Article in Journal of International Money and Finance (2002)

1999

47. On exchange rate regimes, exchange rate fluctuations, and fundamentals
    Working Papers, Federal Reserve Bank of Philadelphia View citations (3)

Journal Articles

2022

1. How Are Businesses Responding to Climate Risk?
   FRBSF Economic Letter, 2022, 2022, (06), 06

2021

2. Do Households Expect Inflation When Commodities Surge?
   FRBSF Economic Letter, 2021, 2021, (19), 06

2020

3. Average-Inflation Targeting and the Effective Lower Bound
   FRBSF Economic Letter, 2020, 2020, (22), 01
4. COVID-19 and CO2
   FRBSF Economic Letter, 2020, 2020, (18), 06
5. Is the Risk of the Lower Bound Reducing Inflation?
   FRBSF Economic Letter, 2020, 2020, (05), 05
6. The Uncertainty Channel of the Coronavirus
   FRBSF Economic Letter, 2020, 2020, (07), 05 View citations (25)
7. The Weak Job Recovery in a Macro Model of Search and Recruiting Intensity
   American Economic Journal: Macroeconomics, 2020, 12, (1), 310-43 View citations (6)

2019

8. Are Workers Losing to Robots?
   FRBSF Economic Letter, 2019 View citations (1)
9. Does Ultra-Low Unemployment Spur Rapid Wage Growth?
   FRBSF Economic Letter, 2019 View citations (2)
10. Why Is the Fed’s Balance Sheet Still So Big?
    FRBSF Economic Letter, 2019

2018

11. Monetary and Macroprudential Policies in a Leveraged Economy
    Economic Journal, 2018, 128, (609), 797-826 View citations (9)
12. Unconventional Monetary Policy and the Dollar: Conventional Signs, Unconventional Magnitudes
    International Journal of Central Banking, 2018, 14, (5), 103-152 View citations (15)
    See also Working Paper (2015)

2017

13. Are State Governments Roadblocks to Federal Stimulus? Evidence on the Flypaper Effect of Highway Grants in the 2009 Recovery Act
    American Economic Journal: Economic Policy, 2017, 9, (2), 253-92 View citations (34)
    See also Working Paper (2013)
14. Has the Wage Phillips Curve Gone Dormant?
    FRBSF Economic Letter, 2017 View citations (8)

2016

15. The elusive boost from cheap oil
    FRBSF Economic Letter, 2016 View citations (2)
16. Uncertainty shocks are aggregate demand shocks
    Journal of Monetary Economics, 2016, 82, (C), 20-35 View citations (318)
    See also Working Paper (2013)

2014

17. Does slower growth imply lower interest rates?
    FRBSF Economic Letter, 2014 View citations (7)
18. Fueling road spending with federal stimulus
    FRBSF Economic Letter, 2014 View citations (2)
19. Infrastructure Spending as Fiscal Stimulus: Assessing the Evidence
    Review of Economics and Institutions, 2014, 5, (1) View citations (1)
20. Slow business start-ups and the job recovery
    FRBSF Economic Letter, 2014
21. THE INTERNATIONAL DIMENSION OF PRODUCTIVITY AND DEMAND SHOCKS IN THE US ECONOMY
    Journal of the European Economic Association, 2014, 12, (1), 153-176 View citations (54)
    See also Working Paper (2009)

2013

22. Commodity Price Movements in a General Equilibrium Model of Storage
    IMF Economic Review, 2013, 61, (1), 199-224 View citations (18)
    See also Working Paper (2012)
23. Expectations and Economic Fluctuations: An Analysis Using Survey Data
    The Review of Economics and Statistics, 2013, 95, (4), 1352-1367 View citations (76)
    See also Working Paper (2010)
24. Is Asia Decoupling from the United States (Again)?
    Pacific Economic Review, 2013, 18, (3), 345-369 View citations (8)
    See also Working Paper (2013)
25. Roads to Prosperity or Bridges to Nowhere? Theory and Evidence on the Impact of Public Infrastructure Investment
    NBER Macroeconomics Annual, 2013, 27, (1), 89 - 142 View citations (50)
    See also Working Paper (2012)
    Chapter (2012)
26. Uncertainty and the slow labor market recovery
    FRBSF Economic Letter, 2013, (july22) View citations (6)
27. Unconventional monetary policy and the dollar
    FRBSF Economic Letter, 2013, (apr1) View citations (2)

2012

28. Central bank announcements of asset purchases and the impact on global financial and commodity markets
    Journal of International Money and Finance, 2012, 31, (8), 2078-2101 View citations (119)
    See also Working Paper (2011)
29. Highway grants: roads to prosperity?
    FRBSF Economic Letter, 2012, (nov26) View citations (2)
30. Uncertainty, unemployment, and inflation
    FRBSF Economic Letter, 2012, (sep17) View citations (15)

2011

31. Are large-scale asset purchases fueling the rise in commodity prices?
    FRBSF Economic Letter, 2011, (apr4) View citations (11)

2010

32. Confidence and the business cycle
    FRBSF Economic Letter, 2010, (nov22) View citations (1)
33. Trade integration, competition, and the decline in exchange-rate pass-through
    Journal of Monetary Economics, 2010, 57, (3), 309-324 View citations (126)
    See also Working Paper (2006)

2009

34. Disagreement about the inflation outlook
    FRBSF Economic Letter, 2009, (oct5) View citations (5)
35. Fighting downturns with fiscal policy
    FRBSF Economic Letter, 2009, (jun19)
36. The adjustment of global external balances: Does partial exchange-rate pass-through to trade prices matter?
    Journal of International Economics, 2009, 79, (2), 173-185 View citations (29)
    See also Working Paper (2008)

2008

37. High exchange-rate volatility and low pass-through
    Journal of Monetary Economics, 2008, 55, (6), 1113-1128 View citations (159)
    See also Working Paper (2005)
38. International Risk Sharing and the Transmission of Productivity Shocks
    Review of Economic Studies, 2008, 75, (2), 443-473 View citations (428)
    See also Working Paper (2005)

2007

39. Monetary Policy, Oil Shocks, and TFP: Accounting for the Decline in U.S. Volatility
    Review of Economic Dynamics, 2007, 10, (4), 595-614 View citations (36)
    See also Working Paper (2006)
40. Self-fulfilling expectations and the inflation of the 1970s: Evidence from the Livingston Survey
    Journal of Monetary Economics, 2007, 54, (2), 433-459 View citations (69)
    See also Working Paper (2002)

2006

41. An Assessment of the Disorderly Adjustment Hypothesis for Industrial Economies
    International Finance, 2006, 9, (1), 37-61 View citations (12)
42. Productivity, External Balance, and Exchange Rates: Evidence on the Transmission Mechanism among G7 Countries [with Comments]
    NBER International Seminar on Macroeconomics, 2006, 2006, (1), 117 - 194 View citations (2)

2005

43. International risk-sharing: globalization is weaker than you think
    Business Review, 2005, (Q2), 18-25

2004

44. A quantitative analysis of oil-price shocks, systematic monetary policy, and economic downturns
    Journal of Monetary Economics, 2004, 51, (4), 781-808 View citations (236)
    See also Working Paper (2001)
45. Deficit-financed tax cuts and interest rates
    Business Review, 2004, (Q2), 30-37

2003

46. How inflation hawks escape expectations traps
    Business Review, 2003, (Q1), 13-20

2002

47. Incomplete markets, borrowing constraints, and the foreign exchange risk premium
    Journal of International Money and Finance, 2002, 21, (7), 957-980 View citations (7)
    See also Working Paper (2000)

2001

48. Who cares about volatility? A tale of two exchange-rate systems
    Business Review, 2001, (Q1), 16-25 View citations (2)
49. Why Is the Business-Cycle Behaviour of Fundamentals Alike across Exchange-Rate Regimes?
    International Journal of Finance & Economics, 2001, 6, (4), 401-19 View citations (26)
    See also Working Paper (2001)

Chapters

2012

1. Roads to Prosperity or Bridges to Nowhere? Theory and Evidence on the Impact of Public Infrastructure Investment
   A chapter in NBER Macroeconomics Annual 2012, Volume 27, 2012, pp 89-142 View citations (37)
   See also Working Paper (2012)
   Journal Article in NBER Macroeconomics Annual (2013)

2010

2. Optimal Monetary Policy in Open Economies
   Chapter 16 in Handbook of Monetary Economics, 2010, vol. 3, pp 861-933 View citations (203)
   See also Working Paper (2010)

2008

3. Productivity, External Balance, and Exchange Rates: Evidence on the Transmission Mechanism among G7 Countries
   A chapter in NBER International Seminar on Macroeconomics 2006, 2008, pp 117-194 View citations (13)
   See also Working Paper (2006)

2007

4. Optimal Monetary Policy and the Sources of Local-Currency Price Stability
   A chapter in International Dimensions of Monetary Policy, 2007, pp 319-367 View citations (25)
   See also Working Paper (2007)