Details about Paolo A. Pesenti

Homepage:	http://www.newyorkfed.org/research/economists/pesenti/index.html
Workplace:	Research and Statistics Group, Federal Reserve Bank of New York, (more information at EDIRC) National Bureau of Economic Research (NBER), (more information at EDIRC) Centre for Economic Policy Research (CEPR), (more information at EDIRC)

Access statistics for papers by Paolo A. Pesenti.

Last updated 2024-11-11. Update your information in the RePEc Author Service.

Short-id: ppe152

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Working Papers

2025

1. How Household Saving Affects Monetary Policy Spillovers
   Liberty Street Economics, Federal Reserve Bank of New York
2. Monetary Policy Spillovers and the Role of the Dollar
   Liberty Street Economics, Federal Reserve Bank of New York
3. Monetary Policy Spillovers in the Global Economy
   Liberty Street Economics, Federal Reserve Bank of New York

2024

4. Spillovers and Spillbacks
   Staff Reports, Federal Reserve Bank of New York
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2024)
   NBER Working Papers, National Bureau of Economic Research, Inc (2024)

2023

5. Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades
   Liberty Street Economics, Federal Reserve Bank of New York

2022

6. The Transatlantic Economy Policy Responses to the Pandemic and the Road to Recovery Conference
   Liberty Street Economics, Federal Reserve Bank of New York

2021

7. The International Experience of Central Bank Asset Purchases and Inflation
   Liberty Street Economics, Federal Reserve Bank of New York

2019

8. The Perplexing Co-Movement of the Dollar and Oil Prices
   Liberty Street Economics, Federal Reserve Bank of New York View citations (2)

2016

9. At the N.Y. Fed: The Transatlantic Economy: Convergence or Divergence?
   Liberty Street Economics, Federal Reserve Bank of New York

2013

10. Varieties and the transfer problem
    SciencePo Working papers Main, HAL View citations (4)
    Also in Post-Print, HAL (2013) View citations (52)
    See also Journal Article Varieties and the transfer problem, Journal of International Economics, Elsevier (2013) View citations (60) (2013)

2011

11. Back to the Future: Revisiting the European Crisis
    Liberty Street Economics, Federal Reserve Bank of New York
12. Commodity prices, commodity currencies, and global economic developments
    European Economy - Economic Papers 2008 - 2015, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission View citations (44)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2010) View citations (17)
    Staff Reports, Federal Reserve Bank of New York (2009) View citations (5)
    NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (16)
    See also Chapter Commodity Prices, Commodity Currencies, and Global Economic Developments, NBER Chapters, National Bureau of Economic Research, Inc (2011) View citations (42) (2011)
13. How Easy Is It to Forecast Commodity Prices?
    Liberty Street Economics, Federal Reserve Bank of New York

2008

14. Oil Price Movements and the Global Economy: A Model-Based Assessment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (44)
    Also in Staff Working Papers, Bank of Canada (2007) View citations (12)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (37)
    See also Journal Article Oil Price Movements and the Global Economy: A Model-Based Assessment, IMF Staff Papers, Palgrave Macmillan (2008) View citations (37) (2008)
15. Varieties and imbalances: the extensive margins of the current account adjustment
    2008 Meeting Papers, Society for Economic Dynamics View citations (2)
16. Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment
    RSCAS Working Papers, European University Institute View citations (16)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (19)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (15)

2007

17. Productivity, terms of trade and the 'home market effect'
    Post-Print, HAL View citations (64)
    Also in Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL (2007) View citations (68)
    Post-Print, HAL (2007) View citations (2)
    See also Journal Article Productivity, terms of trade and the `home market effect', Journal of International Economics, Elsevier (2007) View citations (76) (2007)

2006

18. Deflationary Shocks and Monetary Rules: An Open-Economy Scenario Analysis
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
    Also in Staff Reports, Federal Reserve Bank of New York (2006) View citations (6)
    NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations (6)
    See also Journal Article Deflationary shocks and monetary rules: An open-economy scenario analysis, Journal of the Japanese and International Economies, Elsevier (2006) View citations (6) (2006)
19. Welfare-based monetary policy rules in an estimated DSGE model of the US economy
    Working Paper Series, European Central Bank View citations (66)
20. Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (7)
    Also in Staff Reports, Federal Reserve Bank of New York (2006) View citations (10)
    NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations (8)
    See also Journal Article Would protectionism defuse global imbalances and spur economic activity? A scenario analysis, Journal of Economic Dynamics and Control, Elsevier (2008) View citations (23) (2008)

2005

21. Productivity Spillovers, Terms of Trade and the "Home Market Effect"
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    Also in Working Papers, HAL (2005) View citations (13)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2005) View citations (16)
    Staff Reports, Federal Reserve Bank of New York (2005) View citations (9)
    SciencePo Working papers Main, HAL (2005)
22. Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (59)
    See also Chapter Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing, NBER Chapters, National Bureau of Economic Research, Inc (2007) View citations (68) (2007)
    Journal Article Smooth landing or crash? model based scenarios of global current account rebalancing, Proceedings, Board of Governors of the Federal Reserve System (U.S.) (2005) View citations (46) (2005)
23. The Simple Geometry of Transmission and Stabilization in Closed and Open Economies
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (37)
    Also in Economics Working Papers, European University Institute (2005) View citations (41)
    Staff Reports, Federal Reserve Bank of New York (2005) View citations (31)
    NBER Working Papers, National Bureau of Economic Research, Inc (2005) View citations (50)
    See also Chapter The Simple Geometry of Transmission and Stabilization in Closed and Open Economies, NBER Chapters, National Bureau of Economic Research, Inc (2009) View citations (11) (2009)

2004

24. Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assesment
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (59)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations (214)
    Working Paper Series, European Central Bank (2004) View citations (201)
    Staff Reports, Federal Reserve Bank of New York (2004) View citations (181)
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2004) View citations (118)

2003

25. Monetary Rules for Small, Open, Emerging Economies
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (305)
    See also Journal Article Monetary rules for small, open, emerging economies, Journal of Monetary Economics, Elsevier (2003) View citations (307) (2003)

2002

26. International Dimensions of Optimal Monetary Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (19)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2001) View citations (123)
    Staff Reports, Federal Reserve Bank of New York (2001) View citations (103)
    See also Journal Article International dimensions of optimal monetary policy, Journal of Monetary Economics, Elsevier (2005) View citations (334) (2005)
27. Self-Validating Optimum Currency Areas
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (97)
    Also in Staff Reports, Federal Reserve Bank of New York (2002) View citations (87)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) View citations (89)

2001

28. The Role of Large Players in Currency Crises
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (31)
    See also Chapter The Role of Large Players in Currency Crises, NBER Chapters, National Bureau of Economic Research, Inc (2002) View citations (19) (2002)

1999

29. Competitive Devaluations: A Welfare-Based Approach
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (29)
    Also in Staff Reports, Federal Reserve Bank of New York (1999) View citations (26)

1998

30. Interpreting the ERM Crisis: Country-Specific and Systemic Issues
    Princeton Studies in International Economics, International Economics Section, Departement of Economics Princeton University, View citations (45)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1996) View citations (20)
    CEP Discussion Papers, Centre for Economic Performance, LSE (1997) View citations (2)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (1997) View citations (2)
31. Paper Tigers? A Model of the Asian Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (123)
    Also in Research Paper, Federal Reserve Bank of New York (1998) View citations (78)
    See also Journal Article Paper tigers?: A model of the Asian crisis, European Economic Review, Elsevier (1999) View citations (262) (1999)
32. What Caused the Asian Currency and Financial Crisis?
    Working Papers, Banca Italia - Servizio di Studi View citations (273)
    Also in Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (1998) View citations (286)
    See also Journal Article What caused the Asian currency and financial crisis?, Japan and the World Economy, Elsevier (1999) View citations (449) (1999)
33. What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (174)
34. What Caused the Asian Currency and Financial Crisis? Part II: The Policy Debate
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (104)

1997

35. Welfare and Macroeconomic Interdependence
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (75)
    See also Journal Article Welfare and Macroeconomic Interdependence, The Quarterly Journal of Economics, President and Fellows of Harvard College (2001) View citations (590) (2001)

1996

36. Do Nontraded Goods Explain the Home Bias Puzzle?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)

1995

37. A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1995) View citations (16)
    CEP Discussion Papers, Centre for Economic Performance, LSE (1995) View citations (11)

1990

38. PERFORATE AND IMPERFORATE CURRENCY BANDS: EXCHANGE RATE MANAGEMENT AND THE TERM STRUCTURE OF INTEREST RATE DIFFERENTIALS
    Working Papers, Yale - Economic Growth Center View citations (3)
39. RATIONAL SPECULATION BUBBLES IN EXCHANGE RATE TARGET ZONE
    The Warwick Economics Research Paper Series (TWERPS), University of Warwick, Department of Economics View citations (3)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1990) View citations (7)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (1990) View citations (7)
    Economic Research Papers, University of Warwick - Department of Economics (1990) View citations (7)

Journal Articles

2020

1. The Impact of Foreign Slowdown on the U.S. Economy: An Open Economy DSGE Perspective
   Economic Policy Review, 2020, 26, (4), 98-111

2015

2. Endogenous Exchange-Rate Pass-through and Self-Validating Exchange Rate Regimes
   Journal Economía Chilena (The Chilean Economy), 2015, 18, (3), 62-89 View citations (16)
   See also Chapter Endogenous Exchange-Rate Pass-Through and Self-Validating Exchange Rate Regimes, Central Banking, Analysis, and Economic Policies Book Series, 2015, 21, 229-261 (2015) View citations (9) (2015)

2013

3. Varieties and the transfer problem
   Journal of International Economics, 2013, 89, (1), 1-12 View citations (60)
   See also Working Paper Varieties and the transfer problem, SciencePo Working papers Main (2013) View citations (4) (2013)

2012

4. Comment
   NBER International Seminar on Macroeconomics, 2012, 8, (1), 90 - 95

2009

5. Comment
   NBER International Seminar on Macroeconomics, 2009, 5, (1), 142 - 148

2008

6. Oil Price Movements and the Global Economy: A Model-Based Assessment
   IMF Staff Papers, 2008, 55, (2), 297-311 View citations (37)
   See also Working Paper Oil Price Movements and the Global Economy: A Model-Based Assessment, NBER Working Papers (2008) View citations (44) (2008)
7. The Global Economy Model: Theoretical Framework
   IMF Staff Papers, 2008, 55, (2), 243-284 View citations (95)
8. Would protectionism defuse global imbalances and spur economic activity? A scenario analysis
   Journal of Economic Dynamics and Control, 2008, 32, (8), 2651-2689 View citations (23)
   See also Working Paper Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis, CEPR Discussion Papers (2006) View citations (7) (2006)

2007

9. Productivity, terms of trade and the `home market effect'
   Journal of International Economics, 2007, 73, (1), 99-127 View citations (76)
   See also Working Paper Productivity, terms of trade and the 'home market effect', Post-Print (2007) View citations (64) (2007)
10. The Simple Geometry of Transmission and Stabilization in Closed and Open Economies [with Comments]
    NBER International Seminar on Macroeconomics, 2007, 2007, (1), 65 - 129 View citations (1)

2006

11. Deflationary shocks and monetary rules: An open-economy scenario analysis
    Journal of the Japanese and International Economies, 2006, 20, (4), 665-698 View citations (6)
    See also Working Paper Deflationary Shocks and Monetary Rules: An Open-Economy Scenario Analysis, CEPR Discussion Papers (2006) View citations (6) (2006)

2005

12. International dimensions of optimal monetary policy
    Journal of Monetary Economics, 2005, 52, (2), 281-305 View citations (334)
    See also Working Paper International Dimensions of Optimal Monetary Policy, CEPR Discussion Papers (2002) View citations (19) (2002)
13. Smooth landing or crash? model based scenarios of global current account rebalancing
    Proceedings, 2005 View citations (46)
    See also Chapter Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing, NBER Chapters, 2007, 377-456 (2007) View citations (68) (2007)
    Working Paper Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing, NBER Working Papers (2005) View citations (59) (2005)

2003

14. Monetary rules for small, open, emerging economies
    Journal of Monetary Economics, 2003, 50, (5), 1109-1146 View citations (307)
    See also Working Paper Monetary Rules for Small, Open, Emerging Economies, NBER Working Papers (2003) View citations (305) (2003)
15. When leaner isn't meaner: measuring the benefits and spillovers of greater competition in Europe
    Proceedings, 2003 View citations (3)

2002

16. Can Nontradables Generate Substantial Home Bias?
    Journal of Money, Credit and Banking, 2002, 34, (1), 25-50 View citations (77)

2001

17. Welfare and Macroeconomic Interdependence
    The Quarterly Journal of Economics, 2001, 116, (2), 421-445 View citations (590)
    See also Working Paper Welfare and Macroeconomic Interdependence, NBER Working Papers (1997) View citations (75) (1997)

2000

18. Competitive devaluations: toward a welfare-based approach
    Journal of International Economics, 2000, 51, (1), 217-241 View citations (93)
19. The (Past and) Future of European Currencies
    Latin American Journal of Economics-formerly Cuadernos de Economía, 2000, 37, (110), 35-62 View citations (5)
20. The economics of currency crises and contagion: an introduction
    Economic Policy Review, 2000, (Sep), 3-16 View citations (23)

1999

21. Paper tigers?: A model of the Asian crisis
    European Economic Review, 1999, 43, (7), 1211-1236 View citations (262)
    See also Working Paper Paper Tigers? A Model of the Asian Crisis, NBER Working Papers (1998) View citations (123) (1998)
22. Stability, Asymmetry, and Discontinuity: The Launch of European Monetary Union
    Brookings Papers on Economic Activity, 1999, 30, (2), 295-372 View citations (49)
23. What caused the Asian currency and financial crisis?
    Japan and the World Economy, 1999, 11, (3), 305-373 View citations (449)
    See also Working Paper What Caused the Asian Currency and Financial Crisis?, Working Papers (1998) View citations (273) (1998)

1996

24. Wages, profits and the international portfolio puzzle
    European Economic Review, 1996, 40, (2), 219-254 View citations (124)

Books

2001

1. Financial Markets and European Monetary Cooperation
   Cambridge Books, Cambridge University Press View citations (11)
   Also in Cambridge Books, Cambridge University Press (1998) View citations (61)

Chapters

2015

1. Endogenous Exchange-Rate Pass-Through and Self-Validating Exchange Rate Regimes
   Chapter 11 in Economic Policies in Emerging-Market Economies Festschrift in Honor of Vittorio Corbo, 2015, vol. 21, pp 229-261 View citations (9)
   See also Journal Article Endogenous Exchange-Rate Pass-through and Self-Validating Exchange Rate Regimes, Central Bank of Chile (2015) View citations (16) (2015)

2013

2. Theoretical notes on commodity prices and monetary policy
   A chapter in Globalisation and inflation dynamics in Asia and the Pacific, 2013, vol. 70, pp 79-90 View citations (3)

2011

3. Comment on "Firm Heterogeneity, Endogenous Entry, and the Business Cycle"
   A chapter in NBER International Seminar on Macroeconomics 2011, 2011, pp 90-95 View citations (1)
4. Commodity Prices, Commodity Currencies, and Global Economic Developments
   A chapter in Commodity Prices and Markets, 2011, pp 15-42 View citations (42)
   See also Working Paper Commodity prices, commodity currencies, and global economic developments, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission (2011) View citations (44) (2011)

2009

5. Comment on "Reflections on Monetary Policy in the Open Economy"
   A chapter in NBER International Seminar on Macroeconomics 2008, 2009, pp 142-148
6. The Simple Geometry of Transmission and Stabilization in Closed and Open Economies
   A chapter in NBER International Seminar on Macroeconomics 2007, 2009, pp 65-116 View citations (11)
   See also Working Paper The Simple Geometry of Transmission and Stabilization in Closed and Open Economies, C.E.P.R. Discussion Papers (2005) View citations (37) (2005)

2007

7. Comment on "Current Account Dynamics and Monetary Policy"
   A chapter in International Dimensions of Monetary Policy, 2007, pp 244-250 View citations (1)
8. Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing
   A chapter in G7 Current Account Imbalances: Sustainability and Adjustment, 2007, pp 377-456 View citations (68)
   See also Journal Article Smooth landing or crash? model based scenarios of global current account rebalancing, Board of Governors of the Federal Reserve System (U.S.) (2005) View citations (46) (2005)
   Working Paper Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing, National Bureau of Economic Research, Inc (2005) View citations (59) (2005)

2002

9. The Role of Large Players in Currency Crises
   A chapter in Preventing Currency Crises in Emerging Markets, 2002, pp 197-268 View citations (19)
   See also Working Paper The Role of Large Players in Currency Crises, National Bureau of Economic Research, Inc (2001) View citations (31) (2001)

2001

10. Fundamental Determinants of the Asian Crisis: The Role of Financial Fragility and External Imbalances
    A chapter in Regional and Global Capital Flows: Macroeconomic Causes and Consequences, 2001, pp 11-41 View citations (16)