Details about Pedro Teles

Access statistics for papers by Pedro Teles.

Last updated 2025-04-06. Update your information in the RePEc Author Service.

Short-id: pte24

Working Papers

2024

1. Behavioral Sticky Prices
   NBER Working Papers, National Bureau of Economic Research, Inc
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2024)
2. Self-Fulfilling Debt Crises with Long Stagnations
   Staff Report, Federal Reserve Bank of Minneapolis View citations (2)
   Also in Working Papers, Federal Reserve Bank of Minneapolis (2019) View citations (4)
   International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2023)
   IDB Publications (Working Papers), Inter-American Development Bank (2023)
3. The Monetary Financing of a Large Fiscal Shock
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   See also Journal Article The monetary financing of a large fiscal shock, Journal of Monetary Economics, Elsevier (2024) View citations (2) (2024)

2023

4. Foreign Residents and the Future of Global Cities
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2023)
5. Regulating Artificial Intelligence
   Working Papers, Banco de Portugal, Economics and Research Department
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2023)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2023)
6. Remote Work, Foreign Residents, and the Future of Global Cities
   Working Papers, Banco de Portugal, Economics and Research Department
7. Taxes and Migration Flows: Preferential Tax Schemes for High-Skill Immigrants
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Working Papers, Banco de Portugal, Economics and Research Department (2023)

2022

8. Appendix for: Optimal Cooperative Taxation in the Global Economy
   Staff Report, Federal Reserve Bank of Minneapolis
9. Optimal Cooperative Taxation in the Global Economy
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Working Papers, Banco de Portugal, Economics and Research Department (2022)
   Staff Report, Federal Reserve Bank of Minneapolis (2019) View citations (2)
   See also Journal Article Optimal Cooperative Taxation in the Global Economy, Journal of Political Economy, University of Chicago Press (2023) View citations (4) (2023)

2019

10. The Neutrality of Nominal Rates: How Long is the Long Run?
    Working Papers, Banco de Portugal, Economics and Research Department View citations (1)
    See also Journal Article THE NEUTRALITY OF NOMINAL RATES: HOW LONG IS THE LONG RUN?, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2022) View citations (7) (2022)
11. What is the Optimal Immigration Policy? Migration, Jobs and Welfare
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2019) View citations (8)
    See also Journal Article What is the optimal immigration policy? Migration, jobs, and welfare, Journal of Monetary Economics, Elsevier (2020) View citations (7) (2020)

2018

12. Credit Subsidies
    Working Papers, Banco de Portugal, Economics and Research Department
    Also in Working Paper Series, European Central Bank (2016)
    See also Journal Article Credit subsidies, Journal of Monetary Economics, Elsevier (2021) (2021)
13. Optimal Capital Taxation Revisited
    Staff Report, Federal Reserve Bank of Minneapolis View citations (1)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2018) View citations (1)
    See also Journal Article Optimal capital taxation revisited, Journal of Monetary Economics, Elsevier (2020) View citations (15) (2020)
14. Ramsey Taxation in the Global Economy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2017)
15. Ramsey Taxation in the Open Economy
    2018 Meeting Papers, Society for Economic Dynamics
16. Should Robots be Taxed?
    2018 Meeting Papers, Society for Economic Dynamics View citations (4)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017) View citations (53)
    NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (55)
    See also Journal Article Should Robots Be Taxed?, The Review of Economic Studies, Review of Economic Studies Ltd (2022) View citations (27) (2022)
17. Sovereign Default: The Role of Expectations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (60)
    Also in 2015 Meeting Papers, Society for Economic Dynamics (2015) View citations (27)
    Working Papers, Federal Reserve Bank of Minneapolis (2015) View citations (30)
    See also Journal Article Sovereign default: The role of expectations, Journal of Economic Theory, Elsevier (2018) View citations (29) (2018)

2016

18. More on the Optimal Taxation of Capital
    2016 Meeting Papers, Society for Economic Dynamics View citations (16)

2015

19. Nominal Debt as a Burden on Monetary Policy
    Working Papers, Barcelona School of Economics View citations (6)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2007) View citations (1)
    Working Papers, Banco de Portugal, Economics and Research Department (2006) View citations (3)
    Economics Working Papers, European University Institute (2007) View citations (1)
    Working Paper Series, Federal Reserve Bank of Chicago (2004) View citations (13)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (1)
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2006) View citations (14)
    Econometric Society World Congress 2000 Contributed Papers, Econometric Society (2000) View citations (8)
    See also Journal Article Nominal Debt as a Burden on Monetary Policy, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (2008) View citations (58) (2008)

2014

20. Credit Spreads and Credit Policies
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)

2013

21. Credit Spreads and the Zero Bound on Interest Rates
    2013 Meeting Papers, Society for Economic Dynamics
22. Is quantity theory still alive?
    Working Paper Series, European Central Bank View citations (11)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2010) View citations (19)
    NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (19)
    See also Journal Article Is Quantity Theory Still Alive?, Economic Journal, Royal Economic Society (2016) View citations (25) (2016)

2012

23. Money is an experience good: competition and trust in the private provision of money
    Staff Report, Federal Reserve Bank of Minneapolis View citations (19)
    Also in Working Papers, Banco de Portugal, Economics and Research Department (2011)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009)
    Working Papers, Banco de Portugal, Economics and Research Department (2009)
    Economics Working Papers, European University Institute (2011)
    See also Journal Article Money is an experience good: Competition and trust in the private provision of money, Journal of Monetary Economics, Elsevier (2012) View citations (19) (2012)
24. Short and Long Interest Rate Targets
    2012 Meeting Papers, Society for Economic Dynamics
    Also in Working Papers, Banco de Portugal, Economics and Research Department (2010) View citations (4)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2010) View citations (12)
    Working Papers, Federal Reserve Bank of Minneapolis (2010) View citations (2)
    See also Journal Article Short and long interest rate targets, Journal of Monetary Economics, Elsevier (2014) View citations (12) (2014)
25. Unconventional fiscal policy at the zero bound
    Working Papers, Federal Reserve Bank of Minneapolis View citations (3)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (15)
    Working Papers, Banco de Portugal, Economics and Research Department (2011) View citations (18)
    Working Paper, Harvard University OpenScholar
    NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (15)
    See also Journal Article Unconventional Fiscal Policy at the Zero Bound, American Economic Review, American Economic Association (2013) View citations (171) (2013)

2009

26. Monetary Policy and the Financing of Firms
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
    Also in Working Paper Series, European Central Bank (2009) View citations (2)
    2009 Meeting Papers, Society for Economic Dynamics (2009) View citations (2)
    Working Papers, Banco de Portugal, Economics and Research Department (2009) View citations (2)
    See also Journal Article Monetary Policy and the Financing of Firms, American Economic Journal: Macroeconomics, American Economic Association (2011) View citations (40) (2011)
27. Monetary Policy with State Contingent Interest Rates
    2009 Meeting Papers, Society for Economic Dynamics
    Also in Working Papers, Banco de Portugal, Economics and Research Department (2004) View citations (2)
    Working Paper Series, Federal Reserve Bank of Chicago (2004) View citations (3)
    2004 Meeting Papers, Society for Economic Dynamics (2004) View citations (3)
28. On the Assumptions of the Optimal Taxation Problem: Is Distortionary Taxation a Burden or a Blessing?
    2009 Meeting Papers, Society for Economic Dynamics View citations (1)

2008

29. Optimal fiscal and monetary policy: equivalence results
    Staff Report, Federal Reserve Bank of Minneapolis View citations (79)
    Also in Working Papers, Banco de Portugal, Economics and Research Department (2003) View citations (20)
    Working Paper Series, Federal Reserve Bank of Chicago (2002) View citations (38)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (15)
    See also Journal Article Optimal Fiscal and Monetary Policy: Equivalence Results, Journal of Political Economy, University of Chicago Press (2008) View citations (90) (2008)

2007

30. Monetary Policy with Single Instrument Feedback Rules
    2007 Meeting Papers, Society for Economic Dynamics
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2005) View citations (8)
    Working Papers, Banco de Portugal, Economics and Research Department (2004)
    Working Paper Series, Federal Reserve Bank of Chicago (2004)
31. On the Relevance of Exchange Rate Regimes for Stabilization Policy
    2007 Meeting Papers, Society for Economic Dynamics
    Also in Working Papers, Banco de Portugal, Economics and Research Department (2006) View citations (22)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2006) View citations (18)
    See also Journal Article On the relevance of exchange rate regimes for stabilization policy, Journal of Economic Theory, Elsevier (2009) View citations (43) (2009)

2005

32. Exchange Rate Regimes
    2005 Meeting Papers, Society for Economic Dynamics View citations (8)
33. Unique equilibrium with single monetary instrument rules
    Working Papers, Banco de Portugal, Economics and Research Department

2003

34. Inside-Outside Money Competition
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (22)
    Also in Working Paper Series, Federal Reserve Bank of Chicago (2003) View citations (17)
    Department of Economics Working Papers, Universidad Torcuato Di Tella (2001)
    See also Journal Article Inside-outside money competition, Journal of Monetary Economics, Elsevier (2003) View citations (20) (2003)
35. The Monetary Transmission Mechanism: Is it Relevant for Policy?
    Working Papers, Banco de Portugal, Economics and Research Department View citations (2)
    Also in Econometric Society World Congress 2000 Contributed Papers, Econometric Society (2000) View citations (5)
    See also Journal Article The Monetary Transmission Mechanism: Is It Relevant for Policy?, Journal of the European Economic Association, MIT Press (2004) View citations (8) (2004)

2002

36. The Optimal Mix of Taxes on Money, Consumption and Income
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (7)
    Also in Working Paper Series, European Central Bank (2002) View citations (3)
    Working Papers, Banco de Portugal, Economics and Research Department (1999) View citations (1)
    Working Paper Series, Federal Reserve Bank of Chicago (2002) View citations (4)
    See also Journal Article The optimal mix of taxes on money, consumption and income, Journal of Monetary Economics, Elsevier (2003) View citations (16) (2003)

2001

37. Gaps and Triangles
    Working Papers, Banco de Portugal, Economics and Research Department View citations (7)
    Also in Working Paper Series, Federal Reserve Bank of Chicago (2001) View citations (49)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2001) View citations (7)
    See also Journal Article Gaps and Triangles, The Review of Economic Studies, Review of Economic Studies Ltd (2003) View citations (75) (2003)

2000

38. Competition and Reputation
    Department of Economics Working Papers, Universidad Torcuato Di Tella View citations (3)
    Also in Economics Working Papers, European University Institute (1999) View citations (1)

1998

39. Electronic Money: Sustaining Low Inflation
    Economics Working Papers, European University Institute

1997

40. Electronic money: the end of inflation?
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis View citations (4)
41. The optimal inflation tax
    Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis View citations (10)
    See also Journal Article The Optimal Inflation Tax, Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics (1999) View citations (56) (1999)

1996

42. Is the Friedman Rule Optimal When Money is an Intermediate Good?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (98)
    See also Journal Article Is the Friedman rule optimal when money is an intermediate good?, Journal of Monetary Economics, Elsevier (1996) View citations (97) (1996)

Journal Articles

2024

1. The monetary financing of a large fiscal shock
   Journal of Monetary Economics, 2024, 147, (S) View citations (2)
   See also Working Paper The Monetary Financing of a Large Fiscal Shock, CEPR Discussion Papers (2024) (2024)

2023

2. Optimal Cooperative Taxation in the Global Economy
   Journal of Political Economy, 2023, 131, (1), 95 - 130 View citations (4)
   See also Working Paper Optimal Cooperative Taxation in the Global Economy, CEPR Discussion Papers (2022) (2022)

2022

3. Should Robots Be Taxed?
   The Review of Economic Studies, 2022, 89, (1), 279-311 View citations (27)
   See also Working Paper Should Robots be Taxed?, 2018 Meeting Papers (2018) View citations (4) (2018)
4. THE NEUTRALITY OF NOMINAL RATES: HOW LONG IS THE LONG RUN?
   International Economic Review, 2022, 63, (4), 1745-1777 View citations (7)
   See also Working Paper The Neutrality of Nominal Rates: How Long is the Long Run?, Working Papers (2019) View citations (1) (2019)

2021

5. Credit subsidies
   Journal of Monetary Economics, 2021, 118, (C), 2-14
   See also Working Paper Credit Subsidies, Working Papers (2018) (2018)

2020

6. Optimal capital taxation revisited
   Journal of Monetary Economics, 2020, 116, (C), 147-165 View citations (15)
   See also Working Paper Optimal Capital Taxation Revisited, Staff Report (2018) View citations (1) (2018)
7. What is the optimal immigration policy? Migration, jobs, and welfare
   Journal of Monetary Economics, 2020, 113, (C), 61-87 View citations (7)
   See also Working Paper What is the Optimal Immigration Policy? Migration, Jobs and Welfare, NBER Working Papers (2019) View citations (8) (2019)

2018

8. Comments on monitoring money for price stability, by C. Hevia and J. P. Nicolini
   Journal of Economic Dynamics and Control, 2018, 89, (C), 64-67
9. Sovereign default: The role of expectations
   Journal of Economic Theory, 2018, 175, (C), 803-812 View citations (29)
   See also Working Paper Sovereign Default: The Role of Expectations, CEPR Discussion Papers (2018) View citations (60) (2018)

2016

10. Is Quantity Theory Still Alive?
    Economic Journal, 2016, 126, (591), 442-464 View citations (25)
    See also Working Paper Is quantity theory still alive?, Working Paper Series (2013) View citations (11) (2013)

2014

11. Short and long interest rate targets
    Journal of Monetary Economics, 2014, 66, (C), 95-107 View citations (12)
    See also Working Paper Short and Long Interest Rate Targets, 2012 Meeting Papers (2012) (2012)

2013

12. Unconventional Fiscal Policy at the Zero Bound
    American Economic Review, 2013, 103, (4), 1172-1211 View citations (171)
    See also Working Paper Unconventional fiscal policy at the zero bound, Working Papers (2012) View citations (3) (2012)

2012

13. Money is an experience good: Competition and trust in the private provision of money
    Journal of Monetary Economics, 2012, 59, (8), 815-825 View citations (19)
    See also Working Paper Money is an experience good: competition and trust in the private provision of money, Staff Report (2012) View citations (19) (2012)

2011

14. Monetary Policy and the Financing of Firms
    American Economic Journal: Macroeconomics, 2011, 3, (4), 112-42 View citations (40)
    See also Working Paper Monetary Policy and the Financing of Firms, CEPR Discussion Papers (2009) View citations (2) (2009)
15. Unique Monetary Equilibria with Interest Rate Rules
    Review of Economic Dynamics, 2011, 14, (3), 432-442 View citations (37)

2010

16. Wage and Price Rigidity in a Monetary Union
    Open Economies Review, 2010, 21, (1), 109-126 View citations (1)

2009

17. On the relevance of exchange rate regimes for stabilization policy
    Journal of Economic Theory, 2009, 144, (4), 1468-1488 View citations (43)
    See also Working Paper On the Relevance of Exchange Rate Regimes for Stabilization Policy, 2007 Meeting Papers (2007) (2007)

2008

18. Nominal Debt as a Burden on Monetary Policy
    Review of Economic Dynamics, 2008, 11, (3), 493-514 View citations (58)
    See also Working Paper Nominal Debt as a Burden on Monetary Policy, Working Papers (2015) View citations (6) (2015)
19. Optimal Fiscal and Monetary Policy: Equivalence Results
    Journal of Political Economy, 2008, 116, (1), 141-170 View citations (90)
    See also Working Paper Optimal fiscal and monetary policy: equivalence results, Staff Report (2008) View citations (79) (2008)

2005

20. A stable money demand: Looking for the right monetary aggregate
    Economic Perspectives, 2005, 29, (Q I), 50-63 View citations (68)

2004

21. The Monetary Transmission Mechanism: Is It Relevant for Policy?
    Journal of the European Economic Association, 2004, 2, (2-3), 310-319 View citations (8)
    See also Working Paper The Monetary Transmission Mechanism: Is it Relevant for Policy?, Working Papers (2003) View citations (2) (2003)

2003

22. Gaps and Triangles
    The Review of Economic Studies, 2003, 70, (4), 699-713 View citations (75)
    See also Working Paper Gaps and Triangles, Working Papers (2001) View citations (7) (2001)
23. Inside-outside money competition
    Journal of Monetary Economics, 2003, 50, (8), 1701-1718 View citations (20)
    See also Working Paper Inside-Outside Money Competition, CEPR Discussion Papers (2003) View citations (22) (2003)
24. The optimal mix of taxes on money, consumption and income
    Journal of Monetary Economics, 2003, 50, (4), 871-887 View citations (16)
    See also Working Paper The Optimal Mix of Taxes on Money, Consumption and Income, CEPR Discussion Papers (2002) View citations (7) (2002)
25. The optimal price of money
    Economic Perspectives, 2003, 27, (Q II), 29-39 View citations (12)

1999

26. The Optimal Inflation Tax
    Review of Economic Dynamics, 1999, 2, (2), 325-346 View citations (56)
    See also Working Paper The optimal inflation tax, Discussion Paper / Institute for Empirical Macroeconomics (1997) View citations (10) (1997)

1996

27. Is the Friedman rule optimal when money is an intermediate good?
    Journal of Monetary Economics, 1996, 38, (2), 223-244 View citations (97)
    See also Working Paper Is the Friedman Rule Optimal When Money is an Intermediate Good?, CEPR Discussion Papers (1996) View citations (98) (1996)