NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Working Papers by Ricardo J. Caballero

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

Working Papers

February 2014The Safety Trap
with Emmanuel Farhi: w19927
January 2013A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy
with Emmanuel Farhi: w18737
December 2012Carry Trade and Systemic Risk: Why are FX Options so Cheap?
with Joseph B. Doyle: w18644
October 2010Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome
w16429

Published: Ricardo J. Caballero, 2010. "Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 85-102, Fall. citation courtesy of

January 2010The "Other" Imbalance and the Financial Crisis
w15636
November 2009Fire Sales in a Model of Complexity
with Alp Simsek: w15479

Published: “Fire Sales in a Model of Complexity,” The Journal of Finance (68): 2549-2587, December 2013 (with Alp Simsek). citation courtesy of

May 2009Complexity and Financial Panics
with Alp Simsek: w14997
January 2009Global Imbalances and Financial Fragility
with Arvind Krishnamurthy: w14688

Published: Ricardo J. Caballero & Arvind Krishnamurthy, 2009. "Global Imbalances and Financial Fragility," American Economic Review, American Economic Association, vol. 99(2), pages 584-88, May. citation courtesy of

December 2008Financial Crash, Commodity Prices and Global Imbalances
with Emmanuel Farhi, Pierre-Olivier Gourinchas: w14521

Published: Financial Crash, Commodity Prices, and Global Imbalances Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas Brookings Papers on Economic Activity , Vol. 2008, (Fall, 2008) , pp. 1-55

October 2008Future Rent-Seeking and Current Public Savings
with Pierre Yared: w14417

Published: Caballero, Ricardo J. & Yared, Pierre, 2010. "Future rent-seeking and current public savings," Journal of International Economics, Elsevier, vol. 82(2), pages 124-136, November. citation courtesy of

February 2008Inflating the Beast: Political Incentives Under Uncertainty
with Pierre Yared: w13779
July 2007Trade and Capital Flows: A Financial Frictions Perspective
with Pol Antràs: w13241

Published: Pol Antràs & Ricardo J. Caballero, 2009. "Trade and Capital Flows: A Financial Frictions Perspective," Journal of Political Economy, University of Chicago Press, vol. 117(4), pages 701-744, 08. citation courtesy of

May 2007Persistent Appreciations and Overshooting: A Normative Analysis
with Guido Lorenzoni: w13077

Published: Ricardo J Caballero & Guido Lorenzoni, 2014. "Persistent Appreciations and Overshooting: A Normative Analysis," IMF Economic Review, Palgrave Macmillan, vol. 62(1), pages 1-47, April. citation courtesy of

March 2007Price Stickiness in Ss Models: New Interpretations of Old Results
with Eduardo M.R.A. Engel: w12945

Published: Caballero, Ricardo J. & Engel, Eduardo M.R.A., 2007. "Price stickiness in Ss models: New interpretations of old results," Journal of Monetary Economics, Elsevier, vol. 54(Supplemen), pages 100-121, September. citation courtesy of

February 2007Collective Risk Management in a Flight to Quality Episode
with Arvind Krishnamurthy: w12896

Published: Ricardo J. Caballero & Arvind Krishnamurthy, 2008. "Collective Risk Management in a Flight to Quality Episode," Journal of Finance, American Finance Association, vol. 63(5), pages 2195-2230, October. citation courtesy of

December 2006On the Macroeconomics of Asset Shortages
w12753
June 2006Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model
with Ruediger Bachmann, Eduardo M.R.A. Engel: w12336

Published: R?diger Bachmann & Ricardo J. Caballero & Eduardo M. R. A. Engel, 2013. "Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 29-67, October. citation courtesy of

April 2006Zombie Lending and Depressed Restructuring in Japan
with Takeo Hoshi, Anil K. Kashyap: w12129

Published: Ricardo J. Caballero & Takeo Hoshi & Anil K. Kashyap, 2008. "Zombie Lending and Depressed Restructuring in Japan," American Economic Review, American Economic Association, vol. 98(5), pages 1943-77, December. citation courtesy of

Flight to Quality and Collective Risk Management
with Arvind Krishnamurthy: w12136

Published: Ricardo J. Caballero & Arvind Krishnamurthy, 2008. "Collective Risk Management in a Flight to Quality Episode," Journal of Finance, American Finance Association, vol. 63(5), pages 2195-2230, October.

February 2006An Equilibrium Model of "Global Imbalances" and Low Interest Rates
with Emmanuel Farhi, Pierre-Olivier Gourinchas: w11996

Published: Caballero, Ricardo, Emmanuel Farhi and Pierre-Olivier Gourinchas. “An Equilibrium Model of Global Imbalances and Low Interest Rates." American Economic Review 98, 1 (March 2008). citation courtesy of

December 2005Financial System Risk and Flight to Quality
with Arvind Krishnamurthy: w11834
September 2005Bubbles and Capital Flow Volatility: Causes and Risk Management
with Arvind Krishnamurthy: w11618

Published: Caballero, Ricardo J. and Arvind Krishnamurthy. "Bubbles And Capital Flow Volatility: Causes And Risk Management," Journal of Monetary Economics, 2006, v53(1,Jan), 35-53. citation courtesy of

May 2005A Quantitative Model of Sudden Stops and External Liquidity Management
with Stavros Panageas: w11293
September 2004Contingent Reserves Management: An Applied Framework
with Stavros Panageas: w10786

Published:

  • Ricardo J. Caballero G. & Stavros Panageas, 2005. "Contingent Reserves Management: an Applied Framework," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 8(2), pages 45-56, August. citation courtesy of
  • Caballero, Ricardo, and Stavros Panageas. 2006."Contingent Reserves Management: An Applied Framework." In "External Vulnerability and Preventive Policies," edition 1, volume 10, edited by Ricardo Caballero, César Calderón, Luis Felipe Céspedes, and Norman Loayza (Series Editor), Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile, chapter 12, pages 399-420

Effective Labor Regulation and Microeconomic Flexibility
with Ricardo J. Caballero, Kevin N. Cowan, Eduardo M.R.A. Engel, Alejandro Micco: w10744

Published: Caballero, Ricardo J. & Cowan, Kevin N. & Engel, Eduardo M.R.A. & Micco, Alejandro, 2013. "Effective labor regulation and microeconomic flexibility," Journal of Development Economics, Elsevier, vol. 101(C), pages 92-104. citation courtesy of

May 2004Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
with Arvind Krishnamurthy: w10517

Published: Ricardo Caballero & Arvind Krishnamurthy, 2005. "Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective," International Journal of Central Banking, International Journal of Central Banking, vol. 1(1), May. citation courtesy of

Speculative Growth: Hints from the US Economy
with Emmanuel Farhi, Mohamad L. Hammour: w10518

Published: Caballero, Ricardo J., Emmanuel Farhi and Mohamad L. Hammour. "Speculative Growth: Hints From The U.S. Economy," American Economic Review, 2006, v96(4,Sep), 1159-1192. citation courtesy of

Fear of Sudden Stops: Lessons from Australia and Chile
with Kevin Cowan, Jonathan Kearns: w10519

Published: Ricardo Caballero & Kevin Cowan & Jonathan Kearns, 2005. "Fear of Sudden Stops: Lessons From Australia and Chile," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 8(4), pages 313-354. citation courtesy of

Fiscal Policy and Financial Depth
with Arvind Krishnamurthy: w10532
March 2004Microeconomic Flexibility in Latin America
with Eduardo Engel, Alejandro Micco: w10398

Published:

  • Caballero G., Ricardo, Eduardo Engel G., and Alejandro Micco A., 2004. "Microeconomic Flexibility in Latin America," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 7(2), pages 5-26, August citation courtesy of
  • Caballero, Ricardo, Eduardo Engel, and Alejandro Micco, 2005. "Microeconomic Flexibility in Latin America." In Labor Markets and Institutions, edition 1, volume 8, Central Banking, Analysis, and Economic Policies Book Series, Jorge Restrepo, Andrea Tokman R., Norman Loayza (Series Editor), and Klaus Schmidt-Hebbel, chapter 10, pages 329-366, Central Bank of Chile.

Three Strikes and You're Out: Reply to Cooper and Willis
with Eduardo M.R.A. Engel: w10368

Published: Caballero, Ricardo and Eduardo Engel. “Three Strikes and You’re Out: Reply to Cooper and Willis.” American Economic Review 94, 4 (September 2004): 1238–1244.

August 2003Adjustment is Much Slower than You Think
with Eduardo Engel: w9898
June 2003Hedging Sudden Stops and Precautionary Contractions
with Stavros Panageas: w9778

Published: Caballero, Ricardo J. & Panageas, Stavros, 2008. "Hedging sudden stops and precautionary contractions," Journal of Development Economics, Elsevier, vol. 85(1-2), pages 28-57, February. citation courtesy of

April 2003Inflation Targeting and Sudden Stops
with Arvind Krishnamurthy: w9599

Published: Inflation Targeting and Sudden Stops, Ricardo J. Caballero, Arvind Krishnamurthy. in The Inflation-Targeting Debate, Bernanke and Woodford. 2005

March 2003On the International Financial Architecture: Insuring Emerging Markets
w9570

Published: Caballero, Ricardo J. “On the International Financial Architecture: Insuring Emerging Markets," Journal of Financial Transformation, (The Capco Institute), 7: 8-12, March 2003 citation courtesy of

December 2002Speculative Growth
with Mohamad L. Hammour: w9381

Published: Caballero, Ricardo J., E. Farhi and M. Hammour. “Speculative Growth: Hints from the US Economy." American Economic Review 96, 4 (September 2006): 1159-1192.

January 2002A Dual Liquidity Model for Emerging Markets
with Arvind Krishnamurthy: w8758

Published: Ricardo J. Caballero & Arvind Krishnamurthy, 2002. "A Dual Liquidity Model for Emerging Markets," American Economic Review, American Economic Association, vol. 92(2), pages 33-37, May. citation courtesy of

August 2001Smoothing Sudden Stops
with Arvind Krishnamurthy: w8427

Published: Caballero, Ricardo J. and Arvind Krishnamurthy. "Smoothing Sudden Stops," Journal of Economic Theory, 2004, v119(1,Nov), 104-127. citation courtesy of

A "Vertical" Analysis of Crises and Intervention: Fear of Floating and Ex-ante Problems
with Arvind Krishnamurthy: w8428
February 2001International Liquidity Illusion: On the Risks of Sterilization
with Arvind Krishnamurthy: w8141
October 2000International and Domestic Collateral Constraints in a Model of Emerging Market Crises
with Arvind Krishnamurthy: w7971

Published: Caballero, Ricardo J. and Arvind Krishnamurthy. "International And Domestic Collateral Constraints In A Model Of Emerging Market Crises," Journal of Monetary Economics, 2001, v48(3,Dec), 513-548. citation courtesy of

August 2000Creative Destruction and Development: Institutions, Crises, and Restructuring
with Mohamad L. Hammour: w7849

Published: Annual World Bank Conference on Development Economics 2000.

July 2000Macroeconomic Volatility in Latin America: A View and Three Case Studies
w7782

Published: Ricardo J.Caballero, 2001. "Macroeconomic volatility in Latin America: a view and three case studies," Estudios de Economia, University of Chile, Department of Economics, vol. 28(1 Year 20), pages 5-52, June. citation courtesy of

Dollarization of Liabilities: Underinsurance and Domestic Financial Underdevelopment
with Arvind Krishnamurthy: w7792
June 2000International Liquidity Management: Sterilization Policy in Illiquid Financial Markets
with Arvind Krishnamurthy: w7740
May 2000Institutions, Restructuring, and Macroeconomic Performance
with Mohamad L. Hammour: w7720

Published: Dreze, Jacques (ed.) Macroeconomic Theory. Palgrave, NY: 2001.

September 1999The Cost of Recessions Revisited: A Reverse-Liquidationist View
with Mohamad L. Hammour: w7355

Published: Caballero, Ricardo J. and Mohamad L. Hammour. "The Cost Of Recessions Revisited: A Reverse-Liquidationist View," Review of Economic Studies, 2005, v72(251,Apr), 313-341. citation courtesy of

December 1998Emerging Market Crises: An Asset Markets Perspective
with Arvind Krishnamurthy: w6843
September 1998Improper Churn: Social Costs and Macroeconomic Consequences
with Mohamad L. Hammour: w6717
February 1998Nonlinear Aggregate Investment Dynamics: Theory and Evidence
with Eduardo M.R.A. Engel: w6420
November 1997Aggregate Investment
w6264

Published: Handbook of Macroeconomics, Taylor, J.B. and M. Woodford, eds., North Holland, 1999.

October 1997Jobless Growth: Appropriability, Factor Substitution, and Unemployment
with Mohamad L. Hammour: w6221

Published: Carnegie-Rochester Conference Series on Public Policy, Vol. 48 (June 1998): 51-94. citation courtesy of

September 1996The Macroeconomics of Specificity
with Mohamad L. Hammour: w5757

Published: Journal of Political Economy, Vol. 106, no. 4 (August 1998): 724-767. citation courtesy of

March 1996Fixed Costs: The Demise of Marginal q
with John V. Leahy: w5508
February 1996The "Fundamental Transformation" in Macroeconomics
with Mohamad L. Hammour: w5471

Published: American Economic Review, papers and proceedings, 86(2) may 1996 citation courtesy of

July 1995On the Ills of Adjustment
with Mohamad L. Hammour: w5198

Published: Journal of Development Economics, vol. 51, no. 1, October 1996 pp. 161 citation courtesy of

February 1995Aggregate Employment Dynamics: Building From Microeconomic Evidence
with Eduardo M.R.A. Engel, John Haltiwanger: w5042

Published: American Economic Review, Vol. 87, no. 1 (March 1997): 115-137 citation courtesy of

October 1994Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach
with Eduardo M.R.A. Engel: w4887

Published: Econometrica, Vol. 67, no.4 (July 1999): 783-826. citation courtesy of

June 1994On the Timing and Efficiency of Creative Destruction
with Mohamad L. Hammour: w4768

Published: Quarterly Journal of Economics, Vol. 446, no. 3 (August 1996): 805-852. citation courtesy of

September 1993Cross Sectional Efficiency and Labor Hoarding in an Matching Model of Unemployment
with Giuseppe Bertola: w4472

Published: Review of Economic Studies, vol 61, no 3, pp 435-456, July 1994 citation courtesy of

May 1993How High are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth
with Adam B. Jaffe: w4370

Published: How High are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth, Ricardo J. Caballero, Adam B. Jaffe. in NBER Macroeconomics Annual 1993, Volume 8, Blanchard and Fischer. 1993

September 1992Uncertainty, Investment, and Industry Evolution
with Robert S. Pindyck: w4160

Published: International Economic Review, August 1996, vol. 37, no. 3, pp. 641-662. citation courtesy of

Microeconomic Rigidities and Aggregate Price Dynamics
with Eduardo M.R.A. Engel: w4162

Published: European Economic Review, 37 (4), 1993, 697-711. citation courtesy of

June 1992Microeconomic Adjustment Hazards and Aggregate Dynamics
with Eduardo M.R.A. Engel: w4090

Published: Quarterly Journal of Economics, 108 (2), May 1993, 359-383. citation courtesy of

Price Rigidities, Asymmetries, and Output Fluctuations
with Eduardo M.R.A. Engel: w4091

Published: Published as "Heterogeneity and Output Fluctuations in a Dynamic Menu-Cost Economy", Review of Economic Studies, Vol. 60, no. 202 (1993): 95-119.

March 1992Near-Rationality, Heterogeneity and Aggregate Consumption
w4035

Published: Journal of Money, Credit and Banking, February 1995 citation courtesy of

December 1991The Cleansing Effect of Recessions
with Mohamad L. Hammour: w3922

Published: American Economic Review, Volume 84, No. 5, (December 1994), pp. 1350-1368 citation courtesy of

October 1991Irreversibility and Aggregate Investment
with Giuseppe Bertola: w3865

Published: Review of Economic Studies, vol 61, no 2, pp 223-246, April 1994 citation courtesy of

August 1991Short and Long Run Externalities
with Eric J. Bartelsman, Richard K. Lyons: w3810

Published: "Customer and Supplier Driven Externalities" American Economic Review, Sept 1994, vol 84, No 4, pp 1075-1084

June 1991Heterogeneity and Output Fluctuations in a Dynamic Menu-Cost Economy
with Eduardo M.R.A. Engel: w3729

Published: Review of Economic Studies, 60(1), January 1993, p. 95-120 citation courtesy of

Dynamic (S,s) Economies
with Eduardo M.R.A. Engel: w3734

Published: Econometrica, November 1991,pp. 1659-1686 citation courtesy of

A Fallacy of Composition
w3735

Published: American Economic Review, December 1992 citation courtesy of

Durable Goods: An Explanation for Their Slow Adjustment
w3748

Published: Journal of Political Economy, April 1993 citation courtesy of

July 1989The Role of External Economies in U.S. Manufacturing
with Richard K. Lyons: w3033

Published: "External Effects in U.S. Procyclical Productivity", Journal of Monetary Economics, May 1992, Vol. 24, pp.209-225

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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