NBER Working Papers by Ricardo J. Caballero

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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
January 2010The "Other" Imbalance and the Financial Crisis
November 2009Fire Sales in a Model of Complexity
with Alp Simsek: w15479
May 2009Complexity and Financial Panics
with Alp Simsek: w14997
January 2009Global Imbalances and Financial Fragility
with Arvind Krishnamurthy: w14688
December 2008Financial Crash, Commodity Prices and Global Imbalances
with Emmanuel Farhi, Pierre-Olivier Gourinchas: w14521
October 2008Future Rent-Seeking and Current Public Savings
with Pierre Yared: w14417
February 2008Inflating the Beast: Political Incentives Under Uncertainty
with Pierre Yared: w13779
July 2007Trade and Capital Flows: A Financial Frictions Perspective
with Pol AntrĂ s: w13241
May 2007Persistent Appreciations and Overshooting: A Normative Analysis
with Guido Lorenzoni: w13077
March 2007Price Stickiness in Ss Models: New Interpretations of Old Results
with Eduardo M.R.A. Engel: w12945
February 2007Collective Risk Management in a Flight to Quality Episode
with Arvind Krishnamurthy: w12896
December 2006On the Macroeconomics of Asset Shortages
June 2006Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model
with Ruediger Bachmann, Eduardo M.R.A. Engel: w12336
April 2006Zombie Lending and Depressed Restructuring in Japan
with Takeo Hoshi, Anil K. Kashyap: w12129
Flight to Quality and Collective Risk Management
with Arvind Krishnamurthy: w12136
February 2006An Equilibrium Model of "Global Imbalances" and Low Interest Rates
with Emmanuel Farhi, Pierre-Olivier Gourinchas: w11996
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
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
Effective Labor Regulation and Microeconomic Flexibility
with Ricardo J. Caballero, Kevin N. Cowan, Eduardo M.R.A. Engel, Alejandro Micco: w10744
May 2004Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
with Arvind Krishnamurthy: w10517
Speculative Growth: Hints from the US Economy
with Emmanuel Farhi, Mohamad L. Hammour: w10518
Fear of Sudden Stops: Lessons from Australia and Chile
with Kevin Cowan, Jonathan Kearns: w10519
Fiscal Policy and Financial Depth
with Arvind Krishnamurthy: w10532
March 2004Microeconomic Flexibility in Latin America
with Eduardo Engel, Alejandro Micco: w10398
Three Strikes and You're Out: Reply to Cooper and Willis
with Eduardo M.R.A. Engel: w10368
August 2003Adjustment is Much Slower than You Think
with Eduardo Engel: w9898
June 2003Hedging Sudden Stops and Precautionary Contractions
with Stavros Panageas: w9778
April 2003Inflation Targeting and Sudden Stops
with Arvind Krishnamurthy: w9599
March 2003On the International Financial Architecture: Insuring Emerging Markets
December 2002Speculative Growth
with Mohamad L. Hammour: w9381
January 2002A Dual Liquidity Model for Emerging Markets
with Arvind Krishnamurthy: w8758
August 2001Smoothing Sudden Stops
with Arvind Krishnamurthy: w8427
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
August 2000Creative Destruction and Development: Institutions, Crises, and Restructuring
with Mohamad L. Hammour: w7849
July 2000Macroeconomic Volatility in Latin America: A View and Three Case Studies
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
September 1999The Cost of Recessions Revisited: A Reverse-Liquidationist View
with Mohamad L. Hammour: w7355
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
October 1997Jobless Growth: Appropriability, Factor Substitution, and Unemployment
with Mohamad L. Hammour: w6221
September 1996The Macroeconomics of Specificity
with Mohamad L. Hammour: w5757
March 1996Fixed Costs: The Demise of Marginal q
with John V. Leahy: w5508
February 1996The "Fundamental Transformation" in Macroeconomics
with Mohamad L. Hammour: w5471
July 1995On the Ills of Adjustment
with Mohamad L. Hammour: w5198
February 1995Aggregate Employment Dynamics: Building From Microeconomic Evidence
with Eduardo M.R.A. Engel, John Haltiwanger: w5042
October 1994Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach
with Eduardo M.R.A. Engel: w4887
June 1994On the Timing and Efficiency of Creative Destruction
with Mohamad L. Hammour: w4768
September 1993Cross Sectional Efficiency and Labor Hoarding in an Matching Model of Unemployment
with Giuseppe Bertola: w4472
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
September 1992Uncertainty, Investment, and Industry Evolution
with Robert S. Pindyck: w4160
Microeconomic Rigidities and Aggregate Price Dynamics
with Eduardo M.R.A. Engel: w4162
June 1992Microeconomic Adjustment Hazards and Aggregate Dynamics
with Eduardo M.R.A. Engel: w4090
Price Rigidities, Asymmetries, and Output Fluctuations
with Eduardo M.R.A. Engel: w4091
March 1992Near-Rationality, Heterogeneity and Aggregate Consumption
December 1991The Cleansing Effect of Recessions
with Mohamad L. Hammour: w3922
October 1991Irreversibility and Aggregate Investment
with Giuseppe Bertola: w3865
August 1991Short and Long Run Externalities
with Eric J. Bartelsman, Richard K. Lyons: w3810
June 1991Heterogeneity and Output Fluctuations in a Dynamic Menu-Cost Economy
with Eduardo M.R.A. Engel: w3729
Dynamic (S,s) Economies
with Eduardo M.R.A. Engel: w3734
A Fallacy of Composition
Durable Goods: An Explanation for Their Slow Adjustment
July 1989The Role of External Economies in U.S. Manufacturing
with Richard K. Lyons: w3033

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