The Role of Automatic Stabilizers in the U.S. Business Cycle

Alisdair McKay, Ricardo Reis

NBER Working Paper No. 19000
Issued in April 2013

---- Acknowledgments ----

We are grateful to Alan Auerbach, Susanto Basu, Mark Bils, Yuriy Gorodnichenko, Narayana Kocherlakota, Karen Kopecky, Toshihiko Mukoyama, and seminar participants at Arizona State University, Berkeley, Board of Governors, Duke, Econometric Society Summer meetings, European Economic Association Annual Meeting, FRB Boston, FRB Minneapolis, Green Line Macro Meeting, HEC montreal, the Hydra Workshop on Dynamics Macroeconomics, Indiana University, LAEF - UC Santa Barbara, NBER EFG meeting, Nordic Symposium on Macroeconomics, Royal Economic Society Annual Meetings, Russell Sage Foundation, Sciences Po, the Society for Economic Dynamics annual meeting, Stanford, and Yale for useful comments. Reis is grateful to the Russell Sage Foundation's visiting scholar program for its financial support and hospitality. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Ricardo Reis ----

February 2013

Ricardo A. M. R. Reis

Outside Professional Activities, 2010-2013

Columbia University, CEPR, and NBER[*]

Compensated Activities

Teaching and lecturing

Study Center, Gerzensee, Switzerland: lecturer, 2011.

Cowles Foundation, Yale University: visitor and lecturer, 2011.

Banco Central do Brasil: lecturer, 2011.

International Monetary Fund Institute: lecturer, 2010-12.

Editorial work

Journal of Monetary Economics: co-editor, 2010-13.

Advisory panels and visiting positions

Brookings Papers on Economic Activity: panel member, 2010-13

Federal Reserve Bank of New York: academic consultant and visiting scholar, 2011-13.

Federal Reserve Bank of Minneapolis: academic consultant, 2013.

Federal Reserve Bank of Richmond: academic consultant, 2013

Russell Sage Foundation: visiting scholar, 2011-12.

Compensated or supported research and writing

Opinion columns published in Portuguese newspapers (Expresso, i, Dinheiro Vivo, Visão História), 2010-13.

Articles published in the Brookings Papers on Economic Activity, 2012-13.

Non-compensated activities

Member of the euro-nomics group advocating for original solutions to the European crisis.

Member of SEDES blog, and of the advisory council of “Plataforma para o Crescimento Sustentável”, independent reflection groups / think tanks on the state and future of Portugal.

Member of ISEG Budget Watch, panel of independent experts evaluating the Portuguese government budget proposals.

Member of the Monetary Policy Advisory Panel, FRB New York.

[*] This document follows the NBER guidelines at

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