Macroeconomics and Economic Policy

Monetary Policy and Inflation. Our research studies a broad range of issues related to the short-run fluctuations of the main economic aggregates such as GDP, inflation, nominal interest rates, fiscal deficits, employment and unemployment. We pay special attention to the analysis of (i) the dynamic comovement displayed by macroeconomic variables, (ii) real-time data issues related to economic modeling, estimation and evaluation of dynamic stochastic general equilibrium models, and (iii) monetary policy asymmetries associated with different phases (expansions and recessions) of the business cycle.

Researchers: Pablo Aguilar, Steven Cassou , Jesús Vázquez and Juan Miguel Londoño

Recent Papers related to this line of research:

Casares, M. and J. Vázquez (2017) "The Swings of U.S. Inflation and the Gibson Paradox", Economic Inquiry, forthcoming.

Cassou S., H. Shadmani and J. Vázquez (2017) "Fiscal Policy Asymmetries and the Sustainability of US Government Debt Revisited", Empirical Economics, forthcoming, DOI: http://dx.doi.org/10.1007/s0018101611594.

Casares, M. and J. Vázquez (2016) "Data Revisions in Estimated DSGE Models", Macroeconomics Dynamics 20, 1683-1716.

Casares, M., A. Moreno, and J. Vázquez (2014) "An Estimated New Keynesian Model with Unemployment as Excess Supply", Journal of Macroeconomics 40, 338-359.

Cassou, S.P., H. Shadmani, and J. Vázquez (2014) "Did asymmetric monetary preferences for the output gap disappear during recent economic times?", Applied Economics Letters 21, 113-117.

Cassou, S.P., and J. Vázquez (2014) "Employment comovements at the sectoral level over the business cycle", Empirical Economics 46, 1301-1323.

Cassou, S.P., and J. Vázquez (2014) "New Keynesian Model Features that Can Reproduce Lead, Lag and Persistence Patterns", B.E. Journal of Macroeconomics-Contributions 14, 267-300.

Cassou, S. P., and J. Vázquez (2014) “Time variation in an Optimal Asymmetric Preference Monetary Policy Model”, Studies in Nonlinear Dynamics and Econometrics, 18, 41-49.

Casares, M., A. Moreno, and J. Vázquez (2012) Wage Stickiness and Unemployment Fluctuations: An alternative approach SERIEs Journal of the Spanish Economic Association 3, 395-422.

Cassou, S. P., P. Scott, and J. Vázquez (2012) “Optimal Monetary Policy with Asymmetric Preferences for Output”, Economics Letters 117, 654-656.

Vázquez J., R. María-Dolores, and J. M. Londoño (2012) “The Effect of Data Revisions on the Basic New Keynesian Model”, International Review of Economics and Finance 24, 235-249.

Fernández-de-Córdoba, G., and J. Vázquez (2011) “Unions, Monetary Shocks and the Labour Market Cycle”, Economic Modelling 28, 1140-1149.

María-Dolores, R., and J. Vázquez (2008) “The New Keynesian Monetary Model: Does It Show the Comovement between Output and Inflation in the U.S.?”, Journal of Economic Dynamics and Control 32, 1466-1488.