Paolo Pesenti

Paolo Pesenti

Vice President
International Research Function
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045

Phone (212) 720-5493
Fax (212) 720-6831
paolo.pesenti@ny.frb.org

Books

Financial Markets and European Monetary Cooperation. The Lessons of the 1992-93 ERM CrisisOFFSITE
With Willem Buiter and Giancarlo Corsetti
New York, NY and Cambridge, UK: Cambridge University Press, 1998, (hardback)
See also ››
2001 paperbackOFFSITE

Articles

Varieties and the Transfer Problem
With Giancarlo Corsetti and Philippe Martin
Journal of International Economics 89 (1), January 2013, pp.1-12

Commodity Prices, Commodity Currencies, and Global Economic Developments
With Jan Groen, in Andrew Rose and Takatoshi Ito (eds.)
Commodity Prices and Markets, NBER-East Asia Seminar on Economics, Chicago, IL: University of Chicago Press, 2011, pp.15-42

The Global Economy Model (GEM): Theoretical FrameworkPDF
Theoretical Framework, IMF Staff Papers 55 (2),2008, pp.243-284
33 pages / 255 kb

Oil Price Movements and the Global Economy: a Model-Based Assessment PDF
With Selim Elekdag, Rene Lalonde, Douglas Laxton, and Dirk Muir
IMF Staff Papers, 55 (2),2008, pp.297-311
49 pages / 620 kb

Would protectionism defuse global imbalances and spur economic activity? A scenario analysis PDF
With Hamid Faruqee, Douglas Laxton, and Dirk Muir
Journal of Economic Dynamics and Control, 32 (8),2008, pp. 2651-2689
62 pages / 483 kb

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies PDF
With Giancarlo Corsetti
in Richard Clarida and Francesco Giavazzi (eds.), NBER International Macroeconomic Annual 2007, Chicago, IL: University of Chicago Press, 2008, pp. 65-116
47 pages / 329 kb

Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing PDF
With Hamid Faruqee, Douglas Laxton, and Dirk Muir
in Richard Clarida (ed.), G7 Current Account Imbalances: Sustainability and Adjustment,Chicago, IL: University of Chicago Press, 2007, pp.377-451
72 pages / 754 kb

Productivity, Terms of Trade and the 'Home Market Effect'PDF
With Giancarlo Corsetti and Philippe Martin
Journal of International Economics 73 (1),September 2007, pp 99-127
32 pages / 297 kb
See also ››
National Bureau of Economic Research Working Paper No. 11165OFFSITE
Federal Reserve Bank of New York Staff Report No.201

Deflationary Shocks and Monetary Rules: An Open-Economy Scenario Analysis PDF
With Douglas Laxton and Papa N'Diaye
Journal of the Japanese and International EconomiesSpecial Issue: Proceedings of the NBER-CEPR-TCER-CIRJE 2005 International Finance Conference, forthcoming

International Dimensions of Optimal Monetary Policy
With Giancarlo Corsetti
Journal of Monetary Economics,52 (2), March 2005
44 pages / 278 kb
See also ››
National Bureau of Economic Research Working Paper No. 8230Federal Reserve Bank of New York Staff Report No. 124, April 2001

Monetary Rules for Small, Open, Emerging EconomiesPDF
With Douglas Laxton
Journal of Monetary Economics 50 (5) July 2003, pp. 1109-1146
59 pages / 430 kb
See also ››
National Bureau of Economic Research Working Paper No. 9568OFFSITE, March 2003

The Role of Large Players in Currency CrisesPDF
With Giancarlo Corsetti and Nouriel Roubini
In Preventing Currency Crises in Emerging MarketsSebastian Edwards and Jeffrey Frankel eds., Chicago, IL: University of Chicago Press, 2002, pp.197-258
See also ››
National Bureau of Economic Research Working Paper No. 8303OFFSITEPDF, May 2001
71 pages / 435 kb

Can Nontradables Generate Substantial Home Bias?
With Eric van Wincoop
Journal of Money, Credit, and Banking,34, (1), February 2002, pp.25-50
See also ››
Preliminary Draft (April 2000)PDF
National Bureau of Economic Research Working Paper No. 5784OFFSITE
Technical AppendixPDF

Fundamental Determinants of the Asian Crisis: The Role of Financial Fragility and External ImbalancesPDF
With Giancarlo Corsetti and Nouriel Roubini
In Regional and Global Capital Flows: Macroeconomic Causes and ConsequencesTakatoshi Ito and Anne O. Krueger eds., NBER-East Asia Seminar on Economics Vol. 10, Chicago, IL: University of Chicago Press, 2001, pp.11-41
39 pages / 554 kb

Welfare and Macroeconomic Interdependence OFFSITE
With Giancarlo Corsetti
Quarterly Journal of Economics,OFFSITE 116, (2), May 2001, pp.421-446
See also ››
Preliminary Draft, April 2000,PDF
National Bureau of Economic Research Working Paper No. 6307OFFSITE

The Economics of Currency Crises and Contagion: An Introduction
With Cédric Tille
Federal Reserve Bank of New York Economic Policy Review,6, (3), September 2000, pp.3-16

Competitive Devaluations: Toward A Welfare-Based Approach
With Giancarlo Corsetti, Nouriel Roubini and Cédric Tille
Journal of International Economics,OFFSITE51, (1), June 2000, pp.217-241
See also ››
Preliminary Draft (May 1999)PDF
National Bureau of Economic Research Working Paper No. 6889OFFSITE
Federal Reserve Bank of New York Staff Report No. 58
Technical AppendixPDF

The (Past and) Future of European Currencies
With Giancarlo Corsetti
Cuadernos de Economía37 (110), April 2000, pp.35-62. )
See also ››
Preliminary Draft (February 2000)PDF

Stability, Asymmetry and Discontinuity: The Launch of European Monetary Union.
With Giancarlo Corsetti
Brookings Papers on Economic Activity,1999:2, pp.295-372
See also ››
Preliminary Draft, September 1999PDF

What Caused the Asian Currency and Financial Crisis?
With Giancarlo Corsetti and Nouriel Roubini
Japan and the World Economy,OFFSITE11, (3), October 1999, pp.305-373
See also ››
Preliminary Draft, April 1999PDF
National Bureau of Economic Research Working Paper No. 6833OFFSITE
No. 6834OFFSITE
Banca d'Italia Temi di Discussione No. 343

Paper Tigers? A Model of the Asian Crisis
European Economic Review,OFFSITE43, (7), June 1999, pp.1211-1236
See also ››
Preliminary Draft, October 1998PDF
National Bureau of Economic Research Working Paper No. 6783OFFSITE

Interpreting the ERM Crisis: Country-Specific and Systemic Issues
With Willem Buiter and Giancarlo Corsetti
Princeton Studies in International Finance,OFFSITENo. 84, March 1998

Wages, Profits, and the International Portfolio Puzzle
With Laura Bottazzi and Eric van Wincoop
European Economic Review,OFFSITE40 (2), February 1996, pp. 219-254
See also ››
Awarded 1998 Hicks-Tinbergen medal of the European Economic Association for an outstanding article published in the European Economic Review during the two preceding years OFFSITE

Le Politiche Commerciali della Comunità Europea ed i Paesi in via di Sviluppo
EC Trade Policy and Developing Countries, in Gianfranco Viesti ed., Tra Cooperazione e Competizione. Le Relazioni Economiche della Comunità Europea con i Paesi in via di SviluppoBologna: Il Mulino, 1991, pp. 151-193

Other Recent Publications

Comment on `Firm Heterogeneity, Endogenous Entry, and the Business Cycle' by Gianmarco Ottaviano PDF
in Jeffrey Frankel and Christopher Pissarides (eds.), NBER International Macroeconomic Annual 2011, Chicago, IL: University of Chicago Press, Forthcoming
7 pages / 70 kb

Comment on 'Reflections on Monetary Policy in the Open Economy' by R. Clarida PDF
in Jeffrey Frankel and Christopher Pissarides (eds.), NBER International Macroeconomic Annual 2008,Forthcoming
9 pages / 81 kb

Comment on 'Current Account Dynamics and Monetary Policy' by A. Ferrero, M. Gertler and L. Svensson PDF
in Jordi Gali and Mark Gertler (eds.), International Dimensions of Monetary Policy,Forthcoming
10 pages / 57 kb

Discussion of 'Europe and Global Imbalances' by Philip R. Lane and Gian Maria Milesi-Ferretti PDF
Economic Policy 22 (51),July 2007, pp. 557-560
7 pages / 45 kb

Comment on "A Bayesian Look at New Open Economy Macroeconomics" by Thomas Lubik and Frank SchorfheidePDF
in Mark Gertler and Kenneth Rogoff (eds.), NBER MacroeconomicsAnnual 2005, Volume 20, Cambridge, MA: MIT Press
10 pages / 64 kb

Comment on "Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia," by Dekle and KletzerPDF
In Preventing Currency Crises in Emerging MarketsSebastian Edwards and Jeffrey Frankel eds., Chicago, IL: University of Chicago Press, 2002, pp.552-554
4 pages / 20 kb

Discussion of "Multiple Equilibria, Contagion, and the Emerging Market Crises," by Paul MassonPDF
In Financial Crises in Emerging Markets,OFFSITEReuven Glick, Ramon Moreno, and Mark Spiegel eds., New York, NY and Cambridge, UK: Cambridge University Press, 2001, pp. 99-105
7 pages / 178 kb

Roundtable on the Causes and Consequences of the East Asian Financial Crisis
With Graciana del Castillo, Albert Fishlow, and Miles Kahler
In The Political Economy of the East Asian Crisis and Its Aftermath: Tigers in Distress,Arvid Lukauskas and Francisco L. Rivera-Batiz eds., Cheltenham, UK and Northampton, MA: Edward Elgar Publishing Ltd., 2001, pp.249-264

Paolo Pesenti's CVPDFThe views expressed in the papers listed on this page are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System.