Ricardo J. Caballero

Massachusetts Institute of Technology (MIT) - Department of Economics

Ford International Professor of Economics

50 Memorial Drive

Building E52-528

Cambridge, MA 02142

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

117

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3,124

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3,198

Scholarly Papers (117)

Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome

MIT Department of Economics Working Paper No. 10-16
Number of pages: 23 Posted: 27 Sep 2010 Last Revised: 10 Oct 2010
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 6,365 (2,192)
Citation 19

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Pretense of knowledge, DSGE, core and periphery of macroeconomics, financial crisis, complexity, robust control, uncertainty, rational expectations

Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome

NBER Working Paper No. w16429
Number of pages: 24 Posted: 12 Oct 2010 Last Revised: 24 May 2023
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 124 (414,112)

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2.

A Caricature (Model) of the World Economy

MIT Department of Economics Working Paper No. 10-17
Number of pages: 18 Posted: 14 Dec 2010
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 4,070 (4,802)

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Global equilibrium, shortage of assets, interest rates, asset prices, booms and busts, sovereign crises, financial reform and development, fiscal deficits, flight to quality, decoupling, quantitative easing

3.

The 'Other' Imbalance and the Financial Crisis

MIT Department of Economics Working Paper No. 09-32
Number of pages: 43 Posted: 31 Dec 2009
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 1,303 (28,970)
Citation 11

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Global imbalances, financial crisis, safe assets shortage, securitization, systemic fragility, panic, complexity, Knightian uncertainty, contingent insurance, TIC, contingent CDS

4.

Flight to Quality and Bailouts: Policy Remarks and a Literature Review

MIT Department of Economics Working Paper No. 08-21
Number of pages: 27 Posted: 09 Nov 2008
Ricardo J. Caballero and Pablo D. Kurlat
Massachusetts Institute of Technology (MIT) - Department of Economics and Stanford University - Department of Economics
Downloads 1,166 (34,037)
Citation 22

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subprime crisis, liquidity, bailout, intermediation, credit spreads

Carry Trade and Systemic Risk: Why are FX Options So Cheap?

MIT Department of Economics Working Paper No. 12-28
Number of pages: 45 Posted: 12 Dec 2012
Ricardo J. Caballero and Joseph B. Doyle
Massachusetts Institute of Technology (MIT) - Department of Economics and Cornerstone Research, Inc.
Downloads 938 (45,613)

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carry trade, forward premium puzzle, vix futures and rolldown, interest parity condition, Fama-French factors

Carry Trade and Systemic Risk: Why are FX Options so Cheap?

NBER Working Paper No. w18644
Number of pages: 45 Posted: 22 Dec 2012 Last Revised: 12 Jun 2022
Ricardo J. Caballero and Joseph B. Doyle
Massachusetts Institute of Technology (MIT) - Department of Economics and Cornerstone Research, Inc.
Downloads 170 (319,726)

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6.
Downloads 1,068 (38,576)
Citation 3

Complexity and Financial Panics

MIT Department of Economics Working Paper No. 09-17
Number of pages: 37 Posted: 05 Jun 2009 Last Revised: 13 Dec 2016
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 947 (45,013)
Citation 2

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Financial network, complexity, uncertainty, flight to quality, cascades,crises, information cost, financial panic, credit crunch

Complexity and Financial Panics

NBER Working Paper No. w14997
Number of pages: 37 Posted: 26 May 2009 Last Revised: 25 Dec 2022
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 121 (421,748)

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The 'Surprising' Origin and Nature of Financial Crises: A Macroeconomic Policy Proposal

MIT Department of Economics Working Paper No. 09-24
Number of pages: 40 Posted: 15 Sep 2009
Ricardo J. Caballero and Pablo D. Kurlat
Massachusetts Institute of Technology (MIT) - Department of Economics and Stanford University - Department of Economics
Downloads 927 (47,092)
Citation 27

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financial crises, Knightian uncertainty, macroeconomic risk, credit default swaps, asset insurance

8.
Downloads 728 (65,396)
Citation 450

Zombie Lending and Depressed Restructuring in Japan

MIT Economics Working Paper No. 06-06
Number of pages: 56 Posted: 10 Mar 2006
Ricardo J. Caballero, Takeo Hoshi and Anil K. Kashyap
Massachusetts Institute of Technology (MIT) - Department of Economics, University of California at San Diego and University of Chicago, Booth School of Business
Downloads 536 (95,156)
Citation 12

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Japan, zombies, investment, employment, job flows, restructuring, bankruptcy, creative destruction, productivity, congestion, sclerosis, scrambling, distortions, lost decade, subsidies

Zombie Lending and Depressed Restructuring in Japan

NBER Working Paper No. w12129
Number of pages: 72 Posted: 16 May 2006 Last Revised: 24 Aug 2022
Ricardo J. Caballero, Takeo Hoshi and Anil K. Kashyap
Massachusetts Institute of Technology (MIT) - Department of Economics, University of California at San Diego and University of Chicago, Booth School of Business
Downloads 192 (286,556)
Citation 103

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9.

The Future of the IMF

Number of pages: 14 Posted: 22 Jan 2003
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 724 (65,837)
Citation 15

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Capital Flows, Crises, Hedging, Insurance, Contingent Markets, Contractible and Noncontractible Shocks, Contingent-market and Crises Department, IMF, IFIs, Contingent-EM-CDO, Fiscal and Monetary Rules

Creative Destruction and Development: Institutions, Crises, and Restructuring

Number of pages: 42 Posted: 14 Aug 2000
Ricardo J. Caballero and Mohamad L. Hammour
Massachusetts Institute of Technology (MIT) - Department of Economics and Ecole Normale Superieure (ENS)
Downloads 547 (92,735)
Citation 1

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Creative Destruction and Development: Institutions, Crises, and Restructuring

NBER Working Paper No. w7849
Number of pages: 42 Posted: 20 Aug 2000 Last Revised: 14 Dec 2022
Ricardo J. Caballero and Mohamad L. Hammour
Massachusetts Institute of Technology (MIT) - Department of Economics and Ecole Normale Superieure (ENS)
Downloads 95 (503,283)
Citation 7

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11.

Coping with Chile's External Vulnerability: A Financial Problem

Number of pages: 46 Posted: 10 Jul 2001
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 608 (82,240)
Citation 18

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Financial underdevelopment, external shocks, capital flows, segmented financial markets, hedging, illiquid markets, underinsurance, contingent bonds

12.

A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a 'COVID-19' Shock

Number of pages: 61 Posted: 16 Apr 2020 Last Revised: 17 Jun 2022
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 577 (87,702)
Citation 25

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Risk intolerance, leverage, asset price spirals, aggregate supply and demand, recessions, conventional and unconventional monetary policy, multiple equilibria, LSAPs, asset demand (in)elasticity, COVID-19

Effective Labor Regulation and Microeconomic Flexibility

Cowles Foundation Discussion Paper No. 1480, MIT Department of Economics Working Paper No. 04-30, Yale University Economic Growth Center Discussion Paper No. 893, FRB of Boston Working Paper No. 04-6
Number of pages: 30 Posted: 25 Aug 2004 Last Revised: 02 Mar 2011
Massachusetts Institute of Technology (MIT) - Department of Economics, Yale University - Department of Economics, Adolfo Ibanez University and University of Chile
Downloads 455 (115,982)
Citation 2

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Microeconomic rigidities, Creative-destruction, Job security regulation, Adjustment costs, Rule of law

Effective Labor Regulation and Microeconomic Flexibility

NBER Working Paper No. w10744
Number of pages: 34 Posted: 23 Sep 2004 Last Revised: 11 Nov 2022
Massachusetts Institute of Technology (MIT) - Department of Economics, Yale University - Department of Economics, Adolfo Ibanez University and University of Chile
Downloads 97 (496,358)
Citation 1

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Bubbles and Capital Flow Volatility: Causes and Risk Management

MIT Department of Economics Working Paper No. 05-20
Number of pages: 28 Posted: 21 Sep 2005
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 446 (118,757)
Citation 7

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Emerging markets, bubbles, excess volatility, crashes, capital flow reversals, public debt market, financial underdevelopment, dynamic inefficiency

Bubbles and Capital Flow Volatility: Causes and Risk Management

NBER Working Paper No. w11618
Number of pages: 28 Posted: 17 Nov 2005 Last Revised: 01 Oct 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 82 (553,072)
Citation 11

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Citation 36

On the Macroeconomics of Asset Shortages

MIT Department of Economics Working Paper No. 06-30
Number of pages: 17 Posted: 01 Dec 2006
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 384 (141,353)

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Asset shortages, high valuations, speculative bubbles, low interest rates, low inflation, monetary policy, lender of last resort

On the Macroeconomics of Asset Shortages

NBER Working Paper No. w12753
Number of pages: 17 Posted: 13 Dec 2006 Last Revised: 08 May 2022
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 104 (472,741)
Citation 7

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Downloads 476 (111,187)
Citation 15

A Dual Liquidity Model for Emerging Markets

Number of pages: 10 Posted: 17 Jan 2002
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 410 (131,241)

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Capital flows, external crises, international and domestic liquidity, monetary policy, fiscal policy, underinsurance

A Dual Liquidity Model for Emerging Markets

NBER Working Paper No. w8758
Number of pages: 11 Posted: 02 Feb 2002 Last Revised: 08 Dec 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 66 (627,183)
Citation 2

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A Dual Liquidity Model for Emerging Markets

Posted: 30 Aug 2002
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management

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A 'Vertical' Analysis of Monetary Policy in Emerging Markets

Number of pages: 30 Posted: 09 May 2002
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 473 (112,034)
Citation 4

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External shocks, domestic and international liquidity, monetary policy, interest parity departures, exchange rate overshooting, fear of floating, commitment, credibility, underinsurance

18.
Downloads 457 (116,674)
Citation 7

Fiscal Policy and Financial Depth

Number of pages: 22 Posted: 20 May 2004
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 366 (149,334)

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sudden stops, financial depth, fiscal deficits, liquidity crises, populism, crowding out

Fiscal Policy and Financial Depth

NBER Working Paper No. w10532
Number of pages: 22 Posted: 11 Jun 2004 Last Revised: 13 Oct 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 91 (517,647)

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Missing Aggregate Dynamics: On the Slow Convergence of Lumpy Adjustment Models

Yale Economic Growth Center Discussion Paper No. 865, Cowles Foundation Discussion Paper No. 1430, MIT Department of Economics Working Paper No. 03-25
Number of pages: 33 Posted: 08 Aug 2003 Last Revised: 02 Mar 2011
Eduardo M. R. A. Engel and Ricardo J. Caballero
Yale University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 391 (138,517)
Citation 1

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Speed of adjustment, Discrete adjustment, Lumpy adjustment, Aggregation, Calvo model, ARMA process, Partial adjustment, Expected response time, Monetary policy, Investment, Labor demand, Sticky prices, Idiosyncratic shocks, Impulse response function, Time-to-build

Missing Aggregate Dynamics: On the Slow Convergence of Lumpy Adjustment Models

NBER Working Paper No. w9898
Number of pages: 58 Posted: 17 Aug 2003 Last Revised: 20 Jul 2022
David Berger, Ricardo J. Caballero and Eduardo M. R. A. Engel
Northwestern University, Massachusetts Institute of Technology (MIT) - Department of Economics and Yale University - Department of Economics
Downloads 60 (659,632)
Citation 1

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International Liquidity Management: Sterilization Policy in Illiquid Financial Markets

Number of pages: 48 Posted: 26 Jul 2000
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 379 (143,508)

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International Liquidity Management: Sterilization Policy in Illiquid Financial Markets

NBER Working Paper No. w7740
Number of pages: 49 Posted: 12 Jun 2000 Last Revised: 27 Aug 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 66 (627,183)

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21.

Macroeconomics Volatility in Latin America: A View and Three Case Studies

Number of pages: 44 Posted: 17 Jul 2000
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 430 (125,370)
Citation 1

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Volatility, Financial Constraints, Capital Flows, Terms of Trade, Banking Crises, Illiquidity, Emerging Markets, Macroeconomic Policy, Contingent Policies, Corporate Governance

An Equilibrium Model of Global Imbalances and Low Interest Rates

MIT Department of Economics Working Paper No. 06-02
Number of pages: 55 Posted: 20 Jan 2006
Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and University of California, Berkeley - Department of Economics
Downloads 338 (162,963)
Citation 26

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Current account deficits, capital flows, interest rates, global portfolios and equilibrium, growth and financial development asymmetries, exchange rates, FDI, intermediation rents

An Equilibrium Model of "Global Imbalances" and Low Interest Rates

NBER Working Paper No. w11996
Number of pages: 54 Posted: 01 Jun 2006 Last Revised: 13 Oct 2022
Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and University of California, Berkeley - Department of Economics
Downloads 84 (544,819)
Citation 30

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Downloads 414 (131,014)
Citation 24

Speculative Growth: Hints from the U.S. Economy

Number of pages: 52 Posted: 06 Jun 2004
Ricardo J. Caballero, Emmanuel Farhi and Mohamad L. Hammour
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and Ecole Normale Superieure (ENS)
Downloads 358 (153,064)

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Bubbles, investment, cost of capital, growth-saving feedback, multiple equilibria, dynamic efficiency and inefficiency, new economy, spillovers, fiscal and current account surpluses

Speculative Growth: Hints from the Us Economy

NBER Working Paper No. w10518
Number of pages: 52 Posted: 08 Jun 2004 Last Revised: 29 Sep 2022
Ricardo J. Caballero, Emmanuel Farhi and Mohamad L. Hammour
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and Ecole Normale Superieure (ENS)
Downloads 56 (682,815)
Citation 11

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24.
Downloads 395 (138,179)
Citation 2

Financial System Risk and Flight to Quality

MIT Department of Economics Working Paper No. 05-31
Number of pages: 39 Posted: 30 Nov 2005
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 334 (165,030)

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Locked collateral, flight to quality, insurance, risk premia, financial intermediaries, lender of last resort, private sector multiplier, collateral shocks, robust control

Financial System Risk and Flight to Quality

NBER Working Paper No. w11834
Number of pages: 39 Posted: 27 Dec 2005 Last Revised: 03 Nov 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 61 (654,045)

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Institutions, Restructuring, and Macroeconomic Performance

Number of pages: 40 Posted: 26 Jul 2000
Ricardo J. Caballero and Mohamad L. Hammour
Massachusetts Institute of Technology (MIT) - Department of Economics and Ecole Normale Superieure (ENS)
Downloads 323 (171,122)
Citation 1

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Institutions, Restructuring, and Macroeconomic Performance

NBER Working Paper No. w7720
Number of pages: 40 Posted: 12 Jun 2000 Last Revised: 07 Aug 2022
Ricardo J. Caballero and Mohamad L. Hammour
Massachusetts Institute of Technology (MIT) - Department of Economics and Ecole Normale Superieure (ENS)
Downloads 65 (632,426)
Citation 1

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26.
Downloads 377 (145,625)

A Monetary Policy Asset Pricing Model

Number of pages: 63 Posted: 20 May 2022 Last Revised: 12 Jul 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 367 (148,876)
Citation 1

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Monetary policy, asset prices, interest rates, volatility, risk premium, aggregate demand and supply, shocks, transmission lags, inertia, overshooting, beliefs, disagreements, policy mistakes, behind-the-curve, Fed put/call

A Monetary Policy Asset Pricing Model

NBER Working Paper No. w30132
Number of pages: 65 Posted: 13 Jun 2022 Last Revised: 06 Jul 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 10 (1,077,519)
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International and Domestic Collateral Constraints in a Model of Emerging Market Crises

Number of pages: 36 Posted: 05 Oct 2000
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 293 (189,840)
Citation 116

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Capital flows. fires sales, microeconomic and aggregate financial constraints, contractual and corporate governance problems, balance sheets, wasted collateral, domestic and foreign spreads, excessive leverage, collateral under provision, real depreciation, banks.

International and Domestic Collateral Constraints in a Model of Emerging Market Crises

NBER Working Paper No. w7971
Number of pages: 36 Posted: 22 Oct 2000 Last Revised: 14 Oct 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 84 (544,819)

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International Liquidity Illusion: On the Risks of Sterilization

Number of pages: 36 Posted: 16 Feb 2001
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 309 (179,284)
Citation 1

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Capital flows, sterilization policy, monetary policy, financial constraints, balance sheets, excessive leverage, short term capital flows, debt maturity, quasi-fiscal deficit, soverign risk, illiquidity

International Liquidity Illusion: On the Risks of Sterilization

NBER Working Paper No. w8141
Number of pages: 36 Posted: 22 Feb 2001 Last Revised: 01 Oct 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 63 (643,106)

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Flight to Quality and Collective Risk Management

MIT Department of Economics Working Paper No. 06-07
Number of pages: 33 Posted: 23 Mar 2006
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 288 (193,304)

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Locked collateral, flight to quality, insurance, safe and risky claims, financial intermediaries, collective bias, lender of last resort, private sector multiplier, collateral shocks, robust control

Flight to Quality and Collective Risk Management

NBER Working Paper No. w12136
Number of pages: 33 Posted: 18 May 2006 Last Revised: 31 Aug 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 71 (602,414)

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Financial Integration Without the Volatility

MIT Department of Economics Working Paper No. 08-04
Number of pages: 61 Posted: 04 Dec 2006
Ricardo J. Caballero and Kevin Cowan
Massachusetts Institute of Technology (MIT) - Department of Economics and Central Bank of Chile
Downloads 353 (156,566)
Citation 9

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A Note on Temporary Supply Shocks with Aggregate Demand Inertia

Number of pages: 49 Posted: 05 Feb 2022 Last Revised: 01 Jul 2022
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 300 (185,050)

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Monetary policy, interest rates, temporary supply shocks, aggregate demand inertia, inflation, divine coincidence, policy frontloading, backward guidance, momentum, output and inflation gaps, the Phillips curve, Covid-19

A Note on Temporary Supply Shocks with Aggregate Demand Inertia

CESifo Working Paper No. 9603
Number of pages: 51 Posted: 03 Mar 2022
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 33 (847,764)

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monetary policy, interest rates, temporary supply shocks, aggregate demand inertia, inflation, Taylor rule, divine coincidence, policy frontloading, aggregate demand momentum, output and inflation gaps, the Phillips curve, Covid-19

A Note on Temporary Supply Shocks with Aggregate Demand Inertia

NBER Working Paper No. w29815
Number of pages: 50 Posted: 07 Mar 2022 Last Revised: 19 Jun 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 13 (1,046,471)
Citation 3

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A Note on Temporary Supply Shocks with Aggregate Demand Inertia

CEPR Discussion Paper No. DP16814
Number of pages: 45 Posted: 11 Feb 2022 Last Revised: 29 Mar 2022
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
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aggregate demand inertia, aggregate demand momentum, COVID-19, divine coincidence, inflation, interest rates, monetary policy, output and inflation gaps, Taylor rule, temporary supply shocks

A Risk-Centric Model of Demand Recessions and Speculation

MIT Department of Economics Working Paper No. 17-07
Number of pages: 114 Posted: 25 Jul 2017 Last Revised: 12 Feb 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 203 (272,383)
Citation 3

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risk premium shocks, asset prices, aggregate demand, interest rate rigidity, booms and recessions, heterogeneous beliefs, speculation, monetary and macroprudential policy, the Fed put

A Risk-Centric Model of Demand Recessions and Macroprudential Policy

BIS Working Paper No. 733
Number of pages: 64 Posted: 16 Jul 2018
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 101 (482,786)
Citation 5

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Risk premium shocks, asset prices, aggregate demand, interest rate rigidity booms and recessions, heterogeneous beliefs, speculation, monetary and macroprudential policy

A Risk-Centric Model of Demand Recessions and Speculation

NBER Working Paper No. w23614
Number of pages: 115 Posted: 25 Jul 2017 Last Revised: 10 Jul 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 31 (865,138)

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A Risk-Centric Model of Demand Recessions and Speculation

CEPR Discussion Paper No. DP13815
Number of pages: 118 Posted: 30 Jul 2019 Last Revised: 02 Mar 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 1 (1,157,508)
Citation 58
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aggregate demand, asset prices, belief disagreements, booms and recessions, extrapolation, interest rate rigidity, monetary and macroprudential policy, Speculation, Time-varying risk premium, Uncertainty shocks

Price Stickiness in SS Models: New Interpretations of Old Results

Cowles Foundation Discussion Paper No. 1603, MIT Department of Economics Working Paper No. 07-07, Yale University Economic Growth Center Discussion Paper No. 952
Number of pages: 30 Posted: 14 Feb 2007
Eduardo M. R. A. Engel and Ricardo J. Caballero
Yale University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 276 (201,920)

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Aggregate price stickiness, adjustment hazard, adjustment frequency, generalized Ss model, extensive margin, Calvo model, strategic complementarities

Price Stickiness in Ss Models: New Interpretations of Old Results

NBER Working Paper No. w12945
Number of pages: 30 Posted: 09 Mar 2007 Last Revised: 16 Nov 2022
Eduardo M. R. A. Engel and Ricardo J. Caballero
Yale University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 53 (701,075)
Citation 12

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Excessive Dollar Debt: Financial Development and Underinsurance

Number of pages: 31 Posted: 19 Apr 2002
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 329 (167,765)
Citation 77

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Currency mismatch, balance sheets, international liquidity, contingent credit lines, thin markets, limited participation

Excessive Dollar Debt: Financial Development and Underinsurance

Posted: 24 Jul 2003
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management

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35.
Downloads 322 (172,944)
Citation 6

Microeconomic Flexibility in Latin America

Number of pages: 35 Posted: 04 Mar 2004
Ricardo J. Caballero, Eduardo M. R. A. Engel and Alejandro Micco
Massachusetts Institute of Technology (MIT) - Department of Economics, Yale University - Department of Economics and University of Chile
Downloads 253 (220,370)

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Microeconomic rigidities, creative-destruction, job flows, restructuring and reallocation, productivity growth

Microeconomic Flexibility in Latin America

NBER Working Paper No. w10398
Number of pages: 35 Posted: 09 Apr 2004 Last Revised: 01 Dec 2022
Ricardo J. Caballero, Eduardo M. R. A. Engel and Alejandro Micco
Massachusetts Institute of Technology (MIT) - Department of Economics, Yale University - Department of Economics and University of Chile
Downloads 69 (612,243)
Citation 1

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A 'Vertical' Analysis of Crises and Intervention: Fear of Floating and Ex-Ante Problems

Number of pages: 33 Posted: 25 Jul 2001
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 248 (224,849)
Citation 1

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External shocks, domestic and international liquidity, monetary policy, interest parity departures, exchange rate systems, overshooting

A "Vertical" Analysis of Crises and Intervention: Fear of Floating and Ex-Ante Problems

NBER Working Paper No. w8428
Number of pages: 33 Posted: 14 Aug 2001 Last Revised: 14 Jul 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 55 (688,772)

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37.
Downloads 302 (184,961)
Citation 19

Future Rent-Seeking and Current Public Savings

MIT Department of Economics Working Paper No. 08-20
Number of pages: 34 Posted: 10 Oct 2008 Last Revised: 06 Sep 2011
Ricardo J. Caballero and Pierre Yared
Massachusetts Institute of Technology (MIT) - Department of Economics and Columbia University - Columbia Business School, Finance
Downloads 247 (225,760)
Citation 21

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public debt, politicians, economic and political risk, rent-seeking, precautionary savings, starve-the-beast, fiscal rules

Future Rent-Seeking and Current Public Savings

Journal of International Economics, Vol. 82, pp. 124-136, 2010
Number of pages: 37 Posted: 27 Oct 2011
Ricardo J. Caballero and Pierre Yared
Massachusetts Institute of Technology (MIT) - Department of Economics and Columbia University - Columbia Business School, Finance
Downloads 29 (882,978)

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Future Rent-Seeking and Current Public Savings

NBER Working Paper No. w14417
Number of pages: 34 Posted: 23 Oct 2008 Last Revised: 24 Nov 2022
Ricardo J. Caballero and Pierre Yared
Massachusetts Institute of Technology (MIT) - Department of Economics and Columbia University - Columbia Business School, Finance
Downloads 26 (911,030)

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On the International Financial Architecture: Insuring Emerging Markets

Number of pages: 11 Posted: 28 Apr 2003
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 260 (214,423)

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Capital Flows, Crises, Hedging, Insurance, Contingent Markets, Specialists, Contractible and Noncontractible Shocks, Collateralized Debt Obligations

On the International Financial Architecture: Insuring Emerging Markets

NBER Working Paper No. w9570
Number of pages: 11 Posted: 14 Mar 2003 Last Revised: 27 Aug 2022
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 42 (776,228)

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A Quantitative Model of Sudden Stops and External Liquidity Management

Number of pages: 51 Posted: 12 Apr 2005
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 240 (232,251)

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Capital flows, sudden stops, reserves, international liquidity and liability management, specialists, world capital markets, swaps, insurance, hedging, options, hidden states, Bayesian methods

A Quantitative Model of Sudden Stops and External Liquidity Management

NBER Working Paper No. w11293
Number of pages: 51 Posted: 06 Jun 2005 Last Revised: 11 Nov 2022
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 59 (665,288)

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Aggregate Volatility in Modern Latin America: Causes and Cures

Number of pages: 37 Posted: 17 Jul 2000
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 290 (193,066)
Citation 2

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Volatility, Financial Constraints, Capital Flows, Terms of Trade, Banking Crises, Illiquidity, Emerging Markets, Macroecnomic Policy, Contingent Policies, Corporate Governance

41.
Downloads 278 (201,552)
Citation 21

Smoothing Sudden Stops

Number of pages: 26 Posted: 25 Jul 2001
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 240 (232,251)
Citation 16

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External Shocks, domestic and international collateral, underinsurance, credit lines, liquidity requirements, asset market intervention

Smoothing Sudden Stops

NBER Working Paper No. w8427
Number of pages: 26 Posted: 14 Aug 2001 Last Revised: 13 Jul 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 38 (806,830)

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42.
Downloads 274 (204,583)
Citation 131

The Safety Trap

MIT Department of Economics Working Paper No. 14-08
Number of pages: 67 Posted: 25 Feb 2014 Last Revised: 13 Dec 2016
Ricardo J. Caballero and Emmanuel Farhi
Massachusetts Institute of Technology (MIT) - Department of Economics and Harvard University - Department of Economics
Downloads 214 (259,304)
Citation 2

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The Safety Trap

NBER Working Paper No. w19927
Number of pages: 69 Posted: 24 Feb 2014 Last Revised: 14 Jun 2023
Ricardo J. Caballero and Emmanuel Farhi
Massachusetts Institute of Technology (MIT) - Department of Economics and Harvard University - Department of Economics
Downloads 60 (659,632)
Citation 34

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43.
Downloads 267 (209,967)
Citation 86

Fire Sales in a Model of Complexity

MIT Department of Economics Working Paper No. 09-28
Number of pages: 43 Posted: 31 Oct 2009 Last Revised: 06 Apr 2011
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 219 (253,694)
Citation 48

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Fire sales, uncertainty, complexity, financial network, cascades, market freezes, crises, financial panic, credit crunch, externality

Fire Sales in a Model of Complexity

NBER Working Paper No. w15479
Number of pages: 35 Posted: 09 Nov 2009 Last Revised: 19 Apr 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 48 (733,712)
Citation 41

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An Equilibrum Model of 'Global Imbalances' and Low Interest Rates

BIS Working Paper No. 222
Number of pages: 88 Posted: 20 Sep 2007
Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and University of California, Berkeley - Department of Economics
Downloads 260 (215,551)

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Current account deficits, capital flows, interest rates, global portfolios and equilibrium, growth and financial development asymmetries, exchange rates, FDI, intermediation rents

Dollarization of Liabilities: Underinsurance and Domestic Financial Underdevelopment

Number of pages: 34 Posted: 26 Jul 2000
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 208 (267,501)
Citation 1

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Dollarization of Liabilities: Underinsurance and Domestic Financial Underdevelopment

NBER Working Paper No. w7792
Number of pages: 34 Posted: 19 Jul 2000 Last Revised: 17 Oct 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 52 (707,263)

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On the Global Impact of Risk-off Shocks and Policy-put Frameworks

BIS Working Paper No. 772
Number of pages: 57 Posted: 11 Mar 2019
Ricardo J. Caballero and Güneş Kamber
Massachusetts Institute of Technology (MIT) - Department of Economics and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 248 (224,849)

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Risk-off, conventional and unconventional monetary policy, policy-puts, spillovers, macroeconomic fundamentals, developed and emerging markets, Asia-Pacific region

On the Global Impact of Risk-Off Shocks and Policy-Put Frameworks

NBER Working Paper No. w26031
Number of pages: 55 Posted: 09 Jul 2019 Last Revised: 16 Feb 2023
Ricardo J. Caballero and Güneş Kamber
Massachusetts Institute of Technology (MIT) - Department of Economics and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 10 (1,077,519)
Citation 5

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Downloads 258 (217,242)
Citation 7

Contingent Reserves Management: An Applied Framework

Number of pages: 26 Posted: 24 Sep 2004
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 187 (293,620)

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Sudden stops, reserves, portfolio, VIX, hedging, options, futures.

Contingent Reserves Management: An Applied Framework

NBER Working Paper No. w10786
Number of pages: 26 Posted: 05 Oct 2004 Last Revised: 23 Dec 2022
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 71 (602,414)

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48.
Downloads 258 (217,242)
Citation 11

Fear of Sudden Stops: Lessons from Australia and Chile

Number of pages: 56 Posted: 20 May 2004
Ricardo J. Caballero, Kevin Cowan and Jonathan Kearns
Massachusetts Institute of Technology (MIT) - Department of Economics, Adolfo Ibanez University and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 209 (265,119)

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Sudden stops, Australia, Chile

Fear of Sudden Stops: Lessons from Australia and Chile

NBER Working Paper No. w10519
Number of pages: 55 Posted: 08 Jun 2004 Last Revised: 30 Sep 2022
Ricardo J. Caballero, Kevin Cowan and Jonathan Kearns
Massachusetts Institute of Technology (MIT) - Department of Economics, Adolfo Ibanez University and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 49 (726,958)
Citation 2

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Fear of Sudden Stops: Lessons from Australia and Chile

IDB Working Paper No. 420
Posted: 25 Apr 2011
Ricardo J. Caballero, Kevin Cowan and Jonathan Kearns
Massachusetts Institute of Technology (MIT) - Department of Economics, Adolfo Ibanez University and Bank for International Settlements (BIS) - Monetary and Economic Department

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Downloads 258 (217,242)
Citation 8

Emerging Market Crises: An Asset Markets Perspective

Number of pages: 51 Posted: 18 Dec 1998
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 214 (259,304)
Citation 9

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Emerging Market Crises: an Asset Markets Perspective

NBER Working Paper No. w6843
Number of pages: 46 Posted: 18 Aug 2000 Last Revised: 14 Sep 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 44 (761,566)

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Trade and Capital Flows: A Financial Frictions Perspective

MIT Department of Economics Working Paper No. 08-06
Number of pages: 45 Posted: 20 Mar 2008
Pol Antras and Ricardo J. Caballero
Harvard University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 182 (300,833)
Citation 2

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Trade, capital mobility, capital flows, globalization, financial frictions, complementarities, factor payments, saving rate, global imbalances, protectionism.

Trade and Capital Flows: A Financial Frictions Perspective

NBER Working Paper No. w13241
Number of pages: 42 Posted: 27 Sep 2007 Last Revised: 07 Sep 2022
Pol Antras and Ricardo J. Caballero
Harvard University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 65 (632,426)
Citation 33

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51.

A Global Equilibrium Model of Sudden Stops and External Liquidity Management

MIT Department of Economics Working Paper No. 08-05
Number of pages: 54 Posted: 20 Mar 2008
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 243 (230,438)
Citation 17

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Capital flows, sudden stops, reserves, international liquidity management, world, capital markets, swaps, insurance, hedging, options, hidden states, Bayesian methods

52.

Sudden Financial Arrest

MIT Department of Economics Working Paper No. 09-29
Number of pages: 48 Posted: 15 Nov 2009
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 242 (231,419)
Citation 9

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Financial crisis, panic, defibrillation, complexity, Knightian uncertainty, moral hazard, financial network, capital requirements, contingent capital, contingent insurance, IMF

53.
Downloads 235 (238,086)
Citation 9

Monetary Policy with Opinionated Markets

Number of pages: 78 Posted: 22 Jun 2020 Last Revised: 20 Jun 2022
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 215 (258,162)
Citation 1

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Monetary policy and shocks, belief disagreements, interest rates, the Fed's Greenbook projections and the dot plot, Fed belief surprises, tantrum shocks, communication, gradualism, overshooting, forward guidance, cost-push shocks.

Monetary Policy with Opinionated Markets

NBER Working Paper No. w27313
Number of pages: 79 Posted: 09 Jun 2020 Last Revised: 17 Feb 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 20 (971,190)
Citation 1

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Monetary Policy with Opinionated Markets

CEPR Discussion Paper No. DP14830
Number of pages: 81 Posted: 03 Jun 2020 Last Revised: 23 Jun 2022
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
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belief disagreements, communication, cost-push shocks, Fed belief surprises, forward guidance, Gradualism, interest rates, monetary policy and shocks, tantrum shocks, the Fed's Greenbook projections and the dot plot

54.

Rents, Technical Change, and Risk Premia

MIT Department of Economics Working Paper No. 17-05
Number of pages: 13 Posted: 24 Mar 2017
Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and University of California, Berkeley - Department of Economics
Downloads 231 (241,993)

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55.

Lumpy Investment in Dynamic General Equilibrium

MIT Department of Economics Working Paper No. 06-20, Cowles Foundation Discussion Paper No. 1566
Number of pages: 53 Posted: 20 Jun 2006
Ruediger Bachmann, Eduardo M. R. A. Engel and Ricardo J. Caballero
Yale University, Yale University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 229 (244,035)
Citation 13

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(S, s) model, RBC model, time-varying impulse response function, aggregate shocks, sectoral shocks, idiosyncratic shocks, adjustment costs, history dependence, moment matching

56.

Exchange Rate Volatility and the Credit Channel in the Emerging Markets: A Vertical Perspective

Number of pages: 34 Posted: 07 Jun 2004
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 223 (250,319)
Citation 1

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External shocks, segmented capital markets, credit squeeze, monetary policy, interest parity departures, exchange rate overshooting, fear of floating, underinsurance, capital controls

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

Journal of Finance, Forthcoming
Number of pages: 80 Posted: 13 Aug 2020 Last Revised: 29 Aug 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 107 (462,976)

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Monetary policy, aggregate demand inertia, lags, output gap, recovery, asset prices, overshooting, Wall/Main Street disconnect, Covid-19, interest rate lower bound, macroeconomic news, market bond portfolio, QE/LSAPs

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

CESifo Working Paper No. 9632
Number of pages: 76 Posted: 22 Mar 2022
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 53 (701,075)

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monetary policy, aggregate demand inertia, lags, output gap, recovery, asset prices, overshooting, Wall/Main Street disconnect, Covid-19, interest rate lower bound, macroeconomic news, market bond portfolio, QE/LSAPs

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

NBER Working Paper No. w27712
Number of pages: 81 Posted: 25 Aug 2020 Last Revised: 22 Mar 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 52 (707,263)

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Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

CEPR Discussion Paper No. DP15163
Number of pages: 76 Posted: 18 Aug 2020 Last Revised: 23 Jun 2022
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 1 (1,157,508)
Citation 3
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aggregate demand inertia, asset prices, COVID-19, interest rate lower bound, Macroeconomic news, monetary policy, Output gap, Overshooting, QE/LSAPs, Wall/Main Street disconnect

58.

Inflation Targets and Sudden Stops

Number of pages: 28 Posted: 13 Apr 2003
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 212 (262,422)

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External Shocks, Domestic and International Liquidity, Inflation Targeting, Fear of Floating, Commitment, Underinsurance

59.

Risk-Centric Macroeconomics and Safe Asset Shortages in the Global Economy: An Illustration of Mechanisms and Policies

Number of pages: 30 Posted: 13 Oct 2018
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 207 (268,313)
Citation 4

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Risk-Market Imbalances, Safe Assets, Financial Underdevelopment, Sudden Stops, Crises, Global Imbalances, Low Interest Rates, Reach-for-Yield, Recessions, Speculation, Panics, Knightian Uncertainty, Flight-to-Safety, Put-Policies, Safety Traps, Global Spillovers, Aggregate Demand, Macroprudential

Global Imbalances and Policy Wars at the Zero Lower Bound

Number of pages: 67 Posted: 09 Mar 2020
Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and University of California, Berkeley - Department of Economics
Downloads 116 (435,601)

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Liquidity and Safety Traps, Safe Assets, Global Recession, Currency Wars, Trade Wars, Current Account, Capital Flows, Reserve Currency, Secular Stagnation, Public Debt, Fiscal Policy, Balanced Budget

Global Imbalances and Policy Wars at the Zero Lower Bound

NBER Working Paper No. w21670
Number of pages: 70 Posted: 26 Oct 2015 Last Revised: 19 Mar 2023
Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and University of California, Berkeley - Department of Economics
Downloads 88 (528,964)
Citation 3

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Global Imbalances and Currency Wars at the ZLB

CEPR Discussion Paper No. DP10905
Number of pages: 68 Posted: 28 Oct 2015
Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and University of California, Berkeley - Department of Economics
Downloads 1 (1,157,508)
Citation 17
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capital flows, current account, exhorbitant privilege, forward guidance, inflation rate, interest rates, liquidity and safety traps, recessions, reserve currency, safe assets, secular stagnation, Taylor rule, uncovered interest parity

Global Imbalances and Policy Wars at the Zero Lower Bound

CEPR Discussion Paper No. DP14424
Number of pages: 70 Posted: 03 Mar 2020
Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and University of California, Berkeley - Department of Economics
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61.
Downloads 199 (278,065)
Citation 242

Collective Risk Management in a Flight to Quality Episode

MIT Department of Economics Working Paper No. 07-02
Number of pages: 37 Posted: 01 Feb 2007
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 119 (427,156)
Citation 1

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Locked collateral, liquidity, flight to quality, Knightian uncertainty, collateral shocks, collective bias, lender of last resort, private sector multiplier

Collective Risk Management in a Flight to Quality Episode

NBER Working Paper No. w12896
Number of pages: 37 Posted: 17 Feb 2007 Last Revised: 28 Sep 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 80 (561,641)
Citation 73

Abstract:

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62.
Downloads 194 (284,503)
Citation 114

Aggregate Investment

NBER Working Paper No. w6264
Number of pages: 70 Posted: 09 Jul 2000 Last Revised: 13 Feb 2022
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 194 (283,857)
Citation 1

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Aggregate Investment

Posted: 20 Nov 1998
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics

Abstract:

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Three Strikes and You're Out: Reply to Cooper and Willis

Number of pages: 14 Posted: 04 Mar 2004
Eduardo M. R. A. Engel and Ricardo J. Caballero
Yale University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 138 (380,467)

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Adjustment hazard, aggregate nonlinearities, lumpy adjustment, observed and unobserved gaps, quadratic adjustment

Three Strikes and You're Out: Reply to Cooper and Willis

NBER Working Paper No. w10368
Number of pages: 14 Posted: 25 Mar 2004 Last Revised: 31 Oct 2022
Eduardo M. R. A. Engel and Ricardo J. Caballero
Yale University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 55 (688,772)

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64.
Downloads 183 (299,800)
Citation 31

A Model of Fickle Capital Flows and Retrenchment

MIT Department of Economics Working Paper No. 16-10
Number of pages: 78 Posted: 12 Nov 2016 Last Revised: 25 Jul 2019
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 156 (344,367)
Citation 4

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gross capital flows, global liquidity, fickleness, retrenchment, asset fire sales, capital controls, policy coordination, scarcity of safe assets, reach-for-safety, reach-for-yield

A Model of Fickle Capital Flows and Retrenchment

NBER Working Paper No. w22751
Number of pages: 79 Posted: 24 Oct 2016 Last Revised: 02 Mar 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 26 (911,030)
Citation 5

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A Model of Fickle Capital Flows and Retrenchment

CEPR Discussion Paper No. DP13819
Number of pages: 81 Posted: 30 Jul 2019
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 1 (1,157,508)
Citation 6
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asset fire sales, capital controls, fickleness, Global liquidity, Gross capital flows, Policy Coordination, reach-for-safety, reach-for-yield, retrenchment, scarcity of safe assets

65.

Hedging Sudden Stops & Precautionary Contractions

MIT Department of Economics Working Paper No. 03-19
Number of pages: 59 Posted: 09 Jun 2003
Ricardo J. Caballero and Stavros Panageas
Massachusetts Institute of Technology (MIT) - Department of Economics and University of California, Los Angeles (UCLA) - Finance Area
Downloads 180 (304,252)
Citation 32

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Capital flows, sudden stops, financial constraints, contractions, hedging, insurance, signals

66.

Global Imbalances and Financial Fragility

NBER Working Paper No. w14688
Number of pages: 13 Posted: 31 Jan 2009 Last Revised: 21 Aug 2022
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 171 (318,305)
Citation 51

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Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model

Cowles Foundation Discussion Paper No. 1566R
Number of pages: 49 Posted: 16 Jun 2008 Last Revised: 02 Mar 2011
Ruediger Bachmann, Ricardo J. Caballero and Eduardo M. R. A. Engel
Yale University, Massachusetts Institute of Technology (MIT) - Department of Economics and Yale University - Department of Economics
Downloads 93 (510,403)
Citation 5

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Ss model, RBC model, Time-varying impulse response function, History dependence, Conditional heteroscedasticity, Aggregate shocks, Sectoral shocks, Idiosyncratic shocks, Adjustment costs

Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model

NBER Working Paper No. w12336
Number of pages: 51 Posted: 14 Jul 2006 Last Revised: 17 Sep 2022
Ruediger Bachmann, Eduardo M. R. A. Engel and Ricardo J. Caballero
Yale University, Yale University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 58 (670,988)
Citation 10

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68.

Financial Crash, Commodity Prices and Global Imbalances

NBER Working Paper No. w14521
Number of pages: 61 Posted: 08 Dec 2008 Last Revised: 05 Sep 2022
Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and University of California, Berkeley - Department of Economics
Downloads 149 (357,428)
Citation 4

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69.
Downloads 144 (367,437)
Citation 7

Prudential Monetary Policy

Number of pages: 58 Posted: 02 Jun 2019 Last Revised: 17 Jun 2022
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 125 (411,615)

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Speculation, leverage, aggregate demand, business cycle, effective lower bound, monetary policy, regulation, macroprudential policies, leaning against the wind

Prudential Monetary Policy

NBER Working Paper No. w25977
Number of pages: 59 Posted: 26 Jun 2019 Last Revised: 25 Jun 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 19 (981,669)

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Prudential Monetary Policy

CEPR Discussion Paper No. DP13832
Number of pages: 61 Posted: 30 Jul 2019 Last Revised: 24 Mar 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
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Citation 6
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aggregate demand, Business cycle, effective lower bound, leaning against the wind, leverage, macroprudential policies, monetary policy, regulation, Shadow banks, Speculation

Persistent Appreciations and Overshooting: A Normative Analysis

MIT Department of Economics Working Paper No. 07-13
Number of pages: 50 Posted: 24 Apr 2007
Ricardo J. Caballero and Guido Lorenzoni
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University
Downloads 94 (506,761)

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Appreciations, overshooting, financial frictions, irreversible investment, pecuniary externality, real wages, optimal policy, exports

Persistent Appreciations and Overshooting: A Normative Analysis

NBER Working Paper No. w13077
Number of pages: 50 Posted: 27 Jun 2007 Last Revised: 27 Mar 2022
Ricardo J. Caballero and Guido Lorenzoni
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University
Downloads 46 (747,338)
Citation 11

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71.

Irreversibility and Aggregate Investment

NBER Working Paper No. w3865
Number of pages: 33 Posted: 17 Oct 2007 Last Revised: 25 Jul 2022
Giuseppe Bertola and Ricardo J. Caballero
University of Turin - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 133 (390,985)
Citation 22

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

NBER Working Paper No. w7782
Number of pages: 45 Posted: 18 Jul 2000 Last Revised: 08 Oct 2022
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 94 (506,761)
Citation 1

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

IDB Working Paper No. 357
Number of pages: 58 Posted: 21 Apr 2011
Ricardo J. Caballero
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 37 (814,750)
Citation 7

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73.

The Cost of Recession Revisited: A Reverse-Liquidationist View

Number of pages: 38 Posted: 23 Jan 2000
Ricardo J. Caballero and Mohamad L. Hammour
Massachusetts Institute of Technology (MIT) - Department of Economics and Ecole Normale Superieure (ENS)
Downloads 110 (451,127)

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74.

Emerging Markets Crisis An Asset Markets Perspective

IMF Working Paper No. 99/129
Number of pages: 53 Posted: 15 Feb 2006
Ricardo J. Caballero and Arvind Krishnamurthy
Massachusetts Institute of Technology (MIT) - Department of Economics and Northwestern University - Kellogg School of Management
Downloads 105 (466,428)

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Capital flows fire sales financial constraints contractual and corporate governance problems balance sheets wasted collateral domestic and foreign spreads excessive leverage banks

75.

Uncertainty, Investment, and Industry Evolution

NBER Working Paper No. w4160
Number of pages: 31 Posted: 16 Nov 2001 Last Revised: 14 Nov 2022
Ricardo J. Caballero and Robert S. Pindyck
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 103 (473,033)
Citation 25

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76.

The Cleansing Effect of Recessions

NBER Working Paper No. w3922
Number of pages: 31 Posted: 31 Jul 2007 Last Revised: 21 Sep 2022
Ricardo J. Caballero and Mohamad L. Hammour
Massachusetts Institute of Technology (MIT) - Department of Economics and Ecole Normale Superieure (ENS)
Downloads 100 (482,671)
Citation 48

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77.

How High are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth

NBER Working Paper No. w4370
Number of pages: 75 Posted: 26 May 2004 Last Revised: 29 Jun 2012
Ricardo J. Caballero and Adam B. Jaffe
Massachusetts Institute of Technology (MIT) - Department of Economics and Brandeis University
Downloads 100 (482,671)
Citation 10

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Reach for Yield and Fickle Capital Flows

MIT Department of Economics Working Paper No. 18-03
Number of pages: 14 Posted: 09 Mar 2018
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 72 (597,579)

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Reach for Yield and Fickle Capital Flows

NBER Working Paper No. w24400
Number of pages: 13 Posted: 12 Mar 2018 Last Revised: 04 Mar 2023
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Yale School of Management
Downloads 20 (971,190)
Citation 2

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79.

Fixed Costs: The Demise of Marginal Q

NBER Working Paper No. w5508
Number of pages: 21 Posted: 07 Aug 2012 Last Revised: 22 Jul 2022
Ricardo J. Caballero and John V. Leahy
Massachusetts Institute of Technology (MIT) - Department of Economics and New York University (NYU) - Department of Economics
Downloads 90 (516,691)
Citation 2

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80.

The Global Impact of Risk-Off Shocks

BIS Paper No. 102a
Number of pages: 7 Posted: 22 May 2019
Ricardo J. Caballero and Güneş Kamber
Massachusetts Institute of Technology (MIT) - Department of Economics and Bank for International Settlements (BIS) - Monetary and Economic Department
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risk-off, conventional and unconventional monetary policy, policy-puts, spillovers, macroeconomic fundamentals, developed and emerging markets, AsiaPacific region

81.

A Model of the Safe Asset Mechanism (Sam): Safety Traps and Economic Policy

NBER Working Paper No. w18737
Number of pages: 53 Posted: 26 Jan 2013 Last Revised: 13 Mar 2023
Ricardo J. Caballero and Emmanuel Farhi
Massachusetts Institute of Technology (MIT) - Department of Economics and Harvard University - Department of Economics
Downloads 84 (539,102)
Citation 4

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82.
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Citation 4

The Macroeconomics of Specificity

NBER Working Paper No. w5757
Number of pages: 51 Posted: 09 Dec 1996 Last Revised: 27 Mar 2022
Ricardo J. Caballero and Mohamad L. Hammour
Massachusetts Institute of Technology (MIT) - Department of Economics and Ecole Normale Superieure (ENS)
Downloads 70 (607,311)
Citation 4

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The Macroeconomics of Specificity

Posted: 08 Oct 1998
Ricardo J. Caballero and Mohamad L. Hammour
Massachusetts Institute of Technology (MIT) - Department of Economics and Ecole Normale Superieure (ENS)

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