Paolo A. Pesenti

Federal Reserve Bank of New York

33 Liberty Street

New York, NY 10045

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

27

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Scholarly Papers (27)

1.

The Economics of Currency Crises and Contagion: An Introduction

Economic Policy Review, Vol. 6, No. 3, September 2000
Number of pages: 14 Posted: 16 Dec 2005
Paolo A. Pesenti and Cédric Tille
Federal Reserve Bank of New York and Graduate Institute of International and Development Studies (HEI)
Downloads 631 (40,322)

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currency crises, Asia, international capital markets

2.

What Caused the Asian Currency and Financial Crisis? Part I: a Macroeconomic Overview

NBER Working Paper No. w6833
Number of pages: 51 Posted: 05 May 1999 Last Revised: 11 Oct 2010
Giancarlo Corsetti, Paolo A. Pesenti and Nouriel Roubini
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS), Federal Reserve Bank of New York and New York University - Leonard N. Stern School of Business - Department of Economics
Downloads 456 (61,019)

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3.

Welfare-Based Monetary Policy Rules in an Estimated DSGE Model of the Us Economy

ECB Working Paper No. 613
Number of pages: 68 Posted: 22 May 2006
Banque de France - Economic Study and Research Division, International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department and Federal Reserve Bank of New York
Downloads 325 (90,797)

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Competition, markups, monetary policy, Taylor rule

Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assessment

FRB International Finance Discussion Paper No. 803; FRB of New York Staff Report No. 182
Number of pages: 50 Posted: 30 May 2004
Tamim Bayoumi, Douglas Laxton and Paolo A. Pesenti
International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department and Federal Reserve Bank of New York
Downloads 100 (262,447)

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Competition, markups, monetary policy, Taylor Rule

Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assessment

ECB Working Paper No. 341
Number of pages: 64 Posted: 25 Aug 2004
Tamim Bayoumi, Douglas Laxton and Paolo A. Pesenti
International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department and Federal Reserve Bank of New York
Downloads 96 (269,700)

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Competition, Markups, Monetary Policy, Taylor Rule

Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assessment

CEPR Discussion Paper No. 4481
Number of pages: 52 Posted: 12 Aug 2004
Tamim Bayoumi, Douglas Laxton and Paolo A. Pesenti
International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department and Federal Reserve Bank of New York
Downloads 15 (561,920)
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Competition, mark-ups, monetary policy, Taylor rule

5.
Downloads 170 (172,881)

Competitive Devaluations: A Welfare-Based Approach

FRB of New York Staff Report No. 58
Number of pages: 36 Posted: 26 Aug 1999
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS), Federal Reserve Bank of New York, New York University - Leonard N. Stern School of Business - Department of Economics and Graduate Institute of International and Development Studies (HEI)
Downloads 147 (195,842)

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competitive devaluations, exchange rate shocks, contagion, global trade links, law of one price

Competitive Devaluations: a Welfare-Based Approach

NBER Working Paper No. w6889
Number of pages: 36 Posted: 05 May 1999 Last Revised: 07 May 2000
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS), Federal Reserve Bank of New York, New York University - Leonard N. Stern School of Business - Department of Economics and Graduate Institute of International and Development Studies (HEI)
Downloads 23 (510,916)

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Commodity Prices, Commodity Currencies, and Global Economic Developments

FRB of New York Staff Report No. 387
Number of pages: 33 Posted: 03 Sep 2009
Jan J. J. Groen and Paolo A. Pesenti
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 108 (248,613)

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Commodity prices, forecasting, exchange rates, factor models, PLS regression

Commodity Prices, Commodity Currencies, and Global Economic Developments

NBER Working Paper No. w15743
Number of pages: 33 Posted: 22 Feb 2010 Last Revised: 06 Aug 2010
Jan J. J. Groen and Paolo A. Pesenti
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 41 (421,631)

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Commodity Prices, Commodity Currencies, and Global Economic Developments

CEPR Discussion Paper No. DP7689
Number of pages: 35 Posted: 01 Mar 2010
Jan J. J. Groen and Paolo A. Pesenti
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 2 (656,438)
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Commodity prices, Exchange rates, Factor models, Forecasting, PLS regression

7.
Downloads 141 (202,033)

Self-Validating Optimum Currency Areas

FRB of New York Staff Report No. 152
Number of pages: 34 Posted: 31 Jul 2006
Giancarlo Corsetti and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Federal Reserve Bank of New York
Downloads 83 (296,072)

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optimal currency areas, monetary union, optimal cyclical monetary policy, nominal rigidities, exchange rate pass-through

Self-Validating Optimum Currency Areas

NBER Working Paper No. w8783
Number of pages: 26 Posted: 14 Feb 2002 Last Revised: 26 Oct 2010
Giancarlo Corsetti and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Federal Reserve Bank of New York
Downloads 38 (434,223)

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Self-Validating Optimum Currency Areas

CEPR Discussion Paper No. 3220
Number of pages: 29 Posted: 14 Mar 2002
Giancarlo Corsetti and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Federal Reserve Bank of New York
Downloads 20 (529,832)
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Optimum currency areas, monetary union, optimal cyclical monetary policy, nominal rigidities, exchange rate pass-through

8.

What Caused the Asian Currency and Financial Crisis? Part Ii: the Policy Debate

NBER Working Paper No. w6834
Number of pages: 41 Posted: 10 Jun 2000 Last Revised: 11 Oct 2010
Giancarlo Corsetti, Paolo A. Pesenti and Nouriel Roubini
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS), Federal Reserve Bank of New York and New York University - Leonard N. Stern School of Business - Department of Economics
Downloads 139 (204,414)

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Productivity Spillovers, Terms of Trade, and the 'Home Market Effect'

FRB of New York Staff Report No. 201
Number of pages: 32 Posted: 24 Feb 2005
Paolo A. Pesenti, Giancarlo Corsetti and Philippe Martin
Federal Reserve Bank of New York, European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Ecole Nationale des Ponts et Chaussées (ENPC) - Centre d'Enseignement et de Recherche en Analyse Socio-Economique (CERAS)
Downloads 87 (287,442)

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trade, productivity, terms of trade, taste for variety

Productivity Spillovers, Terms of Trade and the "Home Market Effect"

NBER Working Paper No. w11165
Number of pages: 32 Posted: 30 Mar 2005 Last Revised: 06 Jul 2010
Giancarlo Corsetti, Philippe Martin and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS), Ecole Nationale des Ponts et Chaussées (ENPC) - Centre d'Enseignement et de Recherche en Analyse Socio-Economique (CERAS) and Federal Reserve Bank of New York
Downloads 25 (498,881)

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Productivity Spillovers, Terms of Trade and the 'Home Market Effect'

CEPR Discussion Paper No. 4964
Number of pages: 34 Posted: 27 Jul 2005
Giancarlo Corsetti, Philippe Martin and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS), Ecole Nationale des Ponts et Chaussées (ENPC) - Centre d'Enseignement et de Recherche en Analyse Socio-Economique (CERAS) and Federal Reserve Bank of New York
Downloads 20 (529,832)
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Trade, productivity, terms of trade, taste for variety

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies

FRB of New York Research Paper No. 209
Number of pages: 75 Posted: 30 May 2005
Paolo A. Pesenti and Giancarlo Corsetti
Federal Reserve Bank of New York and European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS)
Downloads 108 (248,613)

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optimal monetary policy, nominal rigidities, exchange rate pass-through

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies

CEPR Discussion Paper No. 5080
Number of pages: 77 Posted: 06 Oct 2005
Giancarlo Corsetti and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Federal Reserve Bank of New York
Downloads 21 (523,569)
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Optimal monetary policy, nominal rigidities, exchange rate pass-through, international cooperation

11.

Paper Tigers? a Model of the Asian Crisis

NBER Working Paper No. w6783
Number of pages: 45 Posted: 02 Mar 1999 Last Revised: 11 Oct 2010
Giancarlo Corsetti, Paolo A. Pesenti and Nouriel Roubini
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS), Federal Reserve Bank of New York and New York University - Leonard N. Stern School of Business - Department of Economics
Downloads 124 (223,609)

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Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis

FRB of New York Staff Report No. 268
Number of pages: 59 Posted: 06 Dec 2006
Hamid Faruqee, Douglas Laxton, Dirk Muir and Paolo A. Pesenti
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) - Research Department, Bank of Canada and Federal Reserve Bank of New York
Downloads 79 (305,112)

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current account deficit, multicountry dynamic general equilibrium models, trade policy

Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis

NBER Working Paper No. w12704
Number of pages: 59 Posted: 20 Nov 2006 Last Revised: 19 Sep 2010
Hamid Faruqee, Douglas Laxton, Dirk Muir and Paolo A. Pesenti
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) - Research Department, Bank of Canada and Federal Reserve Bank of New York
Downloads 20 (529,832)

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Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis

CEPR Discussion Paper No. 5993
Number of pages: 61 Posted: 20 Mar 2007
Hamid Faruqee, Douglas Laxton, Dirk Muir and Paolo A. Pesenti
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) - Research Department, Bank of Canada and Federal Reserve Bank of New York
Downloads 13 (575,044)
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Current account deficit, multi-country DGE models, net asset positions, trade policy

13.

Theoretical Notes on Commodity Prices and Monetary Policy

BIS Paper No. 70i
Number of pages: 12 Posted: 14 Apr 2013
Paolo A. Pesenti
Federal Reserve Bank of New York
Downloads 104 (253,831)

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commodity prices, core and headline inflation, monetary policy

14.
Downloads 101 (259,009)

International Dimensions of Optimal Monetary Policy

FRB of New York Staff Report No. 124
Number of pages: 45 Posted: 09 Aug 2006
Giancarlo Corsetti and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Federal Reserve Bank of New York
Downloads 45 (406,166)

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optimal cyclical monetary policy, nominal rigidities, exchange rate pass-through, international cooperation

International Dimensions of Optimal Monetary Policy

NBER Working Paper No. w8230
Number of pages: 45 Posted: 08 Apr 2001 Last Revised: 21 Oct 2010
Giancarlo Corsetti and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Federal Reserve Bank of New York
Downloads 40 (425,746)

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International Dimensions of Optimal Monetary Policy

CEPR Discussion Paper No. 3349
Number of pages: 46 Posted: 04 Jun 2002
Giancarlo Corsetti and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Federal Reserve Bank of New York
Downloads 16 (555,397)
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Optimal cyclical monetary policy, nominal rigidities, exchange rate pass-through, international cooperation

Deflationary Shocks and Monetary Rules: An Open-Economy Scenario Analysis

FRB of New York Staff Report No. 267
Number of pages: 37 Posted: 06 Dec 2006
Douglas Laxton, Papa N'Diaye and Paolo A. Pesenti
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) - Asia and Pacific Department and Federal Reserve Bank of New York
Downloads 40 (425,746)

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deflation, monetary policy rules, zero interest rate floor

Deflationary Shocks and Monetary Rules: An Open-Economy Scenario Analysis

NBER Working Paper No. w12703
Number of pages: 37 Posted: 20 Nov 2006 Last Revised: 18 Sep 2010
Douglas Laxton, Papa N'Diaye and Paolo A. Pesenti
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) - Asia and Pacific Department and Federal Reserve Bank of New York
Downloads 21 (523,569)

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Deflationary Shocks and Monetary Rules: An Open-Economy Scenario Analysis

CEPR Discussion Paper No. 5997
Number of pages: 39 Posted: 23 Mar 2007
Douglas Laxton, Papa N'Diaye and Paolo A. Pesenti
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) - Asia and Pacific Department and Federal Reserve Bank of New York
Downloads 11 (588,326)
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Deflation, monetary policy rules, zero interest rate floor

16.

The Role of Large Players in Currency Crises

NBER Working Paper No. w8303
Number of pages: 71 Posted: 17 May 2001 Last Revised: 22 Oct 2010
Giancarlo Corsetti, Paolo A. Pesenti and Nouriel Roubini
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS), Federal Reserve Bank of New York and New York University - Leonard N. Stern School of Business - Department of Economics
Downloads 64 (339,425)

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17.

Welfare and Macroeconomic Interdependence

NBER Working Paper No. w6307
Number of pages: 49 Posted: 11 Jun 2000 Last Revised: 08 Oct 2010
Giancarlo Corsetti and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Federal Reserve Bank of New York
Downloads 56 (362,525)

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Oil Price Movements and the Global Economy: A Model-Based Assessment

NBER Working Paper No. w13792
Number of pages: 49 Posted: 13 Feb 2008 Last Revised: 09 Sep 2010
International Monetary Fund (IMF) - Policy Development and Review Department, International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) - Research Department, Bank of Canada and Federal Reserve Bank of New York
Downloads 52 (381,207)

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Oil Price Movements and the Global Economy: A Model-Based Assessment

CEPR Discussion Paper No. DP6700
Number of pages: 51 Posted: 10 Jun 2008
International Monetary Fund (IMF) - Policy Development and Review Department, International Monetary Fund (IMF) - Research Department, Bank of Canada, International Monetary Fund (IMF) - Research Department and Federal Reserve Bank of New York
Downloads 1 (670,851)
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DSGE models, Oil prices, World economy

19.

Benefits and Spillovers of Greater Competition in Europe: A Macroeconomic Assesment

NBER Working Paper No. w10416
Number of pages: 50 Posted: 21 Apr 2004 Last Revised: 11 Jun 2004
Tamim Bayoumi, Douglas Laxton and Paolo A. Pesenti
International Monetary Fund (IMF), International Monetary Fund (IMF) - Research Department and Federal Reserve Bank of New York
Downloads 30 (459,081)

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20.

Monetary Rules for Small, Open, Emerging Economies

NBER Working Paper No. w9568
Number of pages: 59 Posted: 20 Mar 2003 Last Revised: 01 Nov 2010
Douglas Laxton and Paolo A. Pesenti
International Monetary Fund (IMF) - Research Department and Federal Reserve Bank of New York
Downloads 29 (463,861)

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21.

Do Nontraded Goods Explain the Home Bias Puzzle?

NBER Working Paper No. w5784
Number of pages: 35 Posted: 27 Feb 1997 Last Revised: 09 Apr 2010
Paolo A. Pesenti and Eric van Wincoop
Federal Reserve Bank of New York and University of Virginia - Department of Economics
Downloads 27 (473,821)

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Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment

NBER Working Paper No. w13795
Number of pages: 28 Posted: 13 Feb 2008 Last Revised: 12 Sep 2010
Giancarlo Corsetti, Philippe Martin and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS), Université Paris I Panthéon-Sorbonne - Centre Maison des Sciences Economiques and Federal Reserve Bank of New York
Downloads 22 (517,277)

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Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment

CEPR Discussion Paper No. DP6660
Number of pages: 29 Posted: 05 Jun 2008
Giancarlo Corsetti, Philippe Martin and Paolo A. Pesenti
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS), Université Paris I Panthéon-Sorbonne - Centre Maison des Sciences Economiques and Federal Reserve Bank of New York
Downloads 2 (656,438)
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Current account, extensive margin, global imbalances, transfer problem

23.

Rational Speculative Bubbles in an Exchange Rate Target Zone

NBER Working Paper No. w3467
Number of pages: 49 Posted: 28 Jun 2004 Last Revised: 24 Jun 2010
Willem H. Buiter and Paolo A. Pesenti
Citigroup New York and Federal Reserve Bank of New York
Downloads 24 (489,884)

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24.

A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises

NBER Working Paper No. w5140
Number of pages: 43 Posted: 05 Jul 2000 Last Revised: 27 Aug 2010
Willem H. Buiter, Giancarlo Corsetti and Paolo A. Pesenti
Citigroup New York, European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Federal Reserve Bank of New York
Downloads 23 (495,325)

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25.

Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing

NBER Working Paper No. w11583
Number of pages: 72 Posted: 26 Aug 2012
Hamid Faruqee, Douglas Laxton, Dirk Muir and Paolo A. Pesenti
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) - Research Department, Bank of Canada and Federal Reserve Bank of New York
Downloads 7 (589,503)

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26.

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies

NBER Working Paper No. w11341
Number of pages: 75 Posted: 28 Jun 2012
Giancarlo Corsetti and Paolo A. Pesenti
University of Cambridge and Federal Reserve Bank of New York
Downloads 3 (616,770)

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27.

Interpreting the Erm Crisis: Country-Specific and Systemic Issues

CEPR Discussion Paper Series No. 1466
Posted: 13 Mar 1997
Willem H. Buiter, Giancarlo Corsetti and Paolo A. Pesenti
Citigroup New York, European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) and Federal Reserve Bank of New York

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