Javier Bianchi
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​         Google Scholar Profile      IDEAS/REPEC                                                                                                                                                                 

Working Papers

The Optimal Monetary Policy Response to Tariffs,   with Louphou Coulibaly,  April 2025   
                      Non-technical summary   Twitter thread  
                      Media:  Reuters  Central Banking

                    
How Should Monetary Policy Respond  to Housing Inflation?​ with Alisdair McKay and Neil Mehrotra, December 2024   [slides]
        
 Revise and Resubmit, Quarterly Journal of Economics

​International Reserve Management under Rollover Crises, with Mauricio Barbosa-Alves and Cesar Sosa-Padilla, May 2024
         Revise and Resubmit, Quarterly Journal of Economics      [Non-technical summary]   [Slides]

 Bank Runs, Fragility, and Regulation , with Manuel Amador, March 2025        [Slides]     [Policy highlights]
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​Liquidity Traps, Prudential Policies and International Spillovers​,  with Louphou Coulibaly, June 2024   
         
Revised and Resubmitted, Review of Economic Studies
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International Sanctions and Dollar Dominance,  with Cesar Sosa-Padilla,  December 2024
             Conditionally Accepted, Economic Journal

     
A Macroprudential Theory of Foreign Reserve Accumulation, with Fernando Arce and Julien Bengui
            
 Revised and Resubmitted, AEJ Macro

Financial Integration and Monetary Policy Coordination, ​ with Louphou Coulibaly,  June 2024    [Slides]     [Non-technical summary] 
       

Helicopter Drops and Liquidity Traps,  with Manuel Amador, February 2025  [Slides]
                                  
A Theory of Fear of Floating, with Louphou Coulibaly
             Revise and Resubmit, Journal of Monetary Economics


​Scrambling for Dollars: International Liquidity, Banks and Exchange Rates,  with  Saki Bigio and Charles Engel, Updated March 2025
                    
​Settlement Frictions and Portfolio Theory,  with Saki Bigio
               Revise and Resubmit, Journal of Economic Theory

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Overborrowing, Financial Crises and Macro-prudential Policy, with Enrique Mendoza, June 2010


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​Work in Progress 

​International Equity Flows, Monetary Policy, and Time Consistency​,  with Alejandro Van der Ghote

Foreign Reserve Management, with Manuel Amador, Luigi Bocola, and Fabrizio Perri  

​The Political Economy of Macroprudential Policies and Capital Flow, with Cesar Sosa-Padilla and Carlos Bolivar​

  ​Journal Articles

Overborrowing, Underborrowing and Macroprudential Policy, with Fernando Arce and Julien Bengui, May 2023
             Forthcoming, Journal of Economic Theory [link]

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​Bank Runs, Fragility, and Credit Easing, with Manuel Amador     [Sildes]  [Twitter thread]
         American Economic Review         [link]      Previous results in ​​"Partial Bank Runs and Optimal Default"

On Wars, Sanctions and Sovereign Default, with Cesar Sosa-Padilla       [Twitter thread]
        Journal of Monetary Economics, Carnegie-Rochester-NYU 100th Conference on Public Policy​, 2023 

Reserve Accumulation, Macroeconomic Stabilization and Sovereign Risk,  with Cesar Sosa-Padilla
       
 Review of Economic Studies, 2023    [Link]                  [Twitter thread]  


The Macroeconomic Consequences of International Financial Sanctions,  with Cesar Sosa-Padilla
           AEA Papers and Proceedings,  2023


​Fiscal Stimulus under Sovereign Risk, with Pablo Ottonello and Ignacio Presno, May 2021 ​ 
          Journal of Political Economy, 2023   [Link]
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Macroprudential Policy with Leakages, with Julien Bengui  [link]
         Journal of International Economics, 2022

​The Prudential Use of Capital Controls and Foreign Currency Reserves,  with Guido Lorenzoni    [Slides]   ​     [link]
      V Handbook of International Economics, 2022              
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Banks, Liquidity Management and Monetary Policy,  with Saki Bigio  [link]
​         Econometrica, 2022  

Monetary Independence and Rollover Crises, with Jorge Mondragon  [Slides]  
     Quarterly Journal of Economics, 2022
        The Region summary      
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A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature,  with Enrique Mendoza,  ​
        Review of Economic Dynamics, 2020   
 Special Issue of the RED on The 25th anniversary of Frontiers of Business Cycle Research

 Exchange Rate Policies at the Zero Lower Bound, with Manuel Amador, Luigi Bocola, and Fabrizio Perri  
​       
Review of Economic Studies,  2020  (Featured Article)      
 Older working paper
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 Financial Safety Nets, with Julien Bengui and Louphou Coulibaly   
      International Economic Review, 2019
​      
The Region summary
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International Reserves and Rollover Risk,  with Juan Carlos Hatchondo and Leonardo Martinez​
      American Economic Review, 2018  
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Optimal Time-Consistent Macroprudential Policy,  with Enrique Mendoza  
     Journal of Political Economy, 2018

Efficient Bailouts?   
    American Economic Review, 2016  (Lead Article)
    The Region summary

Reverse Speculative Attacks, with Manuel Amador, Luigi Bocola, and Fabrizio Perri      
    Journal of Economics, Dynamics and Control, 2016   
   The Region summary     [Code]

Fundamentals News, Global Liquidity and Macroprudential Policy, with Chenxin Liu and Enrique Mendoza
    Journal of International Economics, 2016    [Corrigendum] [Code]

Macro-prudential Policy in a Fisherian Model of Financial Innovation, with Emine Boz and Enrique Mendoza    
    IMF Economic Review, 2012        

Overborrowing and Systemic Externalities in the Business Cycle
    American Economic Review,  2011   [Appendix] [Matlab Code] 
   
Credit Externalities: Macroeconomic Effects and Policy Implications
    American Economic Review, Papers and Proceedings,  2010


Published discussions
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Comment on `Macroeconomic Volatility and External Imbalances',  by Alessandra Fogli  and Fabrizio Perri
    Journal of Monetary Economics, March 2015
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Comment on 'The Risk Channel of Monetary Policy', by Oliver de Groot
    International Journal of Central Banking, June 2014
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Comment on `Capital Account Policies and the Real Exchange Rate', by Olivier Jeanne
    NBER International Seminar on Macroeconomics, August 2012

 

Other Writings:
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Understanding the Russian Debt Default Dilemma , Minneapolis Fed, March 2022
​
The economic models come to Moscow, Minneapolis Fed, March 2022

Interview with Study Center Gerzensee,   September 2021

​
Spanish:


Austerity vs. Stimulus Dilemma,  Economia y Mercado,  October 2021 
 

Rollover Crises, Economia y Mercado,  January 2019   

International Reserves,  Economia y Mercado, August 2012    

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