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Instructors 2010



Larry Christiano      (Fall 2010 courses)

Larry Christiano is the Alfred W. Chase Professor of Business Institutions at Northwestern University. He joined the faculty in 1992 and is a consultant to the Federal Reserve Banks of Chicago, Cleveland and Minneapolis, and a Research Affiliate of the National Bureau of Economic Research (NBER).  Christiano teaches macroeconomics, international finance and applied time series analysis. He received his PhD in economics from Columbia University. Prior to his appointment at Northwestern, Professor Christiano worked at the Federal Reserve Bank of Minneapolis (1985-1992) and was a professor at the University of Chicago (1981-1985). In 2001, he was elected a Fellow of the Econometric Society.

Christiano's research has been focused primarily on the problem of determining how the government's monetary and fiscal instruments ought to respond to shocks over the business cycle. This research has two parts; one involves formulating and estimating an empirically plausible model of the macroeconomy, and the second involves developing economic concepts and computational methods for determining optimal policy in an equilibrium model. He has received numerous grants from the National Science Foundation and is an Associate Editor of the Journal of Money, Credit and Banking.  

Selected publications

  •  “Optimal Fiscal Policy in a Business Cycle Model,” (with V. V. Chari and P. Kehoe) Journal of Political Economy, 1994, 102(3).
  • “Optimality of the Friedman Rule in Economies with Distorting Taxes,” (with V.V. Chari and Patrick Kehoe), Journal of Monetary Economics,  1996, 37(2), 203-223.
  • “Sticky Price and Limited Participation Models of Money: A Comparison,” (with M. Eichenbaum and Ch. Evans), European Economic Review, 1997, 41(6) , 1201-1249.
  • “Expectation Traps and Discretion,” (with V.V. Chari and M. Eichenbaum), Journal of Economic Theory, 1998, 81(2), 462-492.
  • “Algorithms for Solving Dynamic Models with Occasionally Binding Constraints,” (with J. Fisher), Journal of Economic Dynamics and Control, 2000, 24(8), 1179-1232.
  • Monetary policy shocks: What have we learned and to what end? (with M. Eichenbaum and Ch. Evans), in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, 2000, Elsevier.
  • “Monetary Policy In A Financial Crisis,” (with J. Roldos and Ch. Gust) Journal of Economic Theory, 2004, 119(1) 64-103.
  • “Two Reasons Why Money and Credit May be Useful in Monetary Policy,” (with R. Motto and M. Rostagno), National Bureau of Economic Research Working Paper Series, 2007, 13502.
  • “Shocks, structures or monetary policies? The Euro Area and US after 2001,” (with R. Motto and M. Rostagno), Journal of Economic Dynamics and Control, 2008, 32(8), 2476-2506.

Christopher A. Pissarides      (Fall 2010 course)

Christopher A. Pissarides is Professor of Economics at the London School of Economics and holder of the Norman Sosnow Chair in Economics. He specialises in the economics of unemployment, labour-market theory, labour-market policy and more recently he has written about growth and structural change. He has written extensively in professional journals and his book Equilibrium Unemployment Theory, now in its second edition, is a standard reference in the economics of unemployment.

In 2009 he was elected to serve as Vice President of the European Economic Association, to become President Elect in 2010 and President in 2011. He is also an elected Fellow of the British Academy, the Econometric Society, the European Economic Association and the Society of Labor Economists. He is serving or has served as a member of Council of the European Economic Association, the Econometric Society and the Royal Economic Society.

His editorial activities include the chair of the Economica board,and membership of the editorial board of the AEJ: Macroeconomics and other journals. He is research fellow of the Centre of Economic Performance at LSE (and a former head of its Macroeconomics Research Programme), the Centre for Economic Policy Research (London), and the Institute for the Study of Labor (IZA, Bonn) and a Non-National Senior Associate, Forum for Economic Research in the Arab Countries, Iran and Turkey.

Outside academia he has served as an external member of the Monetary Policy Committee of the Central Bank of Cyprus from its creation in 2000 to its dissolution in 2007 and on the European Employment Task Force chaired by Wim Kok (2003). He has been a consultant on employment policy and other macroeconomic issues for the World Bank, the European Commission, the Bank of England and the OECD.

His work on unemployment is closely associated with the “search and matching” approach, which he helped develop in a series of publications. In 2005 he was awarded the IZA Prize in Labor Economics (jointly with Dale Mortensen) for this work. In 2008 he received the Republic of Cyprus “Aristeion” for the Arts, Literature and Science and in 2009 he was awarded an honorary doctorate from the University of Cyprus.

Selected publications

  • Labour Market Adjustment, Cambridge: Cambridge University Press, 1976.
  • Equilibrium Unemployment Theory, 1st edition Blackwell, 1990, second edition Cambridge, MA: MIT Press, 2000, reprinted 2008.
  • “Short-Run Equilibrium Dynamics of Unemployment, Vacancies and Real Wages,” American Economic Review, 1985, 75(4), 676-90.
  • “Unemployment and Vacancies in Britain,” Economic Policy 1986, 3,  ,  499-540.
  • “Job Creation and Job Destruction in the Theory of Unemployment,” (with D. Mortensen), Review of Economic Studies 1994, 61, 397-415.
  • “The Impact of Employment Tax Cuts on Unemployment and Wages: The Role of Unemployment Benefits and Tax Structure,” European Economic Review, 1998, 42, 155-183.
  • “Looking into the Black Box: A Survey of the Matching Function,” (with B. Petrongolo) Journal of Economic Literature 2001, 39(2), 390-431.
  • “Structural Change in a Multi-Sector Model of Growth,” (with L. Rachel Ngai), American Economic Review, 2007,  97(1), 429-443.
  • “The Unemployment Volatility Puzzle: Is Wage Stickiness the Answer?,” Econometrica, in press.

Claudio Michelacci  (Fall 2010 course)

Claudio Michelacciis Professor of economics at CEMFI and Research Fellow at CEPR. He obtained his PhD from London School of Economics. He has held visiting appointments at MIT, University of Southern California, the London School of Economics and the University College London. His research focuses on the functioning of labor markets, the determinants of growth and the analysis of business cycles. In these fields he has edited books, organized academic conferences, and published several articles in top academic journals, including Journal of Political Economy, Review of Economic Studies, Journal of Monetary Economics, Review of Economics and Statistics, Journal of Applied Econometrics, Journal of the European Economic Association, European Economic Review, and Economic Journal. He is associate Editor of the Spanish Economic Review, and member of the program committee of the Econometric Society European Meetings and of the Latin American and Caribbean Economic Association Meeting.  He participated in several publicly research projects funded by the Spanish Minister of Economics and by the Ramon Areces Foundation.

Selected publications

  • “Financial Markets and Wages,” (with V. Quadrini), Review of Economic Studies, 2009, 76 (2),795-827.
  • “Technology Shocks and Job Flows,” (with D.L. Salido), Review of Economic Studies, 2007, 74.
  • “Why So Many Local Entrepreneurs?” (with O. Silva), Review of Economics and Statistics, 2007, 89(4).
  • “Incomplete Wage Posting,” (with J. Suarez), Journal of Political Economy, 2006, 114(6).
  • “Business Creation and the Stock Market,” (with J. Suarez), Review of Economic Studies 2004, 71, 459-481.

Fabio Canova (Spring course)

Fabio Canova got his Ph.D. in economics from the University of Minnesota. He has been assistant professor at Brown University and University of Rochester; associate professor at EUI and Brown University;  and full professor at the University  of Catania, Modena, Southampton and Universitat Pompeu Fabra. He is currently an ICREA research professor, and a researcher with the CEPR, and program director with the BSCBS.  Has has taught classes in numerous universities around the world an given  professional courses at the Bank of England, Sveriges Riksbank, Bank of Italy, Bundesbank, ECB, Bank of Spain, Bank of Portugal, Bank of Hungary, Bank of Argentina, Banco do Brazil, Banco Central de Reserva del Perú, South African Reserve Bank, Bank Indonesia, Swiss National Bank, Bank of Israel, at the EABCN, at the Central Bank course in Genzersee, the EU commission, the UK Foreign Office and UK treasury, among others. He has held consultancy positions with the Bank of England, the ECB, the Bank of Italy and the Bank of Spain.

He is a member of the CEPR Dating Business Cycle Committee, of the Applied Macroeconomic  Network (AMeN),  and of the Scientific Committee of several international conferences.  He is program director of the Budapest Center. He has been ranked in the Econometrics and Applied Econometrics Hall of Fame and in the Top 100 most productive economists of the world in several polls over the last 10 years. He is also program director of the Budapest School of Central Bank Studies and member of the scientific committee of the EABCN

He has held editorial positions with the European Economic Review and the Journal of Applied Econometrics, he is currently coeditor of the Journal of the European Economic Association  and has participated in a number of international conferences.  He has published over 70 articles in international journals and his graduate textbook, Methods for Applied Macroeconomic Research, has been published in 2007 by  Princeton University  Press.

Selected publications

  • “Estimating Multi-country VAR Models,” (with M. Ciccarelli), International Economic Review, 2009, 50(3), 929-961.
  • “Back to Square One: Identification Issues in DSGE Models,” (with L. Sala), Journal of Monetary Economics, 2009, 56(4), 431-449.
  • “What Explains the Great Moderation in the U.S?: A Structural Analysis,” Journal of the European Economic  Association, 2009, 7(4), 1-25.
  • “The Structural Dynamics of U.S. Output and Inflation: What Explains the Changes?” (with L. Gambetti and E. Pappa), Journal of Money, Credit and Banking, 2008, 40(2-3), 369-388.
  • Methods for Applied Macroeconomic Research, Princeton  University Press, 2007.
  • “Similarities and Convergence of G-7 Cycles,” (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, 2007, 54(3), 850-878.
  • “Price Differentials in Monetary Unions: The Role of Fiscal Shocks,” (with E. Pappa), Economic Journal, 2007, 117(520), 713-737.

Tommaso Monacelli   (Spring 2010)

Tommaso Monacelli is Associate Professor of Economics at Universita Bocconi, Milan (Italy). He holds a Ph.D. from New York University (1999), has been Assistant Professor at Boston College (1999-2002) and at Igier-Bocconi (2002-2005). He is Research Affiliate of CEPR and Associate Editor of  the Journal of Money Credit and Banking. Currently he is also Director of the BA Degree in Economics and Social Sciences at Universita Bocconi. He has been research consultant for the ECB, Visiting Scholar at IMF, ECB and Riksbank, and Visiting Professor at CEU. He has taught courses in central banks such as the Central Bank of Brasil, the Central Bank of Austria, and the Norges Central Bank. He has also been instructor in the EABCN Training School program.

Selected publications

  • “New Keynesian Models, Durable Goods, and Collateral Constraints,” Journal of Monetary Economics, 2009, 56(2).
  • “The International Dimension of Inflation: Evidence from Disaggregated Data,” (with L. Sala), Journal of Money, Credit and Banking, 2009, 56.
  • “Optimal Monetary and Fiscal Policy in a Currency Union,” (with J. Gali), Journal of International Economics, 2008, 76, 116-132.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy,” (with J. Gali), Review of Economic Studies, 2005, 72 (3).
  • “Optimal Monetary Policy in a Small Open Economy with Home Bias,” (with E. Faia), Journal of Money Credit and Banking  2008, 40(4)

Zvi Eckstein      (Spring 2010)

Professor Zvi Eckstein is the Deputy Governor of the Bank of Israel. He is a full professor of economics at Tel Aviv University. He received his Ph.D. from the University of Minnesota in 1981. Eckstein gave the Walras-Bowley lecture at the Econometric society summer 2008 meetings. He has published papers in all leading economic journals such as Econometirca, ReStud., AER, JPE, etc. He has taught at Yale University, Carnegie-Mellon University and Boston Universityand the University of Minnesota. Professor Eckstein was the Head of the Eitan Berglas School of Economics and he was the chairman of the Investment Committee and outside director at the Provident Funds of Bank Leumi of Israel Ltd.  He is currently an editor of the European Economic Review, Fellow of the Econometric Society, a research associate of the Center for Economic Policy Research, and a research associate at the IZA.

Selected publications

  • “Estimating a Market Equilibrium Search Model from Panel Data on Individuals,” (with K.I. Wolpin), Econometrica, 1990, 58, 783-808.
  • “Seigniorage and the Welfare cost of Inflation: Evidence from an Intertemporal Model of Money and Consumption,” (with L. Leiderman), Journal of Monetary Economics, 1992 (29), 389-410.
  • “Cities and Growth: Theory and Evidence from France and Japan,” (with J.E. Eckstein), Regional Science and Urban Economics, 1997, 27, 443-474.
  • “Transaction Services, Inflation and Welfare,” (with Aiyagari, R. Anton Braun), Journal of Political Economy, 1998, 106, 1274-1301.
  • “Why Youth Drop out of High School: The Impact of Preferences, Opportunities and Abilities” (with K.I. Wolpin), Econometrica 1999, 67 (6) , 1295-1339.
  • “Discrimination and Skill differences in an Equilibrium Search Model,” (with A.J. Bowlus) International Economic Review, 2002, 43(4), 1309-1345.
  • “Jewish Occupational Selection: Education, Restrictions, or Minorities?” (with M. Botticini), Journal of Economic History, 2005, 65.
  • “On the Wage Growth of Immigrants: Israel 1990-2000,” (with Y. Weiss), Journal of the European Economic  Association, 2004, 06, 665-695.
  • “Macroeconomic Consequences of Terror: Theory and the Case of Israel,” (with D. Tsiddon), Journal of Monetary Economics,  2004, 51(5) , 971-1002.
  • “Labor Mobility of Immigrants: Training, Experience, Language and Opportunities,” (with S. Cohen-Goldner), International Economic Review, 2008, 49(3), 837-872.