1.          Books

IMF Reform: The Unfinished Agenda, co-authors: Barry Eichengreen, Takatoshi Ito, and Charles Wyplosz, Geneva Reports on the World Economy 20, CEPR Press, 2018.

How Latin American Weathered the Global Financial Crisis, Peterson Institute of International Economics, 2014.

Macroeconomía. Teoría y Políticas, Pearson Educación, Prentice-Hall, 2007.

An Independent and Accountable IMF, co-authors: Barry Eichengreen, Takatoshi Ito, and Charles Wyplosz, Geneva Reports on the World Economy 1, CEPR Press, 1999.

2.   Published Articles

“From dominant to producer currency pricing: Dynamics of Chilean exports,” Journal of International Economics, 103934, https://doi.org/10.1016/j.jinteco.2024.103934, Co-Auhors: Pablo García, Emiliano Luttini, Marco Rojas, 2024.

“The boom of corporate debt in emerging markets: Carry trade or save to invest?,” Journal of International Economics, Vol. 148, 103844, https://doi.org/10.1016/j.jinteco.2023.103844, Co-Author: Mauricio Jara, 2024.

“La Experiencia con metas de Inflación en América Latina,” in Marco Ortiz y Diego Winkelried (eds.), Hitos de la Reforma Macroeconómica en el Perú 1990-2020. La Recompensa De Los Tamías, Universidad del Pacífico, 2022.

“Even moderate increases in interest rates may be a cause of concern for
fiscal sustainability,” in Ilan Goldfajn and Eduardo Levy Yeyati (eds.), Pandemic Decade: Conversations with 16 Latin American Economists, Center for Economic Policy Research, CEPR-Press, pp 41-48, 2021.

“Central Banking and Credit Provision in Emerging Market Economies During the Covid-19 Crisis”, co-autor: Luis Felipe Céspedes, en Bill English, Kristin Forbes and Angel Ubide (eds.), Monetary Policy and Central Banking in the Covid Era, Center for Economic Policy Research, CEPR-Press, pp. 371-389, 2021.

“Inflation Targets in Latin America,” The New Palgrave Dictionary of Economics, Palgrave Mcmillan, https://doi.org/10.1057/978-1-349-95121-5_3110-1, 2019.

“Accumulation of Reserves in Emerging and Developing Countries: Mercantilism versus Insurance,” Co-Author: Luis Cabezas, Review of World Economics, 155, pp. 819-857, https://doi.org/10.1007/s10290-019-00353-2, June 2019.

“Productivity in Emerging Market Economies: Slowdown or Stagnation,” in Posen, Adam and Jeromin Zettelmeyer (eds.), Facing Up to Low Productivity Growth, Peterson Institute for International Economics, 2019.

“Latin America: From Recovery to Slowdown,” World Economics, Vol. 16, N.4, December 2015.

“Understanding Differences in Growth Performance in Latin America and Developing Countries between the Asian and the Global Financial Crises,” co-author: Roberto Alvarez, IMF Economic Review, Vol. 62, No. 4, pp. 494-525, November 2014.

“Capital Flows and Capital Account Management”, in George Akerlof, Olivier Blanchard, David Romer and Joseph Stiglitz (eds.) What Have We Learned? Macroeconomic Policy after the Crisis, Cambridge: MIT Press, pp. 271-288, 2014.

“Resilience in Latin America: Lessons from Macroeconomic Management and Financial Policies,” in Stijn Claessens, Ayhan Kose, Luc Laeven and Fabian Valencia (eds.) Financial Crises: Causes, Consequences, and Policy Responses, Washington DC: International Monetary Fund, pp. 173-192, 2014.

“Commodity Prices, Monetary Policy, and Inflation,” IMF Economic Review, Vol. 60, No. 3, pp. 600–633, December 2012.

“Price and Financial Stability in Modern Central Banking,” Economia, Vol 13, N° 1, pp. 1-11, Fall 2012.

“Los Flujos de Capital y la Interacción Entre la Política Macroprudencial y la Política Monetaria,” Economía Chilena, Vol. 15, Nº 1, pp. 90-95, April 2012.

“Copper, the Real Exchange Rate and Macroeconomic Fluctuations in Chile,” co-author: Felipe Labbé, in Arezki, R., T. Gylfason y A. Sy (eds.), Beyond the Curse: Policies to Harness the Power of Natural Resources, Washington D.C.: International Monetary Fund, 2011.

“Adjustment in the Global Economy,” World Economics, Volume 12, Number 3, pp. 153–162, 2011.

“La Economía Mundial, las Tensiones Cambiarias y la Política Monetaria Reciente en Chile,” Estudios Públicos, No. 123, pp. 69-94, Winter 2011.

“Acumulación de Reservas Internacionales en Economías Emergentes,” in C. Giraldo y C. Díaz (eds.) Mecanismos de Blindaje Financiero, Fondos Regionales y Otros Esquemas Sustitutos o Complementarios, Papers and Proceedings FLAR Annual Conference, FLAR, March 2011 (English versión in: Economic Policy Paper N° 40, Central Bank of Chile)

“Monetary Policy and Financial Stability: An Emerging Markets Perspective,” International Finance, Vol. 13, N° 1, pp. 141-156, Spring 2010.

“A veinte Años de la Autonomía del Banco Central de Chile,” Economía Chilena, Vol. 12, Nº 3, pp. 5-10, December 2009.

“La Macroeconomía, los Economistas y la Crisis,” Cuadernos de Economía, Latin American Journal of Economics, Vol. 46, N0 134, pp. 149-159, November 2009. English version: “Macroeconomics, Economists and the Crisis,” Economic Policy paper N° 33, Banco Central de Chile, October 2009.

“Chile: Foreign Shocks and Policy Responses,” World Economics, Vol. 10, N. 4, pp. 5-24, 2009.

“Implementation of Inflation Targets in Emerging Markets,” in G. Hammond, R. Kanbur and E. Prasad (eds.), Monetary Policy Frameworks for Emerging Markets, Cheltenham, UK: Edward Elgar, 2009.

“Chile frente a la Recesión Mundial del 2009,” Estudios Públicos, N° 113, pp. 5-26, summer 2009. English version: “Chile and the Global Recession of 2009,” Economic Policy Paper N° 30, Central Bank of Chile, March 2009.

“Monetary Policy and Commodity Prices in Turbulent Times 2008,” in Katuri Nagaswara Rao (ed.), Global Financial Markets: Managing Turbulence, The Icafai University Press, January 2009.

“Economic Growth in Latin America: From the Disappointment of the Twentieth Century to the Challenges of the Twenty-first,” en S. Mainwaring & T. Scully (eds,), Democratic Governance in Latin America, Stanford University Press, 2010. Spanish Version: “El Crecimiento Económico de la América Latina: Del Desencanto del Siglo XX a los Desafíos del XXI,” El Trimestre Económico, Vol. LXXV (1), N° 297, pp. 5-48, January-March 2008

“Financial Diversification, Sudden Stops and Sudden Starts,” co-authors: K. Cowan, A. Micco, and C. Neilson, in Cowan, K., S. Edwards, and R. Valdes (eds.), Current Account and External Finance, Central Bank of Chile, 2008. Spanish version: “Diversificación Financiera e Interrupción Repentina del Flujo de Capitales,” Economía Chilena, Vol. 10, Nº 3, pp. 45-65, December 2007.

“La Gran Moderación y el Riesgo Inflacionario: Una Mirada desde las Economías Emergentes,” Estudios Públicos, N° 110, pp. 5-20, Autumn 2008. English version: “The Great Moderation and the Risk of Inflation - A View for Developing Countries,” Economic Policy Paper N° 24, Central Bank of Chile, May 2008.

“The ‘Great Moderation’ and the Monetary Transmission Mechanism in Chile,” co-authors: C. Betancour and J. P. Medina, BIS Papers N° 35, pp. 159-178, January 2008.

“Another Pass-Through Bites the Dust? Oil Prices and Inflation,” co-authors: O. Landerretche and C. Neilson, Economia, Vol 7, N° 2, pp. 155-196, Spring 2007.

“International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile,” co-author: K. Cowan, in S. Edwards (ed.), Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, NBER and The University of Chicago Press, 2007.

“Esquema de Metas de Inflación en Economías Emergentes,” in Banco Central de la República Argentina, Política Monetaria y Estabilidad Financiera, Jornadas Monetarias y Bancarias del BCRA, 2007.

“Bonanza del Cobre: Impacto Macroeconómico y Desafíos de Política,” Estudios Públicos N° 103, pp. 17-42, Winter 2006.

“Metas de Inflación y el Objetivo de Pleno Empleo,” Economía Chilena, Vol. 9, N° 2, pp. 5-13, August 2006.

“Improving the Banking System: the Chilean Experience,” co-authors: C. Betancour and A. Jara, BIS Papers N° 28, pp. 163-80, August 2006.

“The Relative Richness of the Poor? Natural Resources, Human Capital and Economic Growth,” co-author: C. Bravo-Ortega, in D. Lederman and W. Maloney (eds.), Neither Curse Nor Destiny: Natural Resources and Development, Stanford University Press, 2006.

“Crecimiento Sostenido en América Latina,” Boletín, Centro de Estudios Monetarios Latinoamericanos, Vol. LI, Nº 4, pp. 163-170, October-December 2005 English version, “Sustained Growth in Latin America,” Economic Policy Paper N° 13, Central Bank of Chile, May 2005.

“Overcoming Fear of Floating: Exchange Rate Policies in Chile,” co-author: Andrea Tokman, in N. Batini (ed.), Monetary Policy in Emerging Markets and Other Developing Countries, New York: Nova Science Publishers Inc., 2007. Spanish version: “El Miedo a Flotar y la Política Cambiaria en Chile,” Economía Chilena, Vol. 8, N° 3, pp. 29-54, December 2005.

 “Flexible Exchange Rate Regime and Forex Intervention,” co-author: Andrea Tokman, BIS Paper No 24, pp. 127-138. 205.

“The Role of Foreign Direct Investment and Natural Resources in Economic Development,” in E. Graham (ed.) Multinationals and Foreign Investment in Economic Development, ch. 9, IEA Conference Volume N° 141, Palgrave McMillan, 2005.

“Crecimiento Económico en Chile: Evidencia, Fuentes y Perspectivas,” Estudios Públicos N° 98, Otoño 2005. English version: “Economic Growth in Chile: Evidence, Sources and Prospects,” Working Paper N° 298, Central Bank of Chile, December 2004.

“Growth and Adjustment in East Asia and Latin America,” co-author: Jong-Wha Lee, Economia, Vol. 5, N° 1, pp. 69-134, Fall 2004.

“Mucho Dinero y Poca Inflación: Chile y la Evidencia Internacional,” Cuadernos de Economía, Vol. 40, N° 121, pp. 716-724, 2003.

“Dinero e Inflación: ¿En qué Estamos?,” Economía Chilena, Vol. 6, N° 1, pp. 5-19, April 2003.

“Manejo Macroeconómico en Economías Emergentes y el Sistema Financiero Internacional,” Estudios Públicos N° 88, Spring 2002. English version: “Macroeconomic Management in Emerging Economies and the Internacional Financial Architecture,” Working Paper N° 163, Central Bank of Chile, June 2002.

“Education and Income Inequality: New Evidence From Cross-Country Data,” co-author Jong-Wha Lee, Review of Income and Wealth, Vol. 48, N° 3, pp. 395-416, 2002.

“Credit Information and Market Performance: The Case of Chile,” co-author: K. Cowan, in M. Miller (ed.), Credit Reporting Systems and International Economy, MIT Press, pp. 163-201, 2003.

“Crisis Transmission: Evidence from the Debt, Tequila and Asian Flu Crises,” co-author: R. Valdés, The World Bank Economic Review, Vol. 15, N° 2, pp. 289-314, also in S. Claessens and K. Forbes (eds.), International Financial Contagion, Kluwer Academic Publishers, pp. 99-127, 2001.

“Something for Everyone: Chilean Exchange Rate Policy since 1960,” in J. Frieden and E. Stein (eds.), The Currency Game. Exchange Rate Policies in Latin America, IDB and John Hopkins University Press, 2001.

“Liberalización Comercial, Empleo y Desigualdad en Chile,” co-authors: D. Bravo, D. Contreras, T. Rau and S. Urzúa, in E. Ganuza, R. Paes de Barros, L. Taylor and R. Vos (eds.), Liberalización, Desigualdad y Pobreza: América Latina y el Caribe en los 90, Eudeba, PNUD and CEPAL, 2001. English version: “Chile: Trade Liberalization Employment and Inequality,” in R. Vos, L. Taylor, R. Paes de Barros (eds.), Economic Liberalization, Distribution and Poverty: Latin America in the 1990s, Cheltenham., UK: Edward Elgar, 2002.

“Controls on Capital Inflows: Do They Work?,” co-authors: S. Edwards and R. Valdés, Journal of Development Economics, Vol. 63, N° 1, pp. 59-83, October 2000.

“Credit Markets with Differences in Abilities: Education, Distribution, and Growth,” co- author: Se-Jik Kim, International Economic Review, Vol. 41,,N° 3, pp. 579-607, 2000.

“Propuesta para Reformar el FMI,” co-authors: B. Eichengreen, T. Ito and C. Wyplosz, Estudios Públicos N° 77, pp. 5-35, verano 2000.

“Distribution and Poverty in Chile: Have we Gained or Lost Ground?,” co-author: Kevin Cowan, in A. Solimano, E. Aninat, and N. Birdsall (eds.), Distributive Justice and Economic Development: the Case of Chile and Developing Countries, University of Michigan Press, 2000. Spanish version: “Distribución y Pobreza en Chile: ¿Estamos mal? ¿Ha habido progresos? ¿Hemos retrocedido?,” Estudios Públicos N° 64, pp. 27-56, Spring 1996.

“Financial Integration, Financial Development and Economic Growth,” Estudios de Economía, Vol. 26, N° 2, pp. 137-161, December 1999.

“Chile,” co-authors: Y. Baytelman, K. Cowan and P. González, in E. Ganuza, A. León and P. Sauma (eds.) Gasto Público en Servicios Sociales básicos en América Latina y el Caribe: Análisis desde la perspectiva de la iniciativa 20/20, ECLAC, 1999.

“El IPC y el Costo de la Vida,” co-author: C. Huneeus, Estadística y Economía, Instituto Nacional de Estadísticas - Chile, pp. 77-96, First Semester 1999.

“Sobre los Determinantes de la Inflación y sus Costos,” Economía Chilena, Vol. 2, N° 1, pp. 23-42, April 1999.

“How Does Foreign Direct Investment Affect Economic Growth?,” co-authors: E. Borenzstein and Jong-Wha Lee, Journal of International Economics, Vol. 45, pp. 115-135, June 1998.

“Pobreza y Políticas Macroeconómicas: Chile 1987-1994,” co-authors: G. Anriquez and K. Cowan, in Ganuza, E., L. Taylor and S. Morley (eds.) Políticas Macroeconómicas y Pobreza en América Latina y el Caribe, Madrid: Mundi-Prensa, published for UNDP, 1998. (English version: “Poverty and Macroeconomic Policies: Chile 1987-1994,” Working Paper N° 27, Centro de Economía Aplicada, Universidad de Chile, January 1998)

“Déficit en la Cuenta Corriente ¿Estamos Frente a un Problema?,” Estudios Públicos N° 72, pp. 219-234, Spring 1998.

“Inflation Stabilization and the Consumption of Durable Goods,” co-authors: P. Guidotti and C. Végh, Economic Journal, Vol. 108, N° 446, pp. 105-131, January 1998.

“Equidad, Distribución y Desarrollo Integrador,” co-author: Oscar Landerretche, in Córtazar, R. and J. Vial (eds.), Construyendo Opciones, pp. 151-189, CIEPLAN/ Dolmen Ediciones, January 1998.

“Financial Markets and Inflation under Imperfect Information,” co-author: F. Sturzenegger, Journal of Development Economics, Vol. 54, N° 1, pp. 149-168, October 1997.

“Propuesta de Flexibilización de las Comisiones de la AFP: Un Avance Para Corregir las Ineficiencias,” Estudios Públicos N° 68, pp. 97-110, Spring 1997.

“Crecimiento Potencial en Chile: Una Síntesis,” in F. Morandé and R. Vergara (eds.), Análisis Empírico del Crecimiento en Chile, Centro de Estudios Públicos, ILADES/Georgetown, 1997.

“Exchange Rate Policies and Capital Account Management: Chile in the 1990s,” co-author: Kevin Cowan, in Glick, R. (ed.), Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin, Cambridge University Press, 1998.

“Financial Integration and Chile’s Macroeconomic Performance,” in G. von Furstenberg (ed.) The Banking and Financial Structure in the Nafta Countries and Chile, Kluwer Academic Publishers, 1997.

“Borrowing Constraints, Human Capital Accumulation, and Growth,” Journal of Monetary Economics, Vol. 37, N° 1, pp. 49-71, February 1996.

“Determinantes del Tipo de Cambio Real,” in F. Morandé and R. Vergara (eds.), Análisis Empírico del Tipo de Cambio en Chile, Centro de Estudios Públicos, ILADES/Georgetown, 1996.

“Sviluppo Economico e Piccole Banche: Un Confronto Internazionale,” (mimeo in english: “Financial Development, Small Banking and Economic Growth: An International Perspective”) Cooperazione di Credito 152/3, pp. 199-220, April-September 1996.

“Policy Accommodation and Gradual Stabilizations,” Journal of Money, Credit and Banking, Vol. 27, N° 3, pp. 727-741, August 1995.

“The Demand for Money in Developing Countries: Assessing the Role of Financial Innovation,” co-authors: P. Arrau, C. Reinhart and P. Wickham, Journal of Development Economics, Vol. 46, N° 2, pp. 317-340, April 1995.

“Inflación, Crecimiento y los Bancos Centrales: Teoría y Evidencia,” in M. Aparacio and W. Easterly (eds.), Crecimiento Económica, Teoría, Instituciones y Experiencia Internacional, Banco Mundial and Banco de la República de Colombia, 1995. Also in Estudios Públicos N° 62, pp. 29-76, Fall 1996. (English version: “Inflation, Growth and Central Banks: Theory and Evidence,” Policy Research Working Paper N°1575, World Bank, February 1996).

 “Financial Factors in Education and Economic Growth,” in D. Turnham, C. Foy and G. Larraín (eds.) Social Tensions, Job Creation and Economic Policy in Latin America, OECD, París, 1995.

“Financial Development and Economic Growth,” co-author: P. Guidotti, World Development, Vol. 23, N° 3, pp. 433-448, March 1995.

“Financial Opening and Capital Controls: The Experience of Spain,” in R. Dornbusch and Y.C. Park (eds.) Financial Opening: Lessons for Korea, Korea Institute of Finance and International Center for Economic Growth, 1995.

“International Evidence on Tradables and Nontradables Inflation,” co-authors: A. Giovannini and H. Wolf, European Economic Review, Vol. 38, N° 6, pp. 1225-1244, June 1994.

“The Behavior of Nontradable-Goods Prices in Europe: Evidence and Interpretation,” co-authors: A. Giovannini and T. Krueger. Review of International Economics, Vol. 2, N° 3, pp. 284-305, October 1994. Spanish version: “El Comportamiento de los Precios de los Bienes no Comercialbles en Europa: Evidencia e Interpretación,” Moneda y Crédito N° 196, pp. 13-67, 1993.

“Inflation, Taxation, and Long-Run Growth,” Journal of Monetary Economics, Vol. 31, N° 3, pp. 271‑298, June 1993.

“Financial Innovation and Money Demand: Applications to Chile and Mexico,” co-author: P. Arrau, The Review of Economics and Statistics, Vol. 75, N° 3, pp. 524-530, August 1993.

“Credit Markets and Stagnation in an Endogenous Growth Model,” Revista de Análisis Económico, special issue on economic growth, Vol. 8, N° 1, pp. 83-98, June 1993.

“The Effects of Inflation on Economic Growth: Lessons from Latin America,” European Economic Review, Vol. 36, N° 2-3, pp. 417-425, April 1992.

“Notas Sobre Intermediación Financiera y Crecimiento Económico,” co-author: P. Guidotti, Cuadernos de Economía, Vol. 28, N° 87, pp. 329-348, August 1992.

“Economic Growth in Latin America,” Journal of Development Economics, Vol. 39, N° 1, pp. 59-84, July 1992.

“Welfare Costs of Inflation, Seigniorage and Financial Innovation,” IMF Staff Papers Vol. 38, N° 4, pp. 675-704, December 1991.

“Indexación versus Credibilidad en un Programa de Estabilización: La Experiencia Chilena a Mediados de los '70,” Cuadernos de Economía, Vol. 28, N° 83, pp. 189-199, April 1991.

“Competencia Imperfecta y Políticas Comerciales,” Revista de Análisis Económico, Vol. 4, N° 2, pp. 19-50, November 1989.

“Orígenes y Efectos del Endeudamiento Externo en Chile,” co-author: R. Ffrench-Davis, El Trimestre Económico Vol. LIV (1), N° 213, pp. 159-178, January-March 1987.

“La Renegociación de la Deuda Externa en Chile en 1985: Antecedentes y Comentarios,” co-author: R. Ffrench-Davis, Colección Estudios CIEPLAN 17, September 1985.

“Comportamiento de las Exportaciones e Importaciones en Chile. Un Estudio Econométrico,” Colección Estudios CIEPLAN 13, June 1984.