Current Research:

• Services and the Decline of the U.S. Employment-to-Population Ratio [September 2021]
  Working Paper  
   
  
• Employment and Structural Transformation across Countries, with Diego Restuccia [In progress]  
   
  
• Structural Transformation and Productivity in Sub-Saharan Africa, with Diego Restuccia  
   
  

Published Research:

• Portugal and the European Monetary Union
  In: The Oxford Handbook of Portuguese Politics, edited by Jorge Fernandes, Pedro Magalhães, and António Pinto, Oxford University Press, 2022.
  Link to Book   Link to Chapter  
   
  
• Manufacturing Consumption, Relative Prices, and Productivity
  Journal of Macroeconomics, Volume 65, September 2020.
  Link to Article  
   
  
• Relative Prices and Sectoral Productivity, with Diego Restuccia
  Journal of the European Economic Association, Volume 18 (3), June 2020, pp. 1400 - 1443.
  Link to Article   Working Paper (pdf)   NBER Working Paper (pdf)  
   
  
• How Important is the Currency Denomination of Exports in Open Economy Models?, with Michael Dotsey
  Review of Economic Dynamics, Volume 23 (1), January 2017, pp. 1 - 18.
  Link to Article  
   
  
• "The Role of the Structural Transformation in Aggregate Productivity," with Diego Restuccia
  The Quarterly Journal of Economics, Volume 125 (1), February 2010, pp. 129 - 173.
  Link to Article   [DR sectoral data: README   MATLAB file   EXCEL file]  
   
  
• Monetary Policy in the Open Economy Revisited: The Case for Exchange-Rate Flexibility Restored, with Maurice Obstfeld
  Journal of International Money and Finance, Volume 27 (6), October 2008, pp. 949 - 957.
  Link to Article  
   
  
• Nontradable Goods, Market Segmentation, and Exchange Rates, with Michael Dotsey
  Journal of Monetary Economics, Volume 55 (6), September 2008, pp. 1129 - 1142.
  Link to Article   Working Paper (pdf)   [DD data: EXCEL file]  
   
  
• Fiscal Policy and Regional Inflation in a Currency Union, with Alexander L. Wolman
  Journal of International Economics, Volume 74 (2), March 2008, pp. 384 - 401.
  Link to Article   Working Paper (pdf)  
   
  
• Exchange Rates and Business Cycles Across Countries, with Diego Restuccia and Andrea Waddle
  Federal Reserve Bank of Richmond Economic Quarterly, Volume 93 (1), Winter 2007, pp. 57 - 76.
  Link to Article  
   
  
• The Structural Transformation and Aggregate Productivity in Portugal, with Diego Restuccia
  Portuguese Economic Journal, Volume 6 (1), April 2007, pp. 23 - 46.
  Link to Article   Working Paper (pdf)  
   
  
• The Productivity of Nations, with Diego Restuccia
  Federal Reserve Bank of Richmond Economic Quarterly, Volume 92 (3), Summer 2006, pp. 195 - 223.
  Link to Article  
   
  
• Rational Speculation and Exchange Rates, with Alan C. Stockman
  Journal of Monetary Economics, Volume 52 (1), January 2005, pp. 3 - 29.
  Link to Article   Article (pdf)  
   
  
• Monetary Policy and the Adjustment to Country-Specific Shocks
  Federal Reserve Bank of Richmond Economic Quarterly, Volume 90 (2), Summer 2004, pp. 21 - 40.
  Link to Article  
   
  
• Why Don't Macroeconomic Quantities Respond to Exchange Rate Variability?
  Journal of Monetary Economics, Volume 50 (4), May 2003, pp. 889 - 913.
  Link to Article   Article (pdf)  
   
  
• The Euro and Inflation Divergence in Europe
  Federal Reserve Bank of Richmond Economic Quarterly, Volume 89 (3), Summer 2003, pp. 53 - 70.
  Link to Article  
   
  
• Comment on "Exchange Rate Pass-Through, Exchange Rate Variability, and Exchange Rate Disconnect," by M. Devereux and C. Engel, with Alan C. Stockman
  Journal of Monetary Economics, Volume 49 (5), July 2002, pp. 941 - 946.
  Link to Article   Article (pdf)  
   
  
• International Pricing in New Open-Economy Models
  Federal Reserve Bank of Richmond Economic Quarterly, Volume 87 (4), Fall 2001, pp. 53 - 70.
  Link to Article