Enrique G. Mendoza
Department of Economics
University of Pennsylvania
3718 Locust Walk
Philadelphia, PA 19104
NBER Program Affiliations:
NBER Affiliation: Research Associate
Institutional Affiliation: University of Pennsylvania
Information about this author at RePEc
NBER Working Papers and Publications
|March 2020||A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature|
with Javier Bianchi: w26915
|November 2019||Approximately Right?: Global v. Local Methods for Open-Economy Models with Incomplete Markets|
with Oliver de Groot, Ceyhun Bora Durdu: w26426
|September 2019||FiPIt: A Simple, Fast Global Method for Solving Models with Two Endogenous States & Occasionally Binding Constraints|
with Sergio Villalvazo: w26310
Published: Enrique G. Mendoza & Sergio Villalvazo, 2020. "FiPIt: A simple, fast global method for solving models with two endogenous states & occasionally binding constraints," Review of Economic Dynamics, .
|September 2018||History Remembered: Optimal Sovereign Default on Domestic and External Debt|
with Pablo D'Erasmo: w25073
|February 2018||Positive and Normative Implications of Liability Dollarization for Sudden Stops Models of Macroprudential Policy|
with Eugenio I. Rojas: w24336
Published: Enrique G. Mendoza & Eugenio Rojas, 2019. "Positive and Normative Implications of Liability Dollarization for Sudden Stops Models of Macroprudential Policy," IMF Economic Review, vol 67(1), pages 174-214. citation courtesy of
|February 2017||Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies|
with Julio A. Carrillo, Victoria Nuguer, Jessica Roldán-Peña: w23151
|November 2016||Macroprudential Policy: Promise and Challenges|
|August 2016||Optimal Domestic (and External) Sovereign Default|
with Pablo D'Erasmo: w22509
|March 2016||Fundamentals News, Global Liquidity, and Macroprudential Policy|
with Javier Bianchi, Chenxin Liu
in NBER International Seminar on Macroeconomics 2015, Michael B. Devereux, Francesco Giavazzi, and Kenneth D. West, editors
|September 2015||What is a Sustainable Public Debt?|
with Pablo D'Erasmo, Jing Zhang: w21574
Published: P. D’Erasmo, E.G. Mendoza, J. Zhang, Chapter 32 - What is a Sustainable Public Debt?, Editor(s): John B. Taylor, Harald Uhlig, Handbook of Macroeconomics, Elsevier, Volume 2, 2016, Pages 2493-2597, ISSN 1574-0048, ISBN 9780444594877, https://doi.org/10.1016/bs.hesmac.2016.03.013.
|June 2014||Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies|
with Linda L. Tesar, Jing Zhang: w20200
|December 2013||Optimal Time-Consistent Macroprudential Policy|
with Javier Bianchi: w19704
Published: Javier Bianchi & Enrique G. Mendoza, 2018. "Optimal Time-Consistent Macroprudential Policy," Journal of Political Economy, vol 126(2), pages 588-634.
|October 2013||Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default|
with Pablo D'Erasmo
in Sovereign Debt and Financial Crises, Sebnem Kalemli-Ozcan, Carmen Reinhart, and Kenneth Rogoff, organizers
|September 2013||Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default|
with Pablo D'Erasmo: w19477
Published: Pablo D'Erasmo & Enrique G. Mendoza, 2016. "Distributional Incentives In An Equilibrium Model Of Domestic Sovereign Default," Journal of the European Economic Association, European Economic Association, vol. 14(1), pages 7-44, 02. citation courtesy of
|August 2013||From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications|
with Anton Korinek: w19362
Published: From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Annual Review of Economics Vol. 6: 299-332
|May 2013||Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets|
with Katherine A. Smith: w19072
Published: Enrique G. Mendoza & Katherine A. Smith, 2014. "Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(1), pages 20-57, 01. citation courtesy of
|September 2012||On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment|
with C. Bora Durdu, Marco E. Terrones: w18380
Published: Durdu, C. Bora & Mendoza, Enrique G. & Terrones, Marco E., 2013. "On the solvency of nations: Cross-country evidence on the dynamics of external adjustment," Journal of International Money and Finance, Elsevier, vol. 32(C), pages 762-780. citation courtesy of
|An Anatomy of Credit Booms and their Demise|
with Marco E. Terrones: w18379
Published: Enrique G. Mendoza & Marco E. Terrones, 2012. "An Anatomy of Credits Booms and their Demise," Journal EconomÃa Chilena (The Chilean Economy), Central Bank of Chile, vol. 15(2), pages 04-32, August. citation courtesy of
|Capital Mobility and International Sharing of Cyclical Risk|
with Julien Bengui, Vincenzo Quadrini: w18372
Published: Bengui, Julien & Mendoza, Enrique G. & Quadrini, Vincenzo, 2013. "Capital mobility and international sharing of cyclical risk," Journal of Monetary Economics, Elsevier, vol. 60(1), pages 42-62. citation courtesy of
|May 2012||Macro-Prudential Policy in a Fisherian model of Financial Innovation|
with Javier Bianchi, Emine Boz: w18036
|June 2011||A General Equilibrium Model of Sovereign Default and Business Cycles|
with Vivian Z. Yue: w17151
Published: Enrique G. Mendoza & Vivian Z. Yue, 2012. "A General Equilibrium Model of Sovereign Default and Business Cycles," The Quarterly Journal of Economics, Oxford University Press, vol. 127(2), pages 889-946. citation courtesy of
|February 2011||Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies|
with Atish R. Ghosh, Jun I. Kim, Jonathan D. Ostry, Mahvash S. Qureshi: w16782
Published: Atish R. Ghosh & Jun I. Kim & Enrique G. Mendoza & Jonathan D. Ostry & Mahvash S. Qureshi, 2013. "Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies," Economic Journal, Royal Economic Society, vol. 0, pages F4-F30, 02. citation courtesy of
|October 2010||How Big (Small?) are Fiscal Multipliers?|
with Ethan Ilzetzki, Carlos A. Végh: w16479
Published: Ilzetzki, Ethan & Mendoza, Enrique G. & VÃ©gh, Carlos A., 2013. "How big (small?) are fiscal multipliers?," Journal of Monetary Economics, Elsevier, vol. 60(2), pages 239-254. citation courtesy of
|June 2010||Overborrowing, Financial Crises and 'Macro-prudential' Taxes|
with Javier Bianchi: w16091
Published: Enrique Mendoza & Javier Bianchi, 2010. "Overborrowing, financial crises and âmacro-prudentialâ taxes," Proceedings, Federal Reserve Bank of San Francisco, issue Oct. citation courtesy of
|May 2010||Financial Innovation, the Discovery of Risk, and the U.S. Credit Crisis|
with Emine Boz: w16020
Published: Boz, Emine & Mendoza, Enrique G., 2014. "Financial innovation, the discovery of risk, and the U.S. credit crisis," Journal of Monetary Economics, Elsevier, vol. 62(C), pages 1-22. citation courtesy of
|October 2009||Financial Globalization, Financial Crises and Contagion|
with Vincenzo Quadrini: w15432
Published: Mendoza, Enrique G. & Quadrini, Vincenzo, 2010.
"Financial globalization, financial crises and contagion,"
Journal of Monetary Economics,
Elsevier, vol. 57(1), pages 24-39, January.
citation courtesy of
|April 2009||The Finnish Great Depression: From Russia with Love|
with Yuriy Gorodnichenko, Linda L. Tesar: w14874
Published: Yuriy Gorodnichenko & Enrique G. Mendoza & Linda L. Tesar, 2012. "The Finnish Great Depression: From Russia with Love," American Economic Review, American Economic Association, vol. 102(4), pages 1619-44, June. citation courtesy of
|January 2009||On the Welfare Implications of Financial Globalization without Financial Development|
with Vincenzo Quadrini, José-Víctor Ríos-Rull
in NBER International Seminar on Macroeconomics 2007, Richard Clarida and Francesco Giavazzi, organizers
|Comment on "Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust"|
in NBER International Seminar on Macroeconomics 2007, Richard Clarida and Francesco Giavazzi, organizers
|October 2008||Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q|
Published: Enrique G Mendoza, 2010. "Sudden Stops, Financial Crises, and Leverage," American Economic Review, vol 100(5), pages 1941-1966.
|May 2008||An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data|
with Marco E. Terrones: w14049
|March 2008||A Solution to the Disconnect between Country Risk and Business Cycle Theories|
with Vivian Z. Yue: w13861
|September 2007||On the Welfare Implications of Financial Globalization without Financial Development|
with Vincenzo Quadrini, José-Victor Ríos-Rull: w13412
|May 2007||Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism|
with Ceyhun Bora Durdu, Marco E. Terrones: w13123
Published: Durdu, Ceyhun Bora & Mendoza, Enrique G. & Terrones, Marco E., 2009.
"Precautionary demand for foreign assets in Sudden Stop economies: An assessment of the New Mercantilism,"
Journal of Development Economics,
Elsevier, vol. 89(2), pages 194-209, July.
citation courtesy of
|March 2007||International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?|
with Jonathan D. Ostry: w12947
Published: Mendoza, Enrique G. & Ostry, Jonathan D., 2008. "International evidence on fiscal solvency: Is fiscal policy "responsible"?," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1081-1093, September. citation courtesy of
|February 2007||Financial Integration, Financial Deepness and Global Imbalances|
with Vincenzo Quadrini, Jose-Victor Rios-Rull: w12909
Published: Mendoza, Enrique G., Jose-Victor Rios-Rull and Vincenzo Quadrini. "Financial Integration, Financial Deepness and Global Imbalances." Journal of Political Economy 117, 3 (2009): 371-410.
|October 2006||Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer|
with P. Marcelo Oviedo: w12586
|Endogenous Sudden Stops in a Business Cycle Model with Collateral Constraints:A Fisherian Deflation of Tobin's Q|
|January 2006||Lessons From the Debt-Deflation Theory of Sudden Stops|
Published: Mendoza, Enrique G. "Lessons From The Debt-Deflation Theory Of Sudden Stops," American Economic Review, 2006, v96(2,May), 411-416. citation courtesy of
|October 2005||Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies|
Published: Mendoza, Enrique G. “Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies.” Economia 6, 1 (Fall 2005).
|March 2005||Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff|
with Ceyhun Bora Durdu: w11178
Published: Durdu, Ceyhun and Enrique G. Mendoza. "Are Asset Price Guarantees Useful For Preventing Sudden Stops?: A Quantitative Investigation Of The Globalization Hazard-Moral Hazard Tradeoff," Journal of International Economics, 2006, v69(1,Jun), 84-119. citation courtesy of
|December 2004||Quantitative Implication of A Debt-Deflation Theory of Sudden Stops and Asset Prices|
with Katherine A. Smith: w10940
Published: Mendoza, Enrique G. & Smith, Katherine A., 2006. "Quantitative implications of a debt-deflation theory of Sudden Stops and asset prices," Journal of International Economics, Elsevier, vol. 70(1), pages 82-114, September. citation courtesy of
|September 2004||Putting the Brakes on Sudden Stops: The Financial Frictions-Moral Hazard Tradeoff of Asset Price Guarantees|
with Ceyhun Bora Durdu: w10790
Published: Enrique G. Mendoza & Ceyhun Bora Durdu, 2004. "Putting the brakes on Sudden Stops: the financial frictions - moral hazard tradeoff of asset price guarantees," Proceedings, Federal Reserve Bank of San Francisco, issue Jun. citation courtesy of
|July 2004||Public Debt, Fiscal Solvency and Macroeconomic Uncertainty in Latin America: The Cases of Brazil, Colombia, Costa Rica, and Mexico|
with P. Marcelo Oviedo: w10637
Published: Enrique G. Mendoza & P. Marcelo Oviedo, 2009.
"Public Debt, Fiscal Solvency and Macroeconomic Uncertainty in Latin America The Cases of Brazil, Colombia, Costa Rica and Mexico,"
Economia Mexicana NUEVA EPOCA,
, vol. 0(2), pages 133-173, July-Dece.
citation courtesy of
|October 2003||Winners and Losers of Tax Competition in the European Union|
with Linda L. Tesar: w10051
Published: Siebert, H (ed.) Macroeconomic Policies in the World Economy: 2003 Kiel Week Conference Volume. Berlin: Springer-Verlag, 2004.
|June 2003||A Quantitative Analysis of Tax Competition v. Tax Coordination under Perfect Capital Mobility|
with Linda L. Tesar: w9746
|October 2002||Margin Calls, Trading Costs, and Asset Prices in Emerging Markets: The Finanical Mechanics of the 'Sudden Stop' Phenomenon|
with Katherine A. Smith: w9286
|May 2002||Why Should Emerging Economies Give up National Currencies: A Case for 'Institutions Substitution'|
Published: Mendoza, Enrique G. “Porqué las Economías Emergentes Deberian Renunciar a las Monedas Nacionales: Un Caso para la Sustitución de Instituciones,” (Why Should Emerging Economies Give up National Currencies: A Case for ‘Institutions Substitution.') El Trimestre Economico LXXI (1) 281 (Enero-Marzo 2004).
|April 2002||Credit Frictions and 'Sudden Stops' in Small Open Economies: An Equilibrium Business Cycle Framework for Emerging Markets Crises|
with Cristina Arellano: w8880
Published: Altug, S., J. Chadha and C. Nolan (eds.) Dynamic Macroeconomic Analysis: Theory and Policy in General Equilibrium. Cambridge University Press, 2003.
|January 2002||Credit, Prices, and Crashes: Business Cycles with a Sudden Stop|
in Preventing Currency Crises in Emerging Markets, Sebastian Edwards and Jeffrey A. Frankel, editors
|June 2001||Credit, Prices, and Crashes: Business Cycles with a Sudden Stop|
|April 2001||The International Macroeconomics of Taxation and the Case Against European Tax Harmonization|
Published: Helpman, Elhanan and Efraim Sadka (eds.) Economic Policy in the International Economy: Essays in Honor of Assaf Razin. Cambridge, UK: Cambridge University Press, 2003.
|August 2000||On the Benefits of Dollarization when Stabilization Policy is not Credible and Financial Markets are Imperfect|
Published: Mendoza, Enrique G. "The Benefits Of Dollarization When Stabilization Policy Lacks Credibility And Financial Markets Are Imperfect," Journal of Money, Credit and Banking, 2001, v33(2,May), Part 2, 440-474.
|June 2000||On the Instability of Variance Decompositions of the Real Exchange Rate across Exchange-Rate-Regimes: Evidence from Mexico and the United States|
|January 2000||Contagion, Globalization, and the Volatility of Capital Flows|
with Guillermo A. Calvo
in Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, Sebastian Edwards, editor
|June 1999||Regional Contagion and the Globalization of Securities Markets|
with Guillermo A. Calvo: w7153
Published: Journal of International Economics, Vol. 51 (June 2000): 79-114. citation courtesy of
|March 1999||Devaluation Risk and the Syndrome of Exchange-Rate-Based Stabilizations|
with Martin Uribe: w7014
Carnegie-Rochester Conference Series on Public Policy, Vol. 53 (2000),forthcoming.
|The Business Cycles of Balance-of-Payment Crises: A Revision of Mundellan Framework|
with Martin Uribe: w7045
Money, Capital Mobility and Trade: Essays in Honor of Robert A. Mundell, Calvo, G., R. Dorubusch and M. Obstfeld, eds., Cambridge: MIT Press, 2000, forthcoming.
|April 1995||Supply-Side Economics in a Global Economy|
with Linda L. Tesar: w5086
Published: (Published as "International Ramifications of Tax Reforms") American Economic Review, Vol. 88, no. 1 (March 1998): 226-245. citation courtesy of
|September 1994||Effective Tax Rates in Macroeconomics: Cross-Country Estimates of Tax Rates on Factor Incomes and Consumption|
with Assaf Razin, Linda L. Tesar: w4864
Published: Journal of Monetary Economics, vol. 34, (1994). p. 297-323 December 1994 citation courtesy of