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Discussion Paper
Mass Population Displacement and Retail Activities in the Wake of Hurricane Katrina
Gagnon, Etienne; López-Salido, J. David (2015-08-26)
This week marks the 10th anniversary of Hurricane Katrina's tragic landfall near New Orleans, Louisiana, and the forced relocation of hundreds of thousands of families who lost their homes in the disaster. This mass population displacement boosted, for an extended period, population density and store frequentation in areas that were relatively spared by the storm. This note argues that supermarkets that weathered the hurricane raised prices little despite facing markedly higher store traffic and likely disruptions to their supply chains.
FEDS Notes , Paper 2015-08-26

Working Paper
Supply-Side Effects of Pandemic Mortality: Insights from an Overlapping-Generations Model
López-Salido, J. David; Johannsen, Benjamin K.; Gagnon, Etienne (2020-08-19)
We use an overlapping generation model to explore the implications of mortality during pandemics for the economy's productive capacity. Under current epidemiological projections for the progression of COVID-19, our model suggests that mortality will have, in itself, at most small effects on output and factor prices. The reason is that projected mortality is small in proportion to the population and skewed toward individuals who are retired from the labor force. That said, we show that if the spread of COVID-19 is not contained, or if the ongoing pandemic were to follow a mortality pattern ...
Finance and Economics Discussion Series , Paper 2020-060

Conference Paper
Understanding the effects of government spending on consumption
Vallés, Javier; López-Salido, J. David; Gali, Jordi (2003)
Proceedings

Working Paper
International competition and inflation: a New Keynesian perspective
López-Salido, J. David; Gust, Christopher J.; Guerrieri, Luca (2008)
We develop and estimate an open economy New Keynesian Phillips curve (NKPC) in which variable demand elasticities give rise to changes in desired markups in response to changes in competitive pressure from abroad. A parametric restriction on our specification yields the standard NKPC, in which the elasticity is constant, and there is no role for foreign competition to influence domestic inflation. By comparing the unrestricted and restricted specifications, we provide evidence that foreign competition plays an important role in accounting for the behavior of inflation in the traded goods ...
International Finance Discussion Papers , Paper 918

Discussion Paper
Measuring the Natural Rate of Interest: The Role of Inflation Expectations
López-Salido, J. David; Sanz-Maldonado, Gerardo; Schippits, Carly; Wei, Min (2020-06-19)
The "natural" or equilibrium real rate of interest is an important concept in macroeconomics. On the one hand, the natural (real) rate provides a description of the real interest rate path consistent with the eventual full capacity of utilization of available resources in the context of low and stable inflation.
FEDS Notes , Paper 2020-06-19

Working Paper
Hysteresis via Endogenous Rigidity in Wages and Participation
López-Salido, J. David; Doniger, Cynthia L. (2017-04-11)
We document that the past three ?jobless? recoveries also featured asymmetries in labor force participation and labor compensation, with each falling to new lows during each cycle. We model these asymmetries as resulting from a strategic complementarity in firms' wage setting and workers' job search strategies. Strategic complementarity results in a continuum of possible equilibria with higher-wage equilibria welfare dominating lower-wage equilibria. Assuming that no economic agent deviates from an existing strategy unless deviation is a unilateral best response, the model exhibits (1) ...
Finance and Economics Discussion Series , Paper 2017-044

Working Paper
Macroeconometric equivalence, microeconomic dissonance, and the design of monetary policy
López-Salido, J. David; Levin, Andrew T.; Yun, Tack; Nelson, Edward (2008)
Many recent studies in macroeconomics have focused on the estimation of DSGE models using a system of loglinear approximations to the models' nonlinear equilibrium conditions. The term macroeconometric equivalence encapsulates the idea that estimates using aggregate data based on first-order approximations to the equilibrium conditions of a DSGE model will not be able to distinguish between alternative underlying preferences and technologies. The concept of microeconomic dissonance refers to the fact that the underlying microeconomic differences become important when optimal monetary policy ...
Working Papers , Paper 2008-035

Working Paper
Money and the natural rate of interest: structural estimates for the United States and the Euro area
López-Salido, J. David; Andres, Javier; Nelson, Edward (2007)
We examine the role of money, allowing for three competing environments: the New Keynesian model with separable utility and static money demand; a non-separable utility variant with habit formation; and a version with adjustment costs for holding real balances. The last two variants imply forward-looking behavior of real money balances, as it is optimal for agents to allow their forecast of future interest rates to affect current portfolio decisions. We distinguish between these specifications by conducting a structural econometric analysis for the U.S. and the euro area. FIML estimates ...
Working Papers , Paper 2007-005

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