Papers by Fernando Alvarez

Showing 4 papers

Published American Economic Review Online 1 Oct 2025 Published Oct 2025

Consistent Evidence on Duration Dependence of Price Changes

Fernando Alvarez · Katarína Borovičková · Robert Shimer

This paper asks two related questions. First, can one develop a robust, distribution-free estimator for the discrete-time mixed proportional hazard (MPH) model of duration with unobserved …

Macroeconomics Monetary Policy Firm Dynamics Free Read ↗

Published Classic American Economic Review Published May 2001

Interest Rates and Inflation

Fernando Alvarez · Robert E. Lucas · Warren E. Weber

Reconciling the consensus view that raising short rates fights inflation with the quantity-theoretic evidence that inflation and interest rates move together with money growth in the long run, this …

Money Markets Liquidity Inflation Dynamics Free Read ↗

Published Classic Journal of Monetary Economics Published Dec 1997

Money and Exchange Rates in the Grossman-Weiss-Rotemberg Model

Fernando Alvarez · Andrew Atkeson

This 1997 Journal of Monetary Economics paper by Fernando Alvarez and Andrew Atkeson asks whether the segmented-markets model of money pioneered by Grossman and Weiss (1983) and Rotemberg (1984, 1985) …

Exchange Rates Money Demand Aggregates Monetary Policy Shocks Open Economy Macro

Published Classic Journal of Political Economy Published Feb 2002

Money, Interest Rates, and Exchange Rates with Endogenously Segmented Markets

Fernando Alvarez · Andrew Atkeson · Patrick J. Kehoe

Alvarez, Atkeson, and Kehoe build a cash-in-advance model in which households face a fixed real cost to transfer funds between a goods market and an asset market, so that in any period only a fraction …

Money Markets Liquidity Exchange Rates Monetary Policy Transmission Free Read ↗