Papers by Karel Mertens

Karel Mertens

Senior VP and Director of Research · Federal Reserve Bank of Dallas

Senior Vice President and Director of Research at the Federal Reserve Bank of Dallas, which he joined in 2017 after being an associate professor at Cornell University. His research covers business cycles, fiscal policy, banking, monetary economics and empirical macroeconomics.

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Published Review of Economic Studies Online 30 Dec 2025 Published Sep 2026

A Robust Test for Weak Instruments for 2SLS with Multiple Endogenous Regressors

Daniel J Lewis · Karel Mertens

This paper develops a test for instrument strength based on the bias of two-stage least squares (2SLS) that: (1) generalizes the Stock-Yogo (2005) and Sanderson-Windmeijer (2016) tests to be robust to …

Econometrics Instrumental Variables Identification Free Read ↗

Published Classic American Economic Review Published Jun 2013

The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States

Karel Mertens · Morten O. Ravn

This paper by Karel Mertens and Morten Ravn (AER 2013) estimates the dynamic effects of U.S. federal personal and corporate income tax changes using a new estimator that treats narratively identified …

Fiscal Policy Fiscal Multipliers Narrative Identification Public Finance Free Read ↗