
Sylvain Leduc
Executive Vice President and Director of Research
Monetary policy, Business cycles, and International finance
CV (pdf, 38.34 kb)
Profiles: Google Scholar | RePEc | SSRN
Working Papers
Learning in the Oil Futures Market: Evidence and Macroeconomic Implications
IFDP 1179 | With Moran and Vigfusson | September 2016
abstract (+)Learning in the Oil Futures Markets: Evidence and Macroeconomic Implications
2020-33 | With Moran and Vigfusson | October 2020
abstract (+)Average Is Good Enough: Average-Inflation Targeting and the ELB
2020-21 | With Amano, Gnocchi, and Wagner | June 2020
abstract (+)Can Pandemic-Induced Job Uncertainty Stimulate Automation?
2020-19 | With Liu | May 2020
abstract (+)Exchange Rate Misalignment and External Imbalances: What is the Optimal Monetary Policy Response?
2020-04 | With Corsetti and Dedola | February 2020
abstract (+)Precautionary Pricing: The Disinflationary Effects of ELB Risk
2019-26 | With Amano and Carter | October 2019
abstract (+)Robots or Workers? A Macro Analysis of Automation and Labor Markets
2019-17 | With Liu | November 2020
abstract (+)The Effects of Unconventional and Conventional U.S. Monetary Policy on the Dollar
2013-11 | With Glick | May 2013
abstract (+)Published Articles (Refereed Journals and Volumes)
Robotic Labour: The Automation Channel of Pandemic-Induced Uncertainty
VoxEU, 2020 | With Liu
abstract (+)The Weak Job Recovery in a Macro Model of Search and Recruiting Intensity
American Economic Journal: Macroeconomics 12(1), January 2020, 310-343 | With Liu
abstract (+)Unconventional Monetary Policy and the Dollar: Conventional Signs, Unconventional Magnitudes
International Journal of Central Banking 14(5), December 2018, 103-152 | With Glick
abstract (+)Monetary and Macroprudential Policy in a Leveraged Economy
Economic Journal 128(609), March 2018, 797-826 | With Natal
abstract (+)Are State Governments Roadblocks to Federal Stimulus? Evidence on the Flypaper Effect of Highway Grants in the 2009 Recovery Act
American Economic Journal: Economic Policy 9(2), 2017, 253-292 | With Wilson | Yes
abstract (+)Uncertainty Shocks Are Aggregate Demand Shocks
Journal of Monetary Economics 82, September 2016, 20-35 | With Liu
abstract (+)The International Dimension of Productivity and Demand Shocks in the US Economy
Journal of the European Economic Association 12(1), February 2014, 153-176 | With Corsetti and Dedola
abstract (+)Infrastructure Spending as Fiscal Stimulus: Assessing the Evidence
Review of Economics and Institutions 5(1), Winter 2014, 1-24 | With Wilson
abstract (+)Expectations and Economic Fluctuations: An Analysis Using Survey Data
Review of Economics and Statistics 95(4), October 2013, 1352-1367
abstract (+)Is Asia Decoupling from the United States (Again)?
Pacific Economic Review 18(3), August 2013, 345-369 | With Spiegel
abstract (+)Roads to Prosperity or Bridges to Nowhere? Theory and Evidence on the Impact of Public Infrastructure Investment
In NBER Macroeconomic Annual 2012, 27, ed. by Jonathan Parker and Michael Woodford | University of Chicago Press, 2013. 89-142 | With Wilson
abstract (+)Commodity Price Movements in a General Equilibrium Model of Storage
IMF Economic Review 61(1), April 2013, 199-224 | With Arseneau
abstract (+)Central Bank Announcements of Asset Purchases and the Impact on Global Financial and Commodity Markets
Journal of International Money and Finance 31(8), December 2012, 2078-2101 | With Glick
abstract (+)Entry Dynamics and the Decline in Exchange-Rate Pass-Through
In Macroeconomic Performance in a Globalising Economy, ed. by R. Anderton and G. Kenny | Cambridge University Press, 2011 | With Gust and Vigfusson
abstract (+)Trade Integration, Competition, and the Decline in Exchange-Rate Pass-Through
Journal of Monetary Economics 57(3), April 2010, 309-324 | With Gust and Vigfusson
abstract (+)Optimal Monetary Policy and the Sources of Local-Currency Price Stability
In International Dimensions of Monetary Policy, ed. by J. Gali and M. Gertler | Chicago: University of Chicago Press, 2010 | With Corsetti and Dedola
The Adjustment of Global External Balances: Does Partial Exchange Rate Pass-Through to Trade Prices Matter?
Journal of International Economics 79(2), November 2009, 173-185 | With Gust and Sheets
abstract (+)High Exchange-Rate Volatility and Low Pass-Through
Journal of Monetary Economics 55(6), September 2008, 1113-1128 | With Corsetti and Dedola
abstract (+)Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism Among G7 Countries
In NBER International Seminar on Macroeconomics 2006 | Cambridge, MA: MIT Press, 2008. 117-194 | With Corsetti and Dedola
abstract (+)International Risk Sharing and the Transmission of Productivity Shocks
Review of Economic Studies 75(2), April 2008, 443-473 | With Corsetti and Dedola
abstract (+)Monetary Policy, Oil Shocks, and TFP: Accounting for the Decline in U.S. Volatility
Review of Economic Dynamics 10(4), October 2007, 595-614 | With Sill
abstract (+)Self-Fulfilling Expectations and the Inflation of the 1970s: Evidence From the Livingston Survey
Journal of Monetary Economics 54(2), March 2007, 433-459 | With Sill and Stark
abstract (+)An Assessment of the Disorderly Adjustment Hypothesis for Industrial Economies
International Finance 9(1), Spring 2006, 37-61 | With Croke and Kamin
abstract (+)A Quantitative Analysis of Oil-Price Shocks, Systematic Monetary Policy, and Economic Downturns
Journal of Monetary Economics 51(4), May 2004, 781-808 | With Sill
abstract (+)A Quantitative Analysis of Currency Regimes
In Exchange-Rate Dynamics, ed. by J.O. Hairault | Oxford: Routledge, 2004 | With Dedola
Incomplete Markets, Borrowing Constraints, and the Foreign Exchange Risk Premium
Journal of International Money and Finance 21(7), December 2002, 957-980
abstract (+)Why Is the Business-Cycle Behavior of Fundamentals Alike Across Exchange-Rate Regimes?
International Journal of Finance and Economics 6(4) , October 2001, 401-419 | With Dedola
abstract (+)FRBSF Publications
Average-Inflation Targeting and the Effective Lower Bound
Economic Letter 2020-22 | August 10, 2020 | With Diwan and Mertens
COVID-19 and CO2
Economic Letter 2020-18 | July 6, 2020 | With Hale
The Uncertainty Channel of the Coronavirus
Economic Letter 2020-07 | March 30, 2020 | With Liu
Is the Risk of the Lower Bound Reducing Inflation?
Economic Letter 2020-05 | February 24, 2020 | With Amano and Carter
Is Job Automation Keeping Down Wages?
SF Fed Video | Feb 2020 | With Liu
Are Workers Losing to Robots?
Economic Letter 2019-25 | September 26, 2019 | With Liu
Why Is the Federal Reserve’s Balance Sheet Still So Big? Our Animated Economic Letter Explains
SF Fed Blog | Sep 2019 | With Foerster
Why Is the Federal Reserve’s Balance Sheet Still So Big?
SF Fed Video | Sep 2019 | With Foerster
Why Is the Fed’s Balance Sheet Still So Big?
Economic Letter 2019-16 | June 3, 2019 | With Foerster
Does Ultra-Low Unemployment Spur Rapid Wage Growth?
Economic Letter 2019-02 | January 14, 2019 | With Marti and Wilson
Has the Wage Phillips Curve Gone Dormant?
Economic Letter 2017-30 | October 16, 2017 | With Wilson
The Elusive Boost from Cheap Oil
Economic Letter 2016-13 | April 18, 2016 | With Moran and Vigfusson
Does Slower Growth Imply Lower Interest Rates?
Economic Letter 2014-33 | November 10, 2014 | With Rudebusch
Fueling Road Spending with Federal Stimulus
Economic Letter 2014-25 | August 25, 2014 | With Wilson
Slow Business Start-ups and the Job Recovery
Economic Letter 2014-20 | July 7, 2014 | With Laderman
Uncertainty and the Slow Labor Market Recovery
Economic Letter 2013-21 | July 22, 2013 | With Liu
Unconventional Monetary Policy and the Dollar
Economic Letter 2013-09 | April 1, 2013 | With Glick
Highway Grants: Roads to Prosperity?
Economic Letter 2012-35 | November 26, 2012 | With Wilson
Uncertainty, Unemployment, and Inflation
Economic Letter 2012-28 | September 17, 2012 | With Liu
Are Large-Scale Asset Purchases Fueling the Rise in Commodity Prices?
Economic Letter 2011-10 | April 4, 2011 | With Glick
Confidence and the Business Cycle
Economic Letter 2010-35 | November 22, 2010
Disagreement about the Inflation Outlook
Economic Letter 2009-31 | October 5, 2009 | With Rudebusch and Weidner
Fighting Downturns with Fiscal Policy
Economic Letter 2009-20 | June 19, 2009