Curriculum Vitae
Enrique Martínez-García
Senior Research Economist and Advisor
Federal Reserve Bank of Dallas
Date: November 4, 2016
Contact Information
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Federal Reserve Bank of Dallas
Research Department, 12th Floor
2200 N. Pearl Street
Dallas, TX 75201
United States
Email: [email protected]
Webpage: https://sites.google.com/site/emg07uw/
Department Webpage: http://www.dallasfed.org/research/economists/martinezgarcia.cfm
Phone: (+1) 214-922-5262
Biographical
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Citizenship: Spanish and U.S. Permanent Resident (Green Card)
Language: Spanish and Valenciano (native) / English (fluent)
Education
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University of Wisconsin–Madison, PhD in Economics, 2007
University of Wisconsin–Madison, M.Sc. in Economics, 2004
University of Pennsylvania, MA in Economics, 2002
University of Alicante, BA in Economics (with honors), 2000
Northwestern University, Advanced Workshop for Central Bankers, 2008
Fields of Interest
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Major Fields: International Macroeconomics (Open Economy Macroeconomics) and
Finance, Macroeconomics and Monetary Economics, Applied Econometrics
Minor Fields: Stochastic Optimal Control and Mathematical Economics, Asset Pricing,
Real Estate
Professional Affiliations
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Spanish Economic Association
American Economic Association
European Economic Association
Econometric Society
Western Economic Association International
Southern Economic Association
CREDO - Catholic Research Economists Discussion Organization
CEBRA - Central Bank Research Association
IBEFA - International Banking, Economics and Finance Association
Professional, Teaching and Research Experience
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Senior Research Economist and Advisor, Research Department, Federal Reserve Bank
of Dallas, January 2016–present
Senior Research Economist, Research Department, Federal Reserve Bank of Dallas,
August 2010–December 2015
Economist, Research Department, Federal Reserve Bank of Dallas, July 2007–August
2010
Adjunct Professor, Southern Methodist University, Monetary Theory and Policy (PhD
course), Spring 2010, Spring 2013, Fall 2014, Spring 2015 and Spring 2016
Visiting Assistant Professor, University of Texas at Austin, Macroeconomics II (PhD
course) and Macroeconomic Theory (undergrad course), Spring 2012
Invited Professor, University of Alicante, Globalization and Monetary Policy (graduatelevel mini-course), December 2007 and December 2008
Teaching Assistant, University of Wisconsin–Madison, Microeconomics (graduate-level
course), September 2004–December 2004
Project Assistant, Center for World Affairs and the Global Economy (WAGE), University
of Wisconsin–Madison, September 2006–June 2007
Project Assistant, University of Wisconsin–Madison, September 2005–June 2006
PhD Intern, Bank of England, Monetary Analysis Division, June 2005–August 2005
Project Assistant, University of Wisconsin–Madison, January 2005–May 2005
Research Assistant, University of Alicante, September 1999–June 2000
Honors and Awards
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Bank of Spain Graduate Fellowship, 2000–04
Harold Groves Economics Prize for Research in Quantitative Economic Policy,
Department of Economics, University of Wisconsin–Madison, 2003–04
Premio extraordinario de Licenciatura, Merit-Based Award from the University of
Alicante, 2000
Premio extraordinario al Rendimiento Académico, Merit-Based Award from the
Regional Government of Valencia, Spain, 2000
Segundo Premio Nacional de Fin de Carrera en Economía, Second National Prize in
Economics (BA), Ministry of Education and Culture, Spain, 2000
Research Publications
Refereed Journals
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"Episodes of Exuberance in Housing Markets: In Search of the Smoking Gun" (with
Efthymios Pavlidis, Alisa Yusupova, Ivan Paya, David Peel, Adrienne Mack and Valerie
Grossman), The Journal of Real Estate Finance and Economics, Vol. 53(4), pp. 419449, 2016. A working paper version of this article appeared as Globalization and
Monetary Policy Institute Working Paper no. 165, December 2013 (Revised June 2015)
o Read coverage of this work from the Wall Street Journal Blog: Real Time
Economics (January 17, 2014)
"A Quantitative Assessment of the Role of Incomplete Asset Markets on the Dynamics
of the Real Exchange Rate," Open Economies Review, Vol. 27(5), pp. 945-967, 2016. A
working paper version appeared as Globalization and Monetary Policy Institute Working
Paper no. 262, January 2016.
o A background paper with the derivations of the model appeared as
Globalization and Monetary Policy Institute Working Paper no. 74, February
2011
"A Contribution to the Chronology of Turning Points in Global Economic Activity (19802012)" (with Adrienne Mack and Valerie Grossman), Journal of Macroeconomics, Vol.
46, pp. 170-185, 2015. A working paper version of this article appeared as Globalization
and Monetary Policy Institute Working Paper no. 169, January 2014
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"On the Sustainability of Exchange Rate Target Zones with Central Parity
Realignments," Economics Letters, Vol. 134, pp. 86-89, 2015. A working paper version
of this article appeared as Globalization and Monetary Policy Institute Working Paper
no. 243, June 2015
"A New Database of Global Economic Indicators" (with Adrienne Mack and Valerie
Grossman), The Journal of Economic and Social Measurement, Vol. 39(3), pp. 163197, 2014. A working paper version of this article under the title "Database of Global
Economic Indicators (DGEI): A Methodological Note" appeared as Globalization and
Monetary Policy Institute Working Paper no. 166, December 2013
"Assessing Bayesian Model Comparison in Small Samples" (with Mark A. Wynne),
Advances in Econometrics, Vol. 34 (Bayesian Model Comparison), pp. 71-115, edited
by Ivan Jeliazkov and Dale Poirier. Emerald Group Publishing Limited, 2014. A working
paper version of this article under the title "Assessing Bayesian Model Comparison in
Small Samples" appeared as Globalization and Monetary Policy Institute Working
Paper no. 189, August 2014. An on-line companion appendix is available here:
o Technical Note on 'Assessing Bayesian Model Comparison in Small Samples'
(with Mark A. Wynne), Globalization and Monetary Policy Institute Working
Paper no. 190, August 2014
"Investment and Real Exchange Rates in Sticky Price Models" (with Jens
Søndergaard), Macroeconomic Dynamics, Vol. 17(2), pp. 195-234, 2013. A working
paper version of this article under the title "The Real Exchange Rate in Sticky Price
Models: Does Investment Matter?" appeared as Globalization and Monetary Policy
Institute Working Paper no. 17, July 2008
o "Technical Note on 'The Real Exchange Rate in Sticky Price Models: Does
Investment Matter?'" (with Jens Søndergaard), Globalization and Monetary
Policy Institute Working Paper no. 16, July 2008 (Revised November 2010)
"Bayesian Estimation of NOEM Models: Identification and Inference in Small Samples"
(with Diego Vilán and Mark A. Wynne), Advances in Econometrics, Vol. 28 (DSGE
Models in Macroeconomics: Estimation, Evaluation, and New Developments), pp. 137199, edited by Nathan S. Balke, Fabio Canova, Fabio Milani, and Mark A. Wynne.
Emerald Group Publishing Limited, 2012. An extended working paper version of this
article under the title "Bayesian Estimation of NOEM Models: Identification and
Inference in Small Samples" appeared as Globalization and Monetary Policy Institute
Working Paper no. 105, January 2012 (Revised March 2012)
"A Model of the Exchange Rate with Informational Frictions," The B.E. Journal of
Macroeconomics: Vol. 10 : Iss. 1 (Contributions), Article 2, 2010. A working paper
version of this article appeared as Globalization and Monetary Policy Institute Working
Paper no. 2, October 2007
Technical Appendix
Book Chapters
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"The Global Component of Local Inflation: Revisiting the Empirical Content of the
Global Slack Hypothesis," in Monetary Policy in the Context of Financial Crisis: New
Challenges and Lessons, pp. 51-112, edited by William Barnett and Fredj Jawadi.
Emerald Group Publishing Limited, July 2015. A working paper version of this article
appeared as Globalization and Monetary Policy Institute Working Paper no. 225,
February 2015
"U.S. Business Cycles, Monetary Policy and the External Finance Premium," in
Advances in Non-Linear Economic Modeling: Theory and Applications, Vol. 17, pp. 41114, edited by Frauke Schleer-van Gellecom, Series: Dynamic Modeling and
Econometrics in Economics and Finance. Berlin Heidelberg: Springer, January 2014. A
working paper version of this article appeared as Globalization and Monetary Policy
Institute Working Paper no. 160, September 2013
"Global Slack as a Determinant of U.S. Inflation" (with Mark A. Wynne), in Globalisation
and Inflation Dynamics in Asia and the Pacific, edited by the Bank for International
Settlements, Vol. 70, pp. 93-98. Basel, Switzerland: Bank for International Settlements,
2013. A working paper version of this article appeared as Globalization and Monetary
Policy Institute Working Paper no. 123, August 2012
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o Read coverage of this work from The Economist (September 19, 2012)
"The Balance Sheet Channel" (with Ethan Cohen-Cole), in Financial Stability, Monetary
Policy, and Central Banking, edited by Rodrigo A. Alfaro, Series: Central Banking,
Analysis, and Economic Policies. Santiago, Chile: Central Bank of Chile, 2010.
"Investment and Trade Patterns in a Sticky-Price, Open-Economy Model" (with Jens
Søndergaard), in The Economics of Imperfect Markets. The Effect of Market
Imperfections on Economic Decision-Making, edited by Giorgio Calcagnini and Enrico
Saltari, Series: Contributions to Economics. Heidelberg: Springer (Physica-Verlag),
December 2009. A working paper version of this article appeared as Globalization and
Monetary Policy Institute Working Paper no. 28, January 2009
Books
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"Functional Doctrine of Money. Germán Bernácer" (translated with María Teresa
Martínez-García), published by Caja de Ahorros del Mediterráneo and Universidad de
Alicante Fundación General with the support of the Globalization and Monetary Policy
Institute, June 2009. [This is an English translation of the revised second edition of "La
Doctrina Funcional del Dinero," by Germán Bernácer Tormo, published by the Consejo
Superior de Investigaciones Científicas, Instituto "Sancho de Moncada": Madrid, 1956.]
Working Papers
Methodological Contributions
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"The Market Resources Method for Solving Dynamic Optimization Problems" (with Ayse
Kabukcuoglu), Globalization and Monetary Policy Institute Working Paper no. 274, June
2016
"System Reduction and Finite-Order VAR Solution Methods for Linear Rational
Expectations Models", Globalization and Monetary Policy Institute Working Paper no.
285, September 2016
Business Cycle Dynamics
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"Monetary Policy Expectations and Economic Fluctuations at the Zero Lower
Bound" (with Rachel Doehr), Globalization and Monetary Policy Institute Working Paper
no. 240, May 2015
o Read coverage of this work from The Atlantic magazine (June 14, 2016)
Open-Economy Macroeconomics
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"Globalization and Monetary Policy: An Introduction," Globalization and Monetary Policy
Institute Working Paper no. 11, April 2008
Inflation Dynamics and Globalization
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"Inflation as a Global Phenomenon--Some Implications for Policy Analysis and
Forecasting" (with Ayse Kabukcuoglu), Globalization and Monetary Policy Institute
Working Paper no. 261, January 2016
"Forecasting Local Inflation with Global Inflation: When Economic Theory Meets the
Facts" (with Roberto Duncan), Globalization and Monetary Policy Institute Working
Paper no. 235, April 2015
"What Helps Forecast U.S. Inflation? - Mind the Gap!" (with Ayse Kabukcuoglu), Koç
University-TUSIAD Economic Research Forum Working Papers, July 2015
House Prices
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"A Cross-Country Quarterly Database of Real House Prices: A Methodological
Note,"(with Adrienne Mack), Globalization and Monetary Policy Institute Working
Paper no. 99, December 2011
o International House Price Database of the Federal Reserve Bank of Dallas
Federal Reserve System Publications
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"Risk, Uncertainty Separately Cloud Global Growth Forecasting" (with Alexander
Chudik and Valerie Grossman), Federal Reserve Bank of Dallas Economic Letter, Vol.
11, No. 9, July 2016
Technical Appendix
"Consequences of the Euro: Monetary Union, Economic Disunion?" (with Valerie
Grossman), Federal Reserve Bank of Dallas Economic Letter, Vol. 11, No. 2, April 2016
"Investment Enhances Emerging Economies’ Living Standards," Federal Reserve Bank
of Dallas Economic Letter, Vol. 10, No. 5, April 2015
"Globalization: The Elephant in the Room That Is No More," Globalization and Monetary
Policy Institute 2014 Annual Report, February 2015
"Technological Progress is Key to Improving World Living Standards," Federal Reserve
Bank of Dallas Economic Letter, Vol. 8, No. 4, June 2013
Technical Appendix
"Increased Real House Price Volatility Signals Break from Great Moderation" (with
Adrienne Mack), Federal Reserve Bank of Dallas Economic Letter, Vol. 7, No.
1, January 2012
Technical Appendix
"The Global Slack Hypothesis," (with Mark A. Wynne), Federal Reserve Bank of Dallas
Staff Papers, No. 10, September 2010
o Presentation 'Global Output Gaps: Wave of the Future?' (by James Bullard),
March 28, 2012, with references to this article
o Read coverage on the determinants of inflation in the Financial Times (March
30, 2015) with references to the meeting of the Federal Open Market
Committee of December 15-16, 2009
"The Euro and the Dollar in the Crisis and Beyond," (with Janet Koech), Globalization
and Monetary Policy Institute 2010 Annual Report, May 2011
"A Historical Look at the Labor Market During Recessions" (with Janet Koech), Federal
Reserve Bank of Dallas Economic Letter, Vol. 5, No. 1, January 2010
Technical Appendix
Other Research Publications
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"Global and Local Housing Markets: The View From Experts at the Dallas FED" (with
Valerie Grossman), interviewed by Hites Ahir, IMF's Global Housing Watch Newsletter,
August 2016
"Curb Your Enthusiasm: Keeping an Eye on Home Prices" (with Valerie Grossman and
Luis B. Torres), Journal of the Real Estate Center at Texas A&M University Tierra
Grande, Vol. 23, July 2016
"Historia de Una Mosca Valenciana (o Noveldera)" (with María Teresa Martínez García
and Omayra Esquivas Espada), published in Betania, Novelda (Spain), June 2014
"The Maritime Voyage of Jorge Juan to the Viceroyalty of Peru (1735–1746)" (with
María Teresa Martínez García), published in Betania, Novelda (Spain), June 2012
"Lecture Notes on Globalization and Monetary Policy (Rules)," April 2008
Seminars, Workshops and Lectures
2016
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Marquette University (Seminar), Purdue University (Midwest Macro Meetings), Paris
INSEEC (4th International Symposium in Computational Economics and Finance), San
Francisco AEA (Annual Meetings of the American Economics Association)
2015
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University of Alicante (50th Anniversary of Germán Bernácer's Death), University of
Girona (Spanish Economic Association XL Meetings), New Orleans, LA (85th Annual
Meeting of the Southern Economic Association), Koç University in Istanbul (Seminar),
University of Mannheim (30th Congress of the European Economic Association),
Federal Reserve Bank of Dallas - Houston Branch (2015 International Marketplace),
Honolulu WEAI (Annual Meetings of the Western Economic Association International),
ESSCA École de Management Campus Paris (2nd International Workshop on
"Financial Markets and Nonlinear Dynamics"), Washington University at St. Louis
(Midwest Macro Meetings), Real Estate Center at Texas A&M University (Seminar), Las
Vegas Convention Center (International Housing Association and International Housing
and Home Warranty Association Joint Meeting), Boston AEA (Annual Meetings of the
American Economics Association)
2014
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Centro-Cultural "Gómez Tortosa" of Novelda (Speech), Atlanta, GA (84th Annual
Meeting of the Southern Economic Association), Denver WEAI (Annual Meetings of the
Western Economic Association International), University of Missouri-Columbia (Midwest
Macro Meetings)
2013
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CEMFI and Universidad Internacional Menéndez Pelayo in Santander (Spanish
Economic Association XXXVIII Meetings), Tampa, FL (83rd Annual Meeting of the
Southern Economic Association), University of Arkansas, Fayetteville (Seminar), Swiss
National Bank, Zurich (SNB – BIS – FRBD – CEPR Conference), Banco de México
(Seminar), Vancouver, BC (19th CEF Conference), Seattle WEAI (Annual Meetings of
the Western Economic Association International), University of Southern California
(2013 North American Summer Meetings of the Econometric Society), Tsinghua
University of Beijing (Seminar), Hong Kong Monetary Authority (Visitor), Chinese
University of Hong Kong (Seminar), Shanghai University of Finance and Economics
(Seminar), Fudan University (Seminar and Session Chair at 2013 Shanghai Forum)
2012
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New Orleans, LA (82nd Annual Meeting of the Southern Economic Association),
Prague, Czech Republic (18th CEF Conference), San Francisco WEAI (Annual
Meetings of the Western Economic Association International), University of Málaga
(66th Econometric Society European Meetings), University of Notre Dame (Midwest
Macro Meetings), University of Texas at Austin (Macro Writing Seminar), University of
Texas at Austin (Texas Economics Association Lecture), Ohio University (Seminar)
2011
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University of Málaga (Spanish Economic Association XXXVI Meetings), Washington,
DC (81st Annual Meeting of the Southern Economic Association), Southern Methodist
University (10th Annual Advances in Econometrics Conference), University of Oslo
(European Economic Association and Econometric Society Annual Meetings), San
Diego WEAI (Annual Meetings of the Western Economic Association International),
Vanderbilt University (Midwest Macro Meetings), Federal Reserve Bank of Atlanta
(System Committee on International Economic Analysis), Kansas University (Seminar),
Federal Reserve Bank of Cleveland (Seminar), Bowling Green State University
(Seminar)
2010
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Autonomous University of Madrid (Spanish Economic Association XXXV Meetings),
Atlanta (80th Annual Meeting of the Southern Economic Association), Federal Reserve
Bank of Dallas (Seminar), City University London (16th CEF Conference), Portland
WEAI (Annual Meetings of the Western Economic Association International), Federal
Reserve Bank of San Francisco (Seminar), Michigan State University (Midwest Macro
Meetings)
2009
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Lecture Hall CAM in Alicante (Book Presentation), San Antonio (79th Annual Meeting of
the Southern Economic Association), Foundation Banco Santander (22nd Symposium
Money and Credit), Federal Reserve Bank of Dallas—San Antonio Branch (System
Committee on International Economic Analysis), University of Technology—Sydney
(15th CEF Conference), University of Indiana—Bloomington (Midwest Macro Meetings),
Federal Reserve Bank of Atlanta (17th SNDE Symposium), Bank of England (Seminar),
Bank for International Settlements (Seminar), San Francisco AEA (Annual Meetings of
the American Economics Association)
2008
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University of Alicante (Lecture), Centro-Cultural "Gómez Tortosa" of Novelda (Speech),
University of Zaragoza (Spanish Economic Association XXXIII Meetings), Central Bank
of Chile (12th Annual Conference of the Central Bank of Chile), Federal Reserve Board
(System Committee on International Economic Analysis), University La Sorbonne (14th
CEF Conference), University of Pennsylvania (Midwest Macro Meetings), University of
Texas at Dallas (Conference on Methods), Federal Reserve Bank of San Francisco
(16th SNDE Symposium)
2007
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University of Alicante (Lecture), Texas A&M University (Seminar), University of
Wisconsin–Madison (Graduate Student Conference in Probability), Université de la
Mediterranée–Aix en Provence (2nd OMD Conference), Federal Reserve Bank of
Dallas (Seminar), Federal Reserve Bank of Boston (Seminar), Bank of Spain (Seminar),
Deustche Bundesbank (Seminar), University of Saskatchewan (Seminar), Ohio State
University (Seminar), Board of Governors of the Federal Reserve System (Seminar)
2006
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University of Alicante (Seminar), University of Wisconsin–Madison (Seminar), University
Jaime I–Castellón de la Plana (Seminar)
2005
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Bank of England (Seminar), Bank of Spain (Seminar), University of Wisconsin–Madison
(Seminar)
2004
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University of Wisconsin–Madison (Seminar)
Occasional Referee
American Economic Review; Review of Economics and Statistics; Journal of International
Economics; Journal of Economic Dynamics and Control; Journal of Money, Credit and Banking;
Macroeconomic Dynamics; B.E. Journal of Macroeconomics; Journal of Macroeconomics;
Journal of International Money and Finance; International Journal of Finance and Economics;
Economic Inquiry; Contemporary Economic Policy; Computational Economics; Open
Economies Review; Studies in Nonlinear Dynamics & Econometrics; Finance Research Letters;
Economics Letters; Economics Bulletin; Advances in Econometrics; Journal of Business
and Economic Statistics; Economic Modelling; China Economic Review; South African Journal
of Economics