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Ríos-Rull, José-Víctor

Works: 53 works in 181 publications in 2 languages and 601 library holdings
Roles: Author, Editor
Classifications: HB1, 331.137042
Publication Timeline
Publications about José-Víctor Ríos-Rull
Publications by José-Víctor Ríos-Rull
Most widely held works by José-Víctor Ríos-Rull
How Mexico lost its foreign exchange reserves by Andrew Atkeson( Book )
14 editions published between 1995 and 1996 in English and held by 60 libraries worldwide
Financial integration, financial deepness and global imbalances by Enrique G Mendoza( Book )
14 editions published in 2007 in English and held by 32 libraries worldwide
Large and persistent global financial imbalances need not be the harbinger of a world financial crash. Instead, we show that these imbalances can be the outcome of financial integration when countries differ in financial markets deepness. In particular, countries with more advanced financial markets accumulate foreign liabilities in a gradual, long-lasting process. Differences in financial deepness also affect the composition of foreign portfolios: countries with negative net foreign asset positions maintain positive net holdings of non-diversifiable equity and FDI. Abstracting from the potential impact of globalization on financial development, liberalization leads to sizable welfare gains for the more financially-developed countries and losses for the others. Three empirical observations motivate our analysis: (1)financial deepness varies widely even amongst industrial countries, with the United States ranking at the top; (2) the secular decline in the U.S. net foreign asset position started in the early 1980s, together with a gradual process of international capital markets liberalization; (3) net exports and current account balances are negatively correlated with indicators of financial development
Unemployment spells and income distribution dynamics by Ana Castañeda( Book )
8 editions published in 1995 in English and Spanish and held by 22 libraries worldwide
On the welfare implications of financial globalization without financial development by Enrique G Mendoza( Book )
9 editions published in 2007 in English and held by 21 libraries worldwide
It is widely argued that countries can reap large gains from liberalizing their capital accounts if financial globalization is accompanied by the development of domestic institutions and financial markets. However, if liberalization does not lead to financial development, globalization can result in adverse effects on social welfare and the distribution of wealth. We use a multi-country model with non-insurable idiosyncratic risk to show that, if countries differ in the degree of asset market incompleteness, financial globalization hurts the poor in countries with less developed financial markets. This is because in these countries liberalization leads to an increase in the cost of borrowing, which is harmful for those heavily leveraged, i.e. the poor. Quantitative analysis shows that the welfare effects are sizable and may justify policy intervention
The balance of payments and borrowing constraints : an alternative view of the Mexican crisis by Andrew Atkeson( Book )
7 editions published between 1995 and 1996 in English and held by 18 libraries worldwide
In standard models of the balance of payments, crises occur when investors begin to doubt the credibility of the government's commitment to its exchange rate policy. In this paper, we develop an alternative model in which balance of payments crises occur even if the credibility of government fiscal, monetary, and exchange rate policies is never in doubt. In this alternative model, international lending is constrained by the risk of repudiation. Balance of payments crises occur when the government and citizens of a country hit their international borrowing constraints. Our model is broadly consistent with events in Mexico from 1987-1995. More generally, our model suggests that countries which undertake sweeping macroeconomic and structural reforms should expect to face a balance of payments crisis when they exhaust their access to international capital inflows
Families as shocks by Luis M Cubeddu( Book )
6 editions published in 2003 in English and held by 18 libraries worldwide
Computation of equilibria in heterogeneous agent models by José-Víctor Ríos-Rull( Book )
5 editions published in 1997 in English and held by 17 libraries worldwide
Methods versus substance : measuring the effects of technology shocks on hours by Cristina Fuentes-Albero( Book )
10 editions published between 2009 and 2010 in English and held by 17 libraries worldwide
In this paper, we employ both calibration and modern (Bayesian) estimation methods to assess the role of neutral and investment-specific technology shocks in generating fluctuations in hours. Using a neoclassical stochastic growth model, we show how answers are shaped by the identification strategies and not by the statistical approaches. The crucial parameter is the labor supply elasticity. Both a calibration procedure that uses modern assessments of the Frisch elasticity and the estimation procedures result in technology shocks accounting for 2% to 9% of the variation in hours worked in the data. We infer that we should be talking more about identification and less about the choice of particular quantitative approaches
Marital risk and capital accumulation by Luis M Cubeddu( Book )
4 editions published in 1997 in English and held by 16 libraries worldwide
On the size of U.S. government : political economy in the neoclassical growth model by Per Krusell( Book )
6 editions published in 1997 in English and held by 16 libraries worldwide
A quantitative theory of unsecured consumer credit with risk of default by Satyajit Chatterjee( Book )
5 editions published between 2002 and 2007 in English and held by 16 libraries worldwide
The authors study, theoretically and quantitatively, the general equilibrium of an economy in which households smooth consumption by means of both a riskless asset and unsecured loans with the option to default. The default option resembles a bankruptcy filing under Chapter 7 of the U.S. Bankruptcy Code. Competitive financial intermediaries offer a menu of loan sizes and interest rates wherein each loan makes zero profits. They prove the existence of a steady state equilibrium and characterize the circumstances under which a household defaults on its loans. They show that their model accounts for the main statistics regarding bankruptcy and unsecured credit while matching key macroeconomic aggregates and the earnings and wealth distributions. They use this model to address the implications of a recent policy change that introduces a form of means-testing for households contemplating a Chapter 7 bankruptcy filing. They find that this policy change yields large welfare gains
On the equilibrium concept for overlapping generations organizations by Edward C Prescott( Book )
6 editions published in 2000 in English and held by 15 libraries worldwide
"A necessary feature for equilibrium is that beliefs about the behavior of other agents are rational. We argue that in stationary OLG environments this implies that any future generation in the same situation as the initial generation must do as well as the initial generation did in that situation. We conclude that the existing equilibrium concepts in the literature do not satisfy this condition. We then propose an alternative equilibrium concept, organizational equilibrium, that satisfies this condition. We show that equilibrium exists, it is unique, and it improves over autarky without achieving optimality. Moreover, the equilibrium can be readily found by solving a maximization program"--Federal Reserve Bank of Minneapolis web site
Heterogeneity in expected longevities by Josep Pijoan-Mas( Book )
8 editions published in 2012 in English and held by 12 libraries worldwide
We develop a new methodology to compute differences in the expected longevity of individuals who are in different socioeconomic groups at age 50. We deal with the two main problems associated with the standard use of life expectancy: that people's socioeconomic characteristics evolve over the life cycle and that there is a time trend that reduces mortality over time. Using HRS data we uncover an enormous amount of heterogeneity in expected longevities between individuals in different socioeconomic groups. Additionally, our analysis allows us to provide an answer to the old question of how health protecting are education, wealth and marital status. To do so, we decompose the longevity differentials into differences in health at age 50, differences in the evolution of health with age, and differences in mortality conditional on health. Remarkably, the latter is the least important for most socioeconomic characteristics. In particular, education and wealth are health protecting but have very little impact on two-year mortality rates conditional on health. Finally, we document an increasing time trend of the socioeconomic gradient of longevity in the period 1992-2008, and a likely increase in the socioeconomic gradient of mortality rates in the near future. Last but not least, we show that the longevity differences that we find have welfare implications that dwarf the differences in consumption accruing to people in different socioeconomic groups
Time-consistent public expenditures by Paul Klein( Book )
5 editions published in 2004 in English and held by 10 libraries worldwide
Business cycles and household formation : the micro vs the macro labor elasticity by Sebastian Dyrda( Book )
7 editions published in 2012 in English and held by 10 libraries worldwide
We provide new evidence on the the cyclical behavior of household size in the United States from 1979 to 2010. During economic downturns, people live in larger households. This is mostly, but not entirely, driven by young people moving into or delaying departure from the parental home. We assess the importance of these cyclical movements for aggregate labor supply by building a model of endogenous household formation within a real business cycle structure. We use the model to measure how much more volatile are hours due to two mechanisms: (i) the presence of a large group of mostly young individuals with non-traditional living arrangements; and (ii) the possibility for these individuals to change their living situation in response to aggregate conditions. Our exercise assumes that older people living in stable households have a Frisch elasticity that is consistent with the micro evidence that is based on such people. The inclusion of people living in unstable households yields an implied aggregate, or macro, Frisch elasticity that is around 45% larger than the assumed micro elasticity
Earnings and wealth inequality and income taxation : quantifying the trade-offs of switching to a proportional income tax in the U.S. by Ana Casta~neda( Book )
5 editions published in 1998 in English and held by 5 libraries worldwide
Vested interests in a positive theory of stagnation and growth by Per Krusell( Book )
5 editions published in 1993 in English and held by 5 libraries worldwide
Life insurance and household consumption by Jay H Hong( Book )
4 editions published in 2004 in English and held by 5 libraries worldwide
"In this paper, we use data of life insurance holdings by age, sex, and marital status to infer how individuals value consumption in different demographic stages. Essentially, we use revealed preference to estimate equivalence scales and altruism simultaneously in the context of a fully specified model with agents facing U.S. demographic features and with access to savings markets and life insurance markets. Our findings indicate that individuals are very caring for their dependents, that there are large economies of scale in consumption, that children are costly but wives with children produce a lot of goods in the home and that while females seem to have some form of habits created by marriage, men do not. These findings contrast sharply with the standard notions of equivalence scales"--Federal Reserve Bank of Philadelphia web site
Paradox of Thrift Recessions by Zhen Huo( Book )
5 editions published in 2013 in English and held by 4 libraries worldwide
We build a variation of the neoclassical growth model in which both wealth shocks (in the sense of wealth destruction) and financial shocks to households generate recessions. The model features three mild departures from the standard model: (1) adjustment costs make it difficult to expand the tradable goods sector by reallocating factors of production from nontradables to tradables; (2) there is a mild form of labor market frictions (Nash bargaining wage setting with Mortensen-Pissarides labor markets); (3) goods markets for nontradables require active search from households wherein increases in consumption expenditures increase measured productivity. These departures provide a novel quantitative theory to explain recessions like those in southern Europe without relying on technology shocks
Credit, Bankruptcy, and Aggregate Fluctuations by Makoto Nakajima( Book )
7 editions published in 2014 in English and held by 4 libraries worldwide
We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and countercyclicality of bankruptcy filings found in U.S. data? Yes, it does, but only if we explicitly model recessions as displaying countercyclical earnings risk (i.e., rather than having all households fare slightly worse than normal during recessions, we ensure that more households than normal fare very poorly). Second, does access to credit smooth aggregate consumption or aggregate hours worked, and if so, does it matter with respect to the nature of business cycles? No, it does not; in fact, consumption is 20 percent more volatile when credit is available. The interest rate premia increase in recessions because of higher bankruptcy risk discouraging households from using credit. This finding contradicts the intuition that access to credit helps households to smooth their consumption
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Alternative Names
Ríos-Rull, José V.
Ríos-Rull, José Victor
Rull, José-Víctor Ríos-
English (139)
Spanish (1)
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