Enrique Martínez-García
Senior Research Economist
Federal Reserve Bank of Dallas

Enrique Martínez-García, a native of Novelda, Spain, is a senior research economist at the Federal Reserve Bank of Dallas. His main research interests lie in the fields of international macroeconomics and finance, monetary economics and applied econometrics. He has worked on a variety of topics, such as asset pricing, housing prices, portfolio allocation and exchange rate determination.

Martínez-García’s work has focused on the development of open economy macroeconomic models to expand understanding of:

• the role of openness and nominal rigidities (as well as other frictions) on inflation dynamics,
• the behavior of financial and currency markets (with frictions) in hedging risks across countries and on exchange-rate puzzles, and
• the conduct of optimal monetary policy in the context of an open economy.

Prior to joining the Dallas Fed in July 2007, Martínez-García worked as a teaching and research assistant at the University of Wisconsin–Madison and at the university’s Center for World Affairs and the Global Economy (WAGE). He also spent time at the Bank of England.

Martínez-García holds a PhD in economics from the University of Wisconsin–Madison, an MA in economics from the University of Pennsylvania and a BA in economics from the University of Alicante in Spain.

New Publications

• "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
• "Bayesian Estimation of NOEM Models: Identification and Inference in Small Samples," (with Diego Vilán and Mark Wynne), Advances in Econometrics vol. 28 (DSGE Models in Macroeconomics: Estimation, Evaluation, and New Developments). 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)
• "Investment and Real Exchange Rates in Sticky Price Models" (with Jens Søndergaard), Macroeconomic Dynamics, Vol. 17(2), pp. 195-234 . 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
• "The Global Slack Hypothesis," (with Mark A. Wynne), Federal Reserve Bank of Dallas Staff Papers, No. 10, September 2010
• "A Model of the Exchange Rate with Informational Frictions," The B.E. Journal of Macroeconomics: Vol. 10 : Iss. 1 (Contributions), Article 2, January 2010. A working paper version of this article appeared as Globalization and Monetary Policy Institute Working Paper no. 2, October 2007
• "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
  
• "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.]

New Working Papers
Open-Economy Macroeconomics

• "A Redux of the Workhorse NOEM Model with Capital Accumulation and Incomplete Asset Markets," Globalization and Monetary Policy Institute Working Paper no. 74, February 2011
  
• "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)
• "Globalization and Monetary Policy: An Introduction," Globalization and Monetary Policy Institute Working Paper no. 11, April 2008
• "Monetary Policy in a Small Open Economy: The Cases of Spain and the U.K.," August 2005
  

House Prices

• "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
• "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
  • Federal Reserve Bank of Dallas International House Price Database

Enrique Martínez-García
Senior Research Economist
Federal Reserve Bank of Dallas

Biographical

• Citizenship: Spanish
• Language: Spanish and Valenciano (native) / English (fluent)

Education

• 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

• Major Fields: International Macroeconomics (Open Economy Macroeconomics) and Finance, Macroeconomics and Monetary Economics, Applied Econometrics
• Minor Fields: Stochastic Optimal Control, Continuous-Time Finance, Asset Pricing

Professional Experience

• Senior Research Economist, Research Department, Federal Reserve Bank of Dallas, August 2010–present
• 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

Professional Affiliations

• Econometric Society, Southern Economic Association, American Economic Association, Spanish Economic Association
  

Research Experience

• 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

Teaching Experience

• Visiting Assistant Professor, University of Texas at Austin, Macroeconomics II (PhD course) and Macroeconomic Theory (undergrad course), Spring 2012
• Adjunct Professor, Southern Methodist University, Monetary Theory and Policy (PhD course), Spring 2010
• Invited Professor, University of Alicante, Globalization and Monetary Policy (graduate-level mini-course), December 2007 and December 2008
• Teaching Assistant, University of Wisconsin–Madison, Microeconomics (graduate-level course), September 2004–December 2004

Honors and Awards

• 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

• "Bayesian Estimation of NOEM Models: Identification and Inference in Small Samples," (with Diego Vilán and Mark Wynne), Advances in Econometrics vol. 28 (DSGE Models in Macroeconomics: Estimation, Evaluation, and New Developments). 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)
  (For code and dataset files, contact the author.)
• "Investment and Real Exchange Rates in Sticky Price Models" (with Jens Søndergaard), Macroeconomic Dynamics, Vol. 17(2), pp. 195-234 . 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
  (For code and dataset files, contact the author.)
• "A Model of the Exchange Rate with Informational Frictions," The B.E. Journal of Macroeconomics: Vol. 10 : Iss. 1 (Contributions), Article 2. A working paper version of this article appeared as Globalization and Monetary Policy Institute Working Paper no. 2, October 2007
  Technical Appendix
  Code and Dataset Files
  

Books and Book Chapters

• "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
  (For code and dataset files, contact the author .)
• "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
Open-Economy Macroeconomics

• "Global Slack as a Determinant of US Inflation" (with Mark A. Wynne), Globalization and Monetary Policy Institute Working Paper no. 123, August 2012
• "A Redux of the Workhorse NOEM Model with Capital Accumulation and Incomplete Asset Markets," Globalization and Monetary Policy Institute Working Paper no. 74, February 2011
• "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)
• "Globalization and Monetary Policy: An Introduction," Globalization and Monetary Policy Institute Working Paper no. 11, April 2008
•  "Monetary Policy in a Small Open Economy: The Cases of Spain and the U.K.," August 2005 

Monetary Policy and Finance

• "Systemic Risk, Banking Regulation and Optimal Monetary Policy" (with Ethan Cohen-Cole), November 2008

International Finance

• "Partial Observation of Returns, Portfolio Choices and the Home Bias Puzzle," March 2005

House Prices

• "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
  • Federal Reserve Bank of Dallas International House Price Database
• "Housing Prices, Property Taxes and Neighborhood Relocation" (with Ethan Cohen-Cole), February 2008

Other Research Activities

• "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

Federal Reserve System Publications

• "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 and Dataset Files
• "The Global Slack Hypothesis," (with Mark A. Wynne), Federal Reserve Bank of Dallas Staff Papers, No. 10, September 2010
  Matlab and Dynare Codes
• "The Euro and the Dollar in the Crisis and Beyond," (with Janet Koech), Globalization and Monetary Policy Institute 2010 Annual Report, May 2011
  Dataset Files
• “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 and Dataset Files
  

Seminars, Workshops and Lectures

2012

• New Orleans, LA (82nd Annual Meeting of the Southern Economic Association), 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

• 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

• 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

• 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

• 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

• 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

• University of Alicante (Seminar), University of Wisconsin–Madison (Seminar), University Jaime I–Castellón de la Plana (Seminar)

2005

• Bank of England (Seminar), Bank of Spain (Seminar), University of Wisconsin–Madison (Seminar)

2004

• University of Wisconsin–Madison (Seminar)

Occasional Referee

• 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; Economic Inquiry; Finance Research Letters; Economics Letters; Economics Bulletin; Advances in Econometrics