Meet the Researchers
![Photo of J David Lopez-Salido](/econres/images/j-david-lopez-salido.jpg)
J David Lopez-Salido
Senior Associate Director
Program Direction Section
Monetary Affairs
202-452-2566
[email protected]
[email protected]
Education
- Ph.D., Economics, CEMFI and Universidad Complutense de Madrid, 1996
- M.Sc., Economics, CEMFI (Madrid), 1993
Current Research Topics
- Macroeconomics and Monetary Policy
Associate Director
Federal Reserve Board, Division of Monetary Affairs
2016 - presentAssistant Director
Federal Reserve Board, Division of Monetary Affairs
2011 - 2015Assistant Director and Chief
Federal Reserve Board, Division of Monetary Affairs
2010Chief, Monetary Studies
Federal Reserve Board, Division of Monetary Affairs
2008 - 2009Economist and Senior Economist
Federal Reserve Board, Division of Monetary Affairs
2006 - 2007
- Should the ECB Abandon HICP Targeting?
Pierpaolo Benigno and David Lopez Salido
Cambridge University Press (Forthcoming) - Short-Term Planning, Monetary Policy, and Macroeconomic Persistence
Christopher Gust, Edward Herbst, and David López-Salido
American Economic Journal: Macroeconomics (2022)
https://doi.org/10.1257/mac.20200058
See also » FRB Working Paper (2020) - Is Trend Inflation at Risk of Becoming Unanchored? The Role of Inflation Expectations
Danilo Cascaldi-Garcia, Francesca Loria, and David López-Salido
FEDS Notes (2022)
https://doi.org/10.17016/2380-7172.3043 - Supply-side Effects of Pandemic Mortality: Insights from an Overlapping-generations Model
Etienne Gagnon, Benjamin K. Johannsen, and David López-Salido
B.E. Journal of Macroeconomics (2022)
https://doi.org/10.1515/bejm-2020-0196
See also » FRB Working Paper (2020) - Understanding the New Normal: The Role of Demographics
Etienne Gagnon, Benjamin K. Johannsen, and David Lopez-Salido
IMF Economic Review (2021)
https://doi.org/10.1057/s41308-021-00138-4
See also » FRB Working Paper (2016) - Measuring the Natural Rate of Interest: The Role of Inflation Expectations
David Lopez-Salido, Gerardo Sanz-Maldonado, Carly Schippits, and Min Wei
FEDS Notes (2020)
https://doi.org/10.17016/2380-7172.2593 - Small Price Responses to Large Demand Shocks
Etienne Gagnon and J. David López-Salido
Journal of the European Economic Association (2020)
https://doi.org/10.1093/jeea/jvz002
See also » FRB Working Paper (2014) - Short-term Planning, Monetary Policy, and Macroeconomic Persistence
Christopher Gust, Edward Herbst, and David López-Salido
Finance and Economics Discussion Series (2020)
https://doi.org/10.17016/FEDS.2020.003 - Financial Stability and Optimal Interest-Rate Policy
Andrea Ajello, Thomas Laubach, David López-Salido, and Taisuke Nakata
International Journal of Central Banking (2019)
See also » FRB Working Paper (2016) - Inflation at Risk
David López-Salido and Francesca Loria
CEPR Discussion Paper Series (2019)
See also » FRB Working Paper (2020) - Forward Guidance with Bayesian Learning and Estimation
Christopher Gust, Edward Herbst, and David López-Salido
Finance and Economics Discussion Series (2018)
https://doi.org/10.17016/FEDS.2018.072 - Hysteresis via Endogenous Rigidity in Wages and Participation
Cynthia L. Doniger and David López-Salido
Finance and Economics Discussion Series (2018)
https://doi.org/10.17016/FEDS.2017.044r1 - Some Implications of Uncertainty and Misperception for Monetary Policy
Christopher Erceg, James Hebden, Michael Kiley, David López-Salido, and Robert Tetlow
Finance and Economics Discussion Series (2018)
https://doi.org/10.17016/FEDS.2018.059 - From Taylor's Rule to Bernanke's Temporary Price Level Targeting
James Hebden and David López-Salido
Finance and Economics Discussion Series (2018)
https://doi.org/10.17016/FEDS.2018.051 - Comment on the Demographic Deficit
Etienne Gagnon, Benjamin K. Johannsen, and David López-Salido
Journal of Monetary Economics (2018)
https://doi.org/10.1016/j.jmoneco.2017.11.006 - The Money View Versus the Credit View
Sarah S. Baker, David López-Salido, and Edward Nelson
CEPR Discussion Paper Series (2018)
See also » FRB Working Paper (2018) - The Cyclicality of Sales, Regular, and Effective Prices: Business Cycle and Policy Implications: Comment
Etienne Gagnon, David Lopez-Salido, and Jason Sockin
American Economic Review (2017)
https://doi.org/10.1257/aer.20150891
See also » FRB Working Paper (2015) - Asymmetric Monetary Policy and the Effective Lower Bound
Christopher Gust, David López-Salido, and Steve Meyer
Research in Economics (2017)
https://doi.org/10.1016/j.rie.2017.05.005 - The Empirical Implications of the Interest-Rate Lower Bound
Christopher Gust, Edward Herbst, David López-Salido, and Matthew E. Smith
American Economic Review (2017)
https://doi.org/10.1257/aer.20121437
See also » FRB Working Paper (2012) - Money-Financed Fiscal Programs: A Cautionary Tale
William B. English, Christopher J. Erceg, and David Lopez-Salido
Finance and Economics Discussion Series (2017)
https://doi.org/10.17016/FEDS.2017.060 - Credit-Market Sentiment and the Business Cycle
David López-Salido, Jeremy C. Stein, and Egon Zakrajšek
Quarterly Journal of Economics (2017)
https://doi.org/10.1093/qje/qjx014
See also » FRB Working Paper (2017) - Hysteresis via Endogenous Rigidity in Wages and Participation
Cynthia L. Doniger and J. David López-Salido
Finance and Economics Discussion Series (2017)
https://doi.org/10.17016/FEDS.2017.044 - Monetary Policy, Incomplete Information, and the Zero Lower Bound
Christopher Gust, Benjamin K. Johannsen, and J. David Lopez-Salido
IMF Economic Review (2017)
https://doi.org/10.1057/s41308-016-0023-z
See also » FRB Working Paper (2015) - Credit-Market Sentiment and the Business Cycle
David López-Salido, Jeremy C. Stein, and Egon Zakrajšek
Finance and Economics Discussion Series (2017)
https://doi.org/10.17016/FEDS.2015.028r1 - Mass Population Displacement and Retail Activities in the Wake of Hurricane Katrina
Etienne Gagnon and J. David López-Salido
FEDS Notes (2015)
https://doi.org/10.17016/2380-7172.1600 - Nominal Rigidities and the Term Structures of Equity and Bond Returns
Pier Lopez, David Lopez-Salido, and Francisco Vazquez-Grande
Finance and Economics Discussion Series (2015)
https://doi.org/10.17016/FEDS.2015.064 - The Cyclicality of Sales, Regular and Effective Prices: Comment
Etienne Gagnon, David Lopez-Salido, and Jason A. Sockin
Finance and Economics Discussion Series (2015)
https://doi.org/10.17016/FEDS.2015.052 - The Federal Reserve's Framework for Monetary Policy: Recent Changes and New Questions
William B. English, J. David López-Salido, and Robert J. Tetlow
IMF Economic Review (2015)
https://doi.org/10.1057/imfer.2014.27
See also » FRB Working Paper (2013) - Monetary Policy and Real Borrowing Costs at the Zero Lower Bound
Simon Gilchrist, J. David Lopez-Salido, and Egon Zakrajšek
American Economic Journal: Macroeconomics (2015)
https://doi.org/10.1257/mac.20130324
See also » FRB Working Paper (2014) - Monetary Policy and the Cyclicality of Risk
Christopher Gust and David López-Salido
Journal of Monetary Economics (2014)
https://doi.org/10.1016/j.jmoneco.2013.11.008 - Patterns of Convergence and Divergence in the Euro Area
Angel Estrada, Jordi Gali, and David López-Salido
IMF Economic Review (2013)
https://doi.org/10.1057/imfer.2013.22 - Key Currency Status: An Exorbitant Privilege and an Extraordinary Risk
Matthew Canzoneri, Robert Cumby, Behzad Diba, and David López-Salido
Journal of International Money and Finance (2013)
https://doi.org/10.1016/j.jimonfin.2013.06.006 - Individual Price Adjustment along the Extensive Margin
Etienne Gagnon, David López-Salido, and Nicolas Vincent
NBER Macroeconomics Annual Book Series (2013)
https://doi.org/10.1086/669179
See also » FRB Working Paper (2012) - The Ins and Outs of Unemployment: A Conditional Analysis
Fabio Canova, J. David López-Salido, and Claudio Michelacci
Economic Journal (2013)
https://doi.org/10.1111/j.1468-0297.2012.02548.x - Patterns of Convergence and Divergence in the Euro Area
Angel Estrada Garcia, Jordi Gali, and David López-Salido
CEPR Discussion Paper Series (2013) - The Empirical Implications of the Interest-Rate Lower Bound
Christopher J. Gust, J. David López-Salido, and Matthew E. Smith
Finance and Economics Discussion Series (2012)
https://doi.org/10.17016/FEDS.2012.83 - Housing Bubbles
Oscar Arce and David Lopez-Salido
American Economic Journal: Macroeconomics (2011)
https://doi.org/10.1257/mac.3.1.212 - The Role of Liquid Government Bonds in the Great Transformation of American Monetary Policy
Matthew Canzoneri, Robert Cumby, Behzad Diba, and David Lopez-Salido
Journal of Economic Dynamics & Control (2011)
https://doi.org/10.1016/j.jedc.2010.10.008 - Postwar Financial Crises and Economic Recoveries in the United States
David López-Salido and Edward Nelson
Munich Personal RePEc Archive (2010) - Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound
Andrew Levin, David López-Salido, Edward Nelson, and Tack Yun
International Journal of Central Banking (2010) - The Effects of Technology Shocks on Hours and Output: A Robustness Analysis
Fabio Canova, David López-Salido, and Claudio Michelacci
Journal of Applied Econometrics (2010)
https://doi.org/10.1002/jae.1090 - International Competition and Inflation: A New Keynesian Perspective
Luca Guerrieri, Christopher Gust, and David Lopez-Salido
American Economic Journal: Macroeconomics (2010)
https://doi.org/10.1257/mac.2.4.247 - The Transmission of Domestic Shocks in Open Economies
Christopher J. Erceg, Christopher Gust, and David Lopez Salido
International Dimensions of Monetary Policy (2009) - Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area
Javier Andrés, J. David López-Salido, and Edward Nelson
Journal of Economic Dynamics & Control (2009)
https://doi.org/10.1016/j.jedc.2008.01.011 - Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework
Matthew Canzoneri, Robert Cumby, Behzad Diba, and David López-Salido
Journal of Money, Credit and Banking (2008)
https://doi.org/10.1111/j.1538-4616.2008.00178.x - Do Search Frictions Matter for Inflation Dynamics?
Michael U. Krause, David Lopez Salido, and Thomas Lubik
European Economic Review (2008)
https://doi.org/10.1016/j.euroecorev.2008.08.002 - Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy
Andrew T. Levin, J. David López-Salido, Edward Nelson, and Tack Yun
Journal of Monetary Economics (2008)
https://doi.org/10.1016/j.jmoneco.2008.07.013 - Inflation Dynamics with Search Frictions: A Structural Econometric Analysis
Michael U. Krause, David Lopez-Salido, and Thomas A. Lubik
Journal of Monetary Economics (2008)
https://doi.org/10.1016/j.jmoneco.2008.04.004 - Technology Shocks and Job Flows
Claudio Michelacci and David Lopez-Salido
Review of Economic Studies (2007)
https://doi.org/10.1111/j.1467-937X.2007.00452.x - Understanding the Effects Government Spending Shocks on Consumption
Jordi Gali, David Lopez Salido, and Javier Valles
Journal of the European Economic Association (2007)
https://doi.org/10.1162/JEEA.2007.5.1.227 - Markups, Gaps, and the Welfare Cost of Business Fluctuations
Jordi Gali, Mark J. Gertler, and David López Salido
Review of Economics and Statistics (2007)
https://doi.org/10.1162/rest.89.1.44 - Money in a Estimated Business Cycle Model of the Euro Area
Javier Andrés, J. David López-Salido, and Javier Vallés
Economic Journal (2006)
https://doi.org/10.1111/j.1468-0297.2006.01088.x - Inflation Persistence and Optimal Monetary Policy in the Euro Area
Pierpaolo Benigno and J. David Lopez-Salido
Journal of Money, Credit and Banking (2006) - Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve
Jordi Gali, Mark Gertler, and David López-Salido
Journal of Monetary Economics (2005)
https://doi.org/10.1016/j.jmoneco.2005.08.005 - Sticky-Price Models and the Natural Rate Hypothesis
Javier Andrés, David López Salido, and Edward Nelson
Journal of Monetary Economics (2005)
https://doi.org/10.1016/j.jmoneco.2005.07.006 - Consumption and Habits: Evidence from Panel Data
Raquel Carrasco, José M. Labeaga, and David López Salido
Economic Journal (2005)
https://doi.org/10.1111/j.1468-0297.2004.00963.x - Sectoral and Aggregate Technology Growth in Spain
Angel Estrada and David Lopez-Salido
Spanish Economic Review (2004)
https://doi.org/10.1007/s10108-003-0070-2 - The Role of the Financial System in the Growth-Inflation Link: The OECD Experience
Javier Andrés, Ignacio Hernando, and David López Salido
European Journal of Political Economy (2004)
https://doi.org/10.1016/j.ejpoleco.2003.10.007 - Rule-of-Thumb Consumers and the Design of Interest Rate Rules
Jordi Gali, David Lopez Salido, and Javier Valles
Journal of Money, Credit and Banking (2004) - Tobin's Imperfect Asset Substitution in Optimizing General Equilibrium
Javier Andrés, David López Salido, and Edward Nelson
Journal of Money, Credit and Banking (2004) - Technology Shocks and Monetary Policy: Assesing Fed's Performance
Jordi Gali, David López Salido, and Javier Vallés
Journal of Monetary Economics (2003)
https://doi.org/10.1016/S0304-3932(03)00037-0 - Intertemporal Substitution and the Liquidity Effect in a Sticky Price Model
Javier Andrés, David López Salido, and Javier Vallés
European Economic Review (2002)
https://doi.org/10.1016/S0014-2921(01)00190-8 - European Inflation Dynamics
Jordi Gali, Mark J. Gertler, and David López Salido
European Economic Review (2001)
https://doi.org/10.1016/S0014-2921(00)00105-7 - When May Depreciations Fuel Inflation? An Application to the Spanish Case
Enrique Alberola, Juan Ayuso, and J. David López-Salido
Applied Economics (2000)
https://doi.org/10.1080/000368400322093 - The Dynamic Effects of Shocks to Labour Markets: Evidence from OECD Countries
Manuel Balmaseda, Juan J. Dolado, and J. David López-Salido
Oxford Economic Papers (2000)
Awards
- 1993
CEMFI
Best student, CEMFI Two-Year Master
Conference Organization
August 22 - 26, 2016 | Geneva
EEA-ESEM Meeting
Programme Committee
March 23 - 24, 2012 | Washington, DC
Central Banking: Before, During, and After the Crisis
Organizer
Referee
- American Economic Review, American Economic Journal: Macroeconomics, Journal of Political Economy, Review of Economic Studies, Journal of the European Economic Association, Journal of Monetary Economics, Journal of Money, Credit, and Banking, Review of Economics and Statistics, Review of Economic Dynamics, Journal of Economics Dynamics and Control, European Economic Review, International Economic Review, The B.E. Journal of Macroeconomics.
Professional Affiliation
- Research Fellow, International Macroeconomics Program, CEPR
Last Update:
August 2, 2024