skip to main navigation skip to secondary navigation skip to content
Board of Governors of the Federal Reserve System
skip to content

TheEconomists

Photo of J David Lopez-Salido

J David Lopez-Salido

Deputy Associate Director

Program Direction Section

Monetary Affairs

202-452-2566
david.j.lopez-salido@frb.gov
Education
  • Ph.D., Economics, CEMFI and Universidad Complutense de Madrid, 1996
  • M.Sc., Economics, CEMFI (Madrid), 1993
  • Current Research Topics

  • See Fields of Interest
Fields of Interest
    • Assistant Director

      Federal Reserve Board, Division of Monetary Affairs

    • 2011 - present
    • Assistant Director and Chief

      Federal Reserve Board, Division of Monetary Affairs

    • 2010
    • Chief, Monetary Studies

      Federal Reserve Board, Division of Monetary Affairs

    • 2008 - 2009
    • Economist and Senior Economist

      Federal Reserve Board, Division of Monetary Affairs

    • 2006 - 2007
    • Economist, Senior Economist, and Unit Head

      Bank of Spain

    • 1997 - 2005
  • Benigno, Pierpaolo, and David Lopez Salido (Forthcoming). "Should the ECB Abandon HICP Targeting?" in Beetsma, Roel, Carlo Favero, Alessandro Missale, Anton Muscatelli, Piergiovanna Natale and Patrizio Tirelli eds., European Macroeconomic Policies After Monetary Unification: Fiscal Policies, Monetary Policies and Labor Markets. Cambridge and New York: Cambridge University Press.
  • López-Salido, David, Jeremy C. Stein, and Egon Zakrajšek (2016). "Credit-Market Sentiment and the Business Cycle," NBER Working Papers 21879. National Bureau of Economic Research, Inc.
  • English, William B., J. David Lopez-Salid, and Robert J. Tetlow (2015). "The Federal Reserve's Framework for Monetary Policy: Recent Changes and New Questions," IMF Economic Review, vol. 63, no. 1, pp. 22-70.
  • Gagnon, Etienne, and J. David López-Salido (2015). "Mass Population Displacement and Retail Activities in the Wake of Hurricane Katrina," FEDS Notes 2015-08-26. Board of Governors of the Federal Reserve System (U.S.).
  • Gagnon, Etienne, and J. David Lopez-Salido (2015). "Small Price Responses to Large Demand Shocks," CEPR Discussion Papers 10725. C.E.P.R. Discussion Papers.
  • Gagnon, Etienne, David Lopez-Salido, and Jason A. Sockin (2015). "The Cyclicality of Sales, Regular and Effective Prices: Comment," Finance and Economics Discussion Series 2015-052. Washington: Board of Governors of the Federal Reserve System.
  • Gagnon, Etienne, J. David Lopez-Salido, and Jason Sockin (2015). "The Cyclicality of Sales, Regular and Effective Prices: Comment," CEPR Discussion Papers 10726. C.E.P.R. Discussion Papers.
  • Gilchrist, Simon, J. David Lopez-Salido, and Egon Zakrajsek (2015). "Monetary Policy and Real Borrowing Costs at the Zero Lower Bound," American Economic Journal: Macroeconomics, vol. 7, no. 1, pp. 77-109.
  • Gust, Christopher J., Benjamin K. Johannsen, and David Lopez-Salido (2015). "Monetary Policy, Incomplete Information, and the Zero Lower Bound," Finance and Economics Discussion Series 2015-099. Washington: Board of Governors of the Federal Reserve System.
  • Lopez, Pier, David Lopez-Salido, and Francisco Vazquez-Grande (2015). "Nominal Rigidities and the Term Structures of Equity and Bond Returns," Finance and Economics Discussion Series 2015-064. Washington: Board of Governors of the Federal Reserve System.
  • López-Salido, J. David, Jeremy C. Stein, and Egon Zakrajšek (2015). "Credit-Market Sentiment and the Business Cycle," Finance and Economics Discussion Series 2015-028. Washington: Board of Governors of the Federal Reserve System.
  • Gagnon, Etienne, and J. David Lopez-Salido (2014). "Small Price Responses to Large Demand Shocks," Finance and Economics Discussion Series 2014-18. Board of Governors of the Federal Reserve System (U.S.).
  • Gilchrist, Simon, David Lopez-Salido, and Egon Zakrajsek (2014). "Monetary Policy and Real Borrowing Costs at the Zero Lower Bound," NBER Working Papers 20094. National Bureau of Economic Research, Inc.
  • Gilchrist, Simon, J. David Lopez-Salido, and Egon Zakrajsek (2014). "Monetary Policy and Real Borrowing Costs at the Zero Lower Bound," Finance and Economics Discussion Series 2014-03. Board of Governors of the Federal Reserve System (U.S.).
  • Gilchrist, Simon, J. David Lopez-Salido, and Egon Zakrajsek (2014). "Monetary Policy and Real Borrowing Costs at the Zero Lower Bound," Finance and Economics Discussion Series 2014-39. Board of Governors of the Federal Reserve System (U.S.).
  • Gilchrist, Simon, J. Lopez-Salido, and Egon Zakrajsek (2014). "Monetary Policy and Real Borrowing Costs at the Zero Lower Bound," CEPR Discussion Papers 9971. Centre for Economic Policy Research.
  • Gust, Christopher, and David Lopez-Salido (2014). "Monetary Policy and the Cyclicality of Risk," Journal of Monetary Economics, vol. 62, pp. 59-75.
  • English, William B., J. David Lopez-Salido, and Robert Tetlow (2013). "The Federal Reserve's Framework for Monetary Policy: Recent Changes and New Questions," Finance and Economics Discussion Series 2013-76. Board of Governors of the Federal Reserve System (U.S.).
  • Estrada, Angel, Jordi Gali, and David Lopez-Salido (2013). "Patterns of Convergence and Divergence in the Euro Area," IMF Economic Review, vol. 61, no. 4, pp. 601-630.
  • Estrada Garcia, Angel, Jordi Gali, and David Lopez-Salido (2013). "Patterns of Convergence and Divergence in the Euro Area," CEPR Discussion Papers 9685. Center for Economic and Policy Research.
  • Gagnon, Etienne, David López-Salido, and Nicolas Vincent (2013). "Individual Price Adjustment Along the Extensive Margin," in Daron Acemoglu, Jonathan Parker, and Michael Woodford ed., NBER Macroeconomics Annual 2012. Chicago: University of Chicago Press, pp. 235-281.
  • D'Amico, Stefania, William B. English, J. David Lopez-Salido, and Edward Nelson (2012). "The Federal Reserve's Large-Scale Asset Purchase Programs: Rationale and Effects," Finance and Economics Discussion Series 2012-85. Board of Governors of the Federal Reserve System (U.S.).
  • D'Amico, Stefania, William English, David Lopez-Salido, and Edward Nelson (2012). "The Federal Reserve's Large-Scale Asset Purchase Programmes: Rationale and Effects," Economic Journal, vol. 122, no. 564, pp. F415-46.
  • D'Amico, Stefania, William English, J. Lopez-Salido, and Edward Nelson (2012). "The Federal Reserve's Large-Scale Asset Purchase Programs: Rationale and Effects," CEPR Discussion Papers 9145. Centre for Economic Policy Research.
  • Gagnon, Etienne, David Lopez-Salido, and Nicolas Vincent (2012). "Individual Price Adjustment Along the Extensive Margin," NBER Working Papers 18213. National Bureau of Economic Research, Inc.
  • Gagnon, Etienne, J. David López-Salido, and Nicholas Vincent (2012). "Individual Price Adjustment Along the Extensive Margin," International Finance Discussion Papers 1052. Board of Governors of the Federal Reserve System (U.S.).
  • Gagnon, Etienne, J. Lopez-Salido, and Nicolas Vincent (2012). "Individual Price Adjustment Along the Extensive Margin," CEPR Discussion Papers 9143. Centre for Economic Policy Research.
  • Gust, Christopher, J. David Lopez-Salido, and Matthew E. Smith (2012 ). "The Empirical Implications of the Interest-Rate Lower Bound," CEPR Discussion Papers 9214. Centre for Economic Policy Research.
  • Gust, Christopher J., J. David Lopez-Salido, and Matthew E. Smith (2012). "The Empirical Implications of the Interest-Rate Lower Bound," Finance and Economics Discussion Series 2012-83. Board of Governors of the Federal Reserve System (U.S.).
  • Levin, Andrew, David Lopez-Salido, Edward Nelson, and Tack Yun (2010). "Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound," International Journal of Central Banking, vol. 6, no. 1, pp. 143-189.
  • Andres, Javier, J. David Lopez-Salido, and Edward Nelson (2008). "Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area," CEPR Discussion Papers 6812. Centre for Economic Policy Research.
  • Andres, Javier, J. David Lopez-Salido, and Edward Nelson (2007). "Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area," Working papers 2007-005. Federal Reserve Bank of St. Louis.
  • Arce, Oscar, and David Lopez-Salido (2011). "Housing Bubbles," American Economic Journal: Macroeconomics, vol. 3, no. 1, pp. 212-241.
  • Guerrieri, Luca, Christopher Gust, and David Lopez-Salido (2010). "International Competition and Inflation: A New Keynesian Perspective," American Economic Journal: Macroeconomics, vol. 2, no. 4, pp. 247-280.
  • Canzoneri, Matthew, Robert Cumby, Behzad Diba, and David Lopez-Salido (2011). "The Role of Liquid Government Bonds in the Great Transformation of American Monetary Policy," Journal of Economic Dynamics and Control, vol. 35, no. 3, pp. 282-294.
  • Lopez-Salido, David, Fabio Canova, and Claudio Michelacci (2010). "On the Robust Effects of Technology Shocks on Hours Worked and Outputs," Journal of Applied Econometrics, vol. 25, no. 5, pp. 755-773.
  • Andres, Javier, J. David Lopez-Salido, and Edward Nelson (2009). "Money and the Natural Rate of Interest: Structural Estimates for the United States and the Euro Area," Journal of Economic Dynamics and Control, vol. 33, no. 3, pp. 758-776.
  • Erceg, Christopher J., Christopher Gust, and David Lopez Salido (2009). "The Transmission of Domestic Shocks in Open Economies," in Gali, Jordi, Mark J. Gertler eds., International Dimensions of Monetary Policy. Chicago, IL: University of Chicago Press, pp. 89-148.
  • Canzoneri, Matthew, Robert Cumby, Behzad Diba, and David Lopez-Salido (2008). "Monetary Aggregates and Liquidity in a Neo-Wicksellian Framework," Journal of Money, Credit, and Banking, vol. 40, no. 8, pp. 1667-1698.
  • Levin, Andrew T., J. David Lopez-Salido, Edward Nelson, and Tack Yun (2008). "Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy," Journal of Monetary Economics, vol. 55, pp. S48-62.
  • Krause, Michael U., David Lopez-Salido, and Thomas A. Lubik (2008). "Inflation Dynamics with Search Frictions: A Structural Econometric Analysis," Journal of Monetary Economics, vol. 55, no. 5, pp. 892-916.
  • Krause, Michael U., David Lopez Salido, and Thomas Lubik (2008). "Do Search Frictions Matter for Inflation Dynamics?" European Economic Review, vol. 52, no. 8, pp. 1464-1479.
  • Michelacci, Claudio, and David Lopez-Salido (2007). "Technology Shocks and Job Flows," Review of Economic Studies, vol. 74, no. 4, pp. 1195-1227.
  • Gali, Jordi, David Lopez Salido, and Javier Valles (2007). "Understanding the Effects Government Spending Shocks on Consumption," Journal of the European Economic Association, vol. 5, no. 1, pp. 227-270.
  • Gali, Jordi, Mark J. Gertler, and David Lopez Salido (2007). "Markups, Gaps, and the Welfare Cost of Business Fluctuations," Review of Economics and Statistics, vol. 89, no. 1, pp. 44-59.
  • Andres, Javier, David Lopez Salido, and Javier Valles (2006). "Money in a Estimated Business Cycle Model of the Euro Area," Economic Journal, vol. 116, no. 511, pp. 457-477.
  • Benigno, Pierpaolo, and J. David Lopez-Salido (2006). "Inflation Persistence and Optimal Monetary Policy in the Euro Area," Journal of Money, Credit and Banking, vol. 38, no. 3, pp. 587-614.
  • Carrasco, Raquel, Jose Labeaga, and David Lopez Salido (2005). "Consumption and Habits: Evidence from Panel Data," Economic Journal, vol. 115, no. 500, pp. 144-165.
  • Gali, Jordi, Mark Gertler, and David Lopez-Salido (2005). "Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve," Journal of Monetary Economics, vol. 52, no. 6, pp. 1107-1118.
  • Andres, Javier, David Lopez Salido, and Edward Nelson (2005). "Sticky Price Models and the Natural Rate Hypothesis," Journal of Monetary Economics, vol. 52, no. 5, pp. 1025-1053.
  • Andres, Javier, David Lopez Salido, and Charles Nelson (2004). "Tobin's Imperfect Asset Substitution in Optimizing General Equilibrium," Journal of Money, Credit, and Banking, vol. 36, no. 4, pp. 665-690.
  • Andres, Javier, Ignacio Hernando, and David Lopez Salido (2004). "The Role of the Financial System in the Growth-Inflation Link: The OECD Experience," European Journal of Political Economy, vol. 20, no. 4, pp. 941-961.
  • Gali, Jordi, David Lopez Salido, and Javier Valles (2004). "Rule-of-Thumb Consumers and the Design of Interest Rate Rules," Journal of Money, Credit, and Banking, vol. 36, no. 5, pp. 739-764.
  • Gali, Jordi, David Lopez Salido, and Javier Valles (2003). "Technology Shocks and Monetary Policy: Assesing Fed's Performance," Journal of Monetary Economics, vol. 50, no. 4, pp. 723-743.
  • Andres, Javier, David Lopez Salido, and Javier Valles (2002). "Intertemporal Substitution and the Liquidity Effect in a Sticky Price Model," European Economic Review, vol. 46, no. 8, pp. 1399-1421.
  • Gali, Jordi, Mark J. Gertler, and David Lopez Salido (2001). "European Inflation Dynamics," European Economic Review, vol. 45, no. 7, pp. 1237-1270.

Awards

  • 1993

    CEMFI

    Best student of the CEMFI Two-Year Master

Conference Organization

  • 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
Skip stay connected section
Last update: February 1, 2016