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Photo of J David Lopez-Salido

J David Lopez-Salido

Senior Associate Director Program Direction Section Monetary Affairs
202-452-2566
[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 - present
  • Assistant Director

    Federal Reserve Board, Division of Monetary Affairs

    2011 - 2015
  • 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
  • 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
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Last Update: December 1, 2023