Articles in peer-reviewed academic journals

Proaño, C.R. & B. Lojak (2020), Animal Spirits, Risk Premia and Monetary Policy at the Zero Lower Bound, Journal of Economic Behavior and Organization, 171, 221-233. Link

Dräger, L. & C.R. Proaño (2020), Cross-Border Banking and Macroprudential Policies in Asymmetric Currency Unions. Macroeconomic Dynamics, 24(2), 255-290. Link

Mateane, L. & C.R. Proaño (2020), Does Monetary Policy React Asymmetrically to Exchange Rate Misalignments? Evidence for South Africa. Empirical Economics, 58(4), 1639-1658. Link

Strohsal, T., Proaño, C.R. & J. Wolters (2019), Characterizing the Financial Cycle: Evidence from the Frequency Domain. Journal of Banking and Finance, 106, 568-591, Sep. Link

Strohsal, T., Proaño, C.R. & J.Wolters (2018), Assessing the Cross-Country Interaction of Financial Cycles: Evidence from a Multivariate Spectral Analysis of the US and the UK. Empirical Economics, 57(2), 385-398. Link

Proaño, C.R. & A. Tarassow (2018), Evaluating the Predicting Power of Ordered Probit Models for Multiple Business Cycle Phases in the U.S. and Japan. Journal of the Japanese and International Economies, 50, 60-71, Dec. Link

Charpe, M., Flaschel, P. and C.R. Proaño (2018), Long-phased Marx-Goodwin profit- and wages queeze cycles in wage-led economies. Economic Issues, 23(1), 55-66. Link

Flaschel, P., Charpe, M., Galanis, G., C.R. Proaño & R. Veneziani (2018), Macroeconomic and Stock Market Interactions with Endogenous Aggregate Sentiment Dynamics. Journal of Economic Dynamics and Control. 91, 237-256, Nov. Link

Kato, M., Proaño, C.R. &W. Semmler (2018), Does International Reserves Targeting Decrease the Vulnerability to Capital Flights? Research in International Business and Finance 44, 64-75. Link

Menden, C. und C.R. Proaño (2017), Dissecting the Financial Cycle with Dynamic Factor Models. Veröffentlicht in Quantitative Finance, 12,1965-1994. Link

Proaño, C.R. (2017), Detecting and Predicting Economic Accelerations, Recessions, and Normal Growth Periods in Real-Time.  Journal of Forecasting, DOI:10.1002/for.2412. Link

Bask, M. & C.R. Proaño (2016), Optimal monetary policy under learning and structural uncertainty in a New Keynesian model with a cost channel and inflation inertia. Journal of Economic Dynamics and Control 69,112-126. Link

Charpe, M., Flaschel, P., Krolzig, H.-M. Proaño, C.R., Semmler,W. & D. Tavani (2015), Credit-Driven Investment, Labor Market Heterogeneity and Macroeconomic Dynamics.  Journal of Economic Interaction and Coordination 10(1), 163-181.

Flaschel, P., Hartmann, F., Malikane, C. & C.R. Proaño (2015), A Behavioral Macroeconomic Model of Exchange Rate Fluctuations with Complex Market Expectations Formation. Computational Economics 45(4), 669-691, Apr. Link

Proaño, C.R., Schoder, C. & W. Semmler (2014), Financial Stress, Sovereign Debt and Economic Activity in Industrialized Countries: Evidence from Dynamic Threshold Regressions. Journal of International Money and Finance 45, 17-37. Link

Proaño, C.R. & T. Theobald (2014), Predicting German Recessions with a Composite Real-Time Dynamic Probit Indicator. International Journal of Forecasting  30, 898-917.Link

Schoder, C., Proaño, C.R. & W. Semmler (2013), Are the current account imbalances in EMU countries sustainable? Evidence from parametric and non-parametric tests. Journal of Applied Econometrics 28(7),1179-1204, Nov.-Dec. Link

Proaño, C.R. (2013), Monetary Policy Rules and Macroeconomic Stabilization in Small Open Economies under Behavioral FX Trading: Insights from Numerical Simulations. The Manchester School 81(6), 992-1011, Dec.Link

Chiarella, C., Hartmann, F., Flaschel, P. & C.R. Proaño (2012), Stock Market Booms, Endogenous Credit Creation and the Implications of Broad and Narrow Banking for Macroeconomic Stability. Journal of Economic Behavior and Organization  83, 410-423. Link

Chiarella, C., Flaschel, P, Köper, C, Proaño, C.R. & W. Semmler (2012), Macroeconomic Stabilization Policies in Intrinsically Unstable Macroeconomies. Studies in Nonlinear Dynamics & Econometrics 16(2), Apr. (Special Issue: Recent Advances in Continuous-time Econometrics and Economic Dynamics -– Contributions in Honor of Giancarlo Gandolfo).Link

Proaño, C.R. (2012), Should Monetary Policy Take Account of National Labor Market Asymmetries in a Currency Union?. Economics Bulletin  32(3), 1878-1889.pdf

Proaño, C.R. (2012), Gradual Wage-Price Adjustments, Labor Market Frictions and Monetary Policy Rules. Journal of Economic Behavior and Organization 82(1), 220-235, Apr. Link

Charpe, M., Flaschel, P. & C.R. Proaño (2012), Income Distribution, Credit Rationing and Households’ Debt. Metroeconomica 63(3), 458-492.Link

Taylor, L., Proaño, C.R., De Carvalho, L. & N. Barbosa (2012), Fiscal Deficits, Economic Growth, and Government Debt in the USA. Cambridge Journal of Economics 36, 189-204.Link

Asada, T., Charpe, M., Flaschel, P., Malikane, C., Mouakil, T. & Proaño, C.R. (2011), Output, Stock Markets and Macro-Policy Measures in a Keynesian Portfolio Model. Intervention.  European Journal of Economics and Economic Policy  8(2), 341-360.  Link

Flaschel, P,  Greiner, A., Logeay, C. & C.R. Proaño (2011), Employment Cycles, Low Income Work and the Dynamic Impact of Minimum Wages. A Macro Perspective. Journal of Evolutionary Economics, 1-16, July.Link

Charpe, M., Flaschel, P., Hartmann, F. & C.R. Proaño (2011), Stabilizing an Unstable Economy: Fiscal and and Monetary Policy, Stocks, and the Term Structure of Interest Rates. Economic Modelling 28(5), 2129-2136, Sep.Link

Asada, T., Chiarella, C., Flaschel, P., Mouakil, T. Proaño, C.R. & W. Semmler (2011), Stock-Flow Interactions and Disequilibrium Macroeconomics: The Role of Economic Policy. Journal of Economic Surveys  25(3), 569-599, July.Link

Flaschel, P., Proaño, C.R. & S. Luchtenberg (2011), Crisis as Opportunity: A Tentative Roadmap of Reforms towards Social Capitalism. Bulletin of Political Economy 5(1), 1-40, June.

Diallo, M.B., Flaschel, P. & C.R. Proaño (2011), Reconsidering the dynamic interaction between real wages and macroeconomic activity. Research in World Economy  2(1), Apr.Link

Proaño, C.R., Flaschel, P., Krolzig, H.M. & M.B. Diallo (2011), Monetary Policy and Macroeconomic Stability under Alternative Demand Regimes. Cambridge Journal of Economics  35(3), 569-585.Link

Asada, T., Flaschel, P., Greiner, A. & C.R. Proaño (2011), Sustainable Capitalism: Full-Employment Flexicurity Growth with Real Wage Rigidities. Journal of Economic Behavior and Organization  77(4), 248-264, Mar. Link

Proaño, C.R. (2011), Exchange Rate Determination, Macroeconomic Dynamics and Stability under Heterogeneous Behavioral FX Expectations. Journal of Economic Behavior and Organization  77(2), 177-188, Feb. Link

Asada, T., Chiarella, C., Flaschel, P., Mouakil, T., Proaño, C.R. & W. Semmler (2010), Stabilizing an Unstable Economy: On the Choice of Proper Policy Measures. Economics: The Open-Access, Open-Assessment E-Journal, Special Issue on “Managing Financial Instability in Capitalistic Economies” (Eds: Lux, T. & M. Raberto), 3(2010-21), July.  Link

Charpe, M., Flaschel, P., Proaño, C.R. & W. Semmler (2009), Overconsumption, Credit Rationing and Bail-Out-Based Monetary Policy. Intervention. European Journal of Economics and Economic Policy  6(2), 247-270.

Proaño, C.R. (2009), (De-)Stabilizing International Macroeconomic Interactions in an Estimated Model of the U.S. and the Euro Area. International Economics and Economic Policy 6(4), 421-443.  Link

Flaschel, P. & C.R. Proaño (2009), The J2 Status of “Chaos” in Period Macroeconomic Models. Studies in Nonlinear Dynamics and Econometrics  13(2), Article 2. Link

Flaschel, P., Franke, R. & Proaño, C.R. (2008), On Equilibrium Determinacy in New Keynesian Models with Staggered Wage and Price Setting. The B.E. Journal of Macroeconomics  8(1), Article 31 (Topics). Link

Proaño, C.R., Flaschel, P. & W. Semmler (2008), Currency Crises and Monetary Policy in Economies with Partial Dollarization of Liabilities. ICFAI Journal of Monetary Economics  VI(3), 14-39.

Flaschel, P., Franke, R. & C.R. Proaño (2006), Wage-Price Dynamics and Income Distribution in a Semi-Structural Keynes-Goodwin Model. Structural Change and Economic Dynamics 17, 452-465. Link

Proaño, C.R. Flaschel, P. & W. Semmler (2005), Currency and Financial Crises in Emerging Market Economies in the Medium Run. Journal of Economic Asymmetries  2, 105-130.

Proaño, C.R. (2005), Dolarización de Obligaciones, Fragilidad Financiera y Desempeño Macroeconómico. Cuestiones Económicas 21(1), 1-23, Banco Central del Ecuador. Link