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Understanding the Implications of Trade and Financial Market Integration for Business Cycles

Mario J Crucini (Vanderbilt University and NBER, USA) | April 2020

Pages: 584
This volume contains reprints of most of my peer-reviewed academic research

Table of Contents


 Curriculum Vitae


My NBER profile and research papers can be found at the NBER by clicking this link

  • Crucini, Mario J., and Oscar O’Flaherty. “Stay-at-Home Orders in a Fiscal Union,”  NBER Working Paper No. 28182, December 2020.
  • Crucini, Mario J., Mototsugu Shintani and Takayuki Tsuruga. “A Behavioral
    Explanation for the Puzzling Persistence of the Aggregate Real Exchange Rate.” NBER Working Paper No. 27420, June 2020.  video presentation
  • Dong Cheng & Mario J. Crucini & Hyunseung Oh & Hakan Yilmazkuday. “Early 20th Century American Exceptionalism: Production, Trade and Diffusion of the Automobile,” NBER Working Papers 26121July 2019.



  • Crucini, Mario J. and Nam Vu. “Did the American Recovery and Reinvestment Act Help Counties Most Affected by the Great Recession,” Review of Economic Dynamics, available online 17 November 2020.  Working paper version .
  • Crucini, Mario J., and Christopher I. Telmer. “Microeconomic Sources of Real Exchange Rate Variation,” Review of Economic Dynamics, October 2020, Vol. 38, 22-40.Working paper version.
  • Crucini, Mario J., Craig Benedict and Anthony Landry. “On What States Do Prices Depend? Answers from Ecuador,” (online 15 October 2019) Journal of Money, Credit and Banking. Working paper version.
  • Crucini, Mario J., and Anthony Landry (2017). “Accounting for Real Exchange Rates Using Micro-Data.” Journal of International Money and Finance, March 2019, Vol. 91, 86-100. Working paper version
  • Crucini, Mario J. and Gregor Smith. “Distance and Time Effects in Swedish Commodity Prices, 1732-1914,” East Asian Economic Review, December 2016, Vol. 20(4), 427-445.
  • Chen, Kan and Mario J. Crucini, “Trends and Cycles in Small Open Economies: Making the Case for a General Equilibrium Approach,” Journal of Economic Dynamics and Control, November 2016, Vol. 72, 159-168. Working paper version
  • Crucini, Mario J., and J. Scott Davis. “Distribution Capital and the Short- and Long-Run Import Demand Elasticity,” Journal of International Economics, May 2016, Vol. 100, Pages 203-219. Working paper version
  • Crucini, Mario J., and Mototsugu Shintani. “Measuring Business Cycles By Saving for a Rainy Day.” Canadian Journal of Economics, Vol. 48(4), 1266–1290, November 2015. Working paper version
  • Crucini, Mario J., Mototsugu Shintani and Takayuki Tsuruga. “Noisy Information, Distance and Law-of-One-Price Dynamics Across US Cities.” Journal of Monetary Economics, September 2015, Vol. 74, 52–66. 2010.
  • Crucini, Mario J. and Hakan Yilmazkuday. “Understanding Long-run Price Dispersion,” Journal of Monetary Economics, September 2014, Vol. 66, 226-240. Working paper version
  • Crucini, Mario J., Mototsugu Shintani and Takayuki Tsuruga. “Real Exchange Rate Dynamics in Sticky Wage Models.” Economic Letters, May 2014, Vol. 123(2), 160-163.
  • Crucini, Mario J., Mototsugu Shintani and Takayuki Tsuruga. “Do Sticky Prices Increase Real Exchange Rate Volatility at the Sector Level?European Economic Review, May 2013, Vol. 62, 58-72. Working paper version
  • Crucini, Mario J., John Conley, Robert Driskill and Ali Sina Onder. “The Effects of Publication Lags on Life Cycle Research Productivity in Economics,” Economic Inquiry, April 2013.  Vol. 51(2), 1251–1276. Working paper version
  • Bond, Eric W., Mario J. Crucini, Tristan Potter and Joel Rodrigue, “Misallocation and Productivity Effects of the Hawley-Smoot Tariff,” Review of Economics Dynamics, January 2013, Vol. 16(1), 120-134. Working paper version
  • Berka, Martin, Mario J. Crucini and Chih-Wei Wang. “International Risk Sharing and Commodity Prices,” Canadian Journal of Economics, May 2012, Vol. 45(2), 427-447.
  • Crucini, Mario J., Ayhan Kose, and Christopher Otrok. “What Are the Driving Forces of International Business Cycles?” Review of Economic Dynamics, January 2011, Vol. 14(1), 156-175. WP version|| Appendix (pdf) || Data (excel) || Replication (Gauss)
  • Crucini, Mario J., Mototsugu Shintani and Takayuki Tsuruga. “Accounting For Persistence and Volatility of Good-Level Real Exchange Rates: The Role of Sticky Information.” Journal of International Economics, May 2010, Vol. 81, 48-60. Working paper version
  • Crucini, Mario J., Mototsugu Shintani and Takayuki Tsuruga. “The Law-of-One-Price Without the Border: The Role of Distance Versus Sticky Prices.” The Economic Journal, May 2010, Vol. 120(544), 462-480. 2010.
  • Crucini, Mario J. and Mototsugu Shintani. “Persistence in Law-of-One-Price Deviations: Evidence from Micro-Data.”  Journal of Monetary Economics, April 2008, Vol. 55(3), 629-644.
  • Crucini, Mario J., Christopher I. Telmer, and Marios Zachariadis. “Understanding European Real Exchange Rates.”  American Economic Review, June 2005, Vol. 95 (3), 724-738. Published version
  • Bidarkota, Prasad and Mario J. Crucini. “Commodity Prices and the Terms of Trade.”  Review of International Economics, November 2000, 8(4), 647-666.
  • Backus, David K. and Mario J. Crucini. “Oil Prices and the Terms of Trade.” Journal of International Economics, February 2000, 50(1), 185-213.
  • Crucini, Mario J. “On International and National Dimensions of Risk Sharing.” The Review of Economics and Statistics, February 1999, Vol. LXXXI, No. 1, 73-84.
  • Crucini, Mario J. “Country Size and Economic Fluctuations.” Review of International Economics, May 1997, Vol. 5(2), 204-220.
  • Crucini, Mario J. and James Kahn.  “Tariffs and Aggregate Economic Activity: Lessons From the Great Depression.”  Journal of Monetary Economics, December 1996, Vol. 38(3), 427-467.
  • Baxter, Marianne and Mario J. Crucini. “Business Cycles and the Asset Structure of Foreign Trade.”  International Economic Review, November 1995, Vol. 36(4), 821-854. Working paper version
  • Crucini, Mario J. “Sources of Variation in Real Tariff Rates: The United States, 1900-1940.” American Economic Review, June 1994, Vol. 84(3), 732-743. Reprinted in: The Seminal Works Of The Great Depression, edited by Randall E. Parker, Edward Elgar Publishing, 2011. Published version
  • Baxter, Marianne and Mario J. Crucini. “Explaining Saving-Investment Correlations.”  American Economic Review, June 1993, Vol. 83(3), 416-436. Reprinted in: “The International Library of Critical Writings in Economics 191: Open Economy Macroeconomics, Volume II,” edited by Norman C. Miller. Northampton, MA: Edward Elgar Publishing, 2006. Published version
  • Baxter, Marianne, Mario J. Crucini and K. Geert Rouwenhorst.  “Solving the Stochastic Growth Model by a Discrete-State-Space, Euler-Equation Approach.”  Journal of Business and Economic Statistics, January 1990, Vol. 8(1), 19-21.