Sergio Rebelo
Sergio Rebelo

FINANCE; INTERNATIONAL BUSINESS & MARKETS
Tokai Bank Chair in International Finance
Professor of Finance

Print Overview

Sergio Rebelo is the Tokai Bank Chair in International Finance at the Kellogg School of Management, where he has served as Chair of the Finance Department.

Professor Rebelo does research on macroeconomics and international finance. He has studied the causes of business cycles, the impact of economic policy on economic growth, and the sources of exchange rate fluctuations. His research has been funded by the National Science Foundation, the World Bank, the Sloan Foundation, and the Olin Foundation.

He is a fellow of the Econometric Society, the National Bureau of Economic Research, and the Center for Economic Policy Research. He has been a member of the editorial board of various academic journals, including the American Economic Review, the European Economic Review, the Journal of Monetary Economics, and the Journal of Economic Growth.

He has won numerous teaching awards at the Kellogg School of Management, including the Executive Masters Program Outstanding Professor Award and the Professor of the Year Award.

Professor Rebelo has served as a consultant to the World Bank, the International Monetary Fund, the Board of Governors of the Federal Reserve System, the European Central Bank, the McKinsey Global Institute, and other organizations. He received his Ph.D. in Economics from the University of Rochester.



Areas of Expertise
Emerging Markets
Globalization
International Economics
International Finance (Exchange Rates, Current Account)
Macroeconomics (Includes: Monetary Economics, Federal Reserve, Interest Rates)
Monetary Policy (Monetary Economics, Federal Reserve, Interest Rates)
Privatization
Print Vita
Education
PhD, 1989, Economics, University of Rochester
MA, 1987, Economics, University of Rochester
MS, 1985, Operations Research, Technical University of Lisbon
Licenciatura, 1981, Economics, Portuguese Catholic University

Academic Positions
Tokai Bank Distinguished Professor of International Finance, Kellogg School of Management, Northwestern University, 1997-present
Chair of Finance Department, Kellogg School of Management, Northwestern University, 2000-2002
Associate Professor, University of Rochester, 1992-1997
Director, Portuguese Catholic University, 1991-1992
Associate Professor of Finance, Kellogg School of Management, Northwestern University, 1991-1992
Director, Portuguese Catholic University, 1991-1992
Research Coordinator, Bank of Portugal, 1990-1992
Assistant Professor, Portuguese Catholic University, 1990-1992
Assistant Professor of Finance, Kellogg School of Management, Northwestern University, 1988-1991
Instructor, Portuguese Catholic University, 1981-1984

Grants and Awards
Executive MBA Program Outstanding Teaching Awards, Kellogg School of Management, 2012, 2011, 2010, 2009, 2008, 2007, 2006, 2005, 2004, 2003, 2002
EMP85 (Electives) 2012, EMP84 (Electives) 2011, EMP81 (Electives) 2011, EMP80 (Electives) 2010, EMP78 (Electives) 2010, EMP76 (Electives) 2009, EMP60 (Electives) 2005, EMP61 (Electives) 2005, EMP62 (Electives) 2006, EMP63 (Electives) 2006, EMP65 (Electives) 2007, EMP66 (Electives) 2007, EMP70 (Electives) 2008, EMP73 (Electives) 2009, EMP75 (Electives) 2009, EMP58 (Electives) 2004, EMP56 (Electives) 2004, EMP55 (Electives) 2003, EMP52 (Core) 2002, EMP50 (Electives) 2002)
Northwestern University's Martin E. and Gertrude G. Walder Award for Research Excellence, 2012
Sidney J. Levy Teaching Award, Kellogg School of Management , 2010-2011, 2008-2009, 2006-2007, 2003-2004
Faculty Impact Award, Section 61, 2010-2011
Science Prize, Gulbenkian Foundation , 2008
Kellogg Alumni Professor of the Year Award, Kellogg School of Management , 2007
L. G. Lavengood Outstanding Professor of the Year Award, 2007
Best alumnus award ("Premio Carreira"), Portuguese Catholic University , 2007
Alfred P. Sloan Doctoral Dissertation Fellowship, 1987-88
18 Times Winner of Executive Masters Program Outstanding Professor Award
EMP 70 Outstanding Professor Award, 2007-2008
Doctoral Fellowship, National Institute for Scientific Research, 1984-87
National Science Foundation Grants: SBR-9511916 (1995-98) and SES-0137063 (2002-05), and SES-0721321 (2007-2009)
Olin Fellowship, National Bureau of Economic Research, 1984-87
Order of Santiago da Espada (Grand Oficial) granted by President of Portugal, 2006
University of Rochester Fellowship, 1984-87
W. Allen Wallis Fellowship, 1986-87

Editorial Positions
Associate Editor, Journal of Monetary Economics , 1995-Present
Associate Editor, Journal of Economic Growth , 1997-2004
Associate Editor, Journal of the European Economic Association, 2003-2004
Associate Editor, American Economic Review , 1995-2001
Associate Editor, European Economic Review , 1995-1998
Advisory Board, Carnegie-Rochester Conferecne on Public Policy

 
Print Research
Research Interests
Business cycles, economic growth, exchange rates

Articles
Burstein, Ariel, Martin S. Eichenbaum and Sergio Rebelo. Forthcoming. Comment on "How Important Are Nontradable Goods Prices As Sources of Cyclical Fluctuations in Real Exchange Rates?". Japan and the World Economy.
Eberly, Janice CSergio Rebelo and Nicolas Vincent. 2012. What Explains the Lagged Investment Effect?. Journal of Monetary Economics. 59(4): 370-380.
Burnside, Craig, Martin Eichenbaum and Sergio Rebelo. 2011. Carry Trade and Momentum in Currency Markets. Annual Review of Financial Economics. 3: 511-535.
Christiano, Larry J, Martin Eichenbaum and Sergio Rebelo. 2011. When is the Government Spending Multiplier Large?. Journal of Political Economy. 119(1): 78-121.
Burnside, Craig, Isaac Kleshchelski and Sergio Rebelo. 2011. Do Peso Problems Explain the Returns to the Carry Trade. Review of Financial Studies . 24(3): 853-891.
Eichenbaum, Martin, Nir Jaimovich and Sergio Rebelo. 2011. Reference Prices, Costs and Nominal Rigidities. American Economic Review . 101(1): 234-62.
Jaimovich, Nir and Sergio Rebelo. 2009. Can News about the Future Drive the Business Cycle?. American Economic Review. 9(4): 1097-1118.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 2009. Understanding the Forward Premium Puzzle A Microstructure Approach. American Economic Journal: Macroeconomics. 1(2): 127-154.
Jaimovich, Nir and Sergio Rebelo. 2008. News and Business Cycles in Open Economies. Journal of Money, Credit and Banking. 40(8)
Rebelo, Sergio and Carlos Vegh. 2008. When Is It Optimal to Abandon a Fixed Exchange Rate?. Review of Economic Studies. 75(3): 929-955.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 2008. Carry Trade: the Gains from Diversification. Journal of the European Economic Association. 6(2-3): 581-588.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 2007. The Returns to Currency Speculation in Emerging Markets. American Economic Review: Papers and Proceedings. 97(2): 333-338.
Jamovich, Nir and Sergio Rebelo. 2007. Behavioral Theories of the Business Cycle. Journal of the European Economic Association. 5(2-3): 361-368.
Burstein, Ariel, Martin S. Eichenbaum and Sergio Rebelo. 2007. Modeling Exchange Rate Pass Through After Large Devaluations. Journal of Monetary Economics. 54(2): 346-368.
Burstein, Ariel, Martin S. Eichenbaum and Sergio Rebelo. 2006. The Importance of Nontradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations. Japan and the World Economy. 18(3): 247-253.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 2006. Government Finance in the Wake of Currency Crises. Journal of Monetary Economics. 53(3): 401-440.
Rebelo, Sergio. 2005. Business Cycles. Annals of Economics and Finance. 6(2): 229-250.
Rebelo, Sergio. 2005. Real Business Cycle Models: Past, Present and Future. Scandinavian Journal of Economics. 107(2): 217-238.
Burstein, Ariel, Martin S. Eichenbaum and Sergio Rebelo. 2005. Large Devaluations and the Real Exchange Rate. Journal of Political Economy. 113(3): 742-784.
Burstein, Ariel, Joao C. Neves and Sergio Rebelo. 2004. Investment Prices and the Real Exchange Rate. Journal of the European Economic Association. 2(2-3): 302-309.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 2004. Government Guarantees and Self-Fulfilling Speculative Attacks. Journal of Economic Theory. 119(1): 31-63.
Burstein, Ariel, Joao C. Neves and Sergio Rebelo. 2003. Distribution Costs and Real Exchange Rate Dynamics During Exchange-Rate-Based-Stabilizations. Journal of Monetary Economics. 50(6): 1189-1214.
King, Robert G., Charles I. Plosser and Sergio Rebelo. 2002. Production, Growth and Business Cycles: Technical Appendix. Computational Economics. 20(1-2): 87-116.
Gomes, Joao, Jeremy Greenwood and Sergio Rebelo. 2001. Equilibrium Unemployment. Journal of Monetary Economics. 48(1): 109-152.
Kongsamut, Piyabha , Sergio Rebelo and Danyang Xie. 2001. Beyond Balanced Growth. Review of Economic Studies. 68(4): 869-882.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 2001. Hedging and Financial Fragility in Fixed Exchange Rate Regimes. European Economic Review. 45(7): 1151-1193.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 2001. Prospective Deficits and the Asian Currency Crisis. Journal of Political Economy. 109(6): 1155-1197.
Rebelo, Sergio. 2000. A Comment on Allan Drazen's "Interest Rate and Borrowing Defense Against Speculative Attack". Carnegie-Rochester Conference Series on Public Policy. 53(1): 349-359.
Albuquerque, Rui and Sergio Rebelo. 2000. On the Dynamics of Trade Reform. Journal of International Economics. 51(1): 21-47.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 2000. Understanding the Korean and Thai Currency Crises. Economic Perspectives.(3): 45-60.
Rebelo, Sergio and Danyang Xie. 1999. On the Optimality of Interest Rate Smoothing. Journal of Monetary Economics. 43(2): 263-282.
Rebelo, Sergio. 1997. A Comment on Roger Farmer's "Money in a Real Business Cycle Model". Journal of Money, Credit and Banking. 29(4): 612-615.
Burnside, A. Craig, Martin S. Eichenbaum and Sergio Rebelo. 1996. Sectoral Solow Residuals. European Economic Review. 40(3-5): 861-869.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 1995. Capital Utilization and Returns to Scale. NBER Macroeconomics Annual. 10: 67-110.
Stokey, Nancy L. and Sergio Rebelo. 1995. Growth Effects of Flat-Rate Taxes. Journal of Political Economy. 103(3): 519-550.
Rebelo, Sergio. 1995. Growth in Open Economies. Carnegie-Rochester Conference Series on Public Policy. 36: 5-46.
Correia, Isabel H., Joao C. Neves and Sergio Rebelo. 1995. Business Cycles in a Small Open Economy. European Economic Review. 39(6): 1089-1113.
Rebelo, Sergio. 1994. A Comment on Paul de Grawe's "Toward European Union without the EMS". Economic Policy. 9(18): 174-184.
Easterly, William and Sergio Rebelo. 1993. Fiscal Policy and Economic Growth: An Empirical Investigation. Journal of Monetary Economics. 32(3): 417-458.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 1993. Labor Hoarding and the Business Cycle. Journal of Political Economy. 101(2): 245-273.
Easterly, William and Sergio Rebelo. 1993. Marginal Income Tax Rates and Economic Growth in Developing Countries. European Economic Review. 37(2-3): 409-417.
King, Robert G. and Sergio Rebelo. 1993. Transitional Dynamics and Economic Growth in the Neoclassical Model. American Economic Review. 83(4): 908-931.
King, Robert G. and Sergio Rebelo. 1993. Low Frequency Filtering and Real Business Cycles. Journal of Economic Dynamics and Control. 17(1-2): 207-231.
Rebelo, Sergio. 1992. A Comment on Alesina, De Broeck, Pratti, and Tabellini's "Default Risk on Government Debt in OECD Countries. Economic Policy. 7(15): 454-456.
Correia, Isabel H., Joao C. Neves and Sergio Rebelo. 1992. Business Cycles 1850-1950: New Facts about Old Data. European Economic Review. 36(2-3): 459-467.
Rebelo, Sergio. 1991. Long Run Policy Analysis and Long Run Growth. Journal of Political Economy. 99(3): 500-521.
King, Robert G. and Sergio Rebelo. 1990. Public Policy and Economic Growth: Developing Neoclassical Implications. Journal of Political Economy. 98(5): S126-S150.
King, Robert G., Charles I. Plosser and Sergio Rebelo. 1988. Production, Growth and Business Cycles II: New Directions. Journal of Monetary Economics. 21(2-3): 309-341.
King, Robert G., Charles I. Plosser and Sergio Rebelo. 1988. Production, Growth and Business Cycles I: The Basic Neoclassical Model. Journal of Monetary Economics. 21(2-3): 195-232.
Rebelo, Sergio. 1986. Optimal Fiscal Evasion Control: The Case of the Profit Tax. Economia.
Working Papers
Rebelo, Sergio, Rui Albuquerque and Martin Eichenbaum. 2012. Valuation Risk and Asset Pricing.
Eichenbaum, Martin, Nir Jaimovich, Sergio Rebelo and Josephine Smith. 2012. How Frequent are Small Price Changes?.
Jaimovich, Nir and Sergio Rebelo. 2012. Non-linear effects of taxation.
Burnside, Craig, Martin Eichenbaum and Sergio Rebelo. 2011. Booms and Busts in Housing Markets.
Eichenbaum, Martin S., Nir Jaimovich and Sergio Rebelo. 2008. Reference Prices and Nominal Rigidities.
Burnside, Craig, Martin S. Eichenbaum, Isaac Kleshchelski and Sergio Rebelo. 2006. The Returns to Currency Speculation.
Burnside, Craig, Craig Burnside, Martin S. Eichenbaum, Martin S. Eichenbaum, Sergio Rebelo and Sergio Rebelo. 2004. Currency Crises and Fiscal Sustainability.
Burstein, Ariel, Martin S. Eichenbaum and Sergio Rebelo. 2003. Why Are Rates of Inflation So Low After Large Contractionary Devaluations?.
Book Chapters
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. Forthcoming. "Currency Crises." In The New Palgrave Dictionary of Economics, edited by L. Blume and S. Durlauf, vol. 2, London, UK: Palgrave Macmillan.
Eichenbaum, Martin S., Craig Burnside and Sergio Rebelo. 2005. "Financing the Costs of Currency Crises." In Fiscal Sustainability in Theory and Practice: A Handbook, edited by Craig Burnside, 233-272. Washington, DC: World Bank.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 2003. "On the Fiscal Implications of Twin Crises." In Managing Currency Crises in Emerging Markets, edited by M. Dooley and J. Frankel, 187-224. Chicago, IL: University of Chicago Press.
Rebelo, Sergio. 2001. "The Role of Knowledge and Capital in Economic Growth." In Information Technology, Productivity, and Economic Growth, edited by Matti Pohjola, Oxford University Press.
King, Robert G. and Sergio Rebelo. 2000. "Resuscitating Real Business Cycles." In Handbook of Macroeconomics, edited by John Taylor and Michael Woodford, vol. 1B, North-Holland.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 1999. "What Caused the Recent Asian Currency Crises?." In The Asian Currency Crises: Causes and Consequences.
King, Robert G. and Sergio Rebelo. 1996. "Transitional Dynamics and Economic Growth in the Neoclassical Model." In Economic Growth: Theory and Evidence, edited by Gene Grossman, vol. 68, London: Edward Elgar Publishers.
Rebelo, Sergio. 1996. "Long Run Policy Analysis and Long Run Growth." In Economic Growth: Theory and Evidence, edited by Gene Grossman, vol. 68, London: Edward Elgar Publishers.
Burnside, Craig, Martin S. Eichenbaum and Sergio Rebelo. 1995. "Capital Utilization and Returns to Scale." In NBER Macroeconomics Annual 1995, 67-110. Cambridge, MA: MIT Press.
Rebelo, Sergio. 1995. "On the Determinant of Economic Growth." In Proceedings of 1995 World Congress, edited by Holger Wolff, International Economic Association.
Rebelo, Sergio and Carlos Vegh. 1995. "Exchange-Rate-Based Stabilizations: An Analysis of Competing Theories." In NBER Macroeconomics Annual 1995, edited by Ben S. Bernanke and Julio Rotemberg, 125-174. Cambridge, MA: MIT Press.
Easterly, William, Robert G. King, Ross Levine and Sergio Rebelo. 1994. "Policy, Technology Adoption and Growth." In Economic Growth and the Structure of Long Term Development, edited by R. Solow and L. Pasinetti, London: MacMillan Press.
Rebelo, Sergio. 1993. "Inflation in Fixed Exchange Rates Regimes: The Recent Portuguese Experience." In Adjustment and Growth in the European Monetary Union, edited by F. Torres and F. Giavazzi, 128-149. Cambridge University Press.
Correia, Isabel H., Joao C. Neves and Sergio Rebelo. 1992. "Business Cycles in Portugal: Theory and Evidence." In The Portuguese Economy Towards 1992, edited by João Ferreira do Amaral, Diogo Lucena, António S. Mello, Kluwer Academic Publishers.
King, Robert G., Robert G. King, Charles I. Plosser, Charles I. Plosser, Sergio Rebelo and Sergio Rebelo. 1989. "Production, Growth and Business Cycles I: The Basic Neoclassical Model." In Growth Theory III, edited by Robert Becker and Edwin Burmeister, London: Edward Elgar Publishers.
Lucas, Conceicao, Joao C. Neves and Sergio Rebelo. 1982. "Bayesian Forecasting Methods: An Introduction." In Proceedings from the First Congress on Operations Research and Systems Engineerings, Vol. 1, Lisboa: APDIO.
Cases
Rebelo, Sergio. 2008. Managing Foreign Exchange Risk: Acquiring Nusantara Communications Inc. . Case 5-208-252 (KEL373).

 
Print Teaching
Teaching Interests
Macroeconomics, international finance
Full-Time / Part-Time MBA
International Finance (FINC-470-0)

This course counts toward the following majors: Finance, International Business

Management of an international business or one exposed to global competition requires knowledge of international financial instruments, markets, and institutions. This course examines these issues from theoretical and applied perspectives. Topics include the nature of foreign exchange risk, the determination of spot and forward exchange rates and interest rates, the returns to foreign investments in external currency and in bond and stock markets, the management of foreign exchange risk with forward markets and foreign currency option markets, and the dynamics of the balance of payments with a focus on understanding international capital flows, country debt, and exchange rate fluctuations.

Executive MBA
The World Economy (FINCX-450-0)
The world economy is undergoing a period of very rapid change. Understanding this change is essential to make sound investment decisions that position companies for future profitability. In this course we study the most important business regions in the world, including the U.S., Europe, Japan, China, India, Russia, Eastern Europe, Latin America, and Africa. The goal of this course is to provide students with a working knowledge of the economic drivers, challenges and opportunities that are present in these regions. The course also discusses the performance of equity and bond markets in different countries and the economic forces underlying oil and other commodity markets.

International Finance (FINCX-470-0)
International Finance studies international financial instruments, markets and institutions. Topics include the nature of foreign-exchange risk, determination of exchange and interest rates, management of foreign-exchange risk with forwards and options, evaluation of international investments, exchange rate forecasting, the anatomy of currency crises, and current issues in international finance.