Economists

Alexander Chudik

Assistant Vice President
Federal Reserve Bank of Dallas

Alexander Chudik joined the Dallas Fed in November 2011.

His main research interests lie in the fields of open economy macroeconomics and econometrics. He has worked on a variety of topics, including macroeconomic modeling with a global perspective, transmission of shocks in high-dimensional systems, cross-section dependence, aggregation, global imbalances and exchange rate determination.

Alexander was previously employed at the European Central Bank, International Monetary Fund and ING Bank.

He holds a PhD in economics from the University of Cambridge.

Publications

“Variable Selection and Forecasting in High Dimensional Linear Regressions with Structural Breaks,” with M. Hashem Pesaran and Mahrad Sharifvaghefi, Journal of Econometrics, forthcoming.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 394, August 2020.
“Pooled Bewley Estimator of Long-Run Relationships in Dynamic Heterogenous Panels,” with M. Hashem Pesaran and Ron P. Smith, Econometrics and Statistics, forthcoming. https://doi.org/10.1016/j.ecosta.2023.11.001.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 409, June 2021.
“Revisiting the Great Ratios Hypothesis,” with M. Hashem Pesaran and Ron P. Smith, Oxford Bulletin of Economics and Statistics, vol. 85, no. 5, 2023, pp. 1023–47. https://doi.org/10.1111/obes.12571.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 415, March 2022.
“Social Distancing, Vaccination and Evolution of COVID-19 Transmission Rates in Europe,” with M. Hashem Pesaran and Alessandro Rebucci, IMF Economic Review, 2022. https://doi.org/10.1057/s41308-022-00181-9.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 414, February 2022, revised July 2022.
“An Augmented Anderson-Hsiao Estimator for Dynamic Short-T Panels,” with M. Hashem Pesaran, Econometric Reviews, vol. 41, no. 4, 2022, pp. 416–47. https://doi.org/10.1080/07474938.2021.1971388.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 327, September 2017, revised March 2021.
“Estimation of Impulse Response Functions When Shocks Are Observed at a Higher Frequency Than Outcome Variables,” with Georgios Georgiadis, Journal of Business & Economic Statistics, vol. 40, no. 3, 2022, pp. 965–79. https://doi.org/10.1080/07350015.2021.1889567.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 356, March 2019.
“A Counterfactual Economic Analysis of COVID-19 Using a Threshold Augmented Multi-Country Model,” with Kamiar Mohaddes, M. Hashem Pesaran, Mehdi Raissi and Alessandro Rebucci, Journal of International Money and Finance, vol. 119, 2021, 102477. https://doi.org/10.1016/j.jimonfin.2021.102477.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 402, September 2020.
“COVID-19 Fiscal Support and Its Effectiveness,” with Kamiar Mohaddes and Mehdi Raissi, Economics Letters, vol. 205, 2021, 109939. https://doi.org/10.1016/j.econlet.2021.109939.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 408, April 2021.
“The Heterogeneous Effects of Global and National Business Cycles on Employment in US States and Metropolitan Areas,” with Janet Koech and Mark A. Wynne, Oxford Bulletin of Economics and Statistics, vol. 83, 2021, pp. 495–517. https://doi.org/10.1111/obes.12402.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 343, August 2018.
“Regional Inequality in the U.S.: Evidence from City-Level Purchasing Power,” with Chi-Young Choi and Horag Choi, Journal of Regional Science, vol. 60, 2020, pp. 738–74. https://doi.org/10.1111/jors.12483.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 330, November 2017.
“Identifying Global and National Output and Fiscal Policy Shocks Using a GVAR,” with M. Hashem Pesaran and Kamiar Mohaddes, in Tong Li, M. Hashem Pesaran and Dek Terrell, eds., Advances in Econometrics (Volume 41): Essays in Honor of Cheng Hsiao, Emerald Group Publishing Limited, 2020, pp. 143–89. https://doi.org/10.1108/S0731-905320200000041005.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 351, December 2018.
“Estimating Impulse Response Functions When the Shock Series is Observed,” with Chi-Young Choi, Economics Letters, vol. 180, July 2019, pp. 71–5. https://doi.org/10.1016/j.econlet.2019.04.017.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 353, March 2019.
“Mean Group Estimation in Presence of Weakly Cross-Correlated Estimators,” with M. Hashem Pesaran, Economics Letters, vol. 175, February 2019, pp. 101–5. https://doi.org/10.1016/j.econlet.2018.12.036.
See also: Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 349, November 2018.
“A One-Covariate at a Time, Multiple Testing Approach to Variable Selection in High-Dimensional Linear Regression Models,” with G. Kapetanios and M. Hashem Pesaran, Econometrica, vol. 86, no. 4, July 2018, pp. 1479–1512. https://doi.org/10.3982/ECTA14176.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 290, November 2016.
“Half-Panel Jackknife Fixed Effects Estimation of Linear Panels with Weakly Exogenous Regressors,” with M. Hashem Pesaran and Jui-Chung Yang, Journal of Applied Econometrics, vol. 33, no. 6, September/October 2018, pp. 816–36. https://doi.org/10.1002/jae.2623.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 281, August 2016.
“Is There a Debt-Threshold Effect on Output Growth?” with Kamiar Mohaddes, M. Hashem Pesaran and Mehdi Raissi, Review of Economics and Statistics, vol. 99, no. 1, March 2017, pp. 135–50. https://doi.org/10.1162/REST_a_00593.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 245, July 2015.
“Size, Openness, and Macroeconomic Interdependence,” with Roland Straub, International Economic Review, vol. 58, no. 1, February 2017, pp. 33–55. https://doi.org/10.1111/iere.12208.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 103, December 2011.
“A Multi-Country Approach to Forecasting Output Growth Using PMIs,” with Valerie Grossman and M. Hashem Pesaran, Journal of Econometrics, vol. 192, no. 2, June 2016, pp. 349–65. https://doi.org/10.1016/j.jeconom.2016.02.003.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 213, November 2014.
“Long-Run Effects in Large Heterogeneous Panel Data Models with Cross-Sectionally Correlated Errors,” with Kamiar Mohaddes, M. Hashem Pesaran and Mehdi Raissi, in Gloria Gonzalez-Rivera, R. Carter Hill, and Tae-Hwy Lee, eds., Advances in Econometrics (Volume 36): Essays in Honor of Aman Ullah, Emerald Group Publishing Limited, 2016, pp. 85–135.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 223, January 2015.
“Theory and Practice of GVAR Modelling,” with M. Hashem Pesaran, Journal of Economic Surveys, vol. 30, no. 1, February 2016, pp. 165–97. https://doi.org/10.1111/joes.12095.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 180, May 2014.
“Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors,” with M. Hashem Pesaran, Journal of Econometrics, vol. 188, no. 2, October 2015, pp. 393–420. https://doi.org/10.1016/j.jeconom.2015.03.007.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 146, April 2013.
“Aggregation in Large Dynamic Panels,” with M. Hashem Pesaran, Journal of Econometrics, vol. 178, no. 2, January 2014, pp. 273–85. https://doi.org/10.1016/j.jeconom.2013.08.027.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 101, December 2011.
“How Have Global Shocks Impacted the Real Effective Exchange Rates of Individual Euro Area Countries Since the Euro's Creation?” with Matthieu Bussière and Arnaud Mehl, The B.E. Journal of Macroeconomics, vol. 13, no. 1, 2013, pp. 1–48. https://doi.org/10.1515/bejm-2012-0068.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 102, December 2011.
“Econometric Analysis of High Dimensional VARs Featuring a Dominant Unit,” with M. Hashem Pesaran, Econometric Reviews, vol. 32, no. 5-6, 2013, pp. 592–649. https://doi.org/10.1080/07474938.2012.740374.
See also: ECB Working Paper no. 1194, May 2010.
“A Simple Model of Price Dispersion,” Economics Letters, vol. 117, no. 1, October 2012, pp. 344–7. https://doi.org/10.1016/j.econlet.2012.06.003.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 112, March 2012.
“Thousands of Models, One Story: Current Account Imbalances in the Global Economy,” with Michele Ca’ Zorzi and Alistair Dieppe, Journal of International Money and Finance, vol. 31, no. 6, October 2012, pp. 1319–38. https://doi.org/10.1016/j.jimonfin.2012.02.003.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 100, December 2011.
“And Then Current Accounts (Over)Adjusted,” with Michele Ca’ Zorzi and Alistair Dieppe, Empirical Economics, vol. 43, no. 1, August 2012, pp. 245–70. https://doi.org/10.1007/s00181-011-0476-x.
“Identifying the Global Transmission of the 2007-2009 Financial Crisis in a GVAR Model,” with Marcel Fratzscher, European Economic Review, vol. 55, no. 3, April 2011, pp. 325–39. https://doi.org/10.1016/j.euroecorev.2010.12.003.
See also: ECB Working Paper no. 1285, January 2011.
“Infinite-Dimensional VARs and Factor Models,” with M. Hashem Pesaran, Journal of Econometrics, vol. 163, no. 1, July 2011, pp. 4–22. https://doi.org/10.1016/j.jeconom.2010.11.002.
See also: ECB Working Paper no. 998, January 2009.
“Weak and Strong Cross-Section Dependence and Estimation of Large Panels,” with Elisa Tosetti and M. Hashem Pesaran, The Econometrics Journal, vol. 14, no. 1, February 2011, pp. C45–C90. https://doi.org/10.1111/j.1368-423X.2010.00330.x.
See also: ECB Working Paper no. 1100, October 2009.

Book Chapters

“Large Panel Data Models with Cross-Sectional Dependence: A Survey,” with Hashem Pesaran, in Badi H. Baltagi, ed., The Oxford Handbook of Panel Data, Oxford University Press, 2015, pp. 3–45. https://doi.org/10.1093/oxfordhb/9780199940042.013.0001.
See also: Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper no. 153, August 2013.

Working Papers

“Time-varying Persistence of House Price Growth: The Role of Expectations and Credit Supply,” with Chi-Young Choi and Aaron Smallwood, Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 426, May 2024.
“Xtpb: Pooled Bewley Estimator of Long-Run Relationships in Dynamic Heterogenous Panels,” with Priyanka Asnani and Braden Strackman, 2024.
“Mean Group Distributed Lag Estimation of Impulse Response Functions in Large Panels,” with Chi-Young Choi, Federal Reserve Bank of Dallas Globalization Institute Working Paper no. 423, September 2023.

Dallas Fed Publications

“Persistence of house-price growth highlights geographic, credit factors,” with Chi-Young Choi and Aaron Smallwood, Dallas Fed Economics, May 28, 2024.
“Location, location, location: Mortgage rate impact varies by metro,” with Anil Kumar, Dallas Fed Economics, August 15, 2023.
“Vaccines Were Key to Curbing COVID-19 in Europe; Other Measures Also Useful,” with M. Hashem Pesaran and Alessandro Rebucci, Dallas Fed Economics, August 23, 2022.
“‘Great Ratios’ in Economics Don’t All Add Up,” with M. Hashem Pesaran and Ron P. Smith, Dallas Fed Economics, October 19, 2021.
“Early Mandated Social Distancing Does Best to Control COVID–19 Spread,” with M. Hashem Pesaran and Alessandro Rebucci, Dallas Fed Economics, May 28, 2020.
“Crude Oil Price Changes Quicker to Register at Gasoline Pump,” Dallas Fed Economics, October 1, 2019.
"Global, National Business Cycles and Energy Explain Texas Metro Growth," with Janet Koech and Mark A. Wynne, Federal Reserve Bank of Dallas Economic Letter, vol. 13, no. 4, March 2018.
"Rising Public Debt to GDP Can Harm Economic Growth," with Kamiar Mohaddes, M. Hashem Pesaran and Mehdi Raissi, Federal Reserve Bank of Dallas Economic Letter, vol. 13, no. 3, March 2018.
"Global and National Shocks Explain a Large Share of State Job Growth," with Janet Koech and Mark A. Wynne, Federal Reserve Bank of Dallas Economic Letter, vol. 12, no. 10, October 2017.
"Risk, Uncertainty Separately Cloud Global Growth Forecasting," with Enrique Martínez-García and Valerie Grossman, Federal Reserve Bank of Dallas Economic Letter, vol. 11, no. 9, July 2016.
"Impact of Chinese Slowdown on U.S. No Longer Negligible," with Arthur Hinojosa, Federal Reserve Bank of Dallas Economic Letter, vol. 11, no. 5, May 2016.
"Cheaper Crude Oil Affects Consumer Prices Unevenly," with Janet Koech, Federal Reserve Bank of Dallas Economic Letter, vol. 10, no. 11, December 2015.
"Consumer Price Differences Persist Among Eight Texas Cities," with Michele Ca’ Zorzi and Chi-Young Choi, Federal Reserve Bank of Dallas Economic Letter, vol. 9, no. 14, December 2014.
"The Euro and Global Turbulence: Member Countries Gain Stability," with Matthieu Bussière and Arnaud Mehl, Federal Reserve Bank of Dallas Economic Letter, vol. 8, no. 11, December 2013.
"Economic Shocks Reverberate in World of Interconnected Trade Ties," with Matthieu Bussière and Giulia Sestieri, Federal Reserve Bank of Dallas Economic Letter, vol. 8, no. 6, July 2013.
"How the Global Perspective Can Help Us Identify Structural Shocks," with Michael Fidora, Federal Reserve Bank of Dallas Staff Paper, no. 19, December 2012.

Other Works

“Economic Consequences of COVID-19: A Counterfactual Multi-Country Analysis,” with Alessandro Rebucci, Mehdi Raissi, Kamiar Mohaddes and M. Hashem Pesaran, VoxEU, October 19, 2020.