Ana María Herrera
Department of Economics
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Ana María Herrera

Department of Economics
223L Gatton College of
Business and Economics
University of Kentucky
Lexington, KY 40506-0034

Office: B&E 223L
Phone: (859) 257-1119
amherrera@uky.edu

 

C.V.

pdf version of this vitae

Ana María Herrera

Department of Economics
Gatton College of Business and Economics
University of Kentucky
Lexington, KY 40506-0034

Office: 223L Business and Economics Building
Phone: (859) 257-1119
amherrera@uky.edu

Academic Positions Held

University of Kentucky, Professor, June 2016 - present.
Universitat Pompeu Fabra, Visiting Researcher, September 2018-July 2019
Barcelona Graduate School of Economics, Visiting Professor, April -June 2019
University of Kentucky, Associate Professor, August 2012 - June 2016.
Wayne State University, Associate Professor, August 2008 - August 2012.
Michigan State University, Assistant Professor, August 2000 - July 2008.
Harvard University, Repsol YPF - Harvard Kennedy School Fellow, 2005-2006.
University of Virginia, Visiting Acting Assistant Professor, August 1999 - July 2000.
Universidad de los Andes Bogotá-Colombia, Lecturer, 1993-1994.

Editorial Activities

Associate Editor: Econometric Reviews, since September 2024.
Associate Editor: Journal of Applied Econometrics, since January 2023.
Associate Editor: Journal of Business & Economic Statistics, since January 2022.
Editorial Board: Journal of Economics and Finance, since July 2022.
Associate Editor: Journal of Empirical Finance 2011-2017.
Editorial Board: Ensayos sobre Política Económica, since 2012.

Academic Background

Ph.D. in Economics, University of California, San Diego, 2000.
M.A. in Economics, Universidad de los Andes, Bogotá, Colombia, 1994.
B.A. in Economics, Universidad de los Andes, Bogotá, Colombia, 1991.

Publications

Journal Articles

"State-Dependent Local Projections" (with Silvia Goncalves, Lutz Kilian and Elena Pesavento), Appendix, forthcoming Journal of Econometrics. This paper was previously criculated under the title "When do state-dependent local projections work?". Codes

"Financial Liberalization, Credit Market Dynamism and Allocative Efficiency" (with Raoul Minetti and Matthew Schaffer), (Appendix), forthcoming Journal of Money, Credit and Banking.

"Oil News Shocks and the U.S. Stock Market" (with Zeina Alsalman and Sandeep Kumar Rangaraju), forthcoming Energy Economics (Appendix).

"Oil Price Volatility, Endogenous Regime Switching and Inflation Anchoring" (with Yoosoon Chang and Elena Pesavento), Journal of Applied Econometrics, Volume 38, Issue 6, 820-839, September/October, 2023.(Appendix).

"Policy and Misallocation: Evidence from Chinese Firm-Level Data" (with Guowen Chen and Steven Lugauer), European Economic Review 149, 104260, 2022. 6*, 2022. (Appendix).

"Tax News in Good and Bad Times" (with Sandeep Kumar Rangaraju), Economics Letters, Vol. 207, October 2021. (Appendix).

"Impulse response analysis for structural dynamic models with nonlinear regressors" (with Silvia Goncalves, Lutz Kilian and Elena Pesavento), Journal of Econometrics, Vol 225, Issue 1, 107-130, November 2021.(Appendix). Generic Matlab code for computing plug-in estimator of structural impulse responses in stationary model with nonlinearly transformed regressors, Plugin Code, Matlab code for replicating Figure 5, Fig5 Code.

"The Effect of Oil Supply Shocks on U.S. Economic Activity: What Have We Learned?" (with Sandeep Kumar Rangaraju), Journal of Applied Econometrics, , Vol.32, Issue 2, P.141-159, March 2020. (Appendix).

"The Quantitative Effects of Tax Foresight: Not All States Are Equal" (with Sandeep K. Rangaraju), Journal of Economic Dynamics and Control, Vol. 107, 103726, Octover 2019.(Appendix).

"Oil Price Shocks and U.S. Economic Activity", (with Mohamad B. Karaki and Sandeep Kumar Rangaraju), Energy Policy, Vol. 129, 89-99, June 2019.

"Forecasting Crude Oil Price Volatility", (with Liang Hu and Daniel Pastor), International Journal of Forecasting,Vol. 34, No 4, 622-635, December 2018.

"Oil Price Shocks, Inventories and Macroeconomic Dynamics", Macroeconomic Dynamics, Vol. 22, Issue 3, 620-639, April 2018. (Appendix).

"Where Do Jobs Go When Oil Prices Drop?", (with Mohamad B. Karaki and Sandeep Kumar Rangaraju), Energy Economics, Vol. 64, 469-483, May 2017. (Appendix).

"The Effects of Oil Price Shocks on Job Reallocation" (with Mohamad B. Karaki), Journal of Economic Dynamics and Control, Vol. 61, Issue C, 95-113, 2015. Previously circulated under the title "Another Look at the Effects of Oil Shocks on Labor Reallocation". (Appendix).

"Oil Price Shocks and the U.S. Stock Market: Do Sign and Size Matter?" (with Zeina Alsalman), The Energy Journal, Vol. 36, No. 3, 171-188, July 2015. (Appendix)

“Asymmetries in the Response of Economic Activity to Oil Price Increases and Decreases?” (with Latika G. Lagalo and Tatsuma Wada), Journal of International Money and Finance, Vol. 50, 108-133, February 2015. Previously circulated under the titles "Nonlinearities in the Oil Price-Industrial Production Relationship: Evidence from 18 OECD Countries" and "Asymmetries in the Transmission of Oil Price Shocks to Industrial Production? Evidence from 18 OECD Countries", (Appendix).

"Dynamic Pricing and Asymmetries in Retail Gasoline Markets: What Do They Tell Us About Price Stickiness?" (with Christopher Douglas), Economics Letters, Vol. 112, No. 2, 247-252, February 2014.

"Unit Roots, Cointegration and Pre-Testing in VAR Models" (with Nikolay Gospodinov and Elena Pesavento), Advances in Econometrics: VAR Models in Macroeconomics - New Developments and Applications: Essays in Honor of Christopher A. Sims, Vol. 32, 81-115, 2013.

"Credit Reallocation" (with Marek Kolar and Raoul Minetti), Journal of Monetary Economics, Vol.58, Issues 6–8, 551–563, September–November 2011.

"Oil Price Shocks and Industrial Production: Is the Relationship Linear?" (with Latika Gupta Lagalo and Tatsuma Wada), Macroeconomic Dynamics, Vol. 15 (S3), 472-497, November 2011. (Appendix and Full version).

"Testing for the Cartel in OPEC: Noncooperative Collusion or Just Noncooperative?" (with Pedro Almoguera and Christopher Douglas), Oxford Review of Economic Policy, Vol.27 No.1, 144-168, Spring 2011. Previously circulated under the title "A Study of OPEC Cartel Stability".

"Dynamic censored regression and the Open Market Desk reaction function" (with Robert de Jong), Journal of Business & Economic Statistics, Vol.29, No.2, 228-237, April 2011. (Full version)

"Why are Gasoline Prices Sticky? A Test of Alternative Models of Price Adjustment" (with Christopher Douglas), Journal of Applied Econometrics, Vol. 25, No.6, 903-928, September/October 2010.

"Oil Price Shocks, Systematic Monetary Policy and the 'Great Moderation'" (with Elena Pesavento), Macroeconomic Dynamics, Vol.13, No.1, 107-137, February 2009.

"The Comovement between Inventory Investment and Sales: Higher and Higher" (with Irina Murtashazvili and Elena Pesavento), Economics Letters, Vol.99, No.1, 155-158, April 2008.

"Informed Finance and Technological Change: Evidence from Credit Relationships" (with Raoul Minetti), Journal of Financial Economics, Vol.83, No.1, 223-269, January 2007.

"The Decline in U.S. Output Volatility: Structural Changes and Inventory Investment" (with Elena Pesavento). Previously circulated under the title "The Decline in US Output Volatility: Structural Change in Inventories or Sales?", Journal of Business & Economic Statistics, Vol.23, No.4, October 2005.

"Why So Small? Explaining the Size of Firms in Latin America" (with Eduardo Lora), The World Economy, Vol.28, No.7, July 2005.

"Oil Shocks and Aggregate Macroeconomic Behavior: The Role of Monetary Policy" (with James D. Hamilton), Journal of Money, Credit, and Banking, Vol.36, No.2, April 2004.

Work in Progress and/or Submitted

"Nonparametric Local Projections" (with Silvia Goncalves, Lutz Kilian and Elena Pesavento).

"Monetary Policy and Credit Flows: A Tale of Two Effective Lower Bounds" (with Timothy Bianco).

Just-in-Time Inventories, Business Cycles and the Great Moderation (with Yong-Gook Jung and Robert J. Rossana)

Bribery and the Nature of Corruption (with Lebohang Lijane and Peter Rodriguez),

A Dynamic Model of Central Bank Intervention: Evidence from Turkey (with Pinar Özbay)

Predicting U.S. Recessions Using an Autoregressive Conditional Binomial Model

Other Articles, Books and Book Chapters

"Tax Incidence in Colombia: A General Equilibrium Analysis" (with Eduardo Lora), in Fiscal Reform, Stabilization and Structural Adjustment in Developing Countries (Guillermo Perry, John Whalley and Gary McMahon, eds.), St. Martin's Press, New York, 2000, 18-50.

"Fiscal Reform, Stabilization and Structural Adjustment in Colombia" (with Guillermo Perry), in Fiscal Reform, Stabilization and Structural Adjustment in Developing Countries (Guillermo Perry, John Whalley and Gary McMahon, eds.), St. Martin's Press, New York, 2000, 51-91.

"Ingresos Rurales y Evolución Macroeconómica" (with Eduardo Lora), in Competitividad sin Pobreza: Estudios para el Desarrollo del Campo en Colombia, D.N.P.-World Bank, Bogotá, Colombia, 1994, 31-54.

Public Finance, Stabilization and Structural Reform in Latin America. Inter-American Development Bank, Washington, D.C., 1994, (with Guillermo Perry).

"Tax Incidence in Colombia: A General Equilibrium Analysis" (with Eduardo Lora) in Fiscal Reform, Stabilization and Structural Adjustment in Developing Countries (Guillermo Perry, John Whalley and Gary McMahon, eds.), St. Martin's Press, New York, 2000, 18 - 50.

Presentations at Academic and Policy Institutions

  • “The Effect of Unconventional Monetary Policy on the Creation and Destruction of Credit", Universitat Rovira i Virgili, Tarragona, Spain, January 2019; American University of Beirut, Beirut, Lebanon, February 2019; BI Norwegian Business School, Oslo Norway, March 2109; Universitat de Girona, Girona, Spain, March 2019.

  • “The Effect of Oil Supply Shocks on Economic Activity: What Have We Learned?”, Resources for the Future, December 2016; Applied Time Series Econometrics Workshop, Federal Reserve Bank of St. Louis, April 2017; Universitat Pompeu Fabra, October 2018.

  • “The Quantitative Effects of Tax Foresight. Not All States are Equal”, Applied Time Series Econometrics Workshop, Federal Reserve Bank of St. Louis, April 2015.

  • “Crude Oil Prices and Economic Activity: An Asymmetric Relationship?", Workshop on Energy Vulnerability, King Abdullah Petroleum Studies and Research Center (KAPSARC), Riyadh, Saudi Arabia, March 2015.

  • “Asymmetries in the Relationship between Oil Prices and the Macroeconomy. A Review of Recent Results”: Korea University, Seoul, South Korea, May 2014.

  • "Credit Reallocation and the Macroeconomy: Evidence from the U.S. Banking Deregulation", Bank of Canada, Ottawa, September 2013.

  • "Unit Roots, Cointegration and Pre-Testing in VAR Models", Indiana University, March 2013.

  • “Asymmetries in the Oil Price-Industrial Production Relationship? Evidence from 18 OECD Countries”, University of Saskatchewan, October 2011; University of Kentucky, January 2012; Clemson University, January 2012.

  • “Oil Price Shocks and Industrial Production: Is the Relationship Linear?”: Federal Reserve Bank of Dallas, April 2010; MSU/UM/Wayne Energy and Environmental Economics Workshop, July 2010.

  • "Why are Gasoline Prices Sticky? A Test of Alternative Models of Price Adjustment": Harvard's John F. Kennedy School of Government, February 2006; Federal Reserve Bank of Atlanta, April 2007, Emory University, April 2007; North American Summer Meetings of the Econometric Society, June 2007; University of Michigan, September 2007.

  • "Oil Price Shocks and Macroeconomic Behavior: The Role of Inventories": Harvard's John F. Kennedy School of Government, October 2005; Central Bank of the Republic of Turkey, March 2006; Drexel University, April 2006.

  • "Oil Price Shocks, Systematic Monetary Policy and the 'Great Moderation'", Federal Reserve Bank of Dallas, April 2005; Central Bank of the Republic of Turkey, March 2006; EC2 Conference Econometrics of Monetary Policy and Financial Decision Making, December 2006.

  • "Dynamic Censored Regression Model and the Open Market Desk Reaction Function": Ohio State University, June 2004; Western Michigan University, March 2005); European University Institute, March 2006; EC2 Conference Econometrics of Monetary Policy and Financial Decision Making, December 2006.

  • "Dynamic Pricing and Asymmetries in Retail Gasoline Markets": Harvard's John F. Kennedy School of Government, February 2006.

  • "Predicting U.S. Recession with an Autoregressive Conditional Binomial Model": Federal Reserve Bank of St. Louis, September 2003; Purdue University, February 2004.

  • "The Decline in U.S. Output Volatility: Structural Changes and Inventory Investment": Wayne State University, March 2003; Université de Montréal, April 2003.

  • "Oil Shocks and Aggregate Economic Behavior: The Role of Monetary Policy": University of Kentucky, 2001; Indiana University, 2001; Federal Reserve Bank of Dallas, 2001; Emory University, 2001.

  • "Inventories, Oil Shocks and Macroeconomic Behavior": University of Virginia, 1999; Iowa State University, 1999; New York University, 1999; Federal Reserve Bank of New York, 1999; SUNY-Albany, 1999.

    Conferences (* presented by coauthor)

  • “The Effect of Unconventional Monetary Policy on the Creation and Destruction of Credit", International Association of Applied Economtrics, Cyprus, June 2019.

  • “Credit Reallocation and the Macroeconomy", Worshop in Time Series Econometrics, Zaragoza, Spain, April 2019.

  • “The Effect of Oil Supply Shocks on Economic Activity: What Have We Learned?”, Society for Economic Measurement, MIT, Cambridge, July 2017; Workshop on Energy Economics, Seoul and Jeju, Korea, May 2019.

  • “The Effects of Demographics on Energy Demand”, KAPSARC Workshop on Energy Demand and Efficiency, London, March 2016.

  • “Where Do Jobs Go When Oil Prices Dropl?”, (*) 4th International Symposium on Energy and finance Issues (ISEFI-2016, Paris, March 2016; Workshop on Commodity Cycles and their Implications, Bank of Canada, April 2016; Midwest Econometrics Group, University of Illinois, Urbana-Champaign, October 2016.

  • “Forecasting Oil Price Volatility”, Midwest Econometrics Group, Federal Reserve Bank of St. Louis, October 2015.

  • “Just-in Time Inventories, Business Cycles and the Great Moderation”, (*) American Economic Association Meetings, Boston, January 2015.

  • “The Quantitative Effects of Tax Foresight. Not All States are Equal”, (*) Midwest Econometrics Group, Indiana University, October 2013, (*) Midwest Economic Association Meetings, Evanston, March 2014, Midwest Macroeconomics Meetings, University of Missouri, May 2014.

  • “Oil Price Shocks and the U.S. Stock Market: Do Sign and Size Matter?", American Economic Association Meetings, San Diego, January 2013; Midwest Econometrics Group, Indiana University, October 2013; (*) Southern Economics Association Meetings, Tampa, November 2013.

  • “The Effect of Oil Price Shocks on Job Reallocation”, (*) Midwest Economics Association, Evanston, March 2012; (*) Midwest Macroeconomics Meetings, Notre Dame, May 2012.

  • “Asymmetries in the Oil Price-Industrial Production Relationship? Evidence from 18 OECD Countries”, Norges Bank Workshop on Modeling and Forecasting Oil Prices, Oslo, March 2012; (*) Midwest Econometrics Group, University of Kentucky, September 2012.

  • "Credit Reallocation and the Macroeconomy: Evidence from the U.S. Banking Deregulation": Midwest Macroeconomics Meetings, Notre Dame University, May 2012; North American Summer Meetings of the Econometric Society, Los Angeles, June 2013

  • “Oil Price Shocks and Industrial Production: Is the Relationship Linear?”, (*) Special Applied Macro-Time Series Workshop Duke University, October 2010; (*) Midwest Macroeconomics Meetings, Vanderbilt University, May 2011.

  • "Dynamic Pricing and Asymmetries in Retail Gasoline Markets: What Can They Tell Us About Price Stickiness?": International Industrial Organization Conference, April 2009.

  • "Why are Gasoline Prices Sticky? A Test of Alternative Models of Price Adjustment": Society for Nonlinear Dynamics and Econometrics, Paris, March 2007; Time Series Econometrics with Applications to Macroeconomics and Finance - St. Louis Fed, August 2007; Latin American Meetings of the Econometric Society, October 2007.

  • "Oil Price Shocks, Systematic Monetary Policy and the 'Great Moderation'": EC2 Conference - Econometrics of Monetary Policy and Financial Decision Making, Rotterdam, December 2006.

  • "Oil Price Shocks and Macroeconomic Behavior: The Role of Inventories": Southern Economics Association Meetings, Washington D.C., November 2005; Midwest Macroeconomics Meetings, St. Louis, May 2006; Canadian Economics Association Meetings, Montréal, May 2006; North American Summer Meetings of the Econometric Society, Minnesota, June 2006; Latin American Econometric Society Meeting, Mexico, November 2006; Second Forecasting Conference at Duke - Empirical Econometric Methods applied to Business Cycles and Forecasting: Comparisons between the U.S. and Europe, March 2007.

  • "Dynamic Censored Regression Model and the Open Market Desk Reaction Function": Western Economic Association Meetings, Vancouver, July 2004; Midwest Econometrics Group, Chicago, October 2004; American Economic Association, Philadelphia, January 2005, EC2 Conference - Econometrics of Monetary Policy and Financial Decision Making, Rotterdam, December 2006.

  • "The Decline in U.S. Output Volatility: Structural Changes and Inventory Investment": Canadian Economic Association Meetings, Calgary, July 2002; American Economic Association Meetings, San Diego, January 2004.

  • "Oil Shocks and Aggregate Economic Behavior: The Role of Monetary Policy": Australasian Econometric Society Meetings, Auckland, July 2001; Midwest Economic Association Meetings, Cleveland, October 2001; American Economic Association Meetings, Atlanta, January 2002.

  • "Obstacles to Business Development and the Size of the Firms in Latin America": Latin American and Caribbean Economics Association, Madrid, September 2002.

  • "Inventories, Oil Shocks and Macroeconomic Behavior": Western Economic Association Meetings, Vancouver, July 2000; Southern Economic Association Meetings, New Orleans, November 2000.

    Thesis Supervision (First position in italics)

    Dissertation Chair or Co-Chair

    Almoguera, Pedro - Federal Communications Commission, 2006
    Alsalman, Zeina - Oakland University, 2013
    Bianco, Timothy - Allegheny College, 2018
    Chen, Guowen (current)
    Douglas, Christopher - University of Michigan at Flint, 2007
    Karaki, Mohamad - Lebanon American University, 2012
    Kolar, Marek - Delta College, 2008
    Lagalo, Latika Gupta - Emory University, 2011
    Lijane, Lebohang - The World Bank, 2007
    Marshall, Emily - Dickinson College, 2015
    Rangaraju, Sandeep - Weber State Univeristy, 2015
    Riesing, Kara (current) Schendstok, Matthijs (current)

    Dissertation Committee Member

    Corrigan, Paul - Bank of Canada, 2004
    DiRago-Duncan, Lauren (current) Dong, Bei (Accounting) - University of South Florida, 2008
    Hendrickson, Joshua – University of Mississippi, 2011
    Jonelis, Andrew (current) Kim, Donggeoun - not reported
    Lee, Yen-Jung (Accounting) - Georgia State University, 2005
    Loudermilk, Margaret - University of Illinois at Chicago, 2006
    Lowan, Yaorong (current) Lu, Jing-I - Yuan-Ze University, 2002
    Luca, Alina - Drexel University, 2003
    Maximova, Anna - St. Mary's College, 2017
    Murtazashvili, Irina - University of Pittsburgh, 2007
    Özbay, Pinar - Central Bank of Turkey, 2005
    Paudel, Bamadev – Central Bank of Nepal, 2011
    Parashiv, Mihai - State University of New York at Oswego, 2016
    Sepulveda, Facundo - Australian National University, RSSS, 2002
    Song, Jeongseok - Korean Economic Research Institute, 2004
    Talay, Mehmet Berk (Marketing)- HEC Montreal, 2008
    Wang, Li (Statistics) - University of Georgia, 2007

    Examination Tribunal Member

    Soupre, Matthieu - Universitat Pompeu Fabra, 2018

    Teaching Experience

    Graduate: Macroeconomic Theory (Ph.D.), Advanced Macroeconomics (Ph.D.), Problems in Monetary Theory and Policy (Ph.D.), Applied Econometrics (Ph.D.), Macroeconomics (M.A.), Introduction to Econometrics (M.A.), Time Series Econometrics (M.A.)
    Undergraduate: Principles of Macroeconomics, Intermediate Macroeconomics, Honors Macroeconomics and Public Policy, Advanced Macroeconomics, Time Series Econometrics, Forecasting.

    Honors

    Fellow of the Energy Industry program at RUDN University in Moscow, 2017

    NSF Grant 092016 - Sub award: New Estimates for the Macroeconomic Implications of Oil Price Shocks

    Repsol - YPF Harvard Kennedy School Fellowship, 2005-2006
    NSF Grant 0003840: "Inventories, Oil Shocks and Macroeconomic Dynamics", 1999-2001
    Central Bank of Colombia Scholarship, Bogotá, Colombia, 1994 - 1996
    Department of Economics Scholarship, Universidad de los Andes, Bogotá, Colombia, 1990 - 1991

    Professional Activities

    Journal Referee: American Economic Review, Journal of Monetary Economics, Journal of Business & Economic Statistics, Review of Economic Studies, Review of Economics and Statistics, Journal of the European Economic Association, Journal of Money, Credit and Banking, Journal of Econometrics, Journal of Applied Econometrics, Journal of Economic Dynamics and Control, Macroeconomic Dynamics, Economic Letters, Economic Inquiry, Journal of Macroeconomics, Journal of Development Economics, Economic Development and Cultural Change, Review of Development Economics, The Energy Journal, Energy Economics, Journal of Empirical Finance, Empirical Economics, The Journal of Economic Education, International Tax and Public Finance.

    Reviewer: Social Sciences and Humanities Research Council of Canada (SSHRC).

    Associate Editor: Journal of Empirical Finance (2011-2017), Ensayos sobre Política Económica

    Mentor: MEG-CSWEP Mentoring Workshop, Indiana University, October 2013; Mentoring Session for Female Juniors in Economics, Indiana University, November 2015; MEG-CSWEP Mentoring Workshop, University of Illinois, Urbana-Champaign, October 2016; CeMENT-CSWEP Mentoring Workshop, Chicago January 2017.

    Organizer: Mentoring Session for Female Juniors in Economics, University of Kentucky, September 2015.

    Consultant: Inter-American Development Bank, April-October, 1992; June-August, 2000; January-February, 2002.

    Visiting Researcher: Federal Reserve Bank of Dallas, summer 2001.

    Researcher: Fedesarrollo, Bogotá, Colombia, 1992 - 1994.

    Memberships

    American Economic Association, Econometric Society, Latin American and Caribbean Economic Association.
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