Economic Policy Papers

"The impact of climate change on economic output in Chile: past and future" (co-authored with Karla Hernández), Central Bank of Chile Working Paper (DTBC) 933.

“The impact of the Covid public policies on Chilean households”,  results cited in the Governor Mario Marcel's presentations on May 5 and 13 of 2020 to the Chilean parliament in the analysis of debt deferral initiatives for households and firms.

"FinTech and the Future of Central Banking" (2017), Economic Policy Paper 63, Central Bank of Chile (co-authored with the President of the Central Bank of Chile, Mario Marcel, and senior economists Pablo Furche and Carlos Medel). Mentioned on both international media (Coindesk, Crowdfundinsider, CriptoNoticias, Annual Conference of  the Cambridge Centre for Alternative Finance (CCAF, University of Cambridge)) and the Chilean financial press (La Tercera).

"FinTech and Central Banking at a Crossroads" (co-authored with Pablo Furche, Mario Marcel and Carlos Medel), Estudios Públicos, 2018, 148(1), 39-78, in Spanish and in English. Mentioned in the Chilean financial press (Diario Financiero, Estrategia) and in a technical note by A. Yáñez of the Chilean Banking Authority (SBIF).

"Technological Innovations and Financial Stability" (co-authored with Pablo Furche), Chapter 4 in the Financial Stability Report (May, 2018) in Spanish and English.

 Monetary Policy Report: 

“The impact of the Covid public policies on Chilean households”, Applied Economics Letters, forthcoming. Preprint. Mentioned in the Monetary Policy Report (Dec 2020, pdf).

"Flujos Laborales: Evidencia para Chile con Micro datos del SII" (2016) (in Spanish), published in Monetary Policy Report (June 2016), co-authored with Elías Albagli, Alejandra Chovar, Emiliano Luttini, Alberto Naudón and Matias Tapia. Mentioned in economic analysis brought by the Central Bank of Chile to the Senate, ICARE and University of Chile in 2018. Mentioned by the Chilean financial press (El Mercurio, Diario Financiero, Estrategia, Cooperativa, Mining Press, CIPER Chile) in 2018 and 2019. Summary in the Central Bank of Chile's Research Digest of December 2017 (pdf).

Financial Stability Report: Household Finance (in Spanish and English )

"The impact of the Social Explosion of 2019 and the Covid 2020 pandemic on household debt risk in Chile", policy brief in the Financial Stability Report (May, 2020).

Compiled participation across the Financial Stability Reports of the Central Bank of Chile (2010-2019).

"Analysis of vulnerabilities and financial risks in Chilean households" (coordinator and main author), Chapter 4 in the Financial Stability Report (May, 2019). Mentioned in the Chilean financial press (Diario Financiero, Estrategia).

"Household stress testing using micro survey data: evidence from Chile", policy brief in the Financial Stability Report (May, 2019).

"Technological innovations and financial stability" (one of the two main authors), Chapter 4 in the Financial Stability Report (May, 2018). Mentioned in the Chilean financial press (Diario Financiero, Estrategia).

Collaborated on articles using the Chilean Household Finance Survey (EFH) for the Financial Stability Report (FSR) of 2019-may (household debt analysis, pages 9, 48-69, 85, 86), 2018-december (household risk, pages 27-29, 53, 86), 2018-may (household stress tests with unemployment and informal labor shocks, pages 27-29, 76, 77), co-authored chapter 4 in technological innovations and financial stability in FSR 2018-may,  2017-december (household stress tests, pages 26, 65), 2016-december (household stress tests, pages 28, 52), 2015-december (financial situation of the families, pages 33, 34, 57), 2013-december (pension assets, page 39), 2013-july (5 waves of the Chilean household finance survey, EFH, pages 32, 33), 2012-december (household indebtedness and risk, pages 34, 35, 57), 2011-december (households' reaction to 2009 crisis, pages 35, 36), 2010-december (credit card debt, page 38), 2010-june (2010 earthquake impact, EFH waves 2007 and 2008, household risk, pages 39 -41).

Pension system

"The long term impact of demographic change on Chilean savings and pensions" (2015), presented for IADB conference on Understanding Savings in May of 2014 and May of 2015.

"Evaluation of the long-term macroeconomic impact to the changes in the pension system" (2017 - collaborated on calibrating the savings rates by income , pages 18, 29).

Consumer lending legislation in Chile 

"Economic analysis of the impact of a law proposal on consumer loan payroll discount lending / Análisis de los efectos del proyecto de ley sobre descuento por planilla para créditos de consumo" (2012), Central Bank of Chile report (co-authored with Diego Avanzini, Rodrigo Cifuentes and Felipe Martínez). Mentioned on several Chilean financial press media and by the Banco Santander "Public Policy Studies".

"Analysis of the implications of the Interest Rate Ceiling law proposals /Tasas de Crédito Ajustadas por Riesgo e Implicancias para Políticas de Tasa Máxima Convencional" (2012), Central Bank of Chile Working Paper (DTBC) 654. Mentioned by the Library of the Chilean National Congress, Central Bank of Chile report and on Chilean media). Summary in the Central Bank of Chile's Research Digest of September 2012 (pdf).

Features in the Central Bank of Chile's Quarterly Research Digest

"Exposures to climate change’s physical risks in Chile", August 2023 (pdf, pdf in Spanish).

"The evolution of macroprudential policy use in Chile, Latin America and the OECD," December 2022 (pdf, pdf in Spanish).

"Impact of climate change on Chile’s economic activity: past and future", April 2022 (pdf, pdf in Spanish)

"The impact of public policies on income during the pandemic", December 2020 (pdf, pdf in Spanish)

"Adverse selection in the consumer loan market", December 2019 (pdf)

"Gross labor flows in Chile", December 2017 (pdf)

"The business cycle factors behind consumer debt default", March 2016 (pdf)

"Household default and unemployment risk", June 2014 (pdf)

"Household debt risk factors", March 2013 (pdf)

"Interest rate ceilings", September 2012 (pdf)

Chilean Household Finance Survey (Encuesta Financiera de Hogares, Articles and data of the Chilean EFH)

Coordinated the edition of the EFH waves of 2007, 2008, 2009, 2010, 2011 and 2014, including the panel waves 2008-09, 2007-11, 2011-14, 2007-11-14.

"Measurement of household financial risk with the survey of Household Finances" (2013), Central Bank of Chile working paper (DTBC) 682, co-authored with Rodrigo Cifuentes, Felipe Martínez and Rubén Poblete-Cazenave. Summary in the Central Bank of Chile's Research Digest of March 2013 (pdf).

"Computing population weights for the EFH survey" (2011), Central Bank of Chile working paper (DTBC) 632.