“The worthwhile problems are the ones you can really solve or help solving, the ones you can really contribute something to”.
Richard Feynman
“There is much pleasure to be gained from useless knowledge”.
Bertrand Russell
Embedded Files
PUBLICATIONS
1. On Ramsey's Conjecture: Efficient Allocations in the Neoclassical Growth Model with Private Information. Journal of Economic Theory, 121 (2), 2005, pp. 192 –213. PDF.
(Extended Working Paper Version: IHS Economics Series Nr. 154 - including all the proofs)
2. Should Intergovernmental Transfers Provide Insurance to the States? Journal of Institutional and Theoretical Economics, 161 (1), 2005, pp. 103 – 125. PDF (Link)
3. Asset Trading Volume in a Production Economy (with Thomas Hintermaier). Economic Theory, 39 (2), 2009, pp. 231-258.. PDF
4. Equilibrium Portfolios in the Neoclassical Growth Model. Journal of Economic Theory, 137 (1), 2007, pp. 673-687. PDF
5. The Dynamics of Efficient Asset Trading with Heterogeneous Beliefs (with Pablo Beker, University of Warwick). Journal of Economic Theory, 146 (1), 2011, pp. 189‐229. PDF
6. The Cyclical Behavior of Equity Turnover (with David DeJong, University of Pittsburgh). Quantitative Economics, the Econometric Society, 2 (1), 2011, pp. 99‐133. PDF
7. Risk Sharing, Investment, and Incentives in the Neoclassical Growth Model (with Juan Sanchez, St Louis Fed). Economic Quarterly (FRB Richmond), Volume 96, 4, 2010, pp. 399–416. PDF
8. Optimal Portfolios with Wealth-Varying Risk Aversion in the Neoclassical Growth Model. The B.E. Journal of Macroeconomics. (Advances), 10.1515/bejm-2012-0044, January 2014. PDF
9. How Does Informal Employment Affect The Design Of Unemployment Insurance And Employment Protection? (with Juan Sanchez, St. Louis Fed), Federal Reserve Bank of St. Louis Review, Vol 97, No. 2, pp. 159-72, Second Quarter 2015. PDF
10. Stylized Facts on the Organization of Small Business Partnerships (with Julian Kozlowski, NYU, and Juan Sanchez, St. Louis Fed)
Federal Reserve Bank of St. Louis Review, Fourth Quarter 2016, Vol. 98, No. 4, 297-310. PDF.
11. Investment and Bilateral Insurance (with Julian Kozlowski, NYU, and Juan Sanchez, St. Louis Fed) Journal of Economic Theory, 176, July 2018, 311-341. PDF.
Previous version circulated as: "Too Big to Cheat: Efficiency and Investment in Partnerships." Working Paper 2013-001A. PDF
12. Designing unemployment insurance for developing countries (with Fernando Cirelli, NYU, and Juan Sanchez, St. Louis Fed).
Journal of Development Economics, 148, January 2021. LINK
13. External Shocks versus Domestic Policies in Emerging Markets (with Julian Kozlowski, NYU, and Juan Sanchez, St. Louis Fed) Federal Reserve Bank of St. Louis Review, Second Quarter 2023, Vol. 105, No. 2. LINK
14. Domestic Policies and Sovereign Default (with Julian Kozlowski, Fernando Martin, and Juan Sanchez, St. Louis Fed) Working Paper. American Economic Journal: Macroeconomics 17 (3): 74–113, July 2025.
15. Policy Rules and Large Crises in Emerging Markets (with Julian Kozlowski, Fernando Martin, and Juan Sanchez, St. Louis Fed). Journal of International Economics, Volume 158, December 2025. Working paper, Publication.
16. Data and Code for Policy Rules and Large Crises in Emerging Markets (Kozlowski, Julian; Sanchez, Juan; Martin, Fernando; Espino, Emilio) Mendeley Data, V1 2025, doi: 10.17632/b25v852pzy.1.
17. Enforceable Full Risk Sharing in Village Economies Working paper. JPE Macro, forthcoming. Slides Replication files.
“Whenever a theory appears to you as the only possible one, take this as a sign that you have neither understood the theory nor the problem which it was intended to solve”.
Karl Popper
“If people never did silly things, nothing intelligent would ever get done”.
Ludwig Wittgenstein
WORKING PAPERS AND RESEARCH IN PROGRESS
Corporate debt and capital controls (with Constatino Hevia, UTDT; Final version coming soon). Slides
International Equilibrium Portfolios and Capital Flows (with Alvaro Boitier and David Kohn).
Portfolios and real exchange rate under endogenous collateral constraints (Preliminary).
Short-term momentum and long-term reversal of returns under limited enforceability and belief heterogeneity (with Pablo Beker, Warwick). CRETA Discussion Paper No 11 & TWERP No 1096, 2015.. PDF
Short-term momentum and long-term reversal of returns in general equilibrium (with Pablo Beker, Warwick), 2013. PDF. Supplementary Material
Too Good to Be True: Asset Pricing Implications of Pessimism (with Pablo Beker, Warwick; previously "Asset Pricing Implications of Mis-Specified Models") TWERP No 1031, 2013. PDF
Dual exchange rates, capital controls and the dynamics of liberalization (with Pablo Guidotti and Andres Neumeyer, UTDT; Final version coming soon).
OTHER WORK AND MUCH OLDER WORK...
On the Implications of Taxation for Investment, Savings and Growth: Evidence from Brazil, Chile and Mexico (with Martin Gonzalez Rozada, UTDT), Research Project IDB (Link).
- Normative Fiscal Policy and Economic Growth: Some Quantitative Implications for Latin America and the Caribbean (with Martin Gonzalez Rozada, UTDT), Research Project IDB, (Link).
- Automatic Stabilization and Fiscal Policy: Some Quantitative Implications for Latin America and the Caribbean (with Martin Gonzalez Rozada, UTDT), Research Project IDB (Link).
- The Bailout Problem: The Argentine Case, Working Paper Series, CEDI, March 2001.
- On Efficient Allocations in Economies with Private Information and Incomplete Degree of Enforceability. Working Paper, 2000. PDF Version.
- Real Exchange Rate Fundamentals: Argentina 1970-1992 (with Marcelo Oviedo, in Spanish). Anales de la Asociación Argentina de Economía Política, Vol. II, October 1994.
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