Current Affiliations:
Assistant Professor, Darden School of Business, University of Virginia, since 2020
Associate Editor, the Journal of Monetary Economics, since 2022
Courtesy Appointment, Economic Department UVA, since 2023
Faculty Research Fellow, NBER, since 2024
Past Affiliations and Short-Term Visits:
Assistant Professor, Department of Economics, University of Maryland, 2014-2020
Visiting Scholar, the International Monetary Fund, 2023
Visiting Professor, Sciences Po Paris, Fall 2024
Visiting Scholar, Federal Reserve Bank of Chicago, Spring 2025 (1 month)
Education:
Ph.D. in Economics, University of Pennsylvania, 2014
M.A. in Financial Economics, Pontificia Universidad Católica de Chile, 2008
B.S. in Business Administration and Economics, Pontificia Universidad Católica de Chile, 2007.
Research Interest:
International Finance, Quantitative Macroeconomics, Economic Growth
Published and Accepted Articles:
Fewer but Better: Sudden Stops, Firm Entry, and Financial Selection (with Sina T. Ates, American Economic Journal: Macroeconomics, 2021)
Productivity and Trade Dynamics in Sudden Stops (with Hidehiko Matsumoto and Felipe Benguria, Journal of International Economics, 2022)
Non-Homothetic Sudden Stops (with Eugenio Rojas, Journal of International Economics, 2022)
The Transmission of Commodity Price Super-Cycles (with Felipe Benguria and Sergio Urzua, Review of Economic Studies, 2024)
Real Exchange Rates and Endogenous Productivity (with Nils Gornemann and Pablo Guerron-Quintana, forthcoming at American Economic Journal: Macroeconomics)
From Carry Trades to Trade Credit: Financial Intermediation by Non-Financial Corporations (with Bryan Hardy, Journal of International Economics, 2024)
Escaping the Trade War: Finance and Relational Supply Chains in the Adjustment to Trade Policy Shocks (with Felipe Benguria, Journal of International Economics, 2024)
A Simple Measure of Fisherian Amplification with Flow Collateral Constraints (with Eugenio Rojas, Economics Letters, 2025)
Working Papers
Corporate Taxes and Growth: The Impact of Financial Selection on Firm Entry (with Sina T. Ates, older draft: PIER Working Paper Archive 13-011)
Capital-Based Corporate Tax Benefits: Endogenous Misallocation through Lobbying (with Tanida Arayavechkit and Minchul Shin, Revision Requested)
Political Connections, Allocation of Stimulus Spending, and the Jobs Multiplier (with Joonkyu Choi and Veronika Penciakova, Fed Board WP 2021-005 , Revision Requested)
The Impact of the 2018-2019 Trade War on U.S. Local Labor Markets (with Felipe Benguria )
The Micro and Macro Dynamics of Capital Inflows (with Liliana Varela and Kei-Mu Yi, NBER Working Paper No. 27371, Revision Requested)
Imitation, Innovation, and Technological Complexity: Foreign Knowledge Spillovers in China (with Salomé Baslandze and Pengfei Han)
Beyond Tariffs: How did China's State-Owned Enterprises Shape the US-China Trade War? (with Felipe Benguria, NBER Working Paper No. 33599)
Economic Stabilizers in Emerging Markets: The Case for Trade Credit (with Bryan Hardy and Ina Simonovska)
Pricing Under Distress (joint with Boragan Aruoba, Daniel Guzmán, Andrés Fernández, and Ernesto Pastén, NBER Working Paper No. 32538, Revision Requested)
Reviving micro Real Rigidities: The Importance of Demand Shocks (with Boragan Aruoba, Eugene Oue, and Jon Willis, NBER Working Paper No. 32518, Revision Requested)
Firm-to-Firm Financial Linkages and Dollar Risk Transmission (with Bryan Hardy and Ina Simonovska, NBER Working Paper No. 31078, Revision Requested)
Spatial Linkages and the Uneven Effects of a Commodity Boom (with Felipe Benguria and Shihangyin (Frank) Zhang, NBER Working Paper No. 33287, Revision Requested)
Rounding up the Effect of Tariffs on Financial Markets: Evidence from April 2, 2025 (with Felipe Benguria, NBER Working Paper No. 34036)
Work in Progress:
Monetary Policy and Firm Dynamics: The Financial Channel (with Boragan Aruoba, Andres Fernandez, and Will Lu)
Volatile Rates, Fragile Growth: Global Financial Risk and Productivity Dynamics (with Nils Gornemann and Eugenio Rojas)
Connected for Better or Worse? The Role of Production Networks in Financial Crises (with Jorge Miranda-Pinto, Eugenio Rojas and Alvaro Silva)
Discussions:
Credit, Misallocation and Productivity Growth (Meza, Pratap, Urrutia) at IADB on May 2015
Debt into Growth: How Sovereign Debt Accelerated the First Industrial Revolution (Ventura, Voth) at NBER (IFM, DC meeting) on April 2016
Investment and The Cross-Section of Equity Returns (Clementi, Palazzo) at BFI Chicago on April 2016
Firm Entry and Exit and Aggregate Growth (Asturias, Hur, Kehoe, Ruhl) at ITAM-PIER 2016
Financial Frictions and Firm Dynamics (Bergin, Feng, Lin) at IMF- Bank Negara 2017
Real Exchange Rates, Income per Capita, and Sectoral Input Shares (Cravino and Haltenhof) at Philly Fed International Trade Workshop 2017
Back to Basics: Basic Research Spillovers, Innovation Policy and Growth (Akcigit, Hanley, Serrano-Velarde) at AEA 2018
Currency Depreciation and Emerging Market Corporate Distress (Bruno, Shin) at Washington Area International Finance Symposium 2018
External Financing and Firm Productivity: Evidence from Chinese Privately-Owned Enterprises (Ebrahimy, Guo, He, Zha) at IMF Macro-Financial 2019
Capital Controls and Risk Misallocation: Evidence from a Natural Experiment (Keller) at NBER Summer Institute - IFM 2019
The Global Financial Resource Curse (Benigno, Fornaro, Wolf) at AEA 2020
Foreign Reserve Management (Amador, Bianchi, Bocola, Perri) at AEA 2020
Dollar and Exports (Bruno, Shin) at NBER Summer Institute - IFM 2020
Innovation, Industry Equilibrium and Discount Rates (Bustamante, Zucchi) at DC IO Day 2022.
Liquidity, Debt Denomination, and Currency Dominance (Coppola, Krishnamurthy, Xu) at 2nd International Roles of the U.S. Dollar Conference (NY Fed) 2023
Real Exchange Rate and Net Trade Dynamics: Financial and Trade Shocks (Mac Mullen, Kyung Woo) at NBER Summer Institute - IFM 2023
Global Borrowing Costs and Firms’ Risk in Open Economies (Hegarty, Moretti, Ottonello, Perez) at NBER Fall meeting - IFM 2023
Exchange Rate Risk in Public Firms (Adams, Verdelhan) at Bank of Canada Annual Economic Conferences 2023
The Financial Channel of the Exchange Rate and Global Trade (Ma, Schmidt-Eisenlohr) at AEA 2024
Capital Allocation and Firm Dynamics in Small Open Economies (Felipe Camêlo) at Bank of England 2024
Corporate Dollar Debt and Global Trades: The Role of Firm Heterogeneity (Kim, Lee, and Lee) at the Int. Macro/Finance and Sov. Debt Workshop 2025
Presentations:
2025: Chicago FED, Cleveland FED.
2024: AEA meetings, Annual International Macro Finance Workshop at Jackson Hole, IMF annual Macro-Financial Research Conference, ITAM, IMF (West Hem.), SED, NBER, Sciences Po, Banque de France, University of Nottingham, ECB, BIS, Bocconi, EIEF, CREI, Oxford, LSE, ENSAI, Economics of Innovation Lab (College de France).
2023: Pontificia Universidad Católica de Chile, Auburn University, North Carolina State University, SED, Boston College, Santiago Macro Workshop, World Bank, BFI International Macro-Finance Conference, UNSW (Network conference).
2022: IMF, Atlanta FED, UPenn-PIER conference, University of Washington (Seattle), Barcelona Summer Forum, SED, University of Florida, Chicago FED, Central Bank of Uruguay, SITE at Stanford, St. Louis Fed, George Washington University, Workshop on International Capital Flows and Financial Policies (IMF), University of Wisconsin.
2021: Pontificia Universidad Católica de Chile, Richmond FED, Banco Central de Chile-IADB-JIE conference, Society of Economic Dynamics, The Economics of Creative Destruction (Symposium in honor of Philippe Aghion and Peter Howitt).
2020: Rochester Dynamic Trade Conference, Washington Area International Finance Symposium, University of Florida, Darden (UVA), Universidad de Chile, International Monetary Fund, Pontificia Universidad Católica de Chile.
2019: International Monetary Fund, Saint Louis Federal Reserve, Society of Economic Dynamics, Pontificia Universidad Católica de Chile, Centro de Economía Aplicada (U de Chile), Georgetown, Darden (UVA), Fed Board.
2018: International Monetary Fund, Society of Economic Dynamics, Dallas Federal Reserve (CEBRA), University of Illinois at Urbana Champaign, Boston College, Philadelphia Federal Reserve (Drexel-Fed), New York Federal Reserve, Temple, LACEA, Banco Central de Chile, Chicago Booth International Macro Finance Conference.
2017: WEAI, European Commission, University of Houston, University of Rochester, Banco Central de Chile, World Bank, Small Business Administration, Society of Economic Dynamics, Minneapolis FED, NBER SI (IFM), Chicago FED.
2016: John Hopkins University, Arizona State University, USC Marshall Business School, North American Econometric Society (Philadelphia), College de France, Society of Economic Dynamics, IADB, University of Michigan, and SEA.
2015: Third International Macro-Finance Conference (Chicago Booth), Brown University, PIER-ITAM conference on Macroeconomics, NBER SI (IFM), Barcelona GSE Summer Forum, NBER Fall (EFJK), Pontificia Universidad Católica de Chile, Banco Central de Chile, Universidad de Chile.
2014: University of Maryland, University of Pittsburgh, Bowdoin College, University of Montreal, Fed Board, State University of New York at Stony Brook, Midwest Macroeconomic Meeting, North America Meeting of the Econometric Society, New York Area Macroeconomic Workshop.
2013: European Meeting of the Econometric Society, Midwest Macroeconomic Meeting, IAES, University of Pennsylvania.
2012: Pontificia Universidad Católica de Chile, Banco Central de Chile.
Referee:
American Economic Review, Quarterly Journal of Economics, Journal of Political Economy, Review of Economic Studies, American Economic Journal: Macro, Journal of the European Economic Association, Review of Economics and Statistics, Journal of Economic Theory, Journal of International Economics, Journal of Monetary Economics, Review of Financial Studies, Proceedings of the National Academy of Science, Review of Economic Dynamics, International Economic Review, Review of International Economics, Journal of Human Capital, Scandinavian Journal of Economics, Quantitative Economics, Economic Journal, Economics Letters, Journal of Economic Growth, Journal of Banking and Finance, IMF Economic Review, Economic Modelling, Oxford Economic Papers, Inter-American Development Bank working papers, Swiss National Science Foundation, Fondecyt Chile, The British Academy.
Honors and Awards:
2023: Excellence in Refereeing Award for AEJ:Macro
2013: Robert Summers dissertation fellowship in Economics(UPenn)
2013: President Gutmann leadership award (UPenn)
2009: Ph.D. fellowship, Conicyt Chile
Conference Committee:
LACEA (2018), Society of Economic Dynamics (2018,2019,2020,2021), Washington Area International Finance Symposium (2019, 2021, 2022), European Meeting of The Econometric Society (2020,2023)
Teaching:
Darden, University of Virginia: Domestic and international macroeconomics (core MBA in several formats)
Sciences Politiques (Paris): International Economics (Trade and Finance, undergraduate magistral class)
IMF Institute Training at Singapore Training Institute (Exchange rates for practitioners)
University of Maryland: International Finance (Ph.D. and undergraduate), Computational Economics (Ph.D.)
University of Pennsylvania: Introductory Macroeconomics (undergraduate).
PUC Chile: Introduction to Economics (undergraduate), Epistemology of Economics (undergraduate), General Equilibrium (Master).
Students' First Placement:
Main Advisor:
Karam Jo, co-chair (Korea Development Institute).
Rodrigo Heresi (RES at IADB).
Hidehiko Matsumoto (Bank of Japan).
Committee Member:
Eugene Oue (Hong Kong Polytechnic University)
Fiorella Pizzolon (Hamilton College)
Dheeraj Chaudhary (Analysis Group)
Shihangyin Zhang (Capital One)
Gonzalo Garcia-Trujillo (Central Bank of Chile)
Jun Hee Kwak (Korean Institute of Finance)
Di Wang (Northern Trust Asset Management )
Alejandro Graziano (University of Nottingham)
Laura Zhao (Bank of Canada).
Xing Hong (Dimensional Fund Advisors)
Veronika Penciakova (Atlanta Fed)
Can Sever (IMF)
Joonkyu Choi (Fed Board)
Bryan Hardy (BIS)
John Jairo Leon Castillo (IADB)
Wei Li (Beihang University)
Jongho Park (Korean Development Institute)
Yang Xu (Xiamen University)
Youngjin Yun (Bank of Korea)
Pablo Cuba-Borda (Fed Board)
Dun Jia (Renmin University)
David Moreno (Central Bank of Chile)
Filippos Petroulakis (European Central Bank)
Lixin Tang (Shanghai University)
Ling Zhu (IMF).
Languages:
Spanish (native), English (fluent), French (fluent).