Research 

Published and Accepted Articles:

1. Fewer but Better: Sudden Stops, Firm Entry, and Financial Selection  (with Sina T. Ates, American Economic Journal: Macroeconomics, 2021)

2. Productivity and Trade Dynamics in Sudden Stops (with Hidehiko Matsumoto and Felipe Benguria, Journal of International Economics, 2022) 

3. Non-Homothetic Sudden Stops (with Eugenio Rojas, Journal of International Economics, 2022) 

4. The Transmission of Commodity Price Super-Cycles  (with Felipe Benguria and Sergio Urzua, Review of Economic Studies, 2024)

5. Real Exchange Rates and Endogenous Productivity (with Nils Gornemann and Pablo Guerron-Quintana, forthcoming at American Economic Journal: Macroeconomics)

6. From Carry Trades to Trade Credit: Financial Intermediation by Non-Financial Corporations (with Bryan Hardy,  Journal of International Economics, 2024).

7. Escaping the Trade War: Finance and Relational Supply Chains in the Adjustment to Trade Policy Shocks (with Felipe Benguria,  Journal of International Economics, 2024)

8. A Simple Measure of Fisherian Amplification with Flow Collateral Constraints (with Eugenio Rojas, Economics Letters, 2025) 

Working Papers by Topic :

International Finance:

1. • The Micro and Macro Dynamics of Capital Inflows (with Liliana Varela and Kei-Mu Yi, NBER Working Paper No. 27371, Revision Requested)

   • Economic Stabilizers in Emerging Markets: The Case for Trade Credit (with Bryan Hardy and Ina Simonovska)

   • Firm-to-Firm Financial Linkages and Dollar Risk Transmission (with Bryan Hardy and Ina Simonovska, NBER Working Paper No. 31078, Revision Requested)

International Trade:

1. • Beyond Tariffs: How did China's State-Owned Enterprises Shape the US-China Trade War?  (with Felipe Benguria, NBER Working Paper No. 33599)

   • The Impact of the 2018-2019 Trade War on U.S. Local Labor Markets (with Felipe Benguria )

   • 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)

   • Imitation, Innovation, and Technological Complexity: Foreign Knowledge Spillovers in China (with Salomé Baslandze and Pengfei Han)

Fiscal Policy:

• • 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, NBER Working Paper No. 32574, Revision Requested)

  • Corporate Taxes and Growth: The Impact of Financial Selection on Firm Entry  (with Sina T. Ates, older draft: PIER Working Paper Archive 13-011)

Monetary Policy:

• • Pricing Under Distress (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)

Work in Progress:

1. Monetary Policy and Firm Dynamics: The Financial Channel (with Boragan Aruoba, Andres Fernandez, and Will Lu) 

2. Volatile Rates, Fragile Growth: Global Financial Risk and Productivity Dynamics  (with Nils Gornemann and  Eugenio Rojas)

3. Connected for Better or Worse? The Role of Production Networks in Financial Crises (with Jorge Miranda-Pinto, Eugenio Rojas and Alvaro Silva)

Discussions:

1. Credit, Misallocation and Productivity Growth (Meza, Pratap, Urrutia) at IADB on May 2015

2. Debt into Growth: How Sovereign Debt Accelerated the First Industrial Revolution (Ventura, Voth) at NBER (IFM, DC meeting) on April 2016

3. Investment and The Cross-Section of Equity Returns (Clementi, Palazzo) at BFI Chicago on April 2016

4. Firm Entry and Exit and Aggregate Growth (Asturias, Hur, Kehoe, Ruhl) at ITAM-PIER 2016

5. Financial Frictions and Firm Dynamics (Bergin, Feng, Lin) at IMF- Bank Negara 2017

6. Real Exchange Rates, Income per Capita, and Sectoral Input Shares (Cravino and Haltenhof) at Philly Fed International Trade Workshop 2017

7. Back to Basics: Basic Research Spillovers, Innovation Policy and Growth (Akcigit, Hanley, Serrano-Velarde) at AEA 2018

8. Currency Depreciation and Emerging Market Corporate Distress (Bruno, Shin) at Washington Area International Finance Symposium 2018

9. External Financing and Firm Productivity: Evidence from Chinese Privately-Owned Enterprises (Ebrahimy, Guo, He, Zha) at IMF Macro-Financial 2019

10. Capital Controls and Risk Misallocation: Evidence from a Natural Experiment (Keller) at NBER Summer Institute - IFM 2019

11. The Global Financial Resource Curse (Benigno, Fornaro, Wolf) at AEA 2020

12. Foreign Reserve Management (Amador, Bianchi, Bocola, Perri) at AEA 2020

13. Dollar and Exports (Bruno, Shin) at NBER Summer Institute - IFM 2020

14. Innovation, Industry Equilibrium and Discount Rates (Bustamante, Zucchi) at DC IO Day 2022.

15. Liquidity, Debt Denomination, and Currency Dominance (Coppola, Krishnamurthy, Xu) at 2nd International Roles of the U.S. Dollar Conference (NY Fed) 2023

16. Real Exchange Rate and Net Trade Dynamics: Financial and Trade Shocks (Mac Mullen, Kyung Woo)  at NBER Summer Institute - IFM 2023

17. Global Borrowing Costs and Firms’ Risk in Open Economies (Hegarty, Moretti, Ottonello, Perez) at NBER Fall meeting - IFM 2023

18. Exchange Rate Risk in Public Firms (Adams, Verdelhan) at Bank of Canada Annual Economic Conferences 2023

19. The Financial Channel of the Exchange Rate and Global Trade (Ma, Schmidt-Eisenlohr) at AEA 2024

20. Capital Allocation and Firm Dynamics in Small Open Economies (Felipe Camêlo) at Bank of England 2024

21. 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