Research

My IDEAS-RePEc webpage

Work in papers :

“Permanent and Transitory Monetary Shocks around the World,” with P. Goldstein & F. Sturzenegger, 2024.

“Foreign Exchange Interventions and Foreign Shocks: The case of Uruguay,” with. E. Bucacos and M. Mello, 2023.

“Disinflations under Learning: Close vs. Small and Open Economies,” with M. F. Cuitiño (draft coming soon)

Peer-reviewed publications:

“Countercyclical prudential tools in an estimated DSGE model,” Latin American Journal of Central Banking, 4(3), September 2023, 100095, with S. Frache y J. Ponce, 2023

“Empirical Regularities of Latin-American Inflation” (in Spanish), Ensayos Económicos, vol. 81, pp. 5-54, May, 2023. with L. Garegnani, L. Libonatti, M. Gómez-Aguirre & A. Krysa.

"Alternative Monetary Policy Instruments and Limited Credibility: An Exploration," Latin American Journal of Central Banking, Vol 3(1), March 2022. Honorable Mention in the Rodrigo-Gomez Award 2021, CEMLA

“Revisiting the Exchange-Rate Pass-through: A General Equilibrium Perspective”, Journal of International Economics, Vol. 127, November, with M. García-Schmidt, 2020. Online Appendix - Replication Codes

 “A note on the new wave of foreign-currency debt for LAC non-financial firms.” Revista de Economía Política de Buenos Aires, (18), 51-76, with E. Kawamura, 2019. 

"Dealing with the Dutch Disease: Fiscal Rules and Macro-prudential policies," Journal of International Money and Finance, vol. 55, pp 205–239, July 2015, with E. Kawamura. (Working Paper Version)

"Central Bank Liquidity Management and “Unconventional” Monetary Policies," Economía (The Journal of LACEA), 15(1), Fall 2014, pp. 39-87, with E. Kawamura.

“Monetary Policy at the Zero Lower Bound: The Chilean Experience,”  (Published in Spanish) Economía Chilena, vol 16(2), August 2013, with L.F. Cespedes and D. Saravia. Published in English in Bauducco, Christiano and Raddatz (ed.), Macroeconomic and Financial Stability: Challenges for Monetary Policy, Ch. 13, pp. 427-460, Chile 2014.

“Modeling and Forecasting Copper Price: A Regime Switching Approach,” (Published in Spanish, English version) with R. Montero,  Economía Chilena, August 2012.

“On the Quantitative Effects of Unconventional Monetary Policies in Small Open Economies,” International Journal of Central Banking, Vol. 7, No. 1, March 2011.

“Real Business Cycles in Emerging Countries?,” with M. Uribe and R. Pancrazi, American Economic Review, Vol. 100, No. 5, December 2010.

“Recent Developments in Monetary Policy Analysis for Emerging Countries,” (in spanish) Ensayos Económicos (Central Bank of Argentina), No. 51, October 2008.

Book Chapters and Working Papers:

"A TNT DSGE Model for Chile: Explaining the ERPT," Working Papers Central Bank of Chile 868, with M. García-Schmidt, 2020. 

“Countercyclical capital buffers, dynamic provisions or both?” with S. Frache y J. Ponce. In E. Gnan y D. Masciandaro (eds.), New Challenges in Central Banking: Monetary Policy Governance and Macroprudential Issues, SUERF - The European Money and Finance Forum, Cap. 9, November 2017.

"Financial and real shocks and the effectiveness of monetary and macroprudential policies in Latin American countries," BIS Working Papers 668, with Kirchner, Carrillo, Rodríguez, Perez, Gondo, Montoro & Chang, 2017.

“Effects of foreign-currency debt in non-financial Latin American firms: evidence from the 2000’s,” IDB Technical Notes No. 1103, Diciembre 2016, with E. Kawamura.

“Commodity Prices, Growth and Productivity: A Sectoral View”, Working Papers Central Bank of Chile 777, Febrero 2016, with C. De La Huerta.

“Real effects of changes in the Price of energy” (in spanish), Working Papers Central Bank of Chile, No. 759, June 2015, with L. Bertinatto, S. Justel and D. Saravia. Published in C. García (ed.), Economía y Energía: La experiencia chilena, Ch. 10, Chile, 2016.

"Domestic Financial Frictions and the Transmission of Foreign Shocks in Chile," in Raddatz, Saravia, and Ventura (eds.) Global Liquidity, Spillovers to Emerging Markets and Policy Responses, Central Bank of Chile, 2015, with M. Kirchner and S. Justel.

“Heterodox Central Banking,” with L. F. Cespedes and R. Chang, in Cespedes, L. F. and R. Chang (eds.), Monetary Policy Under Financial Turbulence, Chile, 2011.

"Grading Latin American Presidents: A view from the stock market," with J.J. Cruces, June 2012.

“Estimating Models for Monetary Policy Analysis in Emerging Countries,” March 2010, Central Bank of Chile Working Papers, No. 561.