Work Experience
2018 - Senior Economist and Policy Advisor; Research Department, Federal Reserve Bank of Boston.
2015 - Adjunct Professor; Woods College of Advancing Studies, Boston College
2017 - 2018 Senior Economist; Research Department, Federal Reserve Bank of Boston.
2012 - 2017 Senior Financial Economist; Supervision, Regulation and Credit, Federal Reserve Bank of Boston.
Managed a team of 10+ senior economists, economists, analysts, and research assistants.
Worked on the oversight of risk modeling for the Federal Reserve's Dodd-Frank Act stress testing.
Advised senior management on financial stability, banking regulation, and systemic risk policies.
2016 Visiting Lecturer of Economics; Department of Economics, Harvard University.
2008 - 2011 Financial Economist; Supervision, Regulation and Credit, Federal Reserve Bank of Boston.
2004 - 2008 Lecturer and Teaching Assistant, Department of Economics, University of Chicago.
2002 Teaching Assistant, Universitat Pompeu Fabra.
2000 Research Assistant, Universitat Pompeu Fabra.
Education
2008 Ph.D. in Economics, University of Chicago. Dissertation Title: "Housing as a Measure for the Long-run Risk in Asset Pricing."
2003 M.A. in Economics, University of Chicago.
2001 M.Sc. in Economics, with honors, Universitat Pompeu Fabra.
2000 B.A. in Economics, Universitat Pompeu Fabra.
Research Interests
Banking, Financial Intermediation, International Trade, Real Estate.
Publications
“The Impact of Regulatory Stress Tests on Banks' Portfolio Similarity and Implications for Systemic Risk,” with Falk Bräuning (2024). Conditionally accepted at the Journal of Money, Credit and Banking.
Did High Leverage Render Small Businesses Vulnerable to the COVID-19 Shock, with Falk Bräuning and J. Christina Wang (December 2023), Journal of Money, Credit and Banking, https://doi.org/10.1111/jmcb.13118.
Global Banking and the International Transmission of Shocks: A Quantitative Analysis, with Stefania Garetto and Arthur V. Smith, Journal of International Economics, vol. 145, November 2023.
The Main Street Lending Program, with David Arsenau, Molly Mahar, Donald P. Morgan, and Skander Van den Heuvel, Economic Policy Review, Vol. 28 (1), June 2022.
Risk, Returns, and Multinational Production, with Stefania Garetto (Boston University), 2015, Quarterly Journal of Economics, 130 (4), 2027-2073.
Optimal Portfolio Choice with Predictability in House Prices and Transaction Costs, with Stefanio Corradin (ECB) and Carles Vergara-Alert (IESE). 2014, Review of Financial Studies, 27 (3): 823-880.
Diversification, Cost Structure, and the Risk Premium of Multinational Corporations, with Stefania Garetto (BU) and Lindsay Oldenski (Georgetown University), 2015, 96 (1), 37–54, Journal of International Economics.
FRBB publications, working papers, and other unpublished papers
“Is Post-pandemic Wage Growth Fueling Inflation?” with Philippe Andrade, Falk Bräuning, and Gustavo Joaquim. 2024. Federal Reserve Bank of Boston Current Policy Perspectives 24-1.
“Firms’ Cash Holdings and Monetary Policy Transmission,” with Falk Bräuning and Gustavo Joaquim. 2023. Federal Reserve Bank of Boston Current Policy Perspectives. October 12, 2023.
“Cost-Price Relationships in a Concentrated Economy,” with Falk Bräuning and Gustavo Joaquim. 2023.
Federal Reserve Bank of Boston Research Department Working Papers No. 23-9. https://doi.org/10.29412/res.wp.2023.09
Federal Reserve Bank of Boston Current Policy Perspectives. May 23, 2022.
“Did High Leverage Render Small Businesses Vulnerable to the COVID-19 Shock?” with Falk Bräuning and J. Christina Wang. 2022. Federal Reserve Bank of Boston Research Department Working Papers No. 22-13. https://doi.org/10.29412/res.wp.2022.13
“On the Origins of the Multinational Premium,” with Stefania Garetto 2021. Federal Reserve Bank of Boston Research Department Working Papers No. 21-20. https://doi.org/10.29412/res.wp.2021.20
“Corporate Finance and the Transmission of Shocks to the Real Economy,” with Falk Bräuning and Gustavo Joaquim. 2021. Federal Reserve Bank of Boston Research Department Working Papers No. 21-18. https://doi.org/10.29412/res.wp.2021.18
“A Helping Hand to Main Street Where and When It Was Needed,” with Falk Bräuning, Frankie Lin, and J. Christina Wang. 2021. Federal Reserve Bank of Boston Current Policy Perspectives. May 27, 2021.
“The Impact of Regulatory Stress Tests on Bank Lending and Its Macroeconomic Consequences,” with Falk Bräuning. 2020.
Federal Reserve Bank of Boston Research Department Working Papers No. 20-12.
Federal Reserve Bank of Boston Current Policy Perspectives No. 19–1.
“Corporate Debt Maturity and Monetary Policy,” with Falk Bräuning and J. Christina Wang. 2020. Federal Reserve Bank of Boston Current Policy Perspectives. October 22, 2020.
“Portfolio Choice with House Value Misperception,” with Stefano Corradin and Carles Vergara-Alert. 2017. Federal Reserve Bank of Boston Research Department Working Papers No. 17-16.
“Evidence on Housing Price Predictability,” with Stefano Corradin and Carles Vergara-Alert. 2010.
“Housing as a Measure for the Long-Run Risk in Asset Pricing,” 2007. University of Chicago.
“GMM Estimation of an Asset Pricing Model with Habit Persistence,” with Hugo Garduño. 2005. University of Chicago.
“The Role of Habits in Returns Behavior: Evidence from the Stock Market.” Berkeley Program in Law & Economics. 2005. Latin American and Caribbean Law and Economics Association Annual Papers, Paper 2.