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I am a senior economist at the Research Department of the Central Bank of Chile.

I did my Ph.D. at CEMFI, under the supervision of Manuel Arellano and Stephane Bonhomme

My research interests are econometrics of panel data and applied macroeconomics with a particular interest in modeling latent productivities, production function estimation, and modeling error dependence.

You can see my CV HERE .

Working Papers

Robust Standard Errors to Spatial and Time Dependence When Neither N nor T is Very Large

Revision requested at Journal of Applied Econometrics

This paper studies alternative approaches to consider time and spatial dependence in aggregate panel models where neither N nor T is very large, a problem that applied researchers often face when working with country- or state-level panel data.

Investment Demand and Structural Change (with Manuel Garcia-Santana and Josep Pijoan-Mas)

Revision requested at Econometrica

The sectoral composition of GDP is largely affected by the investment rate of the economy. Using Input-Output data for a panel of countries we present two novel facts consistent with this idea: (a) investment goods contain more domestic value added from manufacturing and less from services than consumption goods do, (b) the evolution of the sectoral composition of investment and consumption goods differs from the one of GDP. A multi-sector growth model estimated with a panel of countries shows that changes in investment demand are quantitatively important to understand the industrialization of several countries since 1950, the deindustrialization of many Western economies since 1970, and the hump-shaped relationship between manufacturing and development.

Estimating Country Heterogeneity in Capital-Labor Substitution Using Panel Data

I develop a flexible framework to jointly estimate the aggregate capital-labor elasticity of substitution and the labor- and capital- augmenting technologies from a panel of production functions and use it to shed light on the global decline of the labor share and development accounting.

Current Projects

Inference for Data with High-Dimensional Dependence Structures (with Christian Hansen, Damian Kozbur and Jianfei Cao)

Investment and Saving along the Development Path (with Manuel Garcia-Santana and Josep Pijoan-Mas)

Production function estimation under financial frictions (with Alvaro Aguirre and Matias Tapia)

Identifying Bank Shocks (with Alonso Villacorta)