Research
Published and Accepted Papers
"Terms-of-Trade Shocks are Not all Alike" (with I. Petrella and F. Di Pace) [CEPR DP here] [Updated WP here]. American Economic Journal: Macro, forthcoming.
"Unveiling the Dance of Commodity Prices and the Global Financial Cycle" (with I. Petrella), Journal of International Economics, 150 (103913), 2024.
"Risky Gravity" (with P. S. Monteiro). Journal of the European Economic Association, jvad060, 2023.
"External Balance Sheets and the COVID-19 Crisis" (with G. Hale). Journal of Banking and Finance, 147, 2023.
"Markups, Quality and Trade Costs" (with N. Chen). Journal of International Economics, 137, 2022.
“Quality and the Great Trade Collapse” (with N. Chen), Journal of Development Economics, 135, 2018. [WP version click here]
“Trade and Synchronization in a Multi-Country Economy” (with P. Santos Monteiro), European Economic Review, 92, 2017. [WP version here]
“Quality, Trade, and Exchange Rate Pass-Through” (with N. Chen), Journal of International Economics, 100 (C), 2016. [WP version here and online appendix here]
“Speculation in the Oil Market” (with I. Petrella), Journal of Applied Econometrics, 30(4), 2015. [WP version here and online appendix here]
"Financial Integration, Globalization and Real Activity" (with G. De Nicolò), Journal of Financial Stability, 10 (C), 2014.
“Sources of Exchange rate Fluctuations: Are they real or nominal?” Journal of International Money and Finance, 30(5), 2011.
"Asset Prices, Exchange Rates and the Current Account" (with M. Fratzscher and L. Sarno), European Economic Review, 54(5), 2010.
"Threshold Adjustment in Deviations from the Law of One Price" (with M. P. Taylor), Studies in Nonlinear Dynamics and Econometrics, 12(3), 2008.
"Las cuentas públicas y la crisis de la convertibilidad en Argentina” (with M. Damill and R. Frenkel), Desarrollo Económico, 170, (43), Buenos Aires, 2003.
Working Papers
"The Role of Currencies in External Balance Sheets" (with C. Allen). [Data: currency composition of the international investment position by country from 1990 to 2020] [NEW]
Supersedes: "Currencies of External Balance Sheets" [IMF Working Paper here]
Work in Progress
"Commodity Prices and Fiscal (Pro)Cyclicality" (with F. Di Pace and I. Petrella)
Dormant Papers
"Export Market Diversification and Productivity Improvements. Theory and Evidence from Argentinean Firms"
"Cross-Border Currency Exposures. New Evidence Based on an Enhanced and Updated Dataset" (with A. Benetrix, D. Gautam and M. Schmitz) [IMF WP paper here] [Data here]
Media Coverage
“Quality, Trade, and Exchange Rate Pass-Through” received media coverage from:
Financial Times: Rich Economies Question Faith in Power of Lower Exchange Rates, March 2015.
"Speculation in the Oil Market" received media coverage from:
The Washington Post Wonkblog: Was Wall Street to Blame for High Oil Prices?, October 2011.
The Washington Post Wonkblog: Are Speculators to Blame for High Gas Prices?, March 2012.
ABC News: Gas Prices Spiked by Speculators, Congressmen Claim, March 2012.
SFGATE: Wall Street Speculation Blamed for Gas Price Spike, March 2012.
LATimes: Obama Proposes Steps to Curb Oil Market Manipulation, April 2012.
In addition, this paper caught the attention of lawmakers. A joint letter from 68 members of the U.S. Congress and Senate cites our paper to urge immediate action by the Commodity Futures Trade Commission (Mar. 2012) and a group of senators cite our paper in a letter to the Attorney General to encourage the administration to crack down on oil speculation (April 2012) .
We were delighted to have our paper commented by Lutz Kilian on Econbrowser. Click here for our response to Kilian.