Publications and conditionally accepted
Financial Intermediaries and the Macroeconomy: Evidence from a High-Frequency Identification, with Wenting Song, conditional accepted, Economic Journal. [Data]
The Dynamics of Large Inflation Surges, with Andres Blanco and Tereza Ranosova, The Review of Economics and Statistics, 2025, Mar 5, 1-31 [Link to journal]
Bankruptcy Resolution and Credit Cycles, with Martin Kornejew, Chen Lian, Yueran Ma, and Diego Perez, NBER Macroeconomics Annual 2024, Vol 39, Chapter 1 [Link to journal]
Fiscal Stimulus Under Sovereign Risk, with Javier Bianchi and Ignacio Presno, Journal of Political Economy, 2023, Vol 131, No 8. [Link to journal]
The Micro Anatomy of Macro Consumption Adjustments, with Rafael Guntin and Diego Perez, American Economic Review, 2023, Vol 81, No 8. [Link to journal]
Monetary Policy and Redistribution in Open Economies, with Xing Guo and Diego Perez, Journal of Political Economy Macroeconomics, 2023, Vol 1 No. 1, 191-241.
Are Collateral-Constraint Models Ready for Macroprudential Policy Design?, with Diego Perez and Paolo Varraso, Journal of International Economics, 2022, Vol 139
Capital Unemployment, conditionally accepted, Review of Economic Studies.
Global Banks and Systemic Debt Crises, with Juan Morelli and Diego Perez, Econometrica, 2022, Vol 90, No.2, 749-798. [Link to journal] [Submitted paper with appendices]
Optimal Exchange Rate Policy Under Collateral Constraints and Wage Rigidity Journal of International Economics, 2021, Vol 131 [Link to journal] [Submitted paper with appendices]
Financial Heterogeneity and the Investment Channel of Monetary Policy, with Thomas Winberry, Econometrica, 2020, Vol 88, No.6, 2473-2502 [Link to journal] [Submitted paper with appendices]
The Currency Composition of Sovereign Debt, with Diego Perez, AEJ: Macroeconomics, 2019, Vol 11, No. 3, 174-208
Systemic Sudden Stops: Crises and Recoveries in Emerging Markets, with Guillermo Calvo, in Macroeconomics in Times of Liquidity Crises, MIT press, 2016
Jobless Recoveries During Financial Crises: Is Inflation the Way Out?, with Guillermo Calvo and Fabrizio Coricelli, in Macroeconomic and Financial Stability: Challenges for Monetary Policy, Central Bank of Chile, 2014
Working papers
Firm Heterogeneity and Adverse Selection in External Finance: Micro Evidence and Macro Implications, with Xing Guo, Thomas Winberry, and Toni Whited, NBER wp 34019
Sudden Stops under the Microscope, with Cecilia Dassatti, Rodrigo Lluberas, and Diego Perez, prepared for the IMF 25th Jacques Polak Annual Research Conference
An Anatomy of Firms’ Political Speech, with Wenting Song and Sebastian Sotelo, NBER wp 32923
Capital, Ideas, and the Costs of Financial Frictions, with Thomas Winberry, NBER wp 32056, revise and resubmit, Journal of Political Economy
The Exchange Rate as an Industrial Policy, with Diego Perez and William Witheridge, NBER wp 32522
On the Real Transmission of the Global Financial Cycle, with Caitlin Hegarty, Matias Moretti, and Diego Perez
Illiquid Lemon Markets and the Macroeconomy, with Aimé Bierdel, Andres Drenik, and Juan Herreño, NBER wp 31711, revise and resubmit, Journal of Political Economy
Labor Markets, Financial Crises, and Inflation: Jobless and Wageless Recoveries, with Guillermo Calvo, Emilio Colombi, and Fabrizio Coricelli, [2012 version: NBER wp 18480]
Work in progress
Misallocation Over the Business Cycle, with Thomas Winberry