Research
Publications and conditionally accepted
Bankruptcy Resolution and Credit Cycles, with Martin Kornejew, Chen Lian, Yueran Ma, and Diego Perez, forthcoming at the NBER macro annual 2024
Financial Intermediaries and the Macroeconomy: Evidence from a High-Frequency Identification, with Wenting Song, conditional accepted, Economic 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
The Exchange Rate as an Industrial Policy, with Diego Perez and William Witheridge
Global Borrowing Costs and Firms’ Risk in Open Economies, with Caitlin Hegarty, Matias Moretti, and Diego Perez
Capital, Ideas, and the Costs of Financial Frictions, with Thomas Winberry, NBER wp 32056
Illiquid Lemon Markets and the Macroeconomy, with Aimé Bierdel, Andres Drenik, and Juan Herreño, NBER wp 31711, revise and resubmit, Journal of Political Economy
The Dynamics of Large Inflation Surges, with Andres Blanco and Tereza Ranosova, NBER wp 30555, revise and resubmit, Review of Economics and Statistics
Labor Market, Financial Crises, and Inflation: Jobless and Wageless Recoveries, with Guillermo Calvo and Fabrizio Coricelli, NBER wp 18480
Work in progress
Misallocation Over the Business Cycle, with Thomas Winberry (National Science Foundation grant 2018-2022, co-PI with Thomas Winberry)
External Crises, Investment, and Devaluations: A Heterogeneous-Firm Perspective, with Caitlin Hegarty, Matias Moretti, and Diego Perez