E-Money and Payments Policy (with Charles M. Kahn and Russell Wong) [pdf] [slides

[Coming soon] 

Intraday Trade Dynamics in Short-term Funding Markets (with Mark Rempel) [pdf] [slides

We develop a general equilibrium model of overnight funding markets: the key to understand recent dislocations in funding rates is the segmentation of markets due to financial infrastructure and not issues of collateral. 

Foreign Reserves and Tail Risk (with Jorge Cruz Lopez). [pdf[slides] 

We propose a new direct methodology for the construction of foreign reserves portfolios: choose weights that maximize the portfolio’s expected mark-to-market value when assets are most likely to be liquidated.


Financial Development, Credit and Business Cycles (with Tiago Pinheiro and Marc Teignier). [long WP version pdf], [JMCB]

We show that financial development has a non-monotonic effect on the degree of amplification of credit cycles: they are most severe at intermediate levels of financial development. 



Distributed Ledger Technologies and E-money (remarks for FMIC II at the DNB, June 7-8, 2017)[pdf]


Fintech: is this time different? (with Meyer Aaron and Samantha Sohal),  Bank of Canada Discussion Paper, 2017-10[pdf[slides]

Management of Foreign Reserves:

The Canadian Dollar as Reserve Currency  (with Lukasz Pomorski and Eric Wolfe), Bank of Canada Review, Spring 2014. [pdf]

Modelling the Asset-Allocation and  Liability Strategy for Canada's Foreign Exchange Reserves  (with Jianjian Jin, Narayan Bulusu, Lukasz Pomorski), Bank of Canada Review, Spring 2013. [pdf]

The US Dollar Supranational Zero-Coupon Curve, Bank of Canada Discussion Paper, 2012-5. [pdf] [data]

A Model of the EFA Liabilities (with Oumar Dissou), Bank of Canada Discussion Paper, 2011-11. [pdf]


Limited Asset Market Participation and the Variation of Real Risk Premia. [pdf]

The Effects of Monopolies on Economic Growth (with Pablo Pena), Gaceta de Economia,  Fall 2009. 

An Empirical Analysis of the Law of One Price in Mexico (with Marco Gonzalez), Gaceta de Economia,  Fall 2004. [pdf]

Trade Creation and Trade Diversion of Preferential Agreements: New Estimates for NAFTA (with Jose M. Chavez), Gaceta de Economia,  Spring 2002.