Research

Working Papers: 

Relationship Lending : Characteristics and Real Effects  (with Miguel Acosta-Henao and Manuel Taboada), December 2023 . 

Export Growth and Aggregate Dynamics in Large Devaluations (with George Alessandria and Vivian Yue), May 2015. 

Published and Forthcoming Papers: 

Four Facts about Relationship Lending (with Miguel Acosta-Henao and Manuel Taboada), Journal of Corporate Finance, 2023, 80, 102415.

Credit and Investment Distortions: Evidence from Mexican Manufacturing (with Felipe Meza and Carlos Urrutia),   Economics Letters, 2020, 197,  (Online Appendix)

An Estimated Structural Model of Entrepreneurial Behavior (with John Bailey Jones),   American Economic Review,  2020, 9, pp. 2859-2898.

(Featured in Richmond Fed Econ Focus) 

"Credit, Misallocation and Productivity Growth: A Disaggregated Analysis" (with Felipe Meza and Carlos Urrutia), Review of Economic Dynamics, 2019, 34, pp. 61-86.

“Financial Frictions and Total Factor Productivity: Accounting for the real effects of financial crises” (with Carlos Urrutia), Review of Economic Dynamics, 2012, 3, pp. 336-358.

 “Financial Crises and Labor Market Turbulence” (with Erwan Quintin), Journal of Monetary Economics, 2011, 6-8, pp. 601-615.

 “Labor Markets in Turbulent Times: Some Evidence from Mexico” (with Erwan Quintin) Southwest Economy, Issue 5, September/October 2008

“The Informal Sector in Developing Countries: Output, Assets and Employment” (with Erwan Quintin), in J. Davis (ed).   Personal Wealth from a Global Perspective, 2008, Oxford University Press

“Are Labor Markets Segmented in Argentina? A Semi Parametric Approach” (with Erwan Quintin) European Economic Review, 2006, 7, pp. 1817-1841.

“Financial Market Discipline in Early 20th Century Mexico” (with Astrid Luce and Elisabeth Huybens) Journal of Economic History, 2005, 3, pp. 757-778.

“Firm Dynamics, Investment & Debt Portfolios: Balance Sheet Effects of the Mexican Crisis of 1994” (with Carlos Urrutia) Journal of Development Economics, 2004, 2, pp. 535-563.  (also published as NBER Working Paper 10523)

“Debt Composition and Balance Sheet Effects of Exchange Rate Volatility in Mexico: A Firm Level Analysis,” (with I. Lobato and A Somuano) Emerging Markets Review, 2003, 4, pp. 450-471

“Do Adjustment Costs Explain Investment-Cash Flow Insensitivity?” Journal of Economic Dynamics and Control, 2003, 27, pp. 1993-2006

“Firm Investment under Imperfect Capital Markets: A Structural Estimation” (with Silvio Rendon) Review of Economic Dynamics, 2003, 6, pp. 513-545.