Research

Publications:

• "Why are Credit-Driven Crises Deep and Long-Lasting?". (joint with Kathleen Odell) 2022.  The Quarterly Journal of Ecnomics and Finance. Vol. 90, August 2023. Pages 233-246. Download 

• "Illiquid Investments and the Non-Monotone Relationship Between Finance and Growth". (joint with Kathleen Odell) 2022.  Journal of Macroeconomics. Vol. 74, December 2022. Pages 103459 Download

• "A Liquidity Crunch in an Endogenous Growth Model with Human Capital".  The Southern Economic Journal. Vol. 8, Issue 3, January 2022. Download

• "Signaling in Monetary Policy near the Zero Lower Bound". (joint with Javier Nuñez). The B.E. Journal of  Macroeconomics. (Advances) Vol. 20(1). January, 2020. Download

•  "On Financial Deepening and Long-Run Growth". Journal of Economics, Springer. Vol. 123(3). April, 2018.  Pages 249-276. Download

• "Overcoming Financial Frictions with the Friedman Rule". Macroeconomic Dynamics. Vol. 22(8). December,  2018. Pages 2141-2181. Download

• "Asset Prices and Wealth Inequality in a Simple Model with Idiosyncratic Shocks". Estudios de Economía. Vol.44. No. 1. June, 2017. Pages 105-119. Download

• “Credit Frictions and Unexpected Credit Crunches”. Journal of Macroeconomics. Vol. 37. September, 2013.  Pages 161-181. Download

• “Chilean Labor Market Efficiency: An Earnings Frontier Approach”. (joint with Dante Contreras). Estudios de Economía. Junio 2003. Vol.30, No.1. Download

• “The Intertemporal Approach to the Current Account: Evidence for Chile”. Revista de Análisis Económico. Diciembre 2002 Vol.17, No.2. Download

• “Economías de Escala y de Ámbito en el Sistema Bancario Boliviano”. Controversias y Consensos: Revista de  Ciencias Sociales. 2000. Vol. 2, No. 1. Download

 Working Papers:

-      "Precautionary Money Demand in a Cash-in-Advance Model". 2020.  (R&R  requested by The Journal of Money, Credit and Banking ) Download

-     "El Impacto Macroeconómico de la Reforma al Impuesto a la Renta". 2022  (submitted) Download

-     "El Impacto Macroeconómico de la Desintegración Tributaria Total". 2022  (submitted) Download

-      "An Assessment of Aggregate Households's Portfolio Allocations". 2019. (preliminary and incomplete version) Download