Research

Publications

The Twin Ds: Optimal Default and Devaluation, with Seunghoon Na, Stephanie Schmitt-Grohe and Martin Uribe

(American Economic Review, forthcoming)

Interest Rate Swaps and Corporate Default, with Urban Jermann
(Journal of Economic Dynamics and Control, forthcoming)
(Awarded Lamfalussy Research Fellowship from European Central Bank) 

The Response of Sovevereign Bond Yields to U.S. Monetary Policy' (with Simon Gilchrist and Egon Zakrajsek)
(Economía Chilena, 2016, 19 (2), 102-126.)
"Monetary Policy through Asset Markets: Lessons from Unconventional Measures and Implications for an Integrated World", Conference Proceedings, 19th Annual conference of the Central Bank of Chile, Edited by Elias Albagli, Diego Saravia, and Michael Woodford.

Exchange Rate Policy and Foreign Bond Spreads in Developing Countries, with Samir Jahjah and Bin Wei
(Journal of Money, Credit and Banking, Vol 45 (7), 2013, 1275-1300)

A General Equilibrium Model Of Sovereign Default and Business Cycles,with Enrique Mendoza
(Quarterly Journal of Economics, (2012) 127 (2): 889-946.)
(earlier version: A Solution to the Disconnect between Country Risk and Business Cycles Theories          

Working Papers

Structural Adjustments and International Trade: Theory and Evidence from China, with Hanwei Huang and Jiandong Ju

The Two-Pillar Policy for the RMB, withUrban Jermann and Bin Wei

Export Dynamics in Large Devaluations, with George Alessandria and Sangeeta Pratap

U.S. Monetary Policy and International Bond Markets, with Simon Gilchrist and Egon Zakrajsek