Research
Working papers:
Technological Rivalry and Optimal Dynamic Policy in an Open Economy, with Keyu Jin and Dan Lu, July 2024, resubmitted
World Financial Cycles, with Patrick Kehoe, Pierlauro Lopez, Fabrizio Perri, April 2024
Demand Shocks that Look Like Productivity Shocks, with Jose-Victor Rios-Rull and Kjetil Storesletten, updated February 2024, resubmitted
Sovereign Default Risk and Firm Heterogeneity, with Cristina Arellano and Luigi Bocola, updated February 2024, conditionally accepted Journal of the European Economic Association
Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default), with Cristina Arellano and Gabriel Mihalache, updated July 2024, submitted
Optimal Trade Policy with International Technology Diffusion, with Keyu Jin, Dan Lu, and Hanxi Wang, Oct 2023, submitted
Do Financial Frictions Explain Chinese Firms' Saving and Misallocation? with Dan Lu and Xu Tian, under revision
Sovereign Risk Contagion, with Cristina Arellano and Sandra Lizarazo
The Maturity and Payment Schedule of Sovereign Debt, with Seon Tae Kim and Gabriel Mihalache, 2014
Publications
Misallocation under Trade Liberalization, with Keyu Jin and Dan Lu, April 2023, accepted American Economic Review 114.7 (2024): 1949-1985
Deadly Debt Crises: COVID-19 in Emerging Markets, with Cristina Arellano and Gabriel Mihalache, forthcoming Review of Economic Studies
COVID-19 Vaccination and Financial Frictions, with Cristina Arellano and Gabriel Mihalache, IMF Economic Review 71.1 (2023): 216:242
Migration and Sovereign Default Risk, with George Alessandria and Minjie Deng, 2020, Journal of Monetary Economics (Carnegie-Rochester-NYU Series on Public Policy)
Financial Frictions and Fluctuations in Volatility, with Cristina Arellano and Patrick Kehoe, 2019, Journal of Political Economy, 127(5): 2049-2103
Default Risk, Sectoral Reallocation, and Persistent Recessions, with Cristina Arellano and Gabriel Mihalache, 2018, Journal of International Economics 112: 182-199
The Payment Schedule of Sovereign Debt, with Seon Tae Kim and Gabriel Mihalache, 2017, Economic Letters
Fiscal Austerity during Debt Crises, with Cristina Arellano, November 2016, Economic Theory
Demand Shocks and Open Economy Puzzles, with Jose-Victor Rios-Rull, 2015, American Economic Review Papers and Proceedings, 105(5): 644-649
Renegotiation Policies in Sovereign Defaults, with Cristina Arellano, 2014, American Economic Review Papers and Proceedings, 104(5): 94-100
Discussion on "Gross Capital Flows: Dynamics and Crises" by Broner, Didier, Erce, and Schmukler, Journal of Monetary Economics, 60 (2013) 134-137
Financial Integration and International Risk Sharing, with Jing Zhang, 2012, Journal of International Economics 86, 17-32
Firm Dynamics and Financial Development, with Cristina Arellano and Jing Zhang 2012, Journal of Monetary Economics 59 (6)
Duration of Sovereign Debt Renegotiation, with Jing Zhang, 2012, Journal of International Economics 86 (2), 252-268
Solving the Feldstein-Horioka Puzzle with Financial Frictions, [Technical Appendix], with Jing Zhang, 2010, Econometrica 78(2), March 2010, 603-632, slides