Current Research

Do Financial Frictions Explain Chinese Firms' Saving and Misallocation?
with Dan Lu and Xu Tian, updated March 2018

Sovereign Risk Contagion
with Cristina Arellano and Sandra Lizarazo, 2017

Default Risk, Sectoral Reallocation, and Persistent Recessions[slides]
with Cristina Arellano and Gabriel Mihalache, 2017

Sovereign Default Risk and Firm Heterogeneity, [slides]
with Cristina Arellano and Luigi Bocola, 2017

Financial Frictions and Fluctuations in Volatility
with Cristina Arellano and Patrick Kehoe, updated January 2018

Demand Shocks that Look Like Productivity Shocks
with Jose-Victor Rios-Rull and Kjetil Storeslettenupdated May 2017

The Maturity and Payment Schedule of Sovereign Debt
with Seon Tae Kim and Gabriel Mihalache, 2014


Solving the Feldstein-Horioka Puzzle with Financial Frictions, [Technical Appendix]
with Jing Zhang, 2010, Econometrica 78(2), March 2010, 603-632

Duration of Sovereign Debt Renegotiation
with Jing Zhang, 2012, Journal of International Economics 86 (2), 252-268

Firm Dynamics and Financial Development
with Cristina Arellano and Jing Zhang 2012, Journal of Monetary Economics 59 (6)

Financial Integration and International Risk Sharing
with Jing Zhang, 2012, Journal of International Economics 86, 17-32

with Cristina Arellano, 2014, American Economic Review Papers and Proceedings, 104(5): 94-100

Demand Shocks and Open Economy Puzzles
with Jose-Victor Rios-Rull, 2015
 American Economic Review Papers and Proceedings, 105(5): 644-649

Fiscal Austerity during Debt Crises
with Cristina Arellano, November 2016, Economic Theory 

with Seon Tae Kim and Gabriel Mihalache, 2017, Economic Letters