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I am an Assistant Professor at the Business School of Instituto Tecnológico Autónomo de México (ITAM)
Publications
Mortgage Design and Slow Recoveries: The Role of Recourse and Default
(with Pedro Gete)
The Review of Economic Studies, 91(2), March 2024, pp. 1039–1084. Featured in IE Insights
[Published version] [Online appendix]
Brief Summary: We show that mortgage recourse systems, by discouraging default, magnify the impact of nominal rigidities and cause deeper and more persistent recessions.
Distributional Implications of Government Guarantees in Mortgage Markets
(with Pedro Gete)
Review of Financial Studies, 31(3), March 2018, pp. 1064–1097. Featured in David Wessel's blog at the Brookings Institution.
Brief Summary: We find that the removal of credit-risk guarantees by government-sponsored enterprises increases wealth inequality, favoring high-income households and disadvantaging low- and mid-income households.
(with Mauricio Villena)
Journal of Economic Psychology, 32(3), June 2011, pp. 330–347.
Brief Summary: We find that providing information about individuals' efforts and profits in a common pool resource game leads to higher effort levels. A combination of learning and imitation rules explains the adjustments in individual effort levels.
Working Papers
From Flipping to Holding: Dynamic Strategies of Retail Housing Investors
(with Carlos Garriga, Pedro Gete, and Athena Tsouderou), 2026
Brief Summary: We show in a dynamic model that credit conditions, rental yields, and financial returns shift housing investors between flipping and rent-and-hold strategies, and validate these mechanisms using U.S. deed records.
Work in Progress
Real Estate Investors, Rental Markets, and Monetary Policy
(with Carlos Garriga and Pedro Gete), 2025
Brief Summary: We develop a HANK model with rental markets and housing investors, showing that monetary tightening can raise rents and even become inflationary through shelter costs, while amplifying real effects.
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