Research
Publications:
NEW: "The Global Financial Cycle and Capital Flows during the COVID-19 Pandemic" (with Scott Davis)
European Economic Review 156 (2023) 104477, special issue on COVID-19, July 2023
"Cross-Border Banking Flows and Monetary Policy" (with Ricardo Correa, Teodora Paligorova, and Horacio Sapriza)
Review of Financial Studies 35(1), pp. 438-481, January 2022 [WP version] [Online Appendix]
"Offshoring, Automation, Low-Skilled Immigration, and Labor Market Polarization" (with Federico Mandelman)
American Economic Journal: Macroeconomics 14(1), pp. 355-389, January 2022 [WP version] [Online Appendix]
Media coverage: Washington Post (January 2016), Chicago Tribune (January 2016)
"Wholesale Funding Runs, Global Banks' Supply of Liquidity Insurance, and Corporate Investment" (with Ricardo Correa and Horacio Sapriza)
Journal of International Economics 133, November 2021 [WP version]
Media coverage: Richmond Fed Econ Focus (2022:Q1)
"Monetary Policy Divergence and Net Capital Flows: Accounting for Endogenous Policy Responses" (with Scott Davis)
Journal of International Money and Finance 94, pp. 15-31, June 2019 [WP version]
"International Financial Spillovers to Emerging Market Economies: How Important Are Economic Fundamentals?" (with Shaghil Ahmed and Brahima Coulibaly)
Journal of International Money and Finance 76, pp. 133-152, September 2017 [WP version]
Media coverage: WSJ (May 2015), WSJ (Feb 2014), Fed's MPR (Feb 2014), YouTube video (December 2015), The Economist (Mar 2021)
"Macroprudential Policy: Case Study from a Tabletop Exercise" (with Tobias Adrian, Patrick de Fontnouvelle, and Emily Yang)
FRBNY Economic Policy Review 23(1), pp. 1-30, February 2017 [WP version]
Media coverage: WSJ1 WSJ2 (December 2015)
"Offshore Production and Business Cycle Dynamics with Heterogeneous Firms"
Journal of International Economics 100, pp. 34-49, May 2016 [WP version] [Appendix]
"Capital Flows to Emerging Market Economies: A Brave New World?” (with Shaghil Ahmed)
Journal of International Money and Finance 48, pp. 221-248, November 2014 [WP version]
Media coverage: Economist Blog (Feb 2014), EconoMonitor (Oct 2014)
“Financial Frictions, Trade Credit, and the 2008-09 Global Financial Crisis” (with Brahima Coulibaly and Horacio Sapriza)
International Review of Economics and Finance 26, pp. 25-38, April 2013 [WP version]
“Immigration, Remittances, and Business Cycles” (with Federico Mandelman)
Journal of Monetary Economics 59(2), pp. 196-213, March 2012 [WP version] [Appendix]
Working papers:
NEW: "Slowdown in Immigration, Labor Shortages, and Declining Skill Premia" (with Federico Mandelman, Yang Yu, and Francesco Zanetti), January 2024, Atlanta Fed Working Paper 2024-1.
NEW: "Motivating Banks to Lend? Credit Spillover Effects of the Main Street Lending Program" (with Camelia Minoiu and Rebecca Zarutskie), January 2024. [FEDS Working Paper 2021-078, December 2021]
"Bank Deposit Flows to Money Market Funds and ON RRP Usage during Monetary Policy Tightening" (with Luke Morgan, Anthony Sarver, Manjola Tase), FEDS Working Paper 2022-060, September 2022.
"Reach for Yield by U.S. Public Pension Funds" (with Lina Lu, Matt Pritsker, Ken Anadu, and Jim Bohn), June 2019
Media coverage: Financial Times (November 2019), Reason Foundation (September 2019), Institutional Investor (July 2019), Benefits Canada (July 2019).
Award: Best Paper in Financial Stability, Sydney Banking and Financial Stability Conference (December 2019).
"Decomposing International Portfolio Flows" (with Shaghil Ahmed, Stephanie Curcuru, and Frank Warnock), dataset on capital flow management measures: 2002:Q1-2012:Q4, 19 countries.
"Financial Performance and Macroeconomic Fundamentals in Emerging Market Economies over the Global Financial Cycle" (with Scott Davis)
Work in progress:
"Euro Area Banks' Internal Capital Markets, Funding Shocks, and Lending to Firms: Evidence from an Emerging European Economy" (with Irina Mihai, Central Bank of Romania)
"Soft and Hard Macroprudential Policies: Evidence from Residential Mortgage Lending in Poland" (with Piotr Waclaw Banbula, Central Bank of Poland)
"International Shocks and Firm-Level Volatility" (with Christopher Kurz and Mine Senses)
"Offshore Production and Exchange Rate Dynamics with Heterogeneous Firms"
Other works:
"Macroprudential Policy: Results from a Tabletop Exercise" (with D. Duffy, J. Haubrich, A. Kovner, A. Musatov, E. Prescott, R. Rosen, T. Tallarini, A. Vardoulakis, and E. Yang), Cleveland Fed Working Paper 19-11, May 2019
"Economic Aspects of International Labor Migration" (with Federico Mandelman, book review of Artal-Tur, Peri, and Requena-Silvente, 2014, and Borjas, 2014), International Finance, 20(1), pp. 100-112, May 2017
"The Slump in Undocumented Immigration to the United States" (with Federico Mandelman), Atlanta Fed's Macroblog, October 5, 2016.
Media coverage: Business Insider and Economist's View (October 2016)
"Real Convergence in Central, Eastern and South-Eastern Europe: A Production Function Approach” (with Magdalena Morgese Borys and Eva Katalin Polgar), chapter in volume “Real Convergence in Central, Eastern and South-Eastern Europe,” co-edited by Reiner Martin and Adalbert Winkler, Palgrave-Macmillan Press, February 2009.
“Real Convergence and the Determinants of Growth in the EU Candidate and Potential Candidate Countries: A Panel Data Approach” (with Magdalena Morgese Borys and Eva Katalin Polgar), Occasional Paper No. 86, European Central Bank (refereed series), June 2008.
"Explorations into the Production of State Government Services: Education, Welfare, Hospitals” (with Richard W. Tresch), Working Paper No. 679, Economics Department, Boston College, November 2007.
"Antidumping – Prospects for Discipline from the Doha Negotiations” (with J. Michael Finger), Journal of World Investment and Trade 6(4), pp. 531-548, August 2005.
Discussions:
"Bank Incentives and the Effect of the Paycheck Protection Program” by Gustavo Joaquim and Felipe Netto, IBEFA-WEAI, Portland, OR (06/30/2022).
“A Macro-Finance Model with Realistic Crisis Dynamics” by Goutham Gopalakrishna, FMA International Annual Conference, Denver CO (10/20/2021).
"The Optimal Allocation of Relief Funds: the Case of the Paycheck Protection Program” by Gustavo Joaquim and Felipe Netto, Atlanta Fed-Georgia State University workshop on “How is the Covid-19 experience changing finance?” (10/08/2021).
"The Credit Channel Through the Lens of a Semi-Structural Model" by Francisco Arroyo Marioli, J. Sebastian Becerra, and Matias Solorza, CEMLA-FRBNY-ECB Conference on Economic and Monetary Policy in Advanced and Emerging Market Economies in the times of COVID-19 (07/07/2021).
"The Drivers and Risks of Household Debt" by Kearns, Major, and Norman, Sydney Banking and Financial Stability Conference (12/13/2019).
"Stock Market Liberalization and Export Dynamics" by Jaud, Kukenova, and Strieborny, FMA Annual Meeting 2018, San Diego (10/13/2018).
"Risk Governance and Proactive Risk Taking: Evidence from bank Loan Contracts" by Hasan, Li, Liu, and Zhu, FMA Annual Meeting 2018, San Diego (10/11/2018).
“Portfolio Inflows Eclipsing Banking Inflows: Alternative Facts?” by Eugenio Cerutti and Gee Hee Hong, ECB - Emerging Markets Group Workshop on International Capital Flows: Drivers and Policy Responses, Cass Business School, London (05/03/2018).
“Oil Price Shocks: Bank Size and Firm Size Effects” by Bert Smoluk, 2017 Financial Management Association Annual Meeting, Boston, MA (10/12/2017).
Chicago Financial Institutions Conference (03/31/2017).
“Managing capital flows in the presence of external risks” by Ricardo Reyes-Heroles and Gabriel Tenorio, SCIEA, Dallas Fed/El Paso branch (03/30/2017).
"Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence" by Galip Kemal Ozhan, CEBRA/WEAI, Portland, OR (07/02/2016)
“The Transmission of Monetary Policy within Banks: Evidence from India” by Abhiman Das, Prachi Mishra, and N.R. Prabhala, NIPFP-DEA Research Meeting, Rajasthan, India (12/12/2015). [YouTube video]
“Multinational Firms and International Business Cycle Transmission” by Javier Cravino and Andrei Levchenko, Atlanta Fed-NYU Workshop in International Economics (12/12/2014).
“Trade Barriers and the Relative Price of Tradables” by Michael Sposi, SCIEA, Boston Fed (05/29/2014).
“Trilemma Stability and International Macroeconomic Archetypes” by Helen Popper, IBEFA/ASSA, Philadelphia (01/04/2014).
“A Global Database of Foreign Affiliate Activity,” by Tani Fukui and Csilla Lakatos, Washington Area International Trade Symposium, George Washington University (04/06/2012).
“Workers’ Remittances and the Equilibrium Real Exchange Rate: Theory and Evidence,” by Adolfo Barajas, Ralph Chami, Dalia Hakura, and Peter Montiel, Research Conference on Remittances and Immigration, Atlanta Fed (11/06/2010).
“Making Fair Trade More Effective at Generating Long-Term Benefits in a Disequilibrium Market” by Alain deJanvry, Craig McIntosh, and Elizabeth Sadoulet, NEUDC, Tufts University (11/08/2009).
Letters:
"EU timetable pays off in reforms," Financial Times, letter to the editor, September 18, 2006. [FT version]
"Patents not to blame for cost of drugs," Financial Times, letter to the editor, June 26, 2004. [FT version]