Updated: April 2025
EMPLOYMENT
2010 – present: International Monetary Fund
2023 – present: Deputy Division Chief, Research Department
2021 – 2023: Senior Economist, African Department
2019 – 2021: Senior Economist, European Department
2016 – 2019: Economist, Research Department
2013 – 2016: Economist, Western Hemisphere Department
2012 – 2013: Economist, European Department
2010 – 2012: Economist, Fiscal Affairs Department
2008 (summer): Intern, European Department
2004-2006: Central Bank of Uruguay, Economist, Research Department.
EDUCATION
Ph.D. in Economics, European University Institute, 2010
M.A. in Economics, European University Institute, 2007
B.A. in Economics, Universidad de la República (Uruguay), 2004
SELECTED PUBLICATIONS
Peer-reviewed publications
Is Inflation Domestic or Global? Evidence from Emerging Markets, joint with R. Bems, F. Caselli, and F. Grigoli, International Journal of Central Banking 18(4): 125-163 (2022).
Reopening strategies, mobility and COVID-19 infections in Europe: panel data analysis, joint with J. Franks, C. Mulas-Granados, M. Patnam, and S. Weber. BMJ open 12, no. 2 (2022): e055938.
Expectations' Anchoring and Inflation Persistence, joint with R. Bems, F. Caselli, and F. Grigoli, Journal of International Economics 132 (2021).
Monetary Policy Credibility and Exchange Rate Pass-Through, joint with Y. Carrière-Swallow, N. Magud, and F. Valencia; International Journal of Central Banking 17(3): 61-94 (2021)
Growth Accelerations and Reversals in Emerging Market and Developing Economies: External Conditions and Domestic Amplifiers, joint with M. S. Nabar and M. Poplawski-Ribeiro, Open Economies Review (2020).
Gains from anchoring inflation expectations: Evidence from the taper tantrum shock, joint with R. Bems, F. Caselli, F. Grigoli; Economic Letters, Vol. 188, (2019).
Boom, Bust, Recovery: Forensics of the Latvia Crisis, joint with O. Blanchard and M. Griffiths, Brookings Papers on Economic Activity, Fall 2013, pp. 325-388.
Policy contributions
Sustaining Growth in an Aging World, Finance and Development Magazine, June 2025.
The Rise of the Silver Economy: Global Implications of Population Aging (April 2025 WEO); Video.
Understanding the Social Acceptability of Structural Reforms (October 2024 WEO); Video; Blog.
European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead (EUR Departmental Paper No 2022/004)
Europe’s Exit from Lockdowns: Early Lessons from the First Wave (October 2020 EUR REO)
Challenges for Monetary Policy in Emerging Markets as Global Financial Conditions Normalize (October 2018 WEO).
Manufacturing Jobs: Implications for Productivity and Inequality (April 2018 WEO); Video; VOX column.
Roads Less Traveled: Growth in Emerging Market and Developing Economies in a Complicated External Environment (April 2017 WEO).
Global Disinflation in an Era of Constrained Monetary Policy (October 2016 WEO).
Exchange Rate Pass-Through in Latin America (April 2016 REO).
Monetary policy in Latin America: Implications from Global Financial Integration, joint with Y. Carrière-Swallow), in Challenges for Central Banking: Perspectives from Latin America, edited by Y. Carrière-Swallow, H. Faruqee, L.I. Jácome, and K. Srinivasan, Washington, D.C.: International Monetary Fund, 2016.
To Hike or Not to Hike: Is That an Option for Latin America? Assessing Monetary Policy Autonomy (October 2015 REO).
The Commodity Price Bust: Fiscal and External Implications for Latin America (April 2015 REO).
After the Boom—Commodity Prices and Economic Growth in Latin America and the Caribbean (April 2014 REO).
Working Papers:
Private Participation and its Discontents: Insights from Large-Scale Surveys, joint with S. Albrizio, H. Balima, E. Huang, and C. Ladreit; IMF Working Paper No. 24/216, October 2024.
Shifting Perceptions: Unpacking Public Support for Immigrant Workers Integration in the Labor Market, joint with S. Albrizio, H. Balima, E. Huang, and C. Ladreit; IMF Working Paper No. 24/217, October 2024.
Monetary Policy Surprises and Inflation Expectation Dispersion, joint with F. Grigoli and S. Lizarazo; IMF Working Paper No. 20/252, November 2020
Exiting from Lockdowns: Early Evidence from Reopenings in Europe, joint with J. Franks, C. Mulas-Granados, M. Patnam, and S. Weber; IMF Working Paper No. 20/218, October 2020
Commodity Terms of Trade: A New Database, joint with S. Kebhaj; IMF Working Paper No. 19/21, January 2019
Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency, joint with S. Brito and Y. Carrière-Swallow; IMF Working Paper No. 18/24, January 2018.
U.S. Monetary Policy Normalization and Global Interest Rates, joint with C. Caceres, Y. Carrière-Swallow, and I. Demir; IMF Working Paper No. 16/195, September 2016.
Global Financial Conditions and Monetary Policy Autonomy, joint with C. Caceres, and Y. Carrière-Swallow; IMF Working Paper No. 16/108, June 2016.
Does Supply or Demand Drive the Credit Cycle? Evidence from Central, Eastern, and Southeastern Europe, joint with G. Everaert, N. Che, N. Geng, G. Impavido, Y. Lu, C. Saborowski, J. Vandenbussche, and L. Zeng, IMF Working Paper No. 15/15, January 2015.
After the Boom—Commodity Prices and Economic Growth in Latin America and the Caribbean, IMF Working Paper No. 14/154, August 2014.
Macroeconomic and Welfare Costs of U.S. Fiscal Imbalances, joint with J. L. Torres, IMF Working Paper No. 12/38, January 2012.
Regime Switching Interest Rates and Fluctuations in Emerging Markets, joint with K. Mertens, EUI Working Papers 2009/22, June 2009.
The Volatility Costs of Procyclical Lending Standards: An Assessment Using a DSGE Model, joint with S. Sgherri, IMF Working Paper No. 09/35.
Language: Spanish (native) / English (proficient) / French (fluent) / Italian (intermediate).
Software: Matlab / GAUSS / STATA / EViews / LaTeX