Working Papers
Helicopter Drops and Liquidity Traps, with Manuel Amador, March 2023
A Theory of Fear of Floating, with Louphou Coulibaly, January 2023
International Sanctions and Dollar Dominance, with Cesar Sosa-Padilla
Bank Runs, Fragility, and Credit Easing, with Manuel Amador, March 2022 [Sildes]
Revisions Requested, American Economic Review
Reserve Accumulation, Macroeconomic Stabilization and Sovereign Risk, with Cesar Sosa-Padilla, August 2022
Accepted, Review of Economic Studies [Twitter thread]
On Wars, Sanctions and Sovereign Default, with Cesar Sosa-Padilla , April 2022 [Twitter thread]
Accepted for Carnegie-Rochester-NYU 100th Conference on Public Policy
Scrambling for Dollars: International Liquidity, Banks and Exchange Rates, with Saki Bigio and Charles Engel, November 2022
Liquidity Traps, Prudential Policies, and International Spillovers, with Louphou Coulibaly, May 2022 [Slides]
A Macroprudential Theory of Foreign Reserve Accumulation, with Fernando Arce and Julien Bengui
Revisions Requested, AEJ Macro
Settlement Frictions and Portfolio Theory, with Saki Bigio
Overborrowing, Financial Crises and Macro-prudential Policy, with Enrique Mendoza, June 2010
Accepted, Review of Economic Studies [Twitter thread]
On Wars, Sanctions and Sovereign Default, with Cesar Sosa-Padilla , April 2022 [Twitter thread]
Accepted for Carnegie-Rochester-NYU 100th Conference on Public Policy
Scrambling for Dollars: International Liquidity, Banks and Exchange Rates, with Saki Bigio and Charles Engel, November 2022
Liquidity Traps, Prudential Policies, and International Spillovers, with Louphou Coulibaly, May 2022 [Slides]
A Macroprudential Theory of Foreign Reserve Accumulation, with Fernando Arce and Julien Bengui
Revisions Requested, AEJ Macro
Settlement Frictions and Portfolio Theory, with Saki Bigio
Overborrowing, Financial Crises and Macro-prudential Policy, with Enrique Mendoza, June 2010
Work in Progress (slides)
Foreign Reserve Management, with Manuel Amador, Luigi Bocola, and Fabrizio Perri
``Demand Imbalances, Global Inflation and Monetary Policy Coordination',' with Louphou Coulibaly
``Demand Imbalances, Global Inflation and Monetary Policy Coordination',' with Louphou Coulibaly
Journal Articles
Fiscal Stimulus under Sovereign Risk, with Pablo Ottonello and Ignacio Presno, May 2021
Forthcoming, Journal of Political Economy
Macroprudential Policy with Leakages, with Julien Bengui
Journal of International Economics
The Prudential Use of Capital Controls and Foreign Currency Reserves, with Guido Lorenzoni [Slides] [link published]
V Handbook of International Economics
Banks, Liquidity Management and Monetary Policy, with Saki Bigio
Econometrica, 2022
Monetary Independence and Rollover Crises, with Jorge Mondragon [Slides]
Quarterly Journal of Economics, 2022
The Region summary
A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature, with Enrique Mendoza,
Review of Economic Dynamics, 2020
Exchange Rate Policies at the Zero Lower Bound, with Manuel Amador, Luigi Bocola, and Fabrizio Perri
Review of Economic Studies, 2020 (Featured Article) Older working paper
Financial Safety Nets, with Julien Bengui and Louphou Coulibaly
International Economic Review, 2019
The Region summary
International Reserves and Rollover Risk, with Juan Carlos Hatchondo and Leonardo Martinez
American Economic Review, 2018
Optimal Time-Consistent Macroprudential Policy, with Enrique Mendoza
Journal of Political Economy, 2018
Efficient Bailouts?
American Economic Review, 2016 (Lead Article)
The Region summary
Reverse Speculative Attacks, with Manuel Amador, Luigi Bocola, and Fabrizio Perri
Journal of Economics, Dynamics and Control, 2016
The Region summary [Code]
Fundamentals News, Global Liquidity and Macroprudential Policy, with Chenxin Liu and Enrique Mendoza
Journal of International Economics, 2016
Macro-prudential Policy in a Fisherian Model of Financial Innovation, with Emine Boz and Enrique Mendoza
IMF Economic Review, 2012
Overborrowing and Systemic Externalities in the Business Cycle
American Economic Review, 2011 [Appendix] [Matlab Code]
Credit Externalities: Macroeconomic Effects and Policy Implications
American Economic Review, Papers and Proceedings, 2010
International Economic Review, 2019
The Region summary
International Reserves and Rollover Risk, with Juan Carlos Hatchondo and Leonardo Martinez
American Economic Review, 2018
Optimal Time-Consistent Macroprudential Policy, with Enrique Mendoza
Journal of Political Economy, 2018
Efficient Bailouts?
American Economic Review, 2016 (Lead Article)
The Region summary
Reverse Speculative Attacks, with Manuel Amador, Luigi Bocola, and Fabrizio Perri
Journal of Economics, Dynamics and Control, 2016
The Region summary [Code]
Fundamentals News, Global Liquidity and Macroprudential Policy, with Chenxin Liu and Enrique Mendoza
Journal of International Economics, 2016
Macro-prudential Policy in a Fisherian Model of Financial Innovation, with Emine Boz and Enrique Mendoza
IMF Economic Review, 2012
Overborrowing and Systemic Externalities in the Business Cycle
American Economic Review, 2011 [Appendix] [Matlab Code]
Credit Externalities: Macroeconomic Effects and Policy Implications
American Economic Review, Papers and Proceedings, 2010
Other Publications
Comment on `Macroeconomic Volatility and External Imbalances', by Alessandra Fogli and Fabrizio Perri
Journal of Monetary Economics, March 2015
Comment on 'The Risk Channel of Monetary Policy', by Oliver de Groot
International Journal of Central Banking, June 2014
Comment on `Capital Account Policies and the Real Exchange Rate', by Olivier Jeanne
NBER International Seminar on Macroeconomics, August 2012
Journal of Monetary Economics, March 2015
Comment on 'The Risk Channel of Monetary Policy', by Oliver de Groot
International Journal of Central Banking, June 2014
Comment on `Capital Account Policies and the Real Exchange Rate', by Olivier Jeanne
NBER International Seminar on Macroeconomics, August 2012
Other Writings:
Understanding the Russian Debt Default Dilemma , Minneapolis Fed, March 2022
The economic models come to Moscow, Minneapolis Fed, March 2022
Interview with Study Center Gerzensee, September 2021
Spanish:
Austerity vs. Stimulus Dilemma, Economia y Mercado, October 2021
Rollover Crises, Economia y Mercado, January 2019
International Reserves, Economia y Mercado, August 2012