Working Papers
Tariffs
Reserve Accumulation, Macroeconomic Stabilization and Sovereign Risk with Cesar Sosa-Padilla, September 2020
Banks, Liquidity Management and Monetary Policy, with Saki Bigio, Revised July 2020
Revised and Resubmitted to Econometrica
Supplementary note: Settlement Frictions and Portfolio Theory
Fiscal Stimulus under Sovereign Risk, with Pablo Ottonello and Ignacio Presno, May 2020 [Slides]
Revise and Resubmit, Journal of Political Economy
A Macroprudential Theory of Foreign Reserve Accumulation, with Fernando Arce and Julien Bengui, August 2019
Monetary Independence and Rollover Crises, with Jorge Mondragon, August 2019 [Slides]
Revise and Resubmit, Quarterly Journal of Economics
The Region summary
Macroprudential Policy with Leakages, with Julien Bengui, September 2018
Overborrowing, Financial Crises and Macro-prudential Policy, with Enrique Mendoza, June 2010
Banks, Liquidity Management and Monetary Policy, with Saki Bigio, Revised July 2020
Revised and Resubmitted to Econometrica
Supplementary note: Settlement Frictions and Portfolio Theory
Fiscal Stimulus under Sovereign Risk, with Pablo Ottonello and Ignacio Presno, May 2020 [Slides]
Revise and Resubmit, Journal of Political Economy
A Macroprudential Theory of Foreign Reserve Accumulation, with Fernando Arce and Julien Bengui, August 2019
Monetary Independence and Rollover Crises, with Jorge Mondragon, August 2019 [Slides]
Revise and Resubmit, Quarterly Journal of Economics
The Region summary
Macroprudential Policy with Leakages, with Julien Bengui, September 2018
Overborrowing, Financial Crises and Macro-prudential Policy, with Enrique Mendoza, June 2010
Work in Progress (drafts coming soon)
Scrambling for Dollars: International Liquidity, Banks and Exchange Rates, with Saki Bigio and Charles Engel
Foreign Reserve Management with Zero Interest Rates, with Manuel Amador, Luigi Bocola, and Fabrizio Perri
Liquidity Traps and International Spillovers, with Louphou Coulibaly
Foreign Reserve Management with Zero Interest Rates, with Manuel Amador, Luigi Bocola, and Fabrizio Perri
Liquidity Traps and International Spillovers, with Louphou Coulibaly
Journal Articles
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 Link to Older version
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
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]
Credit Externalities: Macroeconomic Effects and Policy Implications
American Economic Review, Papers and Proceedings, 2010
Review of Economic Studies, 2020 Link to Older version
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
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]
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