Working Papers

Micro Risks and (Robust) Pareto Improving Policies, with Mark Aguiar and Manuel Amador, January 2023

Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default), with Yan Bai and Gabriel Mihalache, January 2020

Sovereign Default Risk and Firm Heterogeneity, with Yan Bai and Luigi Bocola, December 2020

Credibility and the Maturity of Government Debt, with Yan Bai, Patrick Kehoe, and Ananth Ramanarayanan, May 2019

Sovereign Risk Contagion, with Yan Bai and Sandra Lizarazo, January 2018


Deadly Debt Crises: COVID-19 in Emerging Markets, with Yan Bai and Gabriel Mihalache, accepted for publication, Review of Economic Studies, January 2023

Partial Default, with Xavier Mateos-Planas and José-Víctor Ríos-Rull, accepted for publication, Journal of Political Economy, August 2022

COVID-19 Vaccination and Financial Frictionswith Yan Bai and Gabriel Mihalache, IMF Economic Review, September 2022

Financial Frictions and Fluctuations in Volatility, with Yan Bai and Patrick Kehoe, Journal of Political Economy, September 2019

Default Risk, Sectoral Reallocation, and Persistent Recessions, with Yan Bai and Gabriel Mihalache, Journal of International Economics, May 2018

Fiscal Austerity during Debt Crises, with Yan Bai, Economic Theory, November 2016

Envelope condition method with an application to default risk models, with Lilia Malia, Serguei Maliar, and Viktor Tsyrennikov, Journal of Economic Dynamics & Control, June 2016

External and Public Debt Crises, with Andrew Atkeson and Mark Wright, NBER Macroeconomics Annual 2015

Renegotiation Policies in Sovereign Default, with Yan Bai, May 2014,  American Economic Review Papers and Proceedings

Internal Debt Crises and Sovereign Defaults, with Narayana Kocherlakota, March 2014, Journal of Monetary Economics

Firm Dynamics and Financial Development, with Yan Bai and Jing Zhang, October 2012, Journal of Monetary Economics

Default and the Maturity Structure in Sovereign Bonds, with Ananth Ramanarayanan, April 2012,  lead article, Journal of Political Economy 

Dollarization and Financial Integration, with Jonathan Heathcote, November 2009, Journal of Economic Theory

Default Risk and Income Fluctuations in Emerging Economies, March 2008, American Economic Review

The Dynamic Implications of Foreign Aid and its Variability, July 2007, with Aleš Bulíř, Timothy Lane, and Leslie Lipschitz, Journal of Development Economics

Credit Frictions and 'Sudden Stops' in Small Open Economies: An Equilibrium Business Cycle Framework for Emerging market Crises, with Enrique Mendoza, in Dynamic Macroeconomic Analysis: Theory and Policy in General Equilibrium ed. S.Altug, J. Chadha and C. Nolan, Cambridge University Press, November 2003.