Research


Working Papers

Default Risk, Sectoral Reallocation, and Persistent Recessions, with Yan Bai and Gabriel Mihalache, June 2017

Sovereign Default Risk and Firm Heterogeneity, with Yan Bai and Luigi Bocola, March 2017

Financial Frictions and Fluctuations in Volatility, with Yan Bai and Patrick Kehoe, December 2016

Linkages Across Sovereign Debt Markets, with Yan Bai, July 2014

Partial Default, with Xavier Mateos-Planas and Jose Victor Rios-Rull, October 2013

Credibility and the Maturity of Government Debt, with Yan Bai, Patrick Kehoe, and Ananth Ramanarayanan, July 2013


Publications

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.