Research

Working Papers

Official Sovereign Debt, with Leonardo Barreto, December 2024, paper

Pareto Improving Fiscal and Monetary Policies: Samuelson in the New Keynesian Model, with Mark Aguiar and Manuel Amador, July 2024, paper

Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default), with Yan Bai and Gabriel Mihalache, October 2024, paper

Sovereign Default Risk and Firm Heterogeneity, with Yan Bai and Luigi Bocola, February 2024, paper

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

Publications

Micro Risks and (Robust) Pareto Improving Policies, with Mark Aguiar and Manuel Amador, Accepted at American Economic Review, June 2024, paper, code

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

Partial Default, with Xavier Mateos-Planas and José-Víctor Ríos-Rull, Journal of Political Economy, June 2023, paper, online appendix

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

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

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

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

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, paper

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

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

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

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

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

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

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

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, paper

Older Working Papers

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