Hello, I recently moved to the University of Chicago Booth School of Business and my new webpage is here.
Recent research
Monetary Policy in Times of Structural Reallocation
with Veronica Guerrieri, Ludwig Straub, and Iván Werning
Prepared for Jackson Hole Economic Symposium, September 2021
Slides
[Economist, NYT]
The Prudential Use of Capital Controls and Foreign Currency Reserves
with Javier Bianchi
Forthcoming in Handbook of International Economics Vol. V
September 2021
Slides
Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages
with Veronica Guerrieri, Ludwig Straub, and Iván Werning
September 2021, forthcoming, AER
Slides
[NYT, Economist, FT, WaPo, NYT]
Risk Sharing Externalities
with Luigi Bocola, April 2021
Slides
Published work
Slow Household Deleveraging
with Veronica Guerrieri and Marta Prato
Journal of the European Economic Association, November 2020
Appendix and codes
Financial Crises, Dollarization, and Lending of Last Resort in Open Economies
with Luigi Bocola
American Economic Review, August 2020
Slides
Short presentation
Slow Moving Debt Crises
with Iván Werning, July 2018
American Economic Review, 109(9), September 2019
Financial-Frictions, Investment and Tobin’s q
with Dan Cao and Karl Walentin
Journal of Monetary Economics, 103, May 2019
Financial Integration and Liquidity Crises
with Fabio Castiglionesi and Fabio Feriozzi
Management Science: Finance, 65(3), March 2019
House Prices and Consumer Spending
with David Berger, Veronica Guerrieri and Joe Vavra
Review of Economic Studies, 85(3): 1502–1542, July 2018
Moral Hazard Misconceptions: the Case of the Greenspan Put
with Gideon Bornstein,
IMF Economic Review, 66(2): 251-286, June 2018
Credit Crises, Precautionary Savings, and the Liquidity Trap
with Veronica Guerrieri
Quarterly Journal of Economics, 132(3): 1427–1467, August 2017
Online Appendix
Matlab codes
Short-run Effects of Lower Productivity Growth. A Twist on the Secular Stagnation Hypothesis
with Olivier J. Blanchard and Jean Paul L’Huillier
Journal of Policy Modeling, 39(4): 639–649, July 2017
Coverage: WSJ, Le Monde
Saving Distortions, Undervalued Exchange Rates, and Protectionism
with Arnaud Costinot and Iván Werning
in Global Liquidity, Spillovers to Emerging Markets and Policy Responses, eds. C. Raddatz, D. Saravia, J. Ventura, Banco Central do Chile, 2015
International Financial Crises
Handbook of International Economics, Volume 4, eds. G. Gopinath, E. Helpman, K. Rogoff, 2014, 689-740
Decentralized Trading with Private Information, with Michael Golosov and Aleh Tsyvinski
Econometrica, 82(3): 1055-1091, May 2014
Supplementary material
Persistent Appreciations and Overshooting: A Normative Analysis
with Ricardo J. Caballero
IMF Economic Review, 62(1): 1-47, April 2014
A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation
with Arnaud Costinot and Iván Werning
Journal of Political Economy, 122(1): 77-1, February 2014
News, Noise, and Fluctuations: An Empirical Exploration
with Olivier J. Blanchard and Jean-Paul L’Huillier
American Economic Review, 103(7): 3045-70, December 2013
Why Do Emerging Economies Borrow Short Term?
with Fernando Broner and Sergio Schmuckler
Journal of the European Economic Association, 11(1): 67-100, January 2013
News and Aggregate Demand Shocks
Annual Reviews, 3: 537-57, September 2011
Optimal Monetary Policy with Uncertain Fundamentals and Dispersed Information
Review of Economic Studies, 77(1), 305-338, January 2010
A Theory of Demand Shocks
American Economic Review, 99(5): 2050-84, December 2009
Liquidity and Trading Dynamics
with Veronica Guerrieri
Econometrica, 77(6): 1751-1790, November 2009
Bubbles and Self-Enforcing Debt
with Christian Hellwig
Econometrica, 77(4): 1137-1164, July 2009
Inefficient Credit Booms
Review of Economic Studies, 75(3): 809-833, July 2008