Research

Financial Crises, Dollarization, and Lending of Last Resort in Open Economies
with Luigi Bocola, May 2018
Slides
Short presentation

Slow Moving Debt Crises
with Iván Werning, July 2018

Financial-Frictions, Investment and Tobin’s q
with Dan Cao and Karl Walentin
Journal of Monetary Economics, 103: 105-122, 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