Research
Research
Working and published research
Research on monetary economics, fiscal and monetary policy, sovereign debt, banking and financial markets and dynamic contracts.
Working Papers
01
Monetary Policy and the COVID-19 Inflation Shock, with David Andolfatto.
02
Taxation and the Global Allocation of Intangibles, with Jesse LaBelle and Ana María Santacreu.
03
05
Time-Consistent Debt, with Per Krusell and José-Víctor Ríos-Rull.
Journal Publications
2025
Policy Rules and Large Crises in Emerging Markets, with Emilio Espino, Julian Kozlowski and Juan M. Sánchez. Journal of International Economics, 158, 104179.
2025
Domestic Policies and Sovereign Default, with Emilio Espino, Julian Kozlowski and Juan M. Sánchez. American Economic Journal: Macroeconomics, 17(3): 74–113.
2023
Welfare-Enhancing Inflation and Liquidity Premia, with David Andolfatto. Review of Economic Dynamics, 51: 1036–1047.
2023
External Shocks versus Domestic Policies in Emerging Markets, with Emilio Espino, Julian Kozlowski and Juan Sánchez. Federal Reserve Bank of St. Louis Review, 105(2): 108–121.
2023
The Economic Impact of COVID-19 around the World, with Juan M. Sánchez and Olivia Wilkinson. Federal Reserve Bank of St. Louis Review, 105(2): 74–88.
2022
The Blockchain Revolution: Decoding Digital Currencies, with David Andolfatto. Federal Reserve Bank of St. Louis Review, 104(3): 149–165.
2020
Money, Banking and Financial Markets, with David Andolfatto and Aleksander Berentsen. Review of Economic Studies, 87(5): 2049–2086.
2018
Markov-Perfect Risk Sharing, Moral Hazard and Limited Commitment, with Alexander Karaivanov. Journal of Economic Dynamics and Control, 94: 1–23.
2018
Monetary Policy and Liquid Government Debt, with David Andolfatto. Journal of Economic Dynamics and Control, 89: 183–199.
2017
Rehypothecation and Liquidity, with David Andolfatto and Shengxing Zhang. European Economic Review, 100: 488–505.
2016
Market Power and Asset Contractibility in Dynamic Insurance Contracts, with Alexander Karaivanov. Federal Reserve Bank of St. Louis Review, 98(2): 111–127.
2015
Debt, Inflation and Central Bank Independence. European Economic Review, 79: 129–150.
2015
Policy and Welfare Effects of Within-Period Commitment. Macroeconomic Dynamics, 19(7): 1401–1426.
2015
Dynamic Optimal Insurance and Lack of Commitment, with Alexander Karaivanov. Review of Economic Dynamics, 18(2): 287–305.
2013
Information Disclosure and Exchange Media, with David Andolfatto. Review of Economic Dynamics, 16(3): 527–539.
2013
Government Policy in Monetary Economies. International Economic Review, 54(1): 185–217.
2012
Sovereign Debt: A Modern Greek Tragedy, with Christopher J. Waller. Federal Reserve Bank of St. Louis Review, 94(5): 321–340.
2012
Government Policy Response to War-Expenditure Shocks. The B.E. Journal of Macroeconomics: Contributions, 12(1): 1–40.
2011
On the Joint Determination of Fiscal and Monetary Policy. Journal of Monetary Economics, 58(2): 132–145.
2010
Markov-Perfect Capital and Labor Taxes. Journal of Economic Dynamics and Control, 34(3): 503–521.
2009
A Positive Theory of Government Debt. Review of Economic Dynamics, 12(4): 608–631.
Book Chapters
2022
The Return of Inflation? In James A. Dorn, ed., Populism and the Future of the Fed, Cato Institute, Chapter 9, pp. 131–143.
Other Publications
2025
Implications of Inflation Dynamics for Monetary Policy Strategies, with Hess Chung, Callum Jones and Antoine Lepetit. FEDS Paper 2025-72.
2025
An Assessment of Canada’s 2021–22 Inflation Surge, with David Andolfatto. C.D. Howe Institute Commentary 688.
2018
Fiscal and Monetary Policies: Where We Are and the Road Ahead. Journal of Economic Dynamics and Control, 89: 2–4.
1999
Financiaciones por Actividad Económica. Banco Central de la República Argentina, Nota Técnica No. 5.