Publications
-
Reputation and the Credibility of Inflation Plans
with Rumen Kostadinov [pdf] [Slides] [IMF wp] [Twitter]
Journal of Economic Theory, vol. 229, October 2025 -
The Aggregate-Demand Doom Loop: Precautionary
Motives and the Welfare Costs of Sovereign Risk
[pdf] [Slides] [IMF wp]
AEJ Macroeconomics, vol. 17(3), pp.160-204, July 2025 -
Sovereign Debt Tolerance with Potentially Permanent
Costs of Default
with Marcos Chamon [pdf] [Slides]
IMF Economic Review, vol.73(1), March 2025 -
Uncertainty Premia, Sovereign Default Risk, and
State-Contingent Debt
with Francisco Roch [pdf] [Slides] [IMF wp] [Codes] [Foco] [LSE Bus. Rev.] [IMF Res. Persp.] [Twitter]
JPE Macroeconomics, vol.1(2), pp.334-370, June 2023 -
Sovereign
Debt
with Leonardo Martinez, Francisco Roch, and Jeromin Zettelmeyer [IMF wp] [Twitter]
in Gürkaynak and Wright (eds.), Research Handbook of Financial Markets, Edward Elgar Publishing, 2023 -
On the Optimal Speed of Sovereign Deleveraging with Precautionary Savings
with Thomas Philippon [pdf] [Codes]
IMF Economic Review, vol.66(2), pp.375–413, June 2018 -
Markups under Uncertainty: Variations on Price
Decisions in High Inflation
with Daniel Heymann
in Damill, Rapetti, and Rozenwurcel (eds.), Macroeconomics and Development: Roberto Frenkel and the Economics of Latin America, Columbia University Press, 2016
Working Papers
-
The Perils of Bilateral Sovereign Debt
with César Sosa-Padilla [pdf] [Slides] [IMF wp]
-
Risk Aversion in Sovereign Debt and Default
with Francisco Roch Early draft available upon request. [Slides]
Work in Progress
- On the Optimal Design of GDP-Linked Bonds with Trend Growth (with F. Roch)
- Sovereign risk, firm financing and international trade (with D. Kohn, E. Andreasen, and G. Sandleris)
- The Gibson Paradox (with A. Neumeyer)
- The Term Structure of Credit and Liquidity Risk Premia (with L. Belmudes, J. Passadore, and Y. Xu)