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Sudden Stops, Financial Crises & Macroprudential Policy
  • Macro-Financial Implications of the Surging Global Demand (and Supply) of International Reserves new (with Vincenzo Quadrini, August 2024)

  • Beware the Side Effects: Capital Controls, Trade, Misallocation & Welfare    (with Eugenia Andreasen, Sofia Bauducco and Evangelina Dardati, February, 2023)   online appendix
  • Unstable Prosperity: How Globalization Made the World Economy More Volatile   (with Vincenzo Quadrini, January 2023)
  • Approximately Right?: Global v. Local Methods for Open-Economy Models with Incomplete Markets  (with Oliver de Groot and C. Bora Durdu, December 2019) 

  • Macroprudential Policy: Promise and Challenges (November, 2016)

  • Phases of Global Liquidity, Fundamentals News, and the Design of Macroprudential Policy
    (with Javier Bianchi, July 2015)

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  • Overborrowing, Financial Crises and 'Macro-prudential' Policy
    • (with Javier Bianchi, June 2010, Revised Sept. 2012)

  • An Anatomy of Credit Booms and their Demise
    • (with Marco Terrones, September 2012)

  • An Anatomy of Credit Booms: Evidence from Macro Aggregates and Micro Data
     (with Marco Terrones, May 2008)
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    Fiscal Policy and Sovereign Debt

  • Natural Resources and Sovereign Risk in Emerging Economies: A Curse and a Blessing new  (with Franz Hamann, Juan Camilo Mendez-Vizcaino, and Paulina Restrepo-Echavarria, March 2023)  online appendix

  • A Macroeconomic Model of Healthcare Saturation, Inequality and the Output-Pandemia Tradeoff  (with Eugenio I. Rojas, Linda L. Tesar and Jing Zhang, February 2021)

  • Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
    (with Linda L. Tesar and Jing Zhang, June 2014)

  • The U.S. Fiscal Crisis: The Debt Sustainability Delusion and the True Costs of Fiscal Austerity 
    • (August 2013, available also in CESifo Forum)

  • Fiscal Policy & Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer
     (with P. Marcelo Oviedo, October 2006)
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