Working Papers

Assessing the Appropriate Size of Relief in Sovereign Debt Restructuring (with Domenico Lombardi), Columbia Business School Research Paper No. 18-9 – [SLIDES]

Pseudo-Wealth and Consumption Fluctuations  (joint with Joseph E. Stiglitz), NBER Working Paper No. 22838 – [SLIDES]

An analysis of Puerto Rico’s debt relief needs to restore debt sustainability, NBER Working Paper No. 25256 (with Pablo Gluzmann and Joseph E. Stiglitz)

Understanding the Relationship between Output Growth Expectations and Financial Crises, Columbia University Initiative Policy Dialogue Working Paper No. 287 (2014).

Stability of Expectations and Severity of Crises (joint with Pablo Gluzmann and Peter Howitt)

Work in Progress

Pseudo-wealth Fluctuations and Aggregate Demand Effects (joint with Joseph E. Stiglitz)

Monetary Policy and Capital Controls: Coordination in a World with Spillovers (joint with Juan Montecino and Joseph E. Stiglitz)


The Elements of Sovereign Debt Sustainability Analysis, Centre for International Governance Innovation Paper No. 196; November 2018.

Real Exchange Rate Policies for Economic Development (joint with José Antonio Ocampo and Joseph E. Stiglitz), World Development, 110 (2018), pp.51-62 – Also as NBER Working Paper No. 23868 (October, 2017) [see VoxEU column].

Assessing the Robustness of the Relationship between Financial Reforms and Banking Crises (joint with Pablo Gluzmann), Journal of International Financial Markets, Institutions, and Money; Volume 49, pp.32-47, July 2017.

An Analysis of Argentina’s 2001 Default Resolution; Centre for International Governance Innovation Paper No. 110, October 2016. [También en español, Revista de Economía Política de Buenos Aires 17: 49-104, 2018]

The IMF Debt Sustainability Analysis: Issues and Problems (with Daniel Heymann); Journal of Globalization and Development, Volume 6, Issue 2, pp.387-404, January 2016.

Creating a Framework for Sovereign Debt Restructuring that Works (with Joseph E. Stiglitz), In Too Little, Too Late: The Quest for Resolving Sovereign Debt Crises. Chapter 1; Columbia University Press, New York, 2016.

A Theory of Pseudo-Wealth (with Joseph E. Stiglitz), In Contemporary Issues in Macroeconomics: Lessons from the Crises and Beyond, Chapter 3. Palgrave, 2015.

Learning, Expectations, and the Financial Instability Hypothesis (with Peter Howitt), In Contemporary Issues in Macroeconomics: Lessons from the Crises and Beyond, Chapter 6. Palgrave, 2015

En español

Las secuelas del “juicio del siglo”: Draw Capital Partners vs. Argentina; (con Manuel Gonzalo Casas). La Ley, Año LXXXII, No. 106 (2018)

Reestructuración de deuda soberana en una arquitectura financiera-legal con huecos; Revista Jurídica UPR pp. 611-627 (2016)

Tensiones en la ejecución de políticas de los bancos centrales en la búsqueda del desarrollo económico; (con Pablo Gluzmann). Paper awarded the Raúl Prebisch Prize by Central Bank of Argentina — Ensayos Económicos, Volume 1, Issue 65-66 (September), pp. 173-205 (2012)

Unpublished Papers

Overborrowing Crises and The Role of Expectations