Working Papers

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

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

Monetary Policy and Capital Controls: Coordination in a World with Spillovers (with Joseph E. Stiglitz), presented at the 2013 IEA-Central Bank of Uruguay Meeting.

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)

Publications

The pandemic economic crisis,  precautionary  behavior,  and mobility constraints: an application of the dynamic disequilibrium model with randomness, (with Joseph E. Stiglitz), Industrial and Corporate Change 30 (2), 467-497, 2021.

Economic fluctuations and pseudo-wealth (with Joseph E. Stiglitz), Industrial and Corporate Change 30 (2), 297-315, 2021.

Pseudo-Wealth and Consumption Fluctuations (with Joseph E. Stiglitz), The Economic Journal, 131, 372–391, 2021.

An analysis of Argentina’s 2001 default resolution, Comparative Economic Studies 62 (4): 701-738, 2020.

Towards a dynamic disequilibrium theory with randomness (with Joseph E. Stiglitz), Oxford Review of Economic Policy 36 (3),621-674, January 19, 2020.

An analysis of Puerto Rico’s debt relief needs to restore debt sustainability (with Pablo Gluzmann and Joseph E. Stiglitz), CENTRO Journal, 30(3), 104-146, 2018.

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.

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

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.

Introduction (with José Antonio Ocampo and Joseph E. Stiglitz). In Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises, Columbia University Press, New York, 2016, pp. XIII-XXII.

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.

Financial Reforms and Financial Instability, (with Pablo Gluzmann), Ensayos Económicos 1 (61-62), 35-73, 2011.

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.