Working papers
"Strike while the Iron is Hot: Optimal Monetary Policy with a Nonlinear Phillips Curve " (with Peter Karadi, Anton Nakov, Ernesto Pasten and Dominik Thaler)
July 2024. [download] [Media: Central banking] [Twitter thread]
"The Heterogeneous Impact of Inflation on Households' Balance Sheets" (with Clodomiro Ferreira, José Miguel Leiva, Álvaro Ortiz, Tomasa Rodrigo, and Sirenia Vazquez)
June 2024. [download] [slides]
[Media: VoxEU, LesEchos, Expansión, Nada es Gratis]
"Navigating by Falling Stars: Monetary Policy with Fiscally-driven Natural Rates" (with Rodolfo Campos, Jesús Fernández-Villaverde, and Peter Paz)
March 2024. [download][Replication code] [slides] [Twitter thread]
Revision requested at the Journal of Political Economy: Macroeconomics.
"CBDC and the Operational Framework of Monetary Policy" (with Jorge Abad and Carlos Thomas)
March 2024. [download]
[Media: VoxEU, SUERF ] [Twitter thread]
Revision requested at the Journal of Monetary Economics.
"Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy" (with Beatriz Gonzalez, Dominik Thaler and Silvia Albrizio)
October 2023. [download] [slides] Previously circulated as "Monetary Policy and Capital Misallocation" and "Optimal Monetary Policy with Heterogeneous Firms" [Replication codes] (How to solve and compute optimal policies in heterogeneous-agent models using dynare) [Media: SUERF Policy Note, VoxEU]
Revision requested at the Journal of Political Economy.
"Decomposing Optimal Debt MaturityPolicy" (with Saki Bigio )
Forthcoming. It is partially based on the RSS part of this document [download]
July 2024. [download] [Media: Central banking] [Twitter thread]
"The Heterogeneous Impact of Inflation on Households' Balance Sheets" (with Clodomiro Ferreira, José Miguel Leiva, Álvaro Ortiz, Tomasa Rodrigo, and Sirenia Vazquez)
June 2024. [download] [slides]
[Media: VoxEU, LesEchos, Expansión, Nada es Gratis]
"Navigating by Falling Stars: Monetary Policy with Fiscally-driven Natural Rates" (with Rodolfo Campos, Jesús Fernández-Villaverde, and Peter Paz)
March 2024. [download][Replication code] [slides] [Twitter thread]
Revision requested at the Journal of Political Economy: Macroeconomics.
"CBDC and the Operational Framework of Monetary Policy" (with Jorge Abad and Carlos Thomas)
March 2024. [download]
[Media: VoxEU, SUERF ] [Twitter thread]
Revision requested at the Journal of Monetary Economics.
"Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy" (with Beatriz Gonzalez, Dominik Thaler and Silvia Albrizio)
October 2023. [download] [slides] Previously circulated as "Monetary Policy and Capital Misallocation" and "Optimal Monetary Policy with Heterogeneous Firms" [Replication codes] (How to solve and compute optimal policies in heterogeneous-agent models using dynare) [Media: SUERF Policy Note, VoxEU]
Revision requested at the Journal of Political Economy.
"Decomposing Optimal Debt MaturityPolicy" (with Saki Bigio )
Forthcoming. It is partially based on the RSS part of this document [download]
Publications
"The Term Structure on Interest Rates in a Heterogeneous Monetary Union" (with Jim Costain and Carlos Thomas)
July 2024. [download] [slides]
Conditionally accepted at Journal of Finance.
"Inequality and the Zero Lower Bound" (with Jesús Fernández-Villaverde, Joël Marbet and Omar Rachedi )
January 2024. [download][GitHub page]
[Media: Central Banking, VoxEU, Nada es Gratis]
Forthcoming at the Journal of Econometrics.
"Financial Frictions and the Wealth Distribution" (with Jesús Fernández-Villaverde and Samuel Hurtado),
June 2022. [download][slides][GitHub page] with the replication codes and a tutorial to solve and estimate heterogeneous agent models nonlinearly using neural networks.
Econometrica, 2023.
"Debt-Maturity Management with Liquidity Costs" (with Saki Bigio and Juan Passadore),
October 2022. [download] [computer codes] Previously circulated as "A Framework for Debt-Maturity Management"
[Excel macro] to solve the model
Journal of Political Economy: Macroeconomics, 2023.
"Monetary Policy and Sovereign Debt Sustainability" (with Samuel Hurtado and Carlos Thomas),
February 2022. [download] [video] [Replication codes]
Journal of the European Economic Association, 2023
"Optimal Redistributive Inflation" (with Carlos Thomas)
[download] [Replication codes]. Previously circulated as "Optimal Monetary Policy with Heterogeneous Agents".
Annals of Economics and Statistics (special issue on "Advances in Heterogeneous Agents Models") 2022.
"A large central bank balance sheet? Floor vs corridor systems in a New Keynesian environment" (with Oscar Arce, Dominik Thaler and Carlos Thomas).
[download] [Slides] [Replication code]. Journal of Monetary Economics 2020.
"Social Optima in Economies with Heterogeneous Agents", (with Benjamin Moll)
[download] [Slides] [Replication code] Review of Economic Dynamics, 2018.
"Bank Leverage Cycles", (with Carlos Thomas)
[download][Online Appendix] [Replication code] American Economic Journal: Macroeconomics, 2017.
[Media: Vox, WSJ blog]
"Optimal Social Policies in Mean Field Games"
[download] [Read-only link] Applied Mathematics and Optimization (special issue on Mean Field Games), 2017.
"Quantitative Effects of the Shale Oil Revolution", (with Cristiana Manescu)
[download] [Replication code] Energy Policy, 2015.
"Learning from Experience in the Stock Market", (with Anton Nakov)
[download][Replication code] Journal of Economic Dynamics and Control, 2015 .
"A Twin Crisis with Multiple Banks of Issue", (with Pedro Tedde and Alessio Moro)
[download] [data] European Review of Economic History, 2015 .
"Saudi Arabia and the Oil Market", (with Anton Nakov)
[download] [Replication code] [Media: Expansion, Cinco Días] Economic Journal, 2014.
"Does TFP drive Housing Prices? A Growth Accounting Exercise for Four Countries", (with Alessio Moro)
[download] Economics Letters, 2012.
"Optimal Research and Development and the Cost of Business Cycles",
[download] Journal of Economic Growth, 2011.
"A New Location Estimation System for Wireless Networks based on Linear Discriminant Functions and Hidden Markov Models", (with José Manuel Páez)
[download] EURASIP Journal on Advances in Signal Processing, 2006.
"A New Time-Hopping Multiple Access Comunication System Simulator: Application to Ultra-Wideband", (with José Manuel Páez)
[download] EURASIP Journal on Advances in Signal Processing, 2005.
July 2024. [download] [slides]
Conditionally accepted at Journal of Finance.
"Inequality and the Zero Lower Bound" (with Jesús Fernández-Villaverde, Joël Marbet and Omar Rachedi )
January 2024. [download][GitHub page]
[Media: Central Banking, VoxEU, Nada es Gratis]
Forthcoming at the Journal of Econometrics.
"Financial Frictions and the Wealth Distribution" (with Jesús Fernández-Villaverde and Samuel Hurtado),
June 2022. [download][slides][GitHub page] with the replication codes and a tutorial to solve and estimate heterogeneous agent models nonlinearly using neural networks.
Econometrica, 2023.
"Debt-Maturity Management with Liquidity Costs" (with Saki Bigio and Juan Passadore),
October 2022. [download] [computer codes] Previously circulated as "A Framework for Debt-Maturity Management"
[Excel macro] to solve the model
Journal of Political Economy: Macroeconomics, 2023.
"Monetary Policy and Sovereign Debt Sustainability" (with Samuel Hurtado and Carlos Thomas),
February 2022. [download] [video] [Replication codes]
Journal of the European Economic Association, 2023
"Optimal Redistributive Inflation" (with Carlos Thomas)
[download] [Replication codes]. Previously circulated as "Optimal Monetary Policy with Heterogeneous Agents".
Annals of Economics and Statistics (special issue on "Advances in Heterogeneous Agents Models") 2022.
"A large central bank balance sheet? Floor vs corridor systems in a New Keynesian environment" (with Oscar Arce, Dominik Thaler and Carlos Thomas).
[download] [Slides] [Replication code]. Journal of Monetary Economics 2020.
"Social Optima in Economies with Heterogeneous Agents", (with Benjamin Moll)
[download] [Slides] [Replication code] Review of Economic Dynamics, 2018.
"Bank Leverage Cycles", (with Carlos Thomas)
[download][Online Appendix] [Replication code] American Economic Journal: Macroeconomics, 2017.
[Media: Vox, WSJ blog]
"Optimal Social Policies in Mean Field Games"
[download] [Read-only link] Applied Mathematics and Optimization (special issue on Mean Field Games), 2017.
"Quantitative Effects of the Shale Oil Revolution", (with Cristiana Manescu)
[download] [Replication code] Energy Policy, 2015.
"Learning from Experience in the Stock Market", (with Anton Nakov)
[download][Replication code] Journal of Economic Dynamics and Control, 2015 .
"A Twin Crisis with Multiple Banks of Issue", (with Pedro Tedde and Alessio Moro)
[download] [data] European Review of Economic History, 2015 .
"Saudi Arabia and the Oil Market", (with Anton Nakov)
[download] [Replication code] [Media: Expansion, Cinco Días] Economic Journal, 2014.
"Does TFP drive Housing Prices? A Growth Accounting Exercise for Four Countries", (with Alessio Moro)
[download] Economics Letters, 2012.
"Optimal Research and Development and the Cost of Business Cycles",
[download] Journal of Economic Growth, 2011.
"A New Location Estimation System for Wireless Networks based on Linear Discriminant Functions and Hidden Markov Models", (with José Manuel Páez)
[download] EURASIP Journal on Advances in Signal Processing, 2006.
"A New Time-Hopping Multiple Access Comunication System Simulator: Application to Ultra-Wideband", (with José Manuel Páez)
[download] EURASIP Journal on Advances in Signal Processing, 2005.
