Research
My citations:
Journal Publications:
``Macroeconomic Implications of Banks and Nonbanks: a DSGE Analysis," with Molin Zhong, Journal of Money Credit and Banking, forthcoming. FRB FEDS 2019-031. Draft
``The Role of U.S. Monetary Policy in Banking Crises across the World," with Alex Martin and Ilknur Zer, IMF Economic Review, 2020, vol. 68, issue 1, No 4, 66-107. Also available as FRB FEDS 2019-039. Draft Bloomberg coverage
"Emerging Market Business Cycles: The Role of Labor Market Frictions" with Emine Boz, Nan Li, Journal of Money Credit and Banking, vol. 47(1), pp. 31-72, January 2015. Earlier version available as IMF WP (12/237), FRB IFDP 989. Draft
"News and Sovereign Default Risk in Small Open Economies" with Ricardo Nunes, Horacio Sapriza, Journal of International Economics, lead article, vol. 91(1), pp. 1-17, September 2013. Also available as FRB IFDP 997. Draft
"Emerging Market Business Cycles: Recent Advances", International Economic Journal, vol. 27(2), pp. 183-199, 2013. Draft
"On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment" with Enrique Mendoza, Marco Terrones, Journal of International Money and Finance, vol. 32, pp 762-780, February 2013. Also available as NBER w18380, FRB IFDP 975. Draft
"Emerging Market Business Cycles: Learning about the Trend" with Emine Boz, Christian Daude, Journal of Monetary Economics, vol. 58(6), pp 616-631, September-November 2011. Also available as FRB IFDP 927. Draft
"Emerging Market Business Cycles with Remittance Fluctuations" with Serdar Sayan, IMF Staff Papers, vol. 57(2), June 2010. Also available as FRB IFDP 946. Draft
"Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assesment of the New Mercantilism" with Enrique Mendoza, Marco Terrones, Journal of Development Economics, vol. 89 pp. 194-209, July 2009. Also available as NBER w13123, IMF WP 07/146, FRB IFDP 911. Draft
"Quantitative Implications of Indexed Bonds in Small Open Economies," Journal of Economic Dynamics and Control, vol. 33(4), pp. 883-902, April 2009. Winner of SCE 2006 best student paper award. Also available as FRB IFDP 909. Draft
"Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff" with Enrique Mendoza, Journal of International Economics, vol. 69(1), pp. 84-119, June 2006. Also available as NBER w11178, IMF WP 06/73. Draft
Other Publications:
“Assessing the Impact of Basel III: Evidence from Macroeconomic Models,” with Olivier de Bandt, Hibiki Ichiue, Yasin Mimir, Jolan Mohimont, Kalin Nikolo, Sigrid Roehrs, Jean-Guillaume Sahuc, Valerio Scalone, and Michael Straughan), SUERF Policy Brief, No 102, 2021. Draft
Durdu, Bora, Rochelle Edge, and Daniel Schwindt (2017). "Measuring the Severity of Stress-Test Scenarios," FEDS Notes 2017-05-05. Board of Governors of the Federal Reserve System (U.S.). WSJ coverage
"Review of 'Emerging Markets Resilience and Growth amid Global Turmoil' by M. Ayhan Kose and Eswar S. Prasad," Journal of International Economics, vol. 85(1), pp. 160-162, September 2011. Draft
"Putting the Brakes on Sudden Stops: The Financial Frictions-Moral Hazard Tradeoff of Asset Price Guarantees" with Enrique Mendoza, Proceedings Federal Reserve Bank of San Francisco, June 2004. Also available as NBER (w10790).
Working Papers:
“Assessing the Impact of Basel III: Evidence from Macroeconomic Models: Literature Review and Simulations,” with Olivier de Bandt, Markus Behn, Katarzyna Budnik, Roberta Fiori, Hibiki Ichiue, Yasin Mimir, Jolan Mohimont, Kalin Nikolo, Sigrid Roehrs, Jean-Guillaume Sahuc, Valerio Scalone, Josef Schroth, and Michael Straughan, 2021. BIS WP 38. Draft
"Sovereign Risk and Bank Balance Sheets: the Role of Macroprudential Policies'' with Emine Boz and Pablo D'Erasmo.
``Approximately Right? Global v. Local Methods for Open-Economy Models with Incomplete Markets'' with Oliver de Groot and Enrique Mendoza. NBER wp26426. Draft Latest Draft