Research

Working Papers

1. "Optimal Bailouts in Banking and Sovereign Crises," revision requested, Journal of International Economics, with Cesar Sosa-Padilla and Zeynep Yom. (slides, NBER working paper)

2. "Real Interest Rates, Inflation, and Default," with Illenin Kondo and Fabrizio Perri. (slides, data, code, Minneapolis fed working paper)

3. "The Postpandemic U.S. Immigration Surge: New Facts and Inflationary Implications," with Anton Cheremukhin, Ron Mau, Karel Mertens, Alex Richter, and Xiaoqing Zhou. (Dallas fed working paper)

4. "Unequal Climate Policy in an Unequal World," with Elisa Belfiori and Daniel Carroll. (slides, UCC-NAICS concordance, Dallas fed working paper)

Publications

1. "On the Distributional Effects of International Tariffs," International Economic Review, 64 (2023), 1311–1346, with Daniel Carroll. (Cleveland fed working paper, online appendix)

2. "Firm Entry and Exit and Aggregate Growth," American Economic Journal: Macroeconomics, 15 (2023), 48–105, with Jose Asturias, Timothy J. Kehoe, and Kim J. Ruhl. (replication, online appendix, NBER working paper)

3. "The Distributional Effects of COVID-19 and Optimal Mitigation Policies," International Economic Review, 64 (2023), 261–294. (Dallas fed working paper)

4. "On the Heterogeneous Welfare Gains and Losses from Trade," Journal of Monetary Economics, 109 (2020), 1–16, with Daniel Carroll. (programs, commentary, Cleveland fed working paper)

5. "The Lost Generation of the Great Recession," Review of Economic Dynamics, 30 (2018), 179–202. (data, code, published draft)

6. "A Theory of Rollover Risk, Sudden Stops, and Foreign Reserves," Journal of International Economics, 103 (2016), 44–63, with Illenin Kondo. (data, code, appendix, FRB working paper)

7. "The Interaction and Sequencing of Policy Reforms," Journal of Economic Dynamics and Control, 72 (2016), 45–66, with Jose Asturias, Timothy Kehoe, and Kim Ruhl. (NBER working paper)

Work in Progress

1. "Carbon Taxes with Inequality: A Sufficient Statistics Approach," with Elisa Belfiori.

2. "Growth and Trade Liberalization," with Jose Asturias, Timothy J. Kehoe, and Kim J. Ruhl.

3. "Household Portfolio Accounting," with Chris Telmer and Siqiang Yang.

4. "The Static and Dynamic Effects of Collaboration," with Doug Hanley and Jiyeon Kim.

Discussions

1. “A Sufficient Statistics Approach to Measuring Forward-Looking Welfare,” by David Baqaee, Ariel Burstein, and Yasutaka Koike-Mori, Texas Monetary Conference, 2024. (slides)

2. "COVID-19 in Segmented Societies," by Constantino Hevia, Manuel Macera, and Andy Neumeyer, JEDC Conference on COVID and the Economy, 2021. (comment, slides)

3. "The Limited Power of Monetary Policy in a Pandemic," by Cristina Fuentes-Albero and Antoine Lepetit, Virtual System Macro Meeting, 2020. (slides)

4. "Inequality, Redistribution, and Optimal Trade Policy: A Public Finance Approach," by Roozbeh Hosseini and Ali Shourideh, ITAM-PIER Conference on Macroeconomics, 2019. (slides)

5. "Misallocation under Trade Liberalization," by Yan Bai, Keyu Jin, and Dan Lu, IMF-Atlanta Fed Workshop on "China in the Global Economy," 2018. (slides)

6. "Sovereign Cocos and the Reprofiling of Debt Payments," by Juan Carlos Hatchondo, Leornardo Martinez, Yasin Kursat Onder, and Francisco Roch, IM-TCD-ND Workshop on International Macro and Capital, 2017. (slides)