Research

Publications

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

• "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)

• "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)

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

• "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)

• "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)

Working Papers

• "On the Distributional Effects of International Tariffs," revision requested (2nd round), International Economic Review, with Daniel Carroll. (Cleveland fed working paper, online appendix)

• "Optimal Bailouts in Banking and Sovereign Crises," with Cesar Sosa-Padilla and Zeynep Yom. (slides, NBER working paper)

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

Work in Progress

• "The Unequal Effects of Climate Policy," with Elisa Belfiori.

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

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

Discussions

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

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

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

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

• "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, June, 2017. (slides)