CREI Macroeconomics Summer School

Overview

This course is centered on the following questions: Why and how do countries grow? What are the distributional consequences of growth? Why are some countries so much richer than others? What explains the Chinese growth miracle? The final part will focus on challenges to economic growth, such as preserving the environment, the rise of automation and the future of economic growth. Each topic will be studied combining theoretical models with macro and micro data.

Selected Topics

1. The world income distribution, capital and Neoclassical growth
2. The economics of ideas: innovation, creative destruction and firm dynamics
3. Biased technological change, structural transformation and inequality
4. Explaining cross-country income differences, firms’ performance and the Chinese growth miracle
5. Challenges to growth: preserving the environment; the rise of automation; the future of economic growth

About the Instructor

Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Professor of Economics at Queen Mary University of London, Senior Researcher at the Center for Research in International Economics (CREI), and Research Fellow at the CEPR. He is Associate Editor of the Review of Economic Dynamics. He has been a Visiting Scholar at MIT during 2001-2003 and has been awarded the 2009 Excellence Award in Global Economic Affairs (Kiel Institute for the World Economy) the 2004 EEA Young Economist Award and a European Research Council Starting Grant in 2009. His research interests span International Trade Theory, Economic Growth and Macroeconomics.

Selected Publications

1. “Trade, Finance and Endogenous Firm Heterogeneity,” (with A. Bonfiglioli and R. Crino’), Journal of the European Economic Association, forthcoming.
2. "Offshoring and Directed Technical Change,” (with D. Acemoglu and F. Zilibotti), American Economic Journal: Macroeconomics, 7 (3), 84-112, 2015.
3. “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
4. “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, 76, 629-668, 2009.
5. “Horizontal Innovation in the Theory of Growth and development” (with F. Zilibotti) in Handbook of Economic Growth (P. Aghion and S. Durauf eds.) 2005.

Overview

Do financing constraints affect firm entry, exit, and the misallocation of resources? Do they matter for innovation, and aggregate productivity and output? This course answers these questions by developing a theoretical framework and empirical applications that integrate analytical tools from finance and macroeconomics.

Selected Topics

1. Finance and firm dynamics: the facts.
2. Heterogeneous firms, entry, exit, and the reallocation of resources.
3. Credit frictions, misallocation, and aggregate productivity
4. Financing innovation and productivity growth
5. Finance and labour: hiring, firing, and human capital accumulation.
6. Credit, banking and business cycles: the basic framework
7. Applications: the 2007-2009 financial crisis and the Secular Stagnation hypothesis

About the Instructor

Andrea Caggese earned his PhD in Economics at London School of Economics and Political Science in 2002. Currently he is an Associate Professor at Universitat Pompeu Fabra (UPF), an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). He is also the Director of the Master of Research in Economics, Finance and Management at the Department of Economics and Business at Universitat Pompeu Fabra (UPF). His work has appeared in the Journal of Financial Economics, the Journal of Monetary Economics, the Economic Journal and the Review of Economic Dynamics, among others. His research interests include finance, investment theory and macroeconomics.

Selected Publications

1. “Firing the Wrong Workers: Financing Constraints and Labor Misallocation”, (with Vicente Cunat and Daniel Metzger) Forthcoming, Journal of Financial Economics, 2017.
2. “Financing Constraints, Firm Dynamics, Export Decisions, and Aggregate Productivity”, (with V. Cuñat) Review of Economic Dynamics, 16(1), 177-193, 2013.
3. “Entrepreneurial Risk, Investment and Innovation”, Journal of Financial Economics, 106(2), 287-307, 2012.
4. “Financing Constraints and Fixed Term Employment Contracts”, (with V. Cuñat), Economic Journal, 118 (533), 2013-2046, 2008.
5. “Testing Financing Constraints on Firm Investment Using Variable Capital”, Journal of Financial Economics, 86, 683-723, 2007.
6. “Financing Constraints, Irreversibility and Investment Dynamics”, Journal of Monetary Economics, 54, 2102-2130, 2007.

Overview

This course will present and discuss (mainly empirical) research on the interaction between macroeconomics and financial intermediation, banks and nonbanks. Special attention will be given to the research methodologies (mainly micro-econometrics, shocks and micro datasets), to the international channels, and to the public policy implications, mainly macroprudential and monetary policy.

Selected Topics

1. Financial crises and systemic risk
2. Real effects of credit for firms and households
3. Risk-taking, credit and international channels of monetary policy
4. Financial globalisation, emerging markets and capital controls
5. Macroprudential policy
6. Securities trading by banks and nonbanks, Volcker rule, public debt

About the Instructor

José-Luis Peydró earned his PhD in Finance at INSEAD in 2005 and a Master in Economics from CEMFI. He won the National Award of Bachelor Studies in Economics (Premio Nacional) given by the Government of Spain for the highest GPA in Spain in Economics, 1997. He is an ICREA Professor of Economics at Universitat Pompeu Fabra (UPF), Barcelona GSE Research Professor, Research Associate at the Center for Research in International Economics (CREI), Research Fellow at the CEPR and at IESE, an Associate Editor for the Review of Finance, the journal of the European Finance Association, and was awarded a Consolidator Research Grant from the European Research Council (2015). He has been consultant for several central banks and international organizations (including the ECB, IMF and Fed), serves as an advisor to the Financial Stability department of the Bank of Spain, is a Deutsche Bundesbank Research Professor, serves at the Advisory Scientific Committee of the European Systemic Risk Board, and has held visiting appointments at MIT Sloan and Chicago. His research interests are at the intersection of Finance and Macroeconomics, including systemic risk and central bank policies. He has recently published a book on Systemic Risk, Crises and Macroprudential Policy (MIT Press, 2015).

Selected Publications:

1. "Hazardous Times for Monetary Policy: What do 23 Million Loans Say about the Impact of Monetary Policy on Credit Risk-Taking?" (with G. Jiménez, S. Ongena and J. Saurina), forthcoming in Econometrica. 
2. "The Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007-09 Crisis" (with R. Iyer, S. Lopes and A. Schoar) Review of Financial Studies, 27(1), 347-372, 2014.
3. "Financial Regulation, Globalization and Synchronization of Economic Activity" (with S. Kalemli-Ozcan and E. Papaioannou) Journal of Finance, 68(3), 1179-1228, 2013.
4. "Credit Supply and Monetary Policy: Identifying the Bank Balance-Sheet Channel with Loan Applications" (with G. Jiménez, S. Ongena and J. Saurina) American Economic Review, 102(5), 2301-2326, 2012.
5. "Bank Risk-Taking, Securitization, Supervision, and Low Interest Rates: Evidence from the Euro-area and the U.S. Lending Standards" (with A. Maddaloni) Review of Financial Studies, 24(6), 2011, 2121-2165.
6. "Interbank Contagion at Work: Evidence from a Natural Experiment" (with R. Iyer), Review of Financial Studies, 24(4), 1337-1377, 2011. 

Overview

This course first introduces students to recent models that study how shocks at the firm or sector level propagate through the economy and impact macroeconomic volatility. Empirical evidence is then presented, and techniques that employ large micro-datasets to study aggregate fluctuations are introduced. Finally, linkages in the open economy and the transmission of shocks across borders are studied.

Selected Topics

1. Firm/sector linkages and the transmission of shocks
2. Empirical approaches for mapping micro shocks to macro fluctuations
3. The globalization of production and cross-country interdependence
4. Large firms and macroeconomic outcomes

About the Instructor

Julian di Giovanni earned his PhD in Economics at the University of California, Berkeley in 2004. Currently, he is an ICREA Research Professor at UPF, the Deputy Director for Research and a Research Professor at the Barcelona GSE, a Research Associate at the CREI, and a Research Fellow of the CEPR. He worked for the Research Department of the International Monetary Fund from 2004-2013. He has been a Visiting Assistant Professor at the University of Toronto, and a Visiting Scholar at the Bank of England, Banque de France, Central Bank of the Republic of Turkey, and the IMF. He was awarded an International Incoming Fellowship from the European Research Council Marie Curie Actions (2014), a European Research Council Consolidator Grant (2016), and a BBVA Leonardo Research Grant (2017). He is currently an associate editor of the Journal of International Economics.

Selected Publications

1. “The Micro Origins of International Business Cycle Comovement,” with Andrei A. Levchenko and Isabelle Mejean. Forthcoming, American Economic Review.
2. “Capital Flows and the International Credit Channel,” with Yusuf S. Baskaya, Sebnem Kalemli-Ozcan, Jose-Luis Peydro, and Mehmet F. Ulu. Journal of International Economics, 108:S1 (May 2017), S15–S22.
3. “Income-Induced Expenditure Switching,” with Rudolfs Bems. American Economic Review, 106:12 (December 2016), 3898–3931.
4. “A Global View of Cross-Border Migration,” with Andrei A. Levchenko and Francesc Ortega. Journal of the European Economic Association, 13:1 (February 2015), 168– 202.
5. “The Global Welfare Impact of China: Trade Integration and Technological Change,” with Andrei A. Levchenko and Jing Zhang. American Economic Journal: Macroeconomics, 6:3 (July 2014), 153–183.
6. “Firms, Destinations, and Aggregate Fluctuations,” with Andrei A. Levchenko and Isabelle Mejean. Econometrica, 82:4 (July 2014), 1303–1340.
7. “Country Size, International Trade and Aggregate Fluctuations in Granular Economies,” with Andrei A. Levchenko. Journal of Political Economy, 120:6 (December 2012), 1083–1132.

Selected Topics

1. Distributive conflict and inefficient policy bargains
2. Political agency and imperfect government accountability
3. Political centralization and government accountability
4. Explaining regulation: market failure vs. rent-seeking
5. The politics of structural reforms 

About the Instructor

Giacomo Ponzetto is a researcher at CREI, an associate researcher at IPEG and an affiliated professor at Universitat Pompeu Fabra and the Barcelona GSE. He received his PhD from Harvard University and has been a Research Affiliate of CEPR since 2011. His research lies at the intersection of Political Economy and International and Regional Economics. He has written on political and legal institutions, on the political economy of trade policy, on federalism and political centralization, and on entrepreneurship and the spatial distribution of economic activity. His research has been published in the Quarterly Journal of Economics, Journal of Economic Growth, Journal of Public Economics, Journal of Urban Economics, and Journal of Law, Economics, and Organization.

Selected Publications

1. Boffa, Federico, Amedeo Piolatto and Giacomo A. M. Ponzetto. 2016. Political Centralization and Government Accountability. Quarterly Journal of Economics 131 (1): 381–422.
2. Glaeser, Edward L., and Giacomo A. M. Ponzetto. 2014. Shrouded Costs of Government: The Political Economy of State and Local Public Pensions. Journal of Public Economics 116: 89–105.
3. Glaeser, Edward L., Giacomo A. M. Ponzetto and Andrei Shleifer. 2007. Why Does Democracy Need Education? Journal of Economic Growth 12 (2): 77–99.
4. Glaeser, Edward L., Giacomo A. M. Ponzetto and Jesse M. Shapiro. 2005. Strategic Extremism: Why Republicans and Democrats Divide on Religious Values. Quarterly Journal of Economics 120 (4): 1283–1330.

Overview

1. Review of the empirical evidence
2. The theory of rational bubbles
3. Credit and asset bubbles in business cycle models
4. Policy design (I): the role of a lender of last resort
5. Policy design (II): international policy coordination

About the Instructor

Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is Senior Researcher at the Center for Research in International Economics (CREI), Research Professor at the Barcelona GSE and Professor at Universitat Pompeu Fabra (UPF). Previously, he has held academic positions at the MIT and the University of Chicago. He has served as a co-director of the International Macroeconomics Programme of the CEPR and also as an editor of the Economic Journal. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the European Economic Association. He has served as a consultant to the IMF, the World Bank and the Inter-American Development Bank. His research interests include international economics and macroeconomics.

Selected Publications

1. "Rethinking the Effects of Financial Globalization," (with F. Broner), Quarterly Journal of Economics, 131(3), 1497-542, 2016.
2. "Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects" (with F. Broner, A. Erce and A. Martin), Journal of Monetary Economics, 114-142, 2014.
3. “Economic Growth with Bubbles”, (with A. Martin), American Economic Review, 102(6), 3033-3058, 2012.
4. “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
5. “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
6. “Globalization and Risk Sharing” (with F. Broner), The Review of Economic Studies, 78 (1), 49-82, 2011.
7. “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, 100(4), 1523-2555, 2010.

Overview

This course reviews the evidence on financial globalization over the last few decades and argues that this evidence is at odds with some basic predictions of the standard neoclassical framework. It then constructs an alternative workhorse model to interpret the evidence, and uses this model to shed light on: the origin of financial crises and the rationale for capital controls; the size and direction of capital flows in the recent past, and; the ongoing debate regarding the scarcity of assets in the world economy.

Selected Topics

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Financial crises in the open economy: the case for capital controls
• Causes and consequences of global imbalances: the role of China
• Scarcity of assets in the world economy: diagnostics and implications for capital flows

About the Instructor

Alberto Martin earned his PhD in Economics from Columbia University in 2005. He is currently a Senior Researcher at the Center for Research in International Economics (CREI), an Adjunct Professor at Universitat Pompeu Fabra, a Research Professor at the Barcelona Graduate School of Economics and a Research Fellow at the CEPR (London). He is also a member of the Board of Editors of the Review of Economic Studies and an Associate Editor at the Journal of International Economics. In the past, he has held positions at the International Monetary Fund and the Argentine Ministry of Economics, and has worked as a consultant for the United Nations Development Programme. He has been awarded numerous grants and fellowships, including the Fulbright Fellowship (2000), the Lamfalussy Fellowship from the European Central Bank (2011), and the Consolidator Research Grant from the European Research Council (2014). Alberto’s research interests include macroeconomics, finance and international economics. His work has appeared in the American Economic Review, the Journal of Finance, the Journal of the European Economic Association and the Journal of International Economics, among others.

Selected Publications

1. “Managing Credit Bubbles”, (with J. Ventura), Journal of the European Economic Association, 14 (3), 2016, 753-789.
2. “Financial Reforms and Capital Flows: Insights from General Equilibrium”, (with J. Ventura), In R. Caballero, and K. Schmidt-Hebbel (eds.), Economic Policies in Emerging-Market Economies, Central Bank of Chile, 2015, 109-138
3. “Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects”, (with A. Erce, A. Martin, and J. Ventura), Journal of Monetary Economics, 61, 114-142, 2014.
4. “Sovereign Default, Domestic Banks. and Financial Institutions”, (with N. Gennaioli and S. Rossi), The Journal of Finance, 69(2), 819-866, 2014
5. “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
6. “Economic Growth with Bubbles”, (with J. Ventura), American Economic Review, 102(6), 3033-3058, 2012.
7. “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.

Overview

This course will cover state-of-the-art techniques to solve and simulate modern macroeconomic models, with specific applications to models used for fiscal and monetary policy analysis. The applications will be illustrated in details during practice sessions (offered separately, and available only for students registered in the class).

Selected Topics

1. Introduction to local and global solution methods
2. Solution methods for modern monetary policy models, with zero-lower bound, financial constraints, heterogeneous agents, bubbles, etc.
3. Solution of optimal fiscal and monetary policy problems, with and without commitment
4. Solution of sovereign debt and default models

About the Instructor

Davide Debortoli earned his PhD in Economics at the Universitat Pompeu Fabra (UPF). Currently he is Associate Professor at UPF, Research Associate at CREI, Affiliated Professor at the Barcelona GSE, and a Research Fellow at the CEPR. He has held an academic position at the University of California San Diego and a visiting position at the Norges Bank. He was recently awarded a Marie Curie Fellowship from the European Commission, and he is a member of the editorial board of the B.E. Journal of Macroeconomics. His research interests include Macroeconomics, Fiscal Policy and Monetary Policy, and his works has been published in the Quarterly Journal of Economics, the Journal of Economic Theory, the Journal of the European Economic Association, and the American Economic Journal: Macroeconomics.

Selected Publications

1. Optimal Time-Consistent Government Debt Maturity, (with R. Nunes and P. Yared), Quarterly Journal of Economics, 132 (1), 2017, 55-102.
2. How Credible is the Federal Reserve: A Structural Estimation of Policy Re-optimizations, (with A. Lakdawala), American Economic Journal: Macroeconomics, 8 (3), 2016, 42-76.
3. Monetary Regime-Switches and Central Bank Preferences, (with R. Nunes), Journal of Money, Credit and Banking, 46 (8), 2014, 1591-1626.
4. Loose Commitment in Medium-Scale Macroeconomic models: Theory and Applications, (with J. Maih and R. Nunes), Macroeconomic Dynamics, 18(1), 2014, 175-198.
5. Lack of Commitment and the Level of Debt, (with R. Nunes), Journal of the European Economic Association, 11(5), 2013, 1053-1078.
6. Fiscal Policy under Loose Commitment, (with R. Nunes), Journal of Economic Theory, 145 (3), 2010, 1005-1032

Overview

This 5 hour practical course is available only for students registered for the course Numerical Methods for Fiscal and Monetary Policy Analysis. Through specific examples of state-of-the-art monetary and fiscal policy models (e.g. models with zero-lower bound constraint, financial frictions, forward-guidance, etc.) the computer lab practicals will give participants the opportunity to familiarize with the different routines described in class, and will demonstrate their advantages and disadvantages in terms of accuracy and efficiency. No previous knowledge of numerical methods is required, but a basic knowledge of MATLAB (or another programming language) would be very helpful.

About the Instructor

Davide Debortoli earned his PhD in Economics at the Universitat Pompeu Fabra (UPF). Currently he is Associate Professor at UPF, Research Associate at CREI, Affiliated Professor at the Barcelona GSE, and a Research Fellow at the CEPR. He has held an academic position at the University of California San Diego and a visiting position at the Norges Bank. He was recently awarded a Marie Curie Fellowship from the European Commission, and he is a member of the editorial board of the B.E. Journal of Macroeconomics. His research interests include Macroeconomics, Fiscal Policy and Monetary Policy, and his works has been published in the Quarterly Journal of Economics, the Journal of Economic Theory, the Journal of the European Economic Association, and the American Economic Journal: Macroeconomics.

Selected Publications

1. Optimal Time-Consistent Government Debt Maturity, (with R. Nunes and P. Yared), Quarterly Journal of Economics, 132 (1), 2017, 55-102.
2. How Credible is the Federal Reserve: A Structural Estimation of Policy Re-optimizations, (with A. Lakdawala), American Economic Journal: Macroeconomics, 8 (3), 2016, 42-76.
3. Monetary Regime-Switches and Central Bank Preferences, (with R. Nunes), Journal of Money, Credit and Banking, 46 (8), 2014, 1591-1626.
4. Loose Commitment in Medium-Scale Macroeconomic models: Theory and Applications, (with J. Maih and R. Nunes), Macroeconomic Dynamics, 18(1), 2014, 175-198.
5. Lack of Commitment and the Level of Debt, (with R. Nunes), Journal of the European Economic Association, 11(5), 2013, 1053-1078.
6. Fiscal Policy under Loose Commitment, (with R. Nunes), Journal of Economic Theory, 145 (3), 2010, 1005-1032

Overview

This course provides an up-to-date and thorough overview of forecast estimation and evaluation.

Selected Topics

1. Recent developments in forecasting methodologies    
2. New methods for evaluating models' forecasts
3. Application 1: How well can we forecast inflation and output growth?
4. Application 2: Do reduced-form models forecast better than DSGE models?

About the Instructor

Barbara Rossi  earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Research Professor at Universitat Pompeu Fabra (UPF), Affiliated Professor at the Barcelona GSE, and Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at University of California-Berkeley, UCSD and the Philadelphia Fed, among others. She is a director of the International Association of Applied Econometrics, a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently the Editor of the Journal of Applied Econometrics and the International Journal of Central Banking. She has been awarded two National Science Foundation grants, as well as an ERC and a Marie Curie grants.

Selected Publications

1. “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, 2014.
2. Model Comparisons in Unstable Environments, with R. Giacomini. International Economic Review 57(2), May 2016, 369-392.
3. “Exchange Rate Predictability” Journal of Economic Literature 51(4), December 2013.
4. “Can Exchange Rates Forecast Commodity Prices?” (with Y. Chen and K. Rogoff), Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
5. Optimal Window Selection in the Presence of Possible Instabilities, with A. Inoue and L. Jin. Journal of Econometrics 196(1) , 55-67, January 2017.
6. “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), Review of Economic Studies, 76(2), 669-705, 2009.

Overview

This 5 hour practical course is available only for students registered for the course Recent Developments in Forecasting.

About the Instructor

Barbara Rossi  earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Research Professor at Universitat Pompeu Fabra (UPF), Affiliated Professor at the Barcelona GSE, and Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at University of California-Berkeley, UCSD and the Philadelphia Fed, among others. She is a director of the International Association of Applied Econometrics, a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently the Editor of the Journal of Applied Econometrics and the International Journal of Central Banking. She has been awarded two National Science Foundation grants, as well as an ERC and a Marie Curie grants.

Selected Publications

1. “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, 2014.
2. Model Comparisons in Unstable Environments, with R. Giacomini. International Economic Review 57(2), May 2016, 369-392.
3. “Exchange Rate Predictability” Journal of Economic Literature 51(4), December 2013.
4. “Can Exchange Rates Forecast Commodity Prices?” (with Y. Chen and K. Rogoff), Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
5. Optimal Window Selection in the Presence of Possible Instabilities, with A. Inoue and L. Jin. Journal of Econometrics 196(1) , 55-67, January 2017.
6. “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), Review of Economic Studies, 76(2), 669-705, 2009.

Overview

This course provides an overview of sovereign debt crises from theoretical, empirical and policy points of view. It covers both traditional and new theories that emphasize the interplay between international and domestic financial markets, and the relevant empirical evidence. It discusses the distinction between liquidity and solvency crises and the appropriate policy responses. The last part of the course is devoted to an analysis of the European crisis.

Selected Topics

1. What are the costs of sovereign default? Reputation and sanctions
2. Market structure and defaults: Secondary markets and collateral damage
3. Rollover crises: Lender of last resort and moral hazard
4. Solvency crises: Debt overhang, buybacks and restructuring
5. Lessons for Europe

About the Instructor

Fernando Broner is a Senior Researcher at CREI and a Barcelona GSE Research Professor. He is one of the directors of the Master in International Trade, Finance and Development at the Barcelona GSE and teaches in the PhD program of UPF. He is a Research Fellow at the CEPR and a Co-Editor at the Journal of International Economics. He received his PhD in Economics at MIT in 2000.

He has been Visiting Professor at MIT, Assistant Professor at the University of Maryland, Advisor at the Bank of Spain’s Division of International Economics, and Visiting Scholar at the IMF and World Bank. He was awarded a European Research Council Starting Grant in 2010 for the project “International Capital Flows and Emerging Markets.” His research interests include International Economics, Finance, and Macroeconomics.

Selected Publications

1. “Rethinking the Effects of Financial Globalization,” (with J. Ventura), Quarterly Journal of Economics, 131(3), 1497-542, 2016
2. “Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects,” (with A. Erce, A. Martin, and J. Ventura), Journal of Monetary Economics, 61, 114-142, 2014.
3. “Why do Emerging Economies Borrow Short Term?” (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
4. “Globalization and Risk Sharing,” (with J. Ventura), Review of Economic Studies, 78(1), 49-82, 2011.
5. “Sovereign Risk and Secondary Markets,” (with J. Ventura and A. Martin), American Economic Review, 100(4), 1523-1555, 2010.
6. “When in Peril Retrench: Testing the Portfolio Channel of Contagion,” (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.