...my research

"Financial Constraints, Bankruptcy Regimes and Firm Dynamics" [current draft]
The paper extends a simple agency model of firm dynamics to allow for a reorganization bankruptcy
regime as an alternative to the traditional liquidation regime.


"From Institutions to Financial Frictions and Growth: What are the Links?" (with Andrés Fernández) [current draft]
We present an integrated overview of the literature linking institutions, financial development and economic growth.


"Investor protection and optimal contracts under risk aversion and costly state verification" [current draft]
I study the role of imperfect  investor protection in shaping the terms of the optimal contract when borrowers are risk averse and state
verification is costly. I derive  some new formal results and present quantitative results for some parametrizations of the contracting problem. 


"Capital Flows and Sudden Stops: History, Theory and a New Estimation" (in Spanish with A. Vargas).  Originally published in
 Coyuntura Economica Vol. 37 No. 2, Fedesarrollo; Bogotá; February 2008. Reprinted in:  Monetaria, CEMLA, Vol XXXI No. 1 Jan-Mar, 2008.



Other Projects:

• Credibility costs of exchange rate management in the adoption of inflation targeting: a historical perspective from Latin America
• (data and matlab code)
• Stochastic Trends with the Kalman Filter: A Monte Carlo Investigation 
• (data and stata code)
  
• Markov-Switching Model for US Monetary Policy

Slides & Notes:

• My slides on King, Plosser, Stock and Watson (AER, 1991)
• My slides on Clementi and Hopenhayn (QJE, 2006)
• My Slides on the Great Depression