Research

I have divided my research in the following areas:

1. International Asset Pricing
   

2. International Economics
   

3. Development Economics   
   

4. Contagion
   

5. Macroeconomics
   

6. Econometrics and others
   

International Asset Pricing

1. The Role of Portfolio Constraints in the International Propagation of Shocks, (with Anna Pavlova)
   

2. Asset Prices and Exchange Rates, (with Anna Pavlova)
   

3. Equilibrium Portfolios and External Adjustment under Incomplete Markets, (with Anna Pavlova)
   

4. An asset pricing view of External Adjustment, (with Anna Pavlova)
   

5. A Risk Management Approach to Emerging Market's Sovereign Debt Sustainability with an Application to Brazilian Data, (with Marcio Garcia)
   

Macroeconomics

1. Measuring the Reaction of Monetary Policy to the Stock Market, (with Brian Sack)
   

2. The effects of war risk on US financial markets, (with Brian Sack)
   

3. The Impact of Monetary Policy on Asset Prices, (with Brian Sack)
   

4. Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices, (with Brian Sack)
   

5. Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission, (with Michael Ehrmann and Marcel Fratzscher)
   

6. Monetary Policy and Sectoral Shocks: Did the FED react properly to the High-Tech Crisis?, (with Claudio Raddatz)
   

Econometrics

1. Identification Through Heteroskedasticity.
   

2. Bias from Censored Regressors, (with Tom Stoker)
   

3. Estimation with Censored Regressors: Basic Issues, (with Tom Stoker)
   

4. Testing for Bias from Censored Regressors, (with Tom Stoker)
   

5. Set Identification with Tobin Regressors, (with Victor Chernozhukov and Tom Stoker)
   

Comments and Book Reviews:

1. Review: "Too Sensational : On the Choice of Exchange Rate Regimes”, by W. Max Corden, MIT Press, 2002., Journal of International Economics, Volume 64, Issue 1, pages 211-215, October, 2004.
   

2. Comment: “When it rains, it pours”, by Graciela Kaminsky, Carmen Reinhart, and Carlos Vegh, NBER Macro Annual, 2004
   

3. Comments: “The Role of American Depositary Receipts in the Development of Emerging Markets: A Comment”, Economia, v2, n1, Fall, PP 258-65, 2001.
   

4. Comments: “Balance-of-payments crises in emerging markets”, by Guillermo Calvo, in Currency Crises, Editor Paul Krugman, University of Chicago Press, 2000.
   

International Economics

1. Sticky Borders, (with Gita Gopinath)
   

2. Currency Choice and Exchange Rate Pass-through, (with Gita Gopinath and Oleg Itskhoki)
   

3. Capital Controls, Managed Exchange Rates, and External Vulnerability, (with Sebastian Edwards)
   

4. The Curse of Non-investment Grade Countries
   

5. On the Measurement of the International Propagation of Shocks: Are they Stable?
   

6. Exchange Rate Volatility
   

7. The long run puzzle of the Real Exchange Rate Volatility, (with Ricardo Hausmann and Ugo Panizza)
   

8. Identifying the efficacy of Central Bank interventions: Evidence from Australia and Japan, (with Jonathan Kearns)
   

9. Once again, is account openness good for growth?, (with Ha Yan Lee and Luca Ricci)
   

10. Why are capital flows so much more volatile in emerging than in developed countries?, (with Fernando Broner)
    

Contagion

1. No Contagion, Only Interdependence: Measuring Stock Market Co-movements, (with Kristin Forbes)
   

2. Contagion: How to measure it?
   

3. Currency crises and contagion: An introduction, (with Sebastian Edwards)
   

4. Contagion in Latin America: Definitions, Measurement, and Policy Implications, (with Kristin Forbes)
   

5. New Empirical Methods in Contagion: Which Ones Work, Which Ones Don’t?
   

6. International Financial Contagion: Theory and Evidence in Evolution
   

7. Measuring Contagion: Conceptual and Empirical Issues, (with Kristin Forbes)
   

8. Financial Contagion in Emerging Markets, (with Eduardo Fernandez)
   

Development Economics

1. Rule of Law, Democracy, Openness, and Income: Estimating the Interrelationships, (with Dani Rodrik)
   

2. Disinflation and Fiscal Reform: A Neoclassical Perspective
   

3. Dealing with Expropriations: General Guidelines for Oil Production Contracts
   

4. An alternative interpretation of the 'resource curse': Theory and policy implications, (with Ricardo Hausmann)
   

5. Resource Curse or Debt Overhang?, (with Osmel Manzano)
   

6. Gas subsidy in Venezuela: Its distributional impact
   

7. An Optimal Spending Rule Facing Oil Income Uncertainty, (Venezuela) (with Ricardo Hausmann and Andrew Powell)
   

8. Government Spending and Income Distribution in Latin America, (with Ricardo Hausmann)
   

9. A stabilization program for Venezuela: An analysis, (with J.C. Navarro)
   

10. Financial regulatory system in Venezuel,a (with Ricardo Hausmann and Carlos Jaramillo)