Academic Publications
Climate Transition Risk and The Role of Bank Capital Requirements
Economic Modelling (2024), joint with Enric Martorell. Slides
How should bank capital requirements be set to deal with climate-related transition risks?
How do information frictions in mortgage securitization amplify the response of credit supply to house price shocks?
The Amplification Effects of Adverse Selection in Mortgage Credit Supply
Journal of Housing Economics (2023)
Working Papers & Work in Progress
Mortgage Securitization and Information Frictions in General Equilibrium
Review of Economic Dynamics, Conditionally Accepted.
Summary Bank of Spain Research Feature. Slides
2019 Winner of the AREUEA Homer Hoyt Doctoral Dissertation Award
Thi s paper quantifies the role of liquidity and information frictions in driving aggregate U.S. mortgage credit, default, and house prices.
Optimizing Fiscal Rules in Commodity-Dependent Economies
Journal of Development Economics, Revise & Resubmit. Joint with Rodrigo Heresi. (new draft coming soon!)
What are the welfare implications of fiscal rules in commodity-dependent economies, where households have limited access to credit markets?
The Heterogeneous Bank Lending Channel of Monetary Policy
joint with Jorge Abad, Saki Bigio, Galo Nuño, Joel Marbet
How bank heterogeneity in leverage and loan-rate fixation affects the transmission of monetary policy through the bank-lending channel?
The consequences of Macroprudential Policy for Consumption, Housing Tenure, and Mortgage Pricing
Joint with Maximiliano San-Millan
How do bank capital requirements and borrower constraints (loan-to-value and payment-to-income limits) jointly affect households' consumption, housing tenure, mortgage default, and financial stability?
Wedges: Taxes vs Policies. A cross-country analysis
joint with Paulina Restrepo-Echavarria, Lee Ohanian, Mark L. J. Wright
Contributions to Policy Publications
Informe Bienal de Riesgos de Cambio Climático para el Sistema Financiero
Informe Bienal - May 2025, Autoridad Macroprudencial Consejo de Estabilidad Financiera (AMCESFI)
Implications of Higher Inflation and Interest Rates for Macroprudential Policy Stance
ECB Ocassional Paper - October 2024, European Central Bank
Bank of Spain Financial Stability Report.
Fall 2023, Spring 2024, Fall 2024 - Banco de España
Can Bank Capital Requirements Address Climate Transition risks?
Policy Brief - July 2024, SUERF
How asymmetries of information can amplify house price shocks to the supply of mortgage credit?
Policy Brief - Septiembre 2023, SUERF
Countercyclical Fiscal Rule, an Analysis for Chile (Pre-doctoral publication)
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Revista Compendium. Cuadernos de Economia y Administración - 2016