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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?

Working Papers & Work in Progress

Mortgage Securitization and Information Frictions in General Equilibrium
Review of Economic Dynamics, Conditionally Accepted.

Summary Bank of Spain Research FeatureSlides
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

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