This paper develops an endogenous default risk model for small open economies that interact
with risk averse international investors whose preferences exhibit decreasing absolute …

We develop a theory of sovereign risk contagion based on financial links. In our multi-country
model, sovereign bond spreads comove because default in one country can trigger default …

This paper develops a quantitative model of contagion of financial crisis and sovereign default
for small open economies that cannot credibly commit to honor their international debts …

Over the past decades, inequality has risen not just in advanced economies but also in
many emerging market and developing economies, becoming one of the key global policy …

Anchoring of inflation expectations is of paramount importance for central banks' ability to
deliver stable inflation and minimize price dispersion. Relying on daily interest rates and …

INTRODUCCIÓN El grupo de investigación Turismo y Sociedad y el programa de Maestría
en Planificación y Gestión del Turismo de la Facultad de Administración de Empresas …

This paper assesses the macroeconomic and distributional impact of personal income tax (PIT)
reforms in the US drawing on a multi-sector heterogenous agents model in which …

An equilibrium for this economy is a vector of allocations of consumption, investment, time
use and bond holding for farmers, urban workers, and entrepreneurs, together with prices {pa, …

This paper studies the contagion of sovereign default across countries through common
investors. We develop a multicountry model in which default in one country triggers default in …

The financial crisis in the periphery of Europe, similar to previous crises in emerging markets,
has shown that large fiscal financing needs are often met by borrowing heavily from …