Recent publications

Working Papers

Gross Capital Flows by Banks, Corporates, and Sovereigns” (with Stefan Avdjiev, Bryan Hardy, and Sebnem Kalemli-Ozcan), CEMFI Working Paper 2020 (2020). [Earlier version issued as NBER Working Paper 23116]. Revise & resubmit, Journal of the European Economic Association.

Swept by the Tide? The International Comovement of Capital Flows” (with Luis Fernández-Lafuerza). World Bank Policy Research Working Paper 8787 (2019).

Assessing the international comovement of equity returns” (with Girum Abate). World Bank Policy Research Working Paper 8516 (2018).

Gross capital flows, common factors, and the global financial cycle” (with Luis-Diego Barrot). World Bank Policy Research Working Paper 8354 (2018).


Journal Articles

"Productivity and the Welfare of Nations" (with Susanto Basu, Luigi Pascali, and Fabio Schiantarelli). Journal of the European Economic Association (forthcoming).

Growth, inequality and poverty: a robust relationship? (with Gustavo Marrero). Empirical Economics (forthcoming).

Adding Space to the International Business Cycle” (with Girum Abate). Journal of Macroeconomics 65 (2020).

“Openness, specialization, and the external vulnerability of developing countries” (with Luis-Diego Barrot and César Calderón). Journal of Development Economics 134, 310-328 (2018).

Assessing the degree of international consumption risk-sharing” (with Constantino Hevia). Journal of Development Economics 134, 176-190 (2018).

Undervaluation through foreign reserve accumulation: Static losses, dynamic gains” (with Anton Korinek). Journal of International Money and Finance 64, 104-136 (2016).

Testing weak exogeneity in cointegrated panels” (with Enrique Moral-Benito), Applied Economics 47, 3216-3228 (2015).

Is infrastructure capital productive? A dynamic heterogeneous approach” (with César Calderón and Enrique Moral-Benito), Journal of Applied Econometrics 30, 177-198 (2015).

Medium-term business cycles in developing countries” (with Diego Comín, Norman Loayza and Faruq Pasha), American Economic Journal: Macroeconomics 6, 209-245 (2014).


Book Chapters

"Economic growth: TFP is needed" (with César Calderón), in Boosting Productivity in Sub-Saharan Africa, The World Bank (forthcoming).

"Sectoral structure and growth" (with César Calderón), in Boosting Productivity in Sub-Saharan Africa, The World Bank (forthcoming).

A Two-Level Top-Down Decomposition of Aggregate Productivity Growth: The Role of Infrastructure” (with L. Orea and I. Alvarez-Ayuso), in J. Aparicio, C. Knox Lovell, J. Pastor, and J. Zhu (eds.), Advances in Efficiency and Productivity II. Springer (2020).

"From chronic inflation to chronic deflation", in K. Basu and T. Cordella (eds.), The State of Economics, the State of the World, MIT Press (2020)

“Infrastructure, growth and inequality” (with César Calderón), in The New Palgrave Dictionary of Economics, Palgrave Macmillan (2018).

“Too poor to grow” (with Humberto López), in Economic Policies in Emerging-Market Economies¸ edited by Ricardo Caballero and Klaus Schmidt-Hebbel, MIT Press and Central Bank of Chile (2015).

“Macro-prudential policies over the cycle in Latin America” (with César Calderón), in S. Schmukler and T. Didier (eds.), Emerging Issues in Financial Development: Lessons from Latin America. The World Bank (2014).