My research studies macroeconomic outcomes in emerging economies using a combination of macroeconomic models and firm‑ and worker‑level microdata. I am particularly interested in labor markets, fiscal policy, and productivity dynamics, and in the mechanisms through which shocks, policies, and distortions propagate from the micro level to aggregate outcomes.

Publications

“On the Response of Inflation and Monetary Policy to an Immigration Shock,” with Benjamín García, Journal of Human Capital, 19 (2), 2025, 383-433.

“Search Frictions and the Business Cycle in a Small Open Economy DSGE Model,” with Markus Kirchner and Rodrigo Tranamil, Review of Economic Dynamics, 39, 2021, 258-279.

“Fiscal Multipliers in Chile,” with Jorge Fornero and Camilo Pérez N. Journal Economía Chilena (The Chilean Economy), 22 (1), 2019, 58-80. (In Spanish.)

“Latin America’s Declining Skill Premium: A Macroeconomic Analysis,” Economic Inquiry, 56 (1), 2018, 620-636.

Working Papers

“Immigration in Emerging Countries: A Macroeconomic Perspective,” with Agustín Arias, Central Bank of Chile Working Paper 857, 2019. R&R The Scandinavian Journal of Economics.

“Fiscal Consolidations in Commodity-Exporting Countries: A DSGE Perspective,” with Manuel González-Astudillo and Avi Lipton, Central Bank of Chile Working Paper 1015, 2024. R&R Economic Modelling.

“Anatomy of Firms’ Margins of Adjustment: Evidence from the COVID Pandemic,” with Elías Albagli, Andrés Fernández, Federico Huneeus, and Pablo Muñoz, Central Bank of Chile Working Paper 981, 2023.

“Government Investment and the Business Cycle in Oil-Exporting Countries,” 2014.

“The Reaction of Government Spending to the Business Cycle: Some International Evidence,” Fordham University Discussion Paper 2014-02, 2014.

Work in Progress

Labor Hoarding Policies Can Trigger Creative Destruction

(with Elías Albagli, Andrés Fernández, and Federico Huneeus)

This project studies how employment protection policies affect firm dynamics, reallocation, and productivity during economic crises. Using administrative microdata from a large‑scale labor policy implemented in Chile during the COVID‑19 pandemic, we show that policies designed to preserve employment relationships can, paradoxically, facilitate creative destruction. By allowing firms to selectively retain and recall higher‑productivity workers while separating from weaker matches, these policies generated persistent firm‑level productivity gains, highlighting a novel channel through which job protection can coexist with productivity‑enhancing reallocation.

Minimum Wages and Firm Outcomes

(with Elías Albagli, Sofía Bauducco, Roberto Gillmore, and David Kohn)

Using matched employer–employee data from Chile, this project studies how a large minimum wage increase affects firms and workers. We find that higher minimum wages raise average firm‑level wages but lead to sizable employment losses and changes in workforce composition, with firms shifting toward more skilled workers. The results point to strong firm‑level adjustment margins and employment elasticities at the high end of international estimates.

The Production Network and Innovation: The Role of Upstream Distortions

(with Sofía Bauducco, Ana Paula Cusolito, and Ramiro de Elejalde)

This project studies how distortions transmitted through production networks affect firms’ incentives to innovate. Using novel proxy measures of product innovation and firm‑level microdata from Chile, we analyze how upstream frictions propagate through the network and influence innovation decisions.