Welcome!
I am an Assistant Professor of Economics at Universidad Carlos III de Madrid, and a Research Affiliate at CEPR in the MEF and IMF programs.
I obtained a PhD in Economics from UCL in 2020. I was a Postdoctoral Researcher under the Chair in Sovereign Debt at SciencesPo during the 2020-21 academic year.
My research interests are in macroeconomics, international finance and information economics. My work studies fiscal and monetary policy, with a particular focus on sovereign debt crises and default risk.
Self-Fulfilling Debt Crises, Fiscal Policy and Investment
Journal of International Economics,
July 2021
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Is Inflation Default? The Role of Information in Debt Crises
(with Marco Bassetto)
American Economic Review,
October 2019
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Asset Purchases and Heterogeneous Beliefs
(with Gaetano Gaballo)
Working Paper, June 2025
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Majority Voting in Sovereign Restructurings: The Aggregation Dilemma
(with Stéphane Guibaud)
Working Paper, June 2025
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Inflation, Default Risk and Nominal Debt
Working Paper, April 2020
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Fragmented Monetary Unions
(by Fornaro and
Grosse-Steffen)
32nd CEPR European Summer Symposium in International Macroeconomics (ESSIM), May 2025
Conference Link
Slides
Internationalizing Like China
(by Clayton,
Dos Santos,
Maggiori, and
Schreger)
30th CEPR European Summer Symposium in International Macroeconomics (ESSIM), May 2023
Conference Link
Slides
Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data
(by Cole,
Neuhann, and
Ordoñez)
Information Asymmetries in Financial Markets, Barcelona GSE Summer Forum, June 2021
Conference Link
Slides
Real Exchange Rates and Primary Commodity Prices
(by Ayres,
Hevia, and
Nicolini)
Salento Macro Meetings, August 2019
Conference Link
Slides
Central Bank Balance Sheet Policies Without Rational Expectations
(by Iovino and
Sergeyev)
Salento Macro Meetings, August 2018
Conference Link
Slides
Macroeconomics II, Graduate (1st year PhD)
Instructor
2021/22 - present
Lecture Notes
Topics in Macroeconomics, Graduate (2nd year PhD)
Instructor
2024/25
Syllabus
1. Intro
2. Unpleasant Monetarist Arithmetic
3. Paper Money
4. Empirics
5. Central Bank Balance Sheets
6a. Coordination and Multiplicity (Calvo 1988)
6b. Self-fulfilling Debt Crises, Fiscal Policy, and Investment
7. Global Games
8. Beauty Contests
International Trade, Undergraduate (3rd year)
Instructor
2022/23
Macroeconomics, Graduate (1st year PhD)
Teaching Assistant for Wei Cui and Victor Rios-Rull
2016/17, 2017/18
Macroeconomics, Graduate (MSc Economics)
Teaching assistant for Vincent Sterk
2015/16 - 2019/20
Topics in Money and Finance, Graduate (MSc Finance)
Teaching assistant for Antonio Guarino
2018/19