We study sovereign debt default in small open economies and the relation linking sovereign bond spreads, business cycles, and exchange rate policy in emerging economies. In the second chapter, Sovereign Default and Debt Renegotiation, we develop a small open economy model to study sovereign...

This dissertation consists of two essays in international macroeconomics. Thefirst essay shows that optimal fiscal and monetary policy is time consistent in astandard small open economy. Further, there exist many maturity structuresof public debt capable of rendering the optimal policy time...

This dissertation is the collection of three essays aimed to evaluate the empirical performance of dynamic stochastic general equilibrium (DSGE) models in explaining the behavior of macroeconomic dynamics in emerging countries. Chapter 1, which is joint work with M. Uribe and R. Pancrazzi,...