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Journal Article
Deja Vu? The Recent Rise in Credit Card Debt Delinquencies
Sanchez, Juan M.; Wilkinson, Olivia (2023-08-14)
An analysis examines how a recent rise in credit card debt delinquencies compares with a similar trend during the global financial crisis of 2007-09.
The Regional Economist

Working Paper
Earnings Misperceptions and Household Distress
Sanchez, Juan M.; Song, Stefan (2025-11-03)
Households learn whether income changes are temporary or persistent from their own paychecks. This paper develops a quantitative model of financial distress that incorporates this inference and estimates the extent to which households overweight recent outcomes—diagnostic expectations—using survey data on income beliefs. The model explains distress without assuming extreme impatience and aligns with the observed relationship between income and interest rates. Learning and diagnostic expectations account for about half of delinquencies and one-third of bankruptcies. Diagnostic expectations ...
Working Papers , Paper 2025-030

Working Paper
Natural Resources and Global Misallocation
Santaeulalia-Llopis, Raul; Monge-Naranjo, Alexander; Sanchez, Juan M. (2015-07-07)
We explore the efficiency in the allocation of physical capital and human capital across countries. The observed marginal products can differ across countries because of differences in technology (i.e. production functions) and in distortions (i.e. differences in use of factors) across countries. To identify differences in technology, we use new data and propose a simple method to estimate output shares of natural resources, and thus adjust the estimated marginal products of physical and human capital. With a sample of 79 countries from 1970 to 2005, we find that the world has decidedly moved ...
Working Papers , Paper 2015-13

Working Paper
Evergreening
Paul, Pascal; Faria-e-Castro, Miguel; Sanchez, Juan M. (2023-08)
We develop a simple model of concentrated lending where lenders have incentives for evergreening loans by offering better terms to firms that are close to default. We detect such lending behavior using loan-level supervisory data for the United States. Banks that own a larger share of a firm’s debt provide distressed firms with relatively more credit at lower interest rates. Building on this empirical validation, we incorporate the theoretical mechanism into a dynamic heterogeneous-firm model to show that evergreening affects aggregate outcomes, resulting in lower interest rates, higher ...
Working Papers , Paper 2021-012

Working Paper
Improving Sovereign Debt Restructurings
Dvorkin, Maximiliano; Sapriza, Horacio; Sanchez, Juan M.; Yurdagul, Emircan (2021-10-01)
The wave of sovereign defaults in the early 1980s and the string of debt crises in subsequent decades have fostered proposals involving policy interventions in sovereign debt restructurings, and the recent global pandemic crisis has further reignited this discussion. A key question about these policy proposals for debt restructurings that has proved hard to handle is how they influence the behavior of creditors and debtors. We address this challenge by evaluating policy proposals in a quantitative sovereign default model that incorporates two essential features: maturity choice and debt ...
Working Papers , Paper 2019-36

Journal Article
Can repatriation taxes explain the recent increase in cash holdings?
Sanchez, Juan M.; Yurdagul, Emircan (2012)
Repatriation taxes are unlikely to explain the rise in cash holdings of U.S. firms.
Economic Synopses

Working Paper
Earnings Misperceptions and Household Distress
Sanchez, Juan M.; Song, Stefan (2025-10-24)
Households learn whether income changes are temporary or persistent from the history of their own paychecks. This paper develops a quantitative model of household financial distress that incorporates this inference and uses survey data on income expectations to estimate the extent to which households overweight recent outcomes—diagnostic expectations. The model improves on the standard full-information, rational-expectations benchmark in two key dimensions: it explains financial distress without assuming extreme impatience, and it more accurately captures the empirical correlation between ...
Working Papers , Paper 2025-030

Conference Paper
Banking on remittances: increasing market efficiencies for consumers and financial institutions
Smith, Wayne; Howe, Sybill; McQuerry, Elizabeth; Cruz-Taura, Ana; LeVeen, Jessica; Lucio, Edwin; Sanchez, Juan M.; Hogarth, Jeanne M.; Hilgert, Marianne A. (2005)
Proceedings , Paper 967

Journal Article
The Unequal Recovery: Measuring Financial Distress by ZIP Code
Sanchez, Juan M.; Mather, Ryan (2019)
Since 2015, households in the poorest ZIP codes appear to have become more financially vulnerable.
The Regional Economist , Volume 27 , Issue 1

Working Paper
From Population Growth to TFP Growth
Sanchez, Juan M.; Inokuma, Hiroshi (2023-03-27)
Using a firm-dynamics model that has been extended to include endogenous growth, we examine how population growth influences total factor productivity (TFP) growth. The most important theoretical result is that the shape of a business's productivity life-cycle profile determines the direction of the impact of population growth on TFP growth. Following that, the model is calibrated for Japan and the United States. The main finding of examining balanced growth paths (BGPs) with various rates of population growth is that the effect on TFP growth is sizable. Japan's expected decline in population ...
Working Papers , Paper 2023-006

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