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Author:Restrepo-Echavarria, Paulina 

Journal Article
India’s Atypical Structural Transformation

Economic Synopses , Issue 23

Dollar-Denominated Public Debt in Asia and Latin America

Some countries have high levels of dollar-denominated public debt, which could create a risk for them if U.S. interest rates increase.
On the Economy

Working Paper
Endogenous Borrowing Constraints and Stagnation in Latin America

The Latin American debt crisis of the 1980's had a major and long lasting effect on per-capita consumption: its level in 2005 was not that different from that in 1980. This paper studies the long stagnation in per-capita consumption that followed the crisis, and its relationship with recessions and sovereign risk, using a small open economy real business cycle model with complete markets, endogenous borrowing limits (limited commitment), endogenous capital accumulation, and domestic productivity and international interest rate shocks. I find that the model does an excellent job at explaining ...
Working Papers , Paper 2014-37

Working Paper
Wage Setting Under Targeted Search

When setting initial compensation, some firms set a fixed, non-negotiable wage while others bargain. In this paper we propose a parsimonious search and matching model with two-sided heterogeneity, where the choice of wage-setting protocol, wages, search intensity and degree of randomness in matching are endogenous. We find that posting and bargaining coexist as wage-setting protocols if there is sufficient heterogeneity in match quality, search costs or market tightness and that labor market tightness and relative costs of search play a key role in the optimal choice of the wage-setting ...
Working Papers , Paper 2111

Marshall Plan May Not Have Been Key to Europe’s Reconstruction

By the end of World War II, the European economy was in ruins, but the U.S.-led Marshall Plan may not have helped as much as previously thought.
On the Economy

The COVID-19 Recession in Historical Perspective

How severe is the COVID-19 recession across the globe? An analysis compares GDP growth forecasts for 2020 with historical growth rates for 155 countries.
On the Economy

Journal Article
Measuring Underground Economy Can Be Done, but It Is Difficult

There are at least two main ways to measure "the informal sector" of an economy, both of which entail difficulties. The effort is needed, however, because the underground economy accounts for about 13 percent of GDP in developed countries and almost three times that in developing countries.
The Regional Economist , Issue Jan

Journal Article
First-Time Homebuyers Appear to Be Younger, Less Creditworthy in Eighth District

First-time homebuyers are essential to the dynamics of the housing market by allowing current homeowners to trade up. The number of first-time homebuyers decreased between 2000 and 2011, and then started slowly increasing again. There are many possible reasons why this happened, such as rising rent and home prices, rising student debt and tightening credit standards.
The Regional Economist , Volume 25 , Issue 4

Journal Article
The Direction of Capital Flows

Little is known about the comparative quantitative importance of international versus domestic market imperfections on international capital flows.
Economic Synopses , Issue 22 , Pages 1-2

Working Paper
Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America

Since 1950, the economies of East Asia grew rapidly but received little international capital, while Latin America received considerable international capital even as their economies stagnated. The literature typically explains the failure of capital to flow to high growth regions as resulting from international capital market imperfections. This paper proposes a broader thesis that country-specific distortions, such as domestic labor and capital market distortions, also impact capital flows. We develop a DSGE model of Asia, Latin America, and the Rest of the World that features an ...
Working Paper Series , Paper WP-2015-8

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