Associate Professor of Economics

California State University, Fullerton


I'm a macroeconomist at Cal State Fullerton, interested in economic fluctuations at different frequencies. I've been fortunate enough to have worked with great economists that have taught me a lot. While still a graduate student, together with my colleague Jim MacGee, I started working on the Great Depression in the U.S. and Canada under the tutelage of great people like Ed Prescott, Tim Kehoe, Ellen McGrattan, Hal Cole and Lee Ohanian. I got my first job at Southern Methodist University, where I got in touch with a former colleague, Erwan Quintin, and we started working on informality and financial frictions. Later, while at the FRB Cleveland and the Bank of Portugal, I got turned to macro-labor and worked on cross-country labor market comparisons with my colleague Murat Tasci. Since moving to California, I have been working on the implications of securitization for macro and development issues with Erwan, once again, and Dean Corbae, who rates Lisbon (pictured above) as the best city in the world. I kinda like it too.


  • Macroeconomics
  • Development Economics
  • Economic Fluctuations


  • PhD in Economics, 2002

    University of Minnesota

  • Licenciatura in Economics, 1996

    Universidade Catolica Portuguesa

Recent Publications

The demographic transition and the asset supply channel

This paper examines the macroeconomic consequences of a demographic transition in an environment where a producer's capital structure …

Security Creation Costs and Economic Development

We describe a tractable general equilibrium environment in which producers can transform cash-flows at a cost to create securities that …

Cash-flow Tranching and the Macroeconomy

The volume of cash-flow transformation activities has grown markedly over the past few decades as a result of technological …



Associate Professor of Economics

California State University, Fullerton

Aug 2017 – Present Fullerton, CA

Visiting Senior Research Economist

Bank of Portugal

Aug 2014 – Aug 2015 Lisbon, Portugal

Senior Research Economist

Federal Reserve Bank of Cleveland

Aug 2009 – Aug 2017 Cleveland, OH

Assistant Professor of Economics

Southern Methodist University

Aug 2002 – Aug 2009 Dallas, TX