I am an Economist with research interests in the intersection between international economics, macro-finance, and public economics. In particular, my work focuses on understanding the role of financial frictions and heterogeneity on the macroeconomy during financial crises.

My professional experience is in central banking and the private financial industry. I'm currently working at the Financial and Macroeconomic Stability Studies Section of the Federal Reserve Board. Before moving to Washington D.C., I worked as a Quantitative Researcher at Citadel in Greenwich and as an Economist at the Central Bank of Mexico.

I hold a Ph.D. and M.A. from The University of Pennsylvania and an M.A. and B.A. from ITAM in Mexico City.

Google Scholar



Inequality and Asset Prices during Sudden Stops. (Job Market Paper)

Working Paper Version
Presentations: 2020: Penn, Atlanta Fed, ITAM, Fed Board.

2021: Chicago Fed, Queen Mary U London, World Bank, Bank of England, Fed Board, Tufts University, Penn State, UT Austin, SUNY Albany, Dallas Fed, ITAM, U Maryland, SED Minnesota, European Summer Meeting of the Econometric Society at Copenhagen, Latin American Meeting of the Econometric Society at Bogota.

FDI Flows and Sudden Stops in Small Open Economies. 

Working Paper Version

Presentations: Macro Financial Modelling Summer Session at Cape Cod (2018), Latin American Meeting of the Econometric Society at Guayaquil (2018), European Winter Meeting of the Econometric Society at Naples (2018).

SVARs with Occasionally-Binding Constraints. with Boragan Aruoba, Marko Mlikota and Frank Schorfheide.

Journal of Econometrics (Forthcoming). | Link to document | Working Paper Version

Replication Files: Julia Replication Codes

Optimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk. with Dirk Krueger and Alexander Ludwig.

Journal of Public Economics Volume 201, September 2021. | Link to document | ICIR Working Paper VersionOnline Appendix

Piecewise-Linear Approximations and Filtering for DSGE Models with Occasionally-Binding Constraints. with Boragan Aruoba, Pablo Cuba-Borda, Kenji Higa-Flores and Frank Schorfheide.

Review of Economic Dynamics Volume 41, July 2021, Pages 96-120. | Link to document | Working Paper Version | NBER extended WP

Replication Files: Julia Replication NK DSGE Model (Main Paper), Julia Replication Consumption-Savings Model (Appendix)

FiPIt: A simple, fast global method for solving models with two endogenous states & occasionally binding constraints. with Enrique G. Mendoza.

Review of Economic Dynamics  Volume 37, July 2020, Pages 81-102. | Link to document | Link to UserGuide and Codes | PIER Working Paper Version | NBER extended WP 

The effect of natural gas shortages on the Mexican economy. with Carlo Alcaraz.

Energy Economics Volume 66, August 2017, Pages 147-153. | Link to document | Working Paper Version

Press Coverage: Proceso

Decomposition of financial crises in Mexico (in Spanish). 

Gaceta de Economía 34 (2015). | Link to document



Changing Jobs to Fight Inflation: Labor Market Reactions to Inflationary Shocks. with Gorkem Bostanci and Omer Koru.

Working Paper Version

Rising Intangibles and Fading Listed. with Sara Casella and Hanbaek Lee.





The University of Pennsylvania, 2021


The University of Pennsylvania, 2019


ITAM, 2015


ITAM, 2012



2021 - to date

Economist. Federal Reserve Board, Financial and Macroeconomic Stability Studies.

June 2020 - July 2020

Visiting Scholar. Federal Reserve Bank of Atlanta, Research Department.

June 2019 - August 2019

Quantitative Researcher. Citadel, Global Fixed Income at Greenwich.

2012 - 2015

Economist. Central Bank of Mexico, Economic Research Division.



Board of Governors of the Federal Reserve System

20th Street and Constitution Avenue NW
Washington, DC 20551

vsergio (at)