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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 and I'm a member of the Macro Finance Society. 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

sergio.villalvazo-martin (at)

PhD Economist: About Me


Inequality and Asset Prices during Sudden Stops.

Working Paper Version | IFDP WP 2024-1388

Presentations: 2023: NBER IFM Spring Meeting, FRB Macro Finance Workshop, EEA-ESEM at Barcelona, 9th Annual West Coast Workshop in International Finance at Vancouver.

2022: Midwest Macro at Utah, NASMES at Miami, EEA-ESEM at Milan, SEA at Fort Lauderdale.

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.

2020: Penn, Atlanta Fed, ITAM, Fed Board.

Disclosure Regulation, Intangible Capital and the Disappearance of Public Firms. with Sara Casella and Hanbaek Lee.

Working Paper Version | FEDS WP 2023-050

Presentations: 2024: Midwest Macro at Richmond, (scheduled) NASMES at Nashville, (scheduled) EEA-ESEM at Rotterdam.

2023: NASMES at Los Angeles.

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

Working Paper Version

Nonlinear Effects of Loan-to-Value Constraints. with Bora Durdu.

Draft coming soon

PhD Economist: Projects


FDI Flows and Sudden Stops in Small Open Economies. 

Journal of Macroeconomics Volume 79, March 2024. | Link to documentWorking 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 Volume 231, Issue 2, December 2022, Pages 477-499. | 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

PhD Economist: Projects



The University of Pennsylvania, 2021


The University of Pennsylvania, 2019


ITAM, 2015


ITAM, 2012

PhD Economist: Education


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. Banco de Mexico, Economic Research Division.

PhD Economist: Experience


Board of Governors of the Federal Reserve System

20th Street and Constitution Avenue NW
Washington, DC 20551

sergio.villalvazo-martin (at)

PhD Economist: Contact
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