Manuel Amador

updated on 2024-03-16

contactme@amador.email – https://manuelamador.me – https://github.com/manuelamador

Federal Reserve Bank of Minneapolis. Research Department. 90 Hennepin Avenue, Minneapolis, MN 55401

University of Minnesota. Department of Economics. 4–101 Hanson Hall. 1925 Fourth Street South, Minneapolis, MN 55455

Education

1998-2003, Massachusetts Institute of Technology, PhD in Economics Field: Macroeconomics, International Economics, Political Economy
1997-1998, P.I.M.A., Pontificia Universidad Catolica de Chile, Santiago, Chile
1993-1997, Pontificia Universidad Catolica Madre y Maestra, Santo Domingo, Dominican Republic, B.S. in Economics

Appointments

2023–, Anne O. Krueger Professor fo Economics, University of Minnesota
2021-2023, Curtis L. Carlson Professor of Economics, University of Minnesota
2017-2021, Professor, Department of Economics, University of Minnesota
2016-2017, Associate Professor, Department of Economics, University of Minnesota
2013–, Monetary Advisor, Federal Reserve Bank of Minneapolis
2006-2013, Assistant Professor, Department of Economics, Stanford University
2005-2006, Assistant Professor, Department of Economics, Harvard University
2003-2006, Assistant Professor, Graduate School of Business, Stanford University

Other Appointments

2020–, Fellow of the Econometric Society
2014–, National Bureau of Economic Research: Research Associate
2006-2014, National Bureau of Economic Research: Faculty Research Fellow
Nov 2012, Invited Visitor at the Federal Reserve Bank of Minneapolis
2010-2011, Visiting Professor, Princeton University
Apr 2009, Invited Visitor at the Graduate School of Business, University of Chicago
Oct 2005, Invited Visitor at the Federal Reserve Bank of Minneapolis

Honors and Grants

2015–, National Science Foundation grant, Summer Workshop Series in Macroeconomic Theory and Dynamic Modeling, Award number 1459008
2014, Excellence in Refereeing Award, American Economic Review
2012, Excellence in Refereeing Award, American Economic Review
2011, Alfred P. Sloan Research Fellow.
2010-2017, National Science Foundation CAREER grant, Award Number 1446974 (previously 0952816).
2009, International Growth Centre grant, The Political Economy of Sovereign Debt Overhang, Award Number 2009-11-001
2007-2011, National Science Foundation grant, Sovereign Debt and the Tragedy of the Commons, Award Number 0647875.
2003, Review of Economic Studies Tour.
2003, Solow Price for Graduate Student Excellence in Teaching and Research, MIT.

Book

Aguiar, Mark, and Manuel Amador (2021). The Economics of Sovereign Debt and Default. Princeton University Press.

Publications

Aguiar, Mark, Manuel Amador, and Ricardo Alves Monteiro (2023): “Sovereign-Debt Crises and Floating-Rate Bonds”, In A. Aguirre, A. Fernandez, and S. Kalemli-Ozcan, editors, Credibility of Emerging Markets, Foreign Investors’ Risk Perceptions and Capital Flows, pages 159–84.
Amador, Manuel and Christopher Phelan (2023): “Reputation and Partial Default”, AER:Insights, 5(2): 158-172
Amador, Manuel, and Kyle Bagwell (2022): “Regulating a Monopolist with Uncertain Costs without Transfers”, Theoretical Economics, 17 (4): 1719-1760
Amador, Manuel and Christopher Phelan (2021): “Reputation and Sovereign Default”. Econometrica, 89 (4): 1979-2010.
Aguiar, Mark and Manuel Amador (2020): “Self-fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models”. American Economic Review, 110 (9): 2783-2818.
Amador, Manuel, Javier Bianchi, Luigi Bocola, and Fabrizio Perri (2020): “Exchange Rate Policies at the Zero Lower Bound”. Review of Economic Studies, 87(4): 1605-1645.
Amador, Manuel and Kyle Bagwell (2020): “Money burning in the theory of delegation,” Games and Economic Behavior, 112: 382-412.
Aguiar, Mark, Manuel Amador, and Stelios Fourakis (2020): “On the Welfare Losses from External Sovereign Borrowing,” IMF Economic Review, 68(1): 163-194.
Aguiar, Mark, and Manuel Amador (2019): “A Contraction for Sovereign Debt Models,” Journal of Economic Theory, 183: 842-875.
Aguiar, Mark, Manuel Amador, Hugo Hopenhayn and Ivan Werning (2019): “Take the Short Route: Equilibrium Default and Debt Maturity,” Econometrica, 87(2): 423-462.
Amador, Manuel, Kyle Bagwell and Alex Frankel (2018): “A Note on Interval Delegation,” Economic Theory Bulletin, 6(2): 239-249.
Amador, Manuel, Javier Bianchi, Luigi Bocola, and Fabrizio Perri (2016): “Reverse Speculative Attacks,” Journal of Economic Dynamics and Control, 72: 125–137.
Aguiar, Mark, and Manuel Amador (2016): “Fiscal Policy in Debt Constrained Economies,” Journal of Economic Theory, 161: 37-75.
Aguiar, Mark, Manuel Amador, Emmanuel Farhi and Gita Gopinath (2015): “Coordination and Crisis in Monetary Unions,” The Quarterly Journal of Economics, 130(4): 1727-1779.
Amador, Manuel (2014): Comment on “Voluntary Debt Exchanges in Sovereign Debt Markets” by Hatchondo, Martinez and Padilla, Journal of Monetary Economics, 61.
Aguiar, Mark, Manuel Amador, Emmanuel Farhi and Gita Gopinath (2014): “Sovereign Debt Booms in Monetary Unions,” American Economic Review: Papers and Proceedings, 104(5).
Aguiar, Mark and Manuel Amador (2014): ”Sovereign Debt,” Handbook of International Economics, Vol 4, North-Holland: 647-87.
Amador, Manuel, and Kyle Bagwell (2013): “The Theory of Optimal Delegation with an Application to Tariff Caps,” Econometrica, 81(4): 1541-1599.
Amador, Manuel and Kyle Bagwell (2012): “Tariff Revenue and Tariff Caps,” American Economic Review: Papers and Proceedings, 102(3): 459–465.
Amador, Manuel, and Pierre-Olivier Weill (2012): “Learning from Private and Public Observations of Others’ Actions,” Journal of Economic Theory, 147(3): 910-940.
Aguiar, Mark, and Manuel Amador (2011): “Growth in the Shadow of Expropriation,” The Quarterly Journal of Economics, 126(2): 651-697.
Amador, Manuel, and Pierre-Olivier Weill (2010): “Learning from Prices: Public Communication and Welfare,” Journal of Political Economy, 118(5): 866-907.
Aguiar, Mark, Manuel Amador, and Gita Gopinath (2009): “Expropriation Dynamics,” American Economic Review: Papers and Proceedings, 99(2): 473-479.
Aguiar, Mark, Manuel Amador, and Gita Gopinath (2009): “Investment Cycles and Sovereign Debt Overhang,” Review of Economic Studies, 76(1): 1-31.
Amador, Manuel, Ivan Werning, and George‐Marios Angeletos (2006): “Commitment vs. Flexibility,” Econometrica, 74(2): 365-396.

Working Papers

Amador, Manuel and Javier Bianchi (2024): “Bank-runs, Fragility, and Regulation”.
Aguiar, Mark, Manuel Amador, and Cristina Arellano (2023): “Pareto Improving Fiscal and Monetary Policies: Samuelson in the New Keynesian Model”.
Amador, Manuel and Javier Bianchi (2023): “Helicopter Drops and Liquidity Traps”.
Amador, Manuel and Javier Bianchi (2023): “Bank-runs, Fragility, and Credit Easing”. Conditionally accepted AER.
Aguiar, Mark, Manuel Amador and Cristina Arellano (2023): “Micro Risks and (Robust) Pareto Improving Policies”.
Amador, Manuel, and Kyle Bagwell (2019): “Delegation Theory and the Delegation of Tariff-Negotiation Authority”.
Amador, Manuel, Javier Bianchi, Luigi Bocola, and Fabrizio Perri (2019): “Foreign Reserve Management at Zero Interest Rates”.
Aguiar, Mark, Manuel Amador, Gita Gopinath and Emmanuel Farhi (2013): “Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises”.
Amador, Manuel (2012): “Sovereign Debt and the Tragedy of the Commons”.

Professional Activities

Editorial Positions

Associate Editor at the American Economic Review (2014 - 2022)
Associate Editor at the Review of Economic Studies (2016 - 2022)
Associate Editor at the Journal of International Economics (2014 - 2021)
Associate Editor at Econometrica (2014 - 2020)

Referee

American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Econometrica, Review of Economic Studies, Journal of International Economics, Journal of the European Economic Association, Theoretical Economics, Review of Economic Dynamics, Journal of Economic Theory, Economic Journal, AEJ:Macro, International Economic Review, Economic Theory, Journal of Development Economics, Journal of Public Economics, and the National Science Foundation, AER: Insights.

Conference Organizer

North-American Winter Meetings of the Econometric Society, 2021, 2019, 2018, Program Committee Member
Minnesota Workshop in Macroeconomic Theory, organizer, since 2015
NBER IFM Summer meetings, Program Organizer, 2019.
NBER IFM Summer meetings, Program Organizer, 2018.
Dallas Fed and University of Houston Conference on International Economics, 2016, 2021, 2023
Society for Economic Dynamics, 2016, Co-chair of the Scientific Committee
NBER, EF&G Research Meeting, February 2015, Program Organizer
Wharton Conference on Liquidity and Financial Crises, 2014, Program Committee Member
Minnesota Workshop in Macroeconomic Theory, 2014, Program Organizer
North-American Summer Meetings of the Econometric Society, 2012, 2014, Program Committee Member
UTDT XVI Workshop in International Economics and Finance, Santo Domingo, Dominican Republic, 2013, Program Organizer
Society for Economic Dynamics, 2008, 2009, 2010, 2011, Program Committee Member
Stanford Institute for Theoretical Economics, 2010, 2012, Program Organizer

Discussions

Monetary/fiscal interactions 40 years after “Unpleasant monetarist arithmetic”; Espino, Kozlowski, Martin and Sanchez: Domestic Policies and Sovereign Default (2021)
China Macro and Finance Study Group Workshop; Felli, Piguillem and Shi: Fiscal Rules and Discretion with Risk of Default (2021)
American Economic Association Meetings, Atlanta; Debortoli, Nunes and Yared: Optimal Taxation and Debt Management without Commitment (2019)
NBER International Finance and Macroeconomics, Summer Meetings; Azzimonti and Quadrini: The Politics of Sovereign Default Under Financial Integration (2017)
American Economic Association Meetings, San Francisco; He, Krishnamurthy and Milbradt: What makes US government bonds safe assets? (2016)
International Capital Flows workshop, Barcelona; Fernandez and Martin: The Long and the Short of it: Sovereign Debt Crises and Debt Maturity. (2015)
Handbook of Macroeconomics Conference Vol 2; Aguiar, Chatterjee, Cole, and Stangebye: International Debt Crises. (2015)
Erwin Plein Nemmers Prize Conference; Farhi and Tirole: Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops. (2015)
SCIEA Conference 2015, Minneapolis, Sovereign Debt Session. (2015)
Becker Friedman Institute for Research in Economics, Conference on The Monetary and Fiscal History of Latin America; Bigio and Sargent: Monetary-Fiscal Crises, Reforms, and Reversals in Three Countries. (2014)
Carnegie-Rochester-NYU Conference on Public Policy; Hatchondo, Martinez and Sosa Padilla: Voluntary Debt Exchanges in Sovereign Debt Markets. (2013)
NBER International Finance and Macroeconomics Program Meeting, March; Dovis: Efficient Sovereign Default. (2013)
NBER EFJK Meeting, February; Aghion, Akcigit, Fernandez-Villaverde: Optimal Capital versus Labor Taxation with Innovation-Led Growth. (2013)
Wharton Conference on Liquidity and Financial Crises; Conesa and Kehoe: Gambling for Redemption and Self-fulfilling Debt Crises. (2012)
Annual meeting of the Western Finance Association, Las Vegas; Acharya and Rajan: Sovereign Debt, Government Myopia and The Financial Sector. (2012)
NBER International Finance and Macroeconomics, Fall Meetings; Azzimonti, Francisco, and Quadrini: Financial Globalization and the Raising of the Public Debt. (2011)
Institutions and International Capital Flows Conference, Barcelona; Martin and Taddei: International Capital Flows and Credit Market Imperfections: a Tale of Two Frictions. (2011)
Princeton Conference on Political Economy; Harstag: The Market for Conservation and Other Hostages. (2011)
Rochester Conference in Honor of Lionel McKinzie; Fahri and Werning: Insurance and Taxation over the Life Cycle. (2011)
UTDT XIII Workshop in International Economics and Finance, Lima, Peru; Alvarez, Gonzalez-Rozada, Neumeyer and Beraja: From Hyperinflation to Stable Prices: Argentina’s evidence on menu cost models. (2011)
American Economic Association Meetings, Atlanta; Samun Basu: Optimal Insurance Policy with Private Capital Flows. (2010)
Stanford Center for International Development, Latin America and Caribbean economic policy reform; Pieschacon: Oil Booms and their impact through fiscal policy. (2009)
Santa Cruz Center For International Economics; Caballero and Lorenzoni: Persistent Appreciations and Overshooting: A Normative Analysis. (2007)
Pacific Basin Conference at the San Francisco Federal Reserve Bank; Alfaro and Kanczuk: Optimal Reserve Management and Sovereign Debt. (2007)
International conference “Frontiers of Macroeconomics and International Economics”, Moscow; Farhi and Werning: Quantitative Explorations of the Inverse Euler. (2007)
IX Workshop in International Economics and Finance, Chile; Araujo and Santos: Confidence Crises, Credibility and the Inflation Target Level. (2007)
American Economic Association Meetings; Duffie and Manso: Information Percolation in Large Markets. (2006)
NBER International Finance and Macroeconomics. Fall meetings; Mendoza, Quadrini and Rios-Rull: Financial Integration, Financial Deepness and Global Imbalances. (2006)
Santa Cruz Center For International Economics; Yue: Sovereign Default and Debt Renegotiation. (2006)
LACEA Conference in Paris, sponsored by the American University of Paris; Andujar: The Political Economy of Policy Reform: An analytical framework for Dominican Republic. (2005)
Stanford Conference on Health, Demographics and Economic Development; Boldrin, Jones and Khan: Three equations describing the Industrial Revolution? (2005)
Allied Social Sciences Association Meetings, Philadelphia; Hernandez-Cata: Institutions to Accompany the Market in Cuba’s Future Economic Transition. (2005)
American Economic Association Meetings Philadelphia; Bulow and Rogoff: Grant versus Loans. (2005)