Research

Here you can find my research statement.

Working Papers

• The Transmission of Foreign Shocks in a Networked Economy

  with Pablo Aguilar, Rubén Domínguez-Díaz and Javier Quintana.

  WP Banco de España

• Fiscal Announcements and Households' Beliefs: Evidence from the Euro Area

  with Esteban García-Miralles, Iván Kataryniuk and Susana Párraga Rodríguez.

  WP ECB

• Inflation Persistence, Noisy Information and the Phillips Curve ECB Young Economist Prize 2022 Finalist

  Online Appendix Supplementary Material WP Banco de España

  Media: ABC, COPE, New York Times, ECB Video

Work in Progress

• Tariffs as Taxes on Capital

  with Rubén Domínguez-Díaz, Marta Domínguez-Jiménez and Javier Quintana.

• Imported Inflation: Tariffs, Energy, and the Bystander Central Bank

  with Matías Covarrubias, Rubén Domínguez-Díaz and Omar Rachedi.

• Tariffs, Production Networks, and Spillovers: the Case of a US-China Trade War

  with Pablo Aguilar, Matthieu Darracq Pariès, Alistair Dieppe, Rubén Domínguez-Díaz, Antonio Eugenelo and Javier Quintana.

• Unexpected Expectations

  with Jaime Martínez-Martín and Edgar Silgado-Gómez.

Publications

• HANK beyond FIRE: Amplification, Forward Guidance, and Belief Shocks

  International Economic Review, 2026. 67: 225–258.

  IER link WP Banco de España Replication Package

• A Behavioral Hybrid New Keynesian Model: Quantifying the Importance of Belief Formation

  with Atahan Afsar, Richard Jaimes and Edgar Silgado-Gómez.

  Economic Modelling, 2024. Volume 132, 106626.

  EM link Online Appendix

• Monetary Policy and Liquidity Constraints: Evidence from the Euro Area

  with Mattias Almgren, John Kramer and Ricardo Lima.

  American Economic Journal: Macroeconomics, 2022. 14(4): 309–40.

  AEJ: Macro link Online Appendix Replication Package

  Media: Nada es Gratis

Policy Notes

• A Strategic View on the Economic and Inflation Environment in the Euro Area

  ECB Occasional Paper Series No. 371. June 2025.

• Report on monetary policy tools, strategy and communication

  ECB Occasional Paper Series No. 372. June 2025.

• The Asymmetric Response of Producer Prices to Rising Oil and Gas Prices

  BdE Economic Bulletin. December 2022.

  Media: Forbes, Europa Press, El Español