About me: 

I am Santiago, an Assistant Professor of Economics at McGill University. My research lies at the intersection of international economics and monetary policy, with a focus on how financial shocks in Advanced Economies spill over into Emerging Markets.

One strand of my research identifies and quantifies the causal impact of external shocks—such as those originating from the Federal Reserve, the European Central Bank, and major US financial institutions—on Emerging Markets. Another strand explores how financial frictions and agent heterogeneity shape the transmission of these shocks. For instance, I analyze how differences across households influence optimal monetary policy in Emerging Markets and use credit registry data to uncover distinct transmission mechanisms of US monetary policy within and outside the US.

My job market paper examines financial frictions in Emerging Markets, demonstrating that interest-sensitive, cash-flow-based borrowing constraints amplify the effects of foreign interest rate shocks far more than standard collateral-based constraints. Stay tuned—an updated draft will be available soon!

Here are some exciting new developments:

January 2025: My paper "Spillovers of US Interest Rates, Monetary Policy & Information Effects" was accepted in the Journal of International Economics. 

April 2024: My paper "The International Monetary Transmission Mechanism" with Lawrence Christiano and Husnu Dalgic is out! We presented it at the NBER's 39th Annual Conference on Macroeconomics, 2024. The article is Forthcoming.