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PABLO OTTONELLO
November 18, 2014
Department of Economics
Columbia University
Phone: (646) 5965841
Email: [email protected]
New York, NY 10027
http://www.columbia.edu/~po2171
Placement Chair: Michael Riordan, email: [email protected]
Placement Assistant: Shane Bordeau, (212) 854-6881, email: [email protected]
EDUCATION
2015 (expected)
2012
2011
2006
PhD
Economics
Master of Philosophy Economics
Master of Arts
Economics
B.A.
Economics
Columbia University
Columbia University
Columbia University
Universidad de la Republica (Uruguay)
FIELDS of SPECIALIZATION:
Macroeconomics, International Economics
Research Interests:
Financial crises, unemployment, monetary policy, macroeconomic
fluctuations, sovereign default, sudden stops.
Job Market Paper: “Capital Unemployment, Financial Shocks, and Investment Slumps”
Abstract: Recoveries from financial crises are characterized by low investment rates and
declines in capital stocks. This paper constructs an equilibrium framework in which
financial shocks have a persistent effect on aggregate investment. The key assumption is
that physical capital is traded in a decentralized market with search frictions, generating
``capital unemployment.'' After a negative financial shock, the share of unemployed
capital is high, and the economy dedicates more resources to absorbing existing
unemployed capital into production, and less to accumulating new capital. An estimation
of the model for the U.S. economy using Bayesian techniques shows that the model can
generate the investment persistence and half of the output persistence observed in the
Great Recession. Investment search frictions also lead to a different interpretation of the
sources of business-cycle fluctuations, with a larger role for financial shocks, which
account for 33% of output fluctuations. Extending the model to allow for heterogeneity
in match productivity, the framework also provides a mechanism for procyclical capital
reallocation, as observed in the data.
PUBLICATIONS AND SUBMITTED PAPERS
“Optimal Exchange Rate Policy under Collateral Constraint and Wage Rigidity” (2014), Revise and
Resubmit (2nd round), Journal of International Economics.
“Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries” (2014), with
Calvo, G. and F. Coricelli, NBER working paper 18480, under revision.
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“Jobless Recoveries during Financial Crises: Is Inflation the Way Out?” (2013), with Calvo, G. and
F. Coricelli, in Bauducco, S., L. Christiano and C. Raddatz, Macroeconomic and Financial Stability:
Challenges for Monetary Policy, Central Bank of Chile.
“Monetary and Fiscal Policies in a Sudden Stop: Is Tighter Brighter?” (2009), with Ortiz, A.
Sturzenegger, F. and Talvi, E., in Cavallo, E. and A. Izquierdo, Dealing with International Credit
Crunch: Policy Responses to Sudden Stops, IADB, 23-73.
“Real Exchange Rate and Relative Prices: A Three-Good Approach” (2006), with Capurro, A. and
Davies, G., Central Bank of Uruguay, Revista de Economía, Vol.13, No 2 (In Spanish, with English
Summary).
WORK IN PROGRESS
“Sudden Stops, Market Exclusion and Default”, with Diego Perez.
“Unemployment and Optimal Stabilization Policy”, with Javier Bianchi.
“Sovereign Default and External Debt Dynamics”, with Mariana Garcia, Stephanie Schmitt-Grohé
and Martín Uribe.
WORK EXPERIENCE
Summer 2014
Federal Reserve Bank of New York, PhD Summer Internship.
September 2011-2014
Research Assistant for Professors Martín Uribe and Stephanie
Schmitt-Grohé (Columbia University).
September 2010-2014
Research Assistant for Professor Guillermo Calvo (Columbia
University).
2004-2009
Research Economist at CERES, think tank located in Uruguay that
specializes in the macroeconomic analysis Latin American
economies, directed by Ernesto Talvi.
TEACHING EXPERIENCE
2011, 2012, 2013
Instructor, Macroeconomics I (Master Level), Program in Economic Policy
Management, School of International and Public Affairs, Columbia
University.
Spring 2013
Teaching Assistant for International Monetary Theory and Policy,
Professor Martín Uribe, Columbia University.
Fall 2012
Teaching Assistant for Advanced Macroeconomics, Professor Michael
Woodford, Columbia University.
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Spring 2012
Teaching Assistant for Advanced Macroeconomics (PhD Level), Professor
Martín Uribe, Columbia University.
Fall 2006
Teaching Assistant for Advanced Econometrics, Professor Adrian
Fernandez, Universidad de la Republica, Uruguay.
Spring 2006
Teaching Assistant for Econometrics II, Professor Ana María Teja,
Universidad de la Republica, Uruguay.
HONORS AND AWARDS
2014
Lindau Nobel Laureate Meetings, Selected Participant.
2014
Columbia University, Economics Department Dissertation Fellowship.
2013, 2014
Institute of Humane Studies Fellowship.
2013
Wueller Teaching Award for Best Teaching Assistant, Columbia University,
Economics Department.
2012
Vickrey Prize (runner-up) for Best Paper by a 3rd year PhD student,
Columbia University, Economics Department.
2009-present
Columbia University, Economics Department Fellowship.
SEMINAR AND CONFERENCE PRESENTATIONS
2014: Federal Reserve Bank of New York.
2013: CEPR European Summer Symposium in International Macroeconomics (ESSIM), Izmir,
Turkey; Workshop on Macroeconomics, Financial Frictions and Asset Prices, Pavia, Italy;
IEA-BCU Roundtable, Montevideo, Uruguay.
2012: XVI Conference of the Central Bank of Chile; LACEA-LAMES 2012 Annual Meetings,
Lima, Peru; IMF Jobs and Growth Seminar, Washington DC; EconCon 2012, Princeton
University; Midwest Fall 2012 Macro Conference, University Colorado, Boulder.
2007: LACEA-LAMES 2007 Annual Meetings, Bogota, Colombia; Jornadas de Economía,
Central Bank of Uruguay.
REFEREE ACTIVITY
Journal of International Economics, Economica.
LANGUAGES
Spanish (Native), English (Fluent), French (Fluent), Italian (Basic).
NATIONALITY
Uruguayan and Italian.
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REFERENCES
Martín Uribe (Sponsor)
Professor of Economics
Columbia University
(212) 851-4008
[email protected]
Stephanie Schmitt-Grohé
Professor of Economics
Columbia University
(212) 851-4010
Michael Woodford
John Bates Clark Professor of Political
Economy
Columbia University
(212) 854-1094
[email protected]
Guillermo Calvo
Professor of Economics,
International and Public Affairs
Columbia University
(212) 854-4264
[email protected]
[email protected]
Ricardo Reis
Professor of Economics
Columbia University
(212) 851-4007
[email protected]
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