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Cristina Arellano Assistant Director, Policy and Monetary Advisor

Minneapolis, Minnesota USA

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Cristina Arellano has been a senior economist with the Federal Reserve Bank of Minneapolis since 2009. She has also been an assistant professor in the Department of Economics at the University of Minnesota (2004–9). Cristina received her B.S. in economics from Indiana University in 1999 and earned a Ph.D. in economics in 2004 from Duke University. Since 2009 she has also served as a faculty research fellow at the National Bureau of Economic Research. Her research focuses on international macroeconomics, sovereign debt, and financial crises.

Cristina’s work has appeared in the American Economic Review, the Journal of Political Economy, the Journal of Monetary Economics, the Journal of Economic Theory, and the Journal of Development Economics.

Financial Frictions and Fluctuations in Volatility
2019 | Journal of Political Economy, 127(5): 2049-2103 | With Yan Bai and Patrick J. Kehoe
Previously: Federal Reserve Bank of Minneapolis Staff Report 466
Related: Staff Report 538: Appendix for Financial Frictions and Fluctuations in Volatility

Default Risk, Sectoral Reallocation and Persistent Recessions
2018 | Journal of International Economics, 112: 182-199 | With Yan Bai and Gabriel Mihalache
Previously: Federal Reserve Bank of Minneapolis Staff Report 555

Fiscal Austerity During Debt Crises
2017 | Economic Theory, 64(4): 653-673 | With Yan Bai

External and Public Debt Crises
2016 | NBER Macroeconomics Annual 2015, 30: 191-244 | With Andrew Atkeson and Mark L. J. Wright
Previously: Federal Reserve Bank of Minneapolis Staff Report 515

Internal Debt Crises and Sovereign Defaults
2014 | Journal of Monetary Economics, 68(Supplement): S68-S80 | With Narayana Kocherlakota

Renegotiation Policies in Sovereign Defaults
2014 | American Economic Review, 104(5): 94-100 | With Yan Bai
Previously: Federal Reserve Bank of Minneapolis Staff Report 495

Firm Dynamics and Financial Development
2012 | Journal of Monetary Economics, 59(6): 533-549 | With Yan Bai and Jing Zhang
Previously: Federal Reserve Bank of Minneapolis Staff Report 392

Default and the Maturity Structure in Sovereign Bonds
2012 | Journal of Political Economy, 120(2): 187-232 | With Ananth Ramanarayanan
Previously: Federal Reserve Bank of Minneapolis Staff Report 410

Dollarization and Financial Integration
2010 | Journal of Economic Theory, 145(3): 944-973 | With Jonathan Heathcote
Previously: Federal Reserve Bank of Minneapolis Staff Report 385

The Dynamic Implications of Foreign Aid and its Variability
2009 | Journal of Development Economics, 88(1): 87-102 | With Aleš Bulír, Timothy Lane, Leslie Lipschitz

Default Risk and Income Fluctuations in Emerging Economies
2008 | American Economic Review, 98(3): 690-712