CV - Job Market Paper  

Pozo, Jorge

Job market candidate

Contact information

Tel. +34 93 542 1621

Available for Interviews at :

Simposio de la Asociación Española de Economía (SAEe), December 14-16, Barcelona, Spain

Allied Social Science Associations (ASSA), January 5-7, Philadelphia, US


Research interests

Primary Field: Macroeconomics. 

Secondary Fields: Banking. Financial Economics

Placement officer

Filippo Ippolito


Andrea Caggese (Advisor)

Luca Fornaro (Advisor)

Zenón Quispe



"Macroprudential Policies in an Open Economy" (Job Market Paper)
I present an open economy model with domestic and foreign investors and financial intermediaries facing a foreign debt constraint. The two key frictions of the model are the bank limited liability and the bank non-commitment. The interaction of these two frictions results in banks overestimating the expected present value of future dividends. Hence, in equilibrium bank credit and bank risk-taking are inefficiently high. The novel and less intuitive result is that under a realistic calibration a lower foreign interest rate or a higher access to the international credit market decreases the excessive level of capital or the excessive bank risk-taking since the marginal bank debt is domestic and hence the foreign rate affects the marginal cost of credit only indirectly through the inefficient additional marginal benefit of credit created by the limited limited and the bank non-commitment. A simple capital requirement rule restores the efficient credit level .