Gabriel Mihalache
International Economics

My name is Gabriel, I study topics in International Economics and Macroeconomics. My work explores the consequences of sovereign default risk for the maturity structure of public debt, sectoral reallocation, capital accumulation, and fiscal-monetary interactions. I am an assistant professor of economics at The Ohio State University. I received my PhD in 2016, from the University of Rochester. If you're curious, this is how you pronounce my last name.

• Working Papers
• Publications
• Resources
• Teaching
• Door Decoration
• Personal

News. 2025-26 JM: This cycle I have the privilege to advise two job market candidates that I endorse unequivocally and recommend to all departments without reservations: Sangdong Kim and Sanghwa Moon. I either already work or plan to work with both of them myself. Please get in touch with any questions you might have about them.

Working Papers

• "Global Imbalances, Trade, and Sovereign Risk," Nov 2025
  Slides Bib
  
  with Yan Bai, Minjie Deng, and Chang Liu
  work-in-progress

  Global Imbalances, Trade, and Sovereign Risk

  @unpublished{BDLM2025wp,
  author = "Yan Bai and Minjie Deng and Chang Liu and Gabriel Mihalache", 
  title = "Global Imbalances, Trade, and Sovereign Risk",
  month = "11",
  year = "2025", }

  Close
• "Insufficient or Excessive Investment Under Sovereign Default Risk," Jun 2025
  PDF Bib
  
  with Ilhwan Song
  Revise-and-resubmit Journal of International Economics

  Insufficient or Excessive Investment Under Sovereign Default Risk

  @unpublished{MS2024wp,
  author = "Ilhwan Song and Gabriel Mihalache", 
  title = "Insufficient or Excessive Investment Under Sovereign Default Risk",
  month = "6",
  year = "2025", }

  Close

Publications

• "Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default),"
  PDF Bib
  
  with Cristina Arellano and Yan Bai
  The Quarterly Journal of Economics, accepted

  Monetary Policy and Sovereign Risk in Emerging Economies

  @unpublished{ARELLANO2020wp,
  author = "Cristina Arellano and Yan Bai and Gabriel Mihalache", 
  title = "Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)",
  note = "NBER Working Paper No. 26671",
  month = "1",
  year = "2020",
  doi = "10.3386/w26671", }

  Close
• "Default and Development,"
  PDF DOI Code Bib
  
  with Lei Li
  Journal of International Economics, 2025, 155C, ISSN 0022-1996

  Default and Development

  @article{LI2025,
  author = "Lei Li and Gabriel Mihalache", 
  title = "Default and Development",
  doi = "10.1016/j.jinteco.2025.104089",
  journal = "Journal of International Economics",
  issn = "0022-1996",
  volume = "155C",
  pages = "104089",
  month = "5",
  year = "2025", }

  Close
• "Solving default models,"
  PDF DOI Code Bib
  
  Oxford Research Encyclopedia of Economics and Finance, 2025

  Solving default models

  @article{MIHALACHEOREEF2024,
  author = "Gabriel Mihalache", 
  title = "Solving default models",
  journal = "Oxford Research Encyclopedia of Economics and Finance",
  month = "1",
  year = "2025",
  volume = "0",
  doi = "10.1093/acrefore/9780190625979.013.941", }

  Close
• "Comment on `On Wars Sanctions and Sovereign Defaults' by Bianchi and Sosa-Padilla,"
  DOI Bib
  
  Journal of Monetary Economics (C-R-NYU 100th Meeting), 2024, 141, ISSN 1873-1295

  Comment on `On Wars Sanctions and Sovereign Defaults' by Bianchi and Sosa-Padilla

  @article{MIHALACHECRNYU2024,
  author = "Gabriel Mihalache", 
  title = "Comment on `On Wars Sanctions and Sovereign Defaults' by Bianchi and Sosa-Padilla",
  journal = "Journal of Monetary Economics",
  month = "1",
  year = "2024",
  volume = "141",
  issn = "1873-1295",
  doi = "10.1016/j.jmoneco.2023.10.009", }

  Close
• "Deadly Debt Crises: COVID-19 in Emerging Markets,"
  PDF DOI Code Bib
  
  with Cristina Arellano and Yan Bai
  The Review of Economic Studies, 2023, 91(3), ISSN 0034-6527

  Deadly Debt Crises: COVID-19 in Emerging Markets

  @article{ARELLANO2023,
      author = {Arellano, Cristina and Bai, Yan and Mihalache, Gabriel},
      title = "{Deadly Debt Crises: COVID-19 in Emerging Markets}",
      journal = {The Review of Economic Studies},
      volume = {91},
      number = {3},
      pages = {1243-1290},
      year = {2023},
      month = {05},
      issn = {0034-6527},
      doi = {10.1093/restud/rdad058},
      url = {https://doi.org/10.1093/restud/rdad058},
      eprint = {https://academic.oup.com/restud/article-pdf/91/3/1243/57452756/rdad058.pdf}, }

  Close
• "Bargaining over Taxes and Entitlements in the Era of Unequal Growth,"
  PDF DOI Code Bib
  
  with Marina Azzimonti and Laura Karpuska
  International Economic Review, 2023, 64(3), ISSN 0020-6598

  Bargaining over Taxes and Entitlements

  @article{AZZIMONTI2023,
  author = "Marina Azzimonti and Laura Karpuska and Gabriel Mihalache", 
  title = "Bargaining over Taxes and Entitlements in the Era of Unequal Growth",
  journal = "International Economic Review",
  volume = "64",
  issue = "3",
  year = "2023",
  month = "8",
  issn = "0020-6598",
  doi = "10.1111/iere.12625",
  pages = "893--941", }

  Close
• "COVID-19 Vaccination and Financial Frictions,"
  PDF DOI Bib
  
  with Cristina Arellano and Yan Bai
  IMF Economic Review, 2023, 71(1), ISSN 2041-4161

  COVID-19 Vaccination and Financial Frictions

  @article{ARELLANO2022f,
  title = "COVID-19 Vaccination and Financial Frictions",
  journal = "IMF Economic Review",
  volume = "71",
  year = "2023",
  month = "3",
  pages = "216--242",
  issn = "2041-4161",
  doi = "10.1057/s41308-022-00186-4",
  url = "https://link.springer.com/article/10.1057/s41308-022-00186-4",
  author = "Cristina Arellano and Yan Bai and Gabriel Mihalache", }

  Close
• "Sovereign Default Resolution Through Maturity Extension,"
  PDF DOI Code Bib
  
  Journal of International Economics, 2020, 125C, ISSN 0022-1996

  Sovereign Default Resolution Through Maturity Extension

  @article{MIHALACHE2020103326,
  title = "Sovereign default resolution through maturity extension",
  journal = "Journal of International Economics",
  volume = "125C",
  pages = "103326",
  year = "2020",
  month = "7",
  issn = "0022-1996",
  doi = "10.1016/j.jinteco.2020.103326",
  url = "http://www.sciencedirect.com/science/article/pii/S0022199620300453",
  author = "Gabriel Mihalache", }

  Close
• "Default Risk, Sectoral Reallocation, and Persistent Recessions,"
  PDF DOI Bib
  
  with Cristina Arellano and Yan Bai
  Journal of International Economics, 2018, 112, ISSN 0022-1996

  Default Risk, Sectoral Reallocation, and Persistent Recessions

  @article{ARELLANO2018182,
  title = "Default risk, sectoral reallocation, and persistent recessions",
  journal = "Journal of International Economics",
  volume = "112",
  pages = "182--199",
  year = "2018",
  month = "5",
  issn = "0022-1996",
  doi = "10.1016/j.jinteco.2018.01.004",
  url = "http://www.sciencedirect.com/science/article/pii/S0022199618300047",
  author = "Cristina Arellano and Yan Bai and Gabriel Mihalache", }

  Close
• "The Payment Schedule of Sovereign Debt,"
  PDF DOI Bib
  
  with Yan Bai and Seon Tae Kim
  Economics Letters, 2017, 161, ISSN 0165-1765

  The Payment Schedule of Sovereign Debt

  @article{BAI201719,
  title = "The payment schedule of sovereign debt",
  journal = "Economics Letters",
  volume = "161",
  pages = "19--23",
  year = "2017",
  month = "12",
  issn = "0165-1765",
  doi = "10.1016/j.econlet.2017.09.003",
  url = "http://www.sciencedirect.com/science/article/pii/S0165176517303701",
  author = "Yan Bai and Seon Tae Kim and Gabriel Mihalache", }

  Close

Resources

• Computation: Compilers, IDEs, languages, libraries for numerical methods
• Sovereign default reading list: key papers on quantitative models of (equilibrium) sovereign default
• A Fortran+MATLAB Workflow, for moving data or results back and forth

Teaching

All materials, including syllabi and recordings, are distributed via Carmen. Class-specific office hours are listed in the syllabus. For other appointments, please email. Students, please use mihalache.2@osu.edu and include the class name in the subject. Thank you!

Spring 2026

• ECON 4002.02 Intermediate Macroeconomics Theory
• ECON 5660 Financial Aspects of International Trade
• ECON 8862 International Economics 2 (PhD)

Previously

• ECON 5660 Financial Aspects of International Trade
• ECON 8862 International Economics 2 (PhD)
• At Stony Brook University:
  • ECO 305 Intermediate Macroeconomic Theory
  • ECO 325 International Trade
  • ECO 386 International Finance
  • ECO 531 Introduction to Computational Methods in Economics (MA)
  • ECO 610 Advanced Macroeconomic Theory (PhD)
  • ECO 613 Computational Macroeconomics (PhD)

Are you considering asking me to write a reference letter in support fo your grad school applications? Please read carefully the information available here, to help me help you. Thank you!

Door Decorations

It is traditional for academics to decorate their office doors with snippets from articles, media, social commentary, quotes, or cartoons. These are the current content on my door, as of Jan 2025:

• "The Ends of Four Big Inflations" – T.J. Sargent, 1981
• "Japan's Phillips Curve Looks Like Japan" – G.W. Smith, 2006
• "University of California at Berkley graduation speech" – T.J. Sargent, 2007
• "Asset Pricing with Garbage" – A. Savov, 2011
• "Brazil: Inflation and stabilization plans" – Ayres et al., 2019
• A small USA flag, which I received at my naturalization ceremony

Personal