Gabriel Mihalache
International Economics

My name is Gabriel, I study topics in International Macroeconomics. My work centers largely around 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 Stony Brook University since 2018. I received my PhD in 2016 from the University of Rochester. I am originally from Romania and this is how you pronounce my last name.

News: In early November I will discuss "Fiscal Consolidation and Debt Relief: Ex-ante (Front-loaded) vs. Ex-post (Back-loaded)" for the International Macro/Finance and Sovereign Debt Workshop in East Asia.


  • "Sovereign Default Resolution Through Maturity Extension,"
    PDF DOI Code

    Journal of International Economics, Volume 125C, 2020, ISSN 0022-1996
  • "Default Risk, Sectoral Reallocation, and Persistent Recessions,"

    with Cristina Arellano and Yan Bai
    Journal of International Economics, Volume 112, 2018, ISSN 0022-1996
  • "The Payment Schedule of Sovereign Debt,"

    with Yan Bai and Seon Tae Kim
    Economics Letters, Volume 161, 2017, ISSN 0165-1765

Working Papers and In-Progress

  • "Bargaining over Mandatory Spending and Entitlements," July 2020

    with Marina Azzimonti and Laura Karpuska
  • "Deadly Debt Crises: COVID-19 in Emerging Markets," June 2020

    with Cristina Arellano and Yan Bai
    Media and General Audience: GlobalCapital, FRB Minneapolis, Stony Brook Magazine, U of Rochester
  • "Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)," Jan 2020

    with Cristina Arellano and Yan Bai
    Media and General Audience: FRB Minneapolis
  • "The Maturity and Payment Schedule of Sovereign Debt," Jun 2016

    with Yan Bai and Seon Tae Kim
  • "Pricing Slow-Moving Debt Crises"

    We revisit the question of nominal sovereign debt sustainability in a setting with "slow-moving" debt crises and "fiscal fatigue," as in Lorenzoni-Werning (2019, AER), when bonds and CDSs are priced using a stochastic discount factor consistent with evidence on risk- and term-premia. We characterize the resulting term structure of default risk and reassess the scope for equilibrium multiplicity in generating crises.

  • "The Dynamic Firm Under Shareholder Disagreement"
    with Alexis Anagnostopoulos and Eva Cárceles-Poveda
Deadly Debt Crises



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

Spring 2021

  • ECO 356 Topics: International Finance
  • ECO 610 Advanced Macroeconomic Theory (PhD)

Fall 2020

  • ECO 325 International Economics
  • ECO 615 Advanced Macroeconomics Workshop (PhD)


  • ECO 305 Intermediate Macroeconomic Theory
  • ECO 531 Introduction to Computational Methods in Economics (MA)
  • ECO 613 Computational Macroeconomics (PhD)
Sovereign Yield Spreads
Gabriel Mihalache


S633, Social & Behavioral Sciences, Stony Brook, NY 11794

Curriculum Vitae (PDF)

Google Scholar, GitHub