Gabriel Mihalache
International Economics

Gabriel Mihalache


425 Arps Hall, The Ohio State University, Columbus, OH 43210

Curriculum Vitae (PDF)

Google Scholar, GitHub

My name is Gabriel, I study topics in International 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. I am Romanian and, if you're curious, this is how you pronounce my last name.

News. October 2023: Cristina, Yan, and I completed an extensive revision of our NK-Default paper on monetary policy and sovereign risk in emerging economies. Find the new manuscript below!


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

    Journal of Monetary Economics (C-R-NYU 100th Meeting), 2024, forthcoming, ISSN 1873-1295
  • "Deadly Debt Crises: COVID-19 in Emerging Markets,"
    PDF DOI Code

    with Cristina Arellano and Yan Bai
    The Review of Economic Studies, 2023, forthcoming, ISSN 0034-6527
  • "Bargaining over Taxes and Entitlements in the Era of Unequal Growth,"
    PDF DOI Code

    with Marina Azzimonti and Laura Karpuska
    International Economic Review, 2023, 64(3), ISSN 0020-6598
  • "COVID-19 Vaccination and Financial Frictions,"

    with Cristina Arellano and Yan Bai
    IMF Economic Review, 2023, 71(1), ISSN 2041-4161
  • "Sovereign Default Resolution Through Maturity Extension,"
    PDF DOI Code

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

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

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

Working Papers

Manuscripts with Decision

  • "Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)," Oct 2023
    PDF '20ver

    with Cristina Arellano and Yan Bai, reject & resubmit, American Economic Review

In Progress…

  • "Solving default models," Mar 2024
    in preparation for Oxford Research Encyclopedia of Economics and Finance
  • "Sovereign Partial Default in Continuous Time," Aug 2023

    with Sangdong Kim
  • "Predictable Interest Rate Movements, Implications for Emerging Markets," Mar 2022

    with Samuele Centorrino and Lei Li, initial draft
  • "Non Linear Dividend Taxation and Shareholder Disagreement," Feb 2021

    with Alexis Anagnostopoulos and Eva Cárceles-Poveda, initial draft
  • "The Maturity and Payment Schedule of Sovereign Debt," Jun 2016

    with Yan Bai and Seon Tae Kim, in limbo
Bargaining over Taxes and Entitlements in the Era of Unequal Growth



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 and include the class name in the subject. Thank you!

Autumn 2023

  • ECON 8862 International Economics 2 (PhD)


  • 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 June 2022:

Sovereign Yield Spreads