S633, Social & Behavioral Sciences, Stony Brook, NY 11794
My name is Gabriel, I study topics in International Macroeconomics. My work centers 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 Romanian, this is how you pronounce my last name.
News: Cristina, Yan, and I completed an extensive update of "Deadly Debt Crises: COVID-19 in Emerging Markets." We study how mitigations efforts interact with tight fiscal space. The model replicates key features of Latin American data from 2020. About one third of deaths are attributable to default risk. Voluntary restructuring or official lending are immensely helpful, as debt overhang weighs heavility on investment in life-saving mitigation measures.
I propose a parsimonious framework for the quantitative evaluation of sustainable debt in emerging markets, by embedding rich fiscal rules and a pricing kernel consistent with key stylized facts, as in Bansal and Yaron (JF, 2004), in the slow-moving debt crisis model of Lorenzoni and Werning (AER, 2019). The model can replicate the importance of a common global factor in spreads, the role of time-varying volatility, and the slow response of primary deficits to debt overhang. The framework supports the design of robust fiscal rules.
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