Gabriel Mihalache
International Economics

Gabriel Mihalache


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

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 Stony Brook University, since 2018. I received my PhD in 2016, from the University of Rochester. I am Romanian and 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.

Working Papers

  • "COVID-19 Vaccination in Emerging Markets"
    with Cristina Arellano and Yan Bai, in prepation for 2021 Jacques Polak Annual Research Conference (IMF)
  • "Deadly Debt Crises: COVID-19 in Emerging Markets," Apr 2021

    with Cristina Arellano and Yan Bai, submitted
    Media and General Audience: GlobalCapital, FRB Minneapolis, Stony Brook Magazine, U of Rochester
  • "Non Linear Dividend Taxation and Shareholder Disagreement," Feb 2021

    with Alexis Anagnostopoulos and Eva Cárceles-Poveda, initial draft
  • "Bargaining over Taxes and Entitlements," Dec 2020

    with Marina Azzimonti and Laura Karpuska, revise & resubmit International Economic Review
  • "Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)," Jan 2020

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

    with Yan Bai and Seon Tae Kim


  • "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
Effect of Political Turnover on Bargaining Reform



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!

Fall 2021

  • On Leave


  • ECO 305 Intermediate Macroeconomic Theory
  • ECO 325 International Economics (pre-2020)
  • 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)

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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 2021:

Sovereign Yield Spreads