Javier Bianchi
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Javier.i.Bianchi@gmail.com
Last updated: June 2026

Current Positions

2022–
Monetary Advisor, Federal Reserve Bank of Minneapolis
2020–
Co-editor, Journal of International Economics
2023–
Adjunct Professor, University of Minnesota

Education

2006–2011
Ph.D. in Economics, University of Maryland
2000–2003
B.A. in Economics, Universidad de Montevideo

Previous Positions

2015–2021
Senior Research Economist, Federal Reserve Bank of Minneapolis
2014–2015
Research Economist, Federal Reserve Bank of Minneapolis
2012–2015
Assistant Professor, Department of Economics, University of Wisconsin–Madison
2011–2012
Visiting Assistant Professor, Department of Economics, NYU

Other Academic and Professional Activities

2025
Editorial Board, IMF Economic Review
2024
Guest Editor, JPE Macro, "Banking, Regulation, and Macroeconomic Outcomes"
2012–2019
Faculty Research Fellow, NBER
2016–2019
Associate Editor, Journal of International Economics
2015–2019
Associate Editor, Review of Economic Dynamics
2015–2018
Associate Editor, Journal of European Economic Association
2012–
Research Associate, Globalization & Monetary Policy Institute, FRB Dallas
2014
Visiting Scholar, Einaudi Institute for Economics and Finance
2013
Visiting Scholar, Sveriges Riksbank
2012
Visiting Scholar, Federal Reserve Bank of New York
2012
Visiting Scholar, Federal Reserve Bank of Minneapolis
2011
Visiting Scholar, Federal Reserve Bank of Richmond
2010
Dissertation Internship, Board of Governors of the Federal Reserve System
2009
Dissertation Internship, Federal Reserve Bank of Atlanta, Americas Center
2004–2006
Economic Analyst, Central Bank of Uruguay

Grants

2021–2023
Center for Equitable Growth Grant on "Macroprudential Regulations, Income Inequality and the Redistribution Channel" (with Louphou Coulibaly)
2014–2016
NSF Grant #1324395, "Public and Private Debt Crises: Quantitative Macroeconomic Models and Policy Implications" (with Pablo D'Erasmo and Enrique Mendoza)
2015–2016
Bank of England Research Grant (with Saki Bigio)
2015–2016
Smith Richardson Foundation (with Saki Bigio)
2014–2015
Fondation Banque de France Grant (with Saki Bigio)
2013
Graduate School Research Committee Grant, University of Wisconsin–Madison

Honors & Awards

2025
Keynote Speaker, VIII Salento Meetings
2024
Keynote Speaker, XXXIX Annual Meetings of the Central Bank of Uruguay
2022
Keynote Speaker, CEPR–South African Reserve Bank "Emerging Markets Back in the Spotlight: Monetary and Fiscal Policies Going Forward," South Africa
2013, 2016–17
Excellence in Refereeing Award, American Economic Review
2017
Keynote Speaker, Bank of England & Banque de France International Macroeconomics Workshop
2016
Excellence Award in Global Economic Affairs, Kiel Institute for the World Economy
2016
Morosoli de Bronce in Economics, Fundacion L. Rubial, Uruguay
2013
Young Macroeconomists' Jamboree, Duke University
2012
National Prize in Economics, Uruguay (Premio Raúl Trajtenberg)
2010
Anne G. Wylie Dissertation Fellowship, University of Maryland
2010
Best Paper Award, XV Workshop in Dynamic Macroeconomics, Vigo, Spain
2009
First Prize Fellowship for best third-year paper, Department of Economics, University of Maryland
2007
Distinction in Microeconomic Theory Prelim. Exam, University of Maryland
2006–2007
Fulbright Scholarship

Journal Articles

  1. "International Reserve Management under Rollover Crises," with Mauricio Barbosa Alves and Cesar Sosa-Padilla. Forthcoming, Quarterly Journal of Economics.
  2. "Liquidity Traps, Prudential Policies, and International Spillovers," with Louphou Coulibaly. Forthcoming, Review of Economic Studies.
  3. "Portfolio Choice and Settlement Frictions: A Theory of Endogenous Convenience Yields," with Saki Bigio. Forthcoming, Journal of Economic Theory, 2026.
  4. "A Theory of Fear of Floating," with Louphou Coulibaly. Journal of Monetary Economics, January 2026.
  5. "International Sanctions and Dollar Dominance," with Cesar Sosa-Padilla. Economic Journal, July 2025.
  6. "Overborrowing, Underborrowing and Macroprudential Policy," with Fernando Arce and Julien Bengui. Journal of Economic Theory, June 2025.
  7. "Bank Runs, Fragility, and Credit Easing," with Manuel Amador. American Economic Review, 114(7), July 2024.
  8. "On Wars, Sanctions and Sovereign Default," with Cesar Sosa-Padilla. Journal of Monetary Economics, October 2023.
  9. "The Macroeconomic Consequences of International Financial Sanctions," with Cesar Sosa-Padilla. AEA Papers and Proceedings, May 2023.
  10. "Reserve Accumulation, Macroeconomic Stabilization and Sovereign Risk," with Cesar Sosa-Padilla. Review of Economic Studies, July 2023.
  11. "Fiscal Stimulus under Sovereign Risk," with Pablo Ottonello and Ignacio Presno. Journal of Political Economy, 131(9), September 2023.
  12. "Macroprudential Policy with Leakages," with Julien Bengui. Journal of International Economics, 139, November 2022.
  13. "Research Agenda: Financial Crises and Prudential Policies." Review of Economic Dynamics, 23(1), April 2022.
  14. "The Prudential Use of Capital Controls and Foreign Currency Reserves," with Guido Lorenzoni. Handbook of International Economics, Vol. VI, 2022.
  15. "Banks, Liquidity Management and Monetary Policy," with Saki Bigio. Econometrica, 90(1): 391–454, January 2022.
  16. "Monetary Independence and Rollover Crises," with Jorge Mondragon. Quarterly Journal of Economics, 137(1): 435–491, February 2022.
  17. "A Fisherian Approach to Financial Crises: Lessons from the Sudden Stops Literature," with Enrique Mendoza. Review of Economic Dynamics, 37(1): 254–283, August 2020.
  18. "Exchange Rate Policies at the Zero Lower Bound," with Manuel Amador, Luigi Bocola, and Fabrizio Perri. Review of Economic Studies (Featured Article), 87(4): 1605–1645, July 2020.
  19. "Financial Safety Nets," with Julien Bengui and Louphou Coulibaly. International Economic Review, 60(1): 105–132, August 2019.
  20. "International Reserves and Rollover Risk," with Juan Carlos Hatchondo and Leonardo Martinez. American Economic Review, 108(9): 2629–2670, 2018.
  21. "Optimal Time-Consistent Macroprudential Policy," with Enrique Mendoza. Journal of Political Economy, 126(2): 588–634, 2018.
  22. "Efficient Bailouts?" American Economic Review (Lead Article), 106(2): 3607–3659, 2016.
  23. "Reverse Speculative Attacks," with Manuel Amador, Luigi Bocola, and Fabrizio Perri. Journal of Economic Dynamics and Control, 72: 125–137, 2016.
  24. "Fundamentals News, Global Liquidity and Macroprudential Policy," with Chenxin Liu and Enrique Mendoza. Journal of International Economics, 99(1): 2–15, 2016.
  25. "Macro-prudential Policy in a Fisherian Model of Financial Innovation," with Emine Boz and Enrique Mendoza. IMF Economic Review, 60(1): 223–269, 2012.
  26. "Overborrowing and Systemic Externalities in the Business Cycle." American Economic Review, 101(7): 3400–3426, 2011.
  27. "Credit Externalities: Macroeconomic Effects and Policy Implications." American Economic Review Papers and Proceedings, 100(2): 398–402, 2010.

Published Comments

  1. Comment on Olivier Jeanne "Capital Account Policies and the Real Exchange Rate," NBER International Seminar on Macroeconomics, August 2012.
  2. Comment on Oliver de Groot "The Risk Channel of Monetary Policy," International Journal of Central Banking, June 2014.
  3. Comment on Alessandra Fogli and Fabrizio Perri, "Macroeconomic Volatility and External Imbalances," Journal of Monetary Economics, Vol. 69, January 2015.

Papers under Revision or Accepted

  1. "How Should Monetary Policy Respond to Housing Inflation?," with Alisdair McKay and Neil Mehrotra. Revise and Resubmit, Quarterly Journal of Economics.
  2. "Scrambling for Dollars: International Liquidity, Banks and Exchange Rates," with Saki Bigio and Charles Engel. Revise and Resubmit, Review of Economic Studies.
  3. "Financial Integration and Monetary Policy Coordination," with Louphou Coulibaly. Revise and Resubmit, Journal of Political Economy.
  4. "A Macroprudential Theory of Foreign Reserve Accumulation," with Fernando Arce and Julien Bengui. Revised and Resubmitted, AEJ Macro.

Working Papers

  1. "How Small is Small? Non-linearities in Heterogeneous Agent Models," with Greg Kaplan. NBER Working Paper No. 35311.
  2. "International Risk-Sharing in a Fragmented World," with Sebastian Horn, Giovanni Rosso, and Cesar Sosa-Padilla.
  3. "Bank Runs, Fragility, and Regulation," with Manuel Amador.
  4. "The Optimal Monetary Policy Response to Tariffs," with Louphou Coulibaly. NBER Working Paper No. 33560.
  5. "Helicopter Drops and Liquidity Traps," with Manuel Amador. NBER Working Paper No. 31046.
  6. "Partial Runs and Optimal Defaults," with Manuel Amador.
  7. "The Political Economy of Macroprudential Policy and Capital Flows," with Carlos Bolivar and Cesar Sosa-Padilla.
  8. "International Equity Flows, Monetary Policy, and Time Consistency," with Alejandro Van der Ghote.

Work in Progress

Other Working Papers

Teaching

Minnesota: International Macro Ph.D. course, 2023–
Swiss Doctoral Program, Gerzensee, 2021
Wisconsin
Undergraduate Intermediate Macroeconomics, Spring 2014
Undergraduate International Macroeconomics, Spring 2013
Ph.D. International Macroeconomics, Spring 2013
NYU
Ph.D. International Macroeconomics, Spring 2012

Discussions

2024
BIS Annual Meetings: Clayton, Maggiori and Schreger, "A Theory of Economic Coercion and Fragmentation"
2023
Conference in Honor of Guillermo Calvo: Corsetti and Maćkowiak, "Gambling to Preserve Price (and Fiscal) Stability"
2022
Foundations of Monetary Economics: Papoutsi, Piazzesi and Schneider, "Can QE be market neutral? Monetary policy with many firms and securities"
2022
NBER IFM Meetings: Devereux and Wu, "Foreign Reserves Management and Original Sin"
2021
NBER IFM Meetings: Ottonello, Perez and Varraso, "Are Collateral-Constraint Models Ready for Macroprudential Policy Design?"
2021
AEA Meetings: Davila and Walther, "Prudential Policy with Distorted Beliefs"
2019
IMF Workshop: Adrian Duarte, Liang and Zabczyk, "Monetary and Macroprudential Policy with Endogenous Risk"
2018
NBER IFM Fall Meetings: Gourinchas, Martin and Messer, "The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis"
2018
AEA Meetings: Gertler, Kiyotaki and Prestipino, "A Macroeconomic Model with Financial Panics"
2017
ITAM PIER Workshop: Bocola and Lorenzoni, "Financial Crises and Lending of Last Resort in Open Economies"
2015
Central Bank of Korea Annual Conference: Brunnermeier and Sannikov, "The I Theory of Money"
2015
BIS Workshop: Alpanda, Cateau and Takamura, "Optimal Mix of Monetary, Macroprudential and Fiscal Policies"
2014
NBER IFM Fall Meetings: Na, Schmitt-Grohe, Uribe, and Yue, "A Model of Twin D's"
2014
Macro Financial Modeling Group: Lucas, "Evaluating the Cost of Government Credit Support: The OECD Context"
2014
Carnegie-NYU-Rochester: Fogli and Perri, "Macroeconomic Volatility and External Imbalances"
2014
AEA Meetings: Arellano and Bai, "Renegotiation Policies in Sovereign Defaults"
2014
AEA Meetings: Magud, Reinhart and Rogoff, "Capital Controls: Myth and Reality"
2013
IJCB Conference: De Groot, "The Risk Channel of Monetary Policy"
2013
NBER Summer Institute: Cacciatore, Fiori, and Ghironi, "Market Deregulation and Optimal Monetary Policy in a Monetary Union"
2012
NBER IFM Summer Institute: Schmitt-Grohé and Uribe, "Downward Nominal Wage Rigidity, Currency Pegs, and Involuntary Unemployment"
2012
Pacific Basin Conference SFO Fed: Benigno and Fornaro, "Reserve Accumulation, Growth and Financial Crises"
2012
NBER International Seminar on Macroeconomics: Jeanne, "Capital Account Policies and the Real Exchange Rate"

Conference Organization

2023–2026
Summer School in International Economics, by the JIE
2014–
RIDGE International-Macro Workshop
2024
Macroeconomic Policy Perspectives Conference on "Banking, Regulation and Macroeconomic Outcomes" (Minneapolis)
2024
System Conference on International Economics
2023–2024
Institute for Empirical Macroeconomics (Minneapolis Fed)
2022
Federal Reserve Bank of Minneapolis and Journal of International Economics Conference on "Sovereign Debt"
2022
Program committee member, XXVII Meeting of the Central Bank Researchers Network
2022
Program committee member, Computing in Economics and Finance
2019
Program committee member, Annual Meeting of the Central Bank Research Association (CEBRA)
2018
Co-organizer, Minnesota Workshop in Macroeconomic Theory
2014–2016
Program committee member, Society of Economic Dynamics Annual Meetings
2013
Co-organizer, International Economic Association Roundtable on "Capital Flows, Capital Controls and Monetary Policy"

Ph.D. Dissertation Advising

Dissertation Committee Member (initial placement, *denotes chair/co-chair)

Wisconsin
Cheng-Ying-Yang (Institute of Economics, Academia Sinica)
Jungjae Park (National University of Singapore)
Jiao Shi (Peking University HSBC Business School)
Nalini Prasad (University of New South Wales)
Minnesota
Fernando Arce (Chicago Fed)
Mauricio Barbosa-Alves (University of Kentucky)
Carlos Bolivar (Universidad de Chile)
Shiv Dixit (Indian School of Business)
Jorge Mondragon (IMF)
Agustin Samano (World Bank)
Bryan Gutierrez (current student)
Teerat Wongrattanapiboon (current student)
Xing Xu (current student)
Montreal
Louphou Coulibaly* (Pittsburgh)

Referee Activity

American Economic Review, Econometrica, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, American Economic Journal, Canadian Journal of Economics, Economic Journal, Economics Letters, Economic Theory, European Economic Review, IMF Economic Review, International Economic Review, International Journal of Central Banking, Journal of Economic Dynamics and Control, Journal of European Economic Association, Journal of Economic Theory, Journal of International Economics, Journal of International Money and Finance, Journal of Economic Growth, Journal of Finance, Journal of Monetary Economics, Journal of Money Credit and Banking, Quantitative Economics, Quarterly Review of Economics and Finance, Review of Economic Dynamics, Scandinavian Journal of Economics, Theoretical Economics

Reviewer: National Science Foundation Grant Proposal, European Research Council, Swiss National Science Foundation

Personal

Born February 28, 1981; Married, four children; Uruguayan, Italian, and US citizen.