Juan M. Sánchez
Macroeconomics · Finance · Growth

Juan M.
Sánchez

Senior Economic Policy Advisor II

Federal Reserve Bank of St. Louis

My research studies household financial distress, firm dynamics and productivity, credit markets, macro-finance, sovereign debt, and quantitative macroeconomics. I also teach Quantitative Macro in the Ph.D. program at Washington University in St. Louis.

Working Papers CV (PDF) St. Louis Fed RePEc Google Scholar
Juan M. Sánchez presenting research at a seminar
Presenting research at the Stockman Conference at the University of Rochester.

Working Papers

Current working papers.

Fleeting Forbearance in a World of Persistent Financial Distress
with José Mustre-del-Río and Kartik Athreya
Federal Reserve Bank of St. Louis Working Paper 2026-019
Paper
Stabilization vs. Growth
with Miguel Faria-e-Castro and Pascal Paul
Federal Reserve Bank of St. Louis Working Paper 2026-006
Paper
What Drives Household Financial Distress? The Role of Earnings Misperceptions
with Stefan Song
Federal Reserve Bank of St. Louis Working Paper 2025-030
Paper

Work in Progress

Current projects.

Debt Maturity and Market Timing
Rody Manuelli & Juan M. Sánchez
A new version of an older draft, with a new pitch and a redesigned model.
Debt, Distress, and Default Across Countries
Cecilia Díaz-Campo, Byung Ho Lee & Juan M. Sánchez
An international comparison of household debt, delinquency, and financial distress.
Cash is King
Emilio Espino, Julian Kozlowski & Juan M. Sánchez
Why do firms hold so much cash, and why does cash matter during technological waves?

Publications

Journal articles.

From Population Growth to TFP Growth
with Hiroshi Inokuma · American Economic Journal: Macroeconomics, forthcoming
Working paper · Published version
Policy Rules and Large Crises in Emerging Markets
with Emilio Espino, Julian Kozlowski, and Fernando M. Martin · Journal of International Economics, 2025
Working paper · Published version
Domestic Policies and Sovereign Default
with Emilio Espino, Julian Kozlowski, and Fernando M. Martin · American Economic Journal: Macroeconomics, 17(3), 2025, 74–113
Working paper · Published version
The Effects of Macroeconomic Shocks: Household Financial Distress Matters
with Kartik Athreya, Ryan Mather, and José Mustre-del-Río · Review of Financial Studies, 38(2), 2025, 564–604
Working paper · Published version
Evergreening
with Miguel Faria-e-Castro and Pascal Paul · Journal of Financial Economics, 2024
Working paper · Published version
Financing Ventures
with Jeremy Greenwood and Pengfei Han · International Economic Review, 63(3), 2022, 1021–1053
Working paper · Published version
Improving Sovereign Debt Restructurings
with Maximiliano Dvorkin, Horacio Sapriza, and Emircan Yurdagul · Journal of Economic Dynamics and Control, 139, 2022
Working paper · Published version
Sovereign Debt Restructurings
with Maximiliano Dvorkin, Horacio Sapriza, and Emircan Yurdagul · American Economic Journal: Macroeconomics, 13(2), 2021, 26–77
Working paper · Published version
Designing Unemployment Insurance for Developing Countries
with Fernando Cirelli and Emilio Espino · Journal of Development Economics, 2021
Working paper · Published version
News, Debt Maturity, and Sovereign Default
with Maximiliano Dvorkin, Horacio Sapriza, and Emircan Yurdagul · Journal of International Economics, 2020
Working paper · Published version
The Persistence of Financial Distress
with Kartik Athreya and José Mustre-del-Río · Review of Financial Studies, 32(10), 2019, 3851–3883
Working paper · Published version
Natural Resources and Global Capital Misallocation
with Alexander Monge-Naranjo and Raül Santaeulàlia-Llopis · American Economic Journal: Macroeconomics, 11(2), 2019, 79–126
Working paper · Published version
Investment and Bilateral Insurance
with Emilio Espino and Julian Kozlowski · Journal of Economic Theory, 176, 2018, 311–341
Working paper · Published version
Sovereign Default and Maturity Choice
with Horacio Sapriza and Emircan Yurdagul · Journal of Monetary Economics, 95, 2018, 72–85
Working paper · Published version
Bankruptcy and Delinquency in a Model of Unsecured Debt
with Kartik Athreya, Xuan S. Tam, and Eric R. Young · International Economic Review, 59(2), 2018, 593–623
Working paper · Published version
The IT Revolution and the Unsecured Credit Market
Economic Inquiry, 2017
Working paper · Published version
Revisiting the Behavior of Small and Large Firms during the 2008 Financial Crisis
with Marianna Kudlyak · Journal of Economic Dynamics and Control, 77, 2017, 48–69
Working paper · Published version
Why Doesn’t Technology Flow from Rich to Poor Countries?
with Harold L. Cole and Jeremy Greenwood · Econometrica, 84(4), 2016, 1477–1521
Working paper · Published version
Mortgage Defaults
with Juan Carlos Hatchondo and Leonardo Martinez · Journal of Monetary Economics, 76, 2015, 173–190
Working paper · Published version
Labor Market Upheaval, Default Regulations, and Consumer Debt
with Kartik Athreya, Xuan S. Tam, and Eric R. Young · Review of Economic Dynamics, 2015
Working paper · Published version
Quantifying the Impact of Financial Development on Economic Development
with Jeremy Greenwood and Cheng Wang · Review of Economic Dynamics, 2013
Working paper · Published version
Financing Development: The Role of Information Costs
with Jeremy Greenwood and Cheng Wang · American Economic Review, 100(4), 2010, 1875–1891
Working paper · Published version
Fiscal Policy and Default Risk in Emerging Markets
with Gabriel Cuadra and Horacio Sapriza · Review of Economic Dynamics, 2010
Working paper · Published version
Unemployment Insurance with a Hidden Labor Market
with Fernando Álvarez-Parra · Journal of Monetary Economics, 56(7), 2009, 954–967
Working paper · Published version
Optimal State-Contingent Unemployment Insurance
Economics Letters, 98(3), 2008, 348–357
Working paper · Published version

Teaching

Washington University in St. Louis.

Juan M. Sánchez presenting quantitative macroeconomics research
Econ 8240: Quantitative Macro Ph.D. course in modern quantitative macroeconomics · 2018–Present · Syllabus
Money and Banking Undergraduate course · 2013–2016

Contact

Professional information and links.

Juan M. Sánchez

Federal Reserve Bank of St. Louis
One Federal Reserve Bank Plaza
St. Louis, MO 63102

juan.m.sanchez78@gmail.com

St. Louis Fed profile  ·  RePEc  ·  Google Scholar  ·  CV