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Contact Information

Name Carlos A. Ramírez
Address 1801 K Street NW. Washington DC. 20006.
Email carlos.ramirez@frb.gov
Phone +1 202 452 3160

Employment

  • 2019 - NOW
    Senior Economist
    Division of Research and Statistics. Federal Reserve Board.
  • 2016-2019
    Economist
    Division of Research and Statistics. Federal Reserve Board.
  • 2009-2010
    Research Fellow
    CEA-DII, Universidad de Chile.
  • 2008-2009
    FX Trader and Fixed Income Analyst
    AFP CUPRUM.

Education

  • 2016
    PhD in Finance
    Carnegie Mellon University, Pittsburgh, USA
  • 2012
    MSc in Finance
    Carnegie Mellon University, Pittsburgh, USA
  • 2008
    MSc in Economics
    Universidad de Chile, Santiago, Chile
  • 2006
    BSc in Engineering
    Universidad de Chile, Santiago, Chile

Publications

  • Aug 2021
    The Dynamics of the U.S. Overnight Triparty Repo Market. FEDS Notes.
    • Joint with Mark E. Paddrik and Matthew J. McCormick.
    • Abstract. Using supervisory transaction-level data, this note provides an overview of the pricing and clearing process of overnight triparty repos. We present novel facts about how this segment behaves, emphasizing the role that participants, collateral, and trading relationships play in its pricing and clearing process.
  • Mar 2021
    Imperfect information transmission from banks to investors Macroeconomic implications. Journal of Monetary Economics.
    • Joint with Nicolás Figueroa and Oksana Leukhina.
    • Abstract. We study the interaction between screening and information production in loan-backed asset markets wherein credit ratings are prone to error. Conventional regulatory policies can exacerbate credit misallocation by reducing the informational value of high credit ratings. We propose a tax/subsidy scheme that increases efficiency.

Working Papers

  • Feb 2024
    Treasury Triparty Repo Pricing.
    • Joint with Mark E. Paddrik.
    • Abstract. Using a comprehensive transaction-level dataset, we show that the pricing of overnight treasury triparty repos is far from being uniform across market participants and depends on a delicate interplay among (1) the number of counterparties, (2) counterparty diversification, and (3) how actively such counterparties trade. Importantly, this interplay can be reshaped in times of stress.
  • Jan 2024
    On the Anatomy of Cyberattacks.
    • Joint with Jin-Wook Chang, Kartik Jayachandran, and Ali Tintera. Revision requested at Economics Letters.
    • Abstract. We construct a new data set with detailed information on cyberattacks and establishments in the United States and estimate how an establishment’s characteristics can alter the likelihood of being the target of cyberattacks. We find that larger establishments and establishments of public institutions are more likely to be targets. Our findings are robust to a battery of controls and consistent with the idea that cyberattacks could impose significant adverse effects in economies wherein larger institutions play a more significant role.
  • Nov 2023
    Firm Networks and Asset Returns.
    • Revision requested at The Review of Financial Studies.
    • Abstract. Changes in the propagation of shocks along firm networks are important to understanding aggregate and cross-sectional features of stock returns. When calibrated to match key characteristics of supplier-customer networks in the United States, a model in which firms are interlinked via enduring relationships generates long-run consumption risks, high and volatile risk premiums, and a small and stable risk-free rate. The model also matches cross-sectional patterns of portfolio returns sorted by firm centrality, a feature unaccounted for by standard asset pricing models.
  • Mar 2022
    Regulating Financial Networks A Flying Blind Problem.
    • Abstract. I develop a model for studying the role that uncertainty about the susceptibility of a financial network to contagion plays in the behavior of its member institutions and the design of preemptive interventions. As uncertainty affects the perception of contagion risk, it can reshape market equilibrium inefficiencies, altering the scope of welfare-improving interventions. The socially optimal level of uncertainty depends on a delicate balance between the information technologies available to policymakers and structural features of the network.

Short Academic Visits

  • Jul 2022
    Department of Finance
    Bocconi University, Milano, Italy.
  • May-Jun 2022
    Department of Finance
    UCLA Anderson, Los Angeles, USA.
  • Apr-May 2022
    Department of Economics
    Stanford University, Stanford, USA.
  • Mar-Apr 2022
    Managerial Economics and Decision Sciences Department
    Northwestern University, Evanston, USA.

Teaching Experience

  • 2013
    Regression Analysis
    Carnegie Mellon University, Pittsburgh, USA.
  • 2009
    Principles of Economics
    Universidad de Chile, Santiago, Chile.

Presentations

  • 2023
    • MEA, George Washington, Fed Board, WFA, Finance Forum, Banco de España, WANES.
  • 2022
    • MEA, FMCG, Stanford, NASMES, Conference on the Effectiveness of Financial Regulation, ESAM, EFMA, IRMC, Finance Forum, AMES, Vienna Macro Café, Fed System Conference in Regulation.
  • 2021
    • RiskLab-BoF-ESRB Conference, SES, MFA, Conference on Network Science.
  • 2020
    • AEA, MFA, NFA.
  • 2019
    • Conference on Network Science, Banco de Portugal, EFA, EEA-ESEM, Boston Fed, OFR, SED, PUC-Chile, Banco de Mexico, Banco Central de Chile.
  • 2018
    • Conference on Network Science, San Francisco Fed, SED, EFA, WU, LACEA-LAMES, PFMC.
  • 2017
    • PUC-Chile, Warwick, EEA-ESEM, EFA, NFA, CIRANO.
  • 2016
    • Bocconi, IESE, UT Dallas, Fed Board, Cornerstone, Portsmouth-Fordham, CIRANO, Carnegie Mellon, Banco Central de Chile, Luxembourg, ASSET, PUC-Chile.

Honors and Awards

  • Macro Finance Society Doctoral Student Travel Grant (2015); AFA Doctoral Student Travel Grant (2014); GSA Conference Funding Award, Carnegie Mellon (2013/2015); Doctoral Research Grant, Tepper-Carnegie Mellon (2013/2014/2015); Dean's Fellowship, Tepper-Carnegie Mellon (2012); William Larimer Mellon Fellowship, Tepper-Carnegie Mellon (2010–2014); Research Fellowship, CEA-DII Universidad de Chile (2009); Outstanding Student Award, School of Engineering, Universidad de Chile (2003/2006).

Service

  • Ad-hoc referee
    • Operations Research, Journal of Banking and Finance, Review of Finance, Macroeconomic Dynamics, Mathematics and Financial Economics, Journal of Economics and Business, World Bank Economic Review, International Journal of Central Banking, Quantitative Finance, Journal of Credit Risk, International Review of Finance.
  • Seminar and conference organization
    • 2019 Conference on the Interconnectedness of Financial Systems. AEA 2020 Session Financial networks, regulation, and systemic risk. 2021 Conference on the Interconnectedness of Financial Systems. 2024 Conference on the Interconnectedness of Financial Systems.
  • Grant reviewer
    • NSF, FONDECYT (Chilean NSF)
  • Editorial work
    • Guest Editor, Journal of Credit Risk, Special Issue. International Risk Management Conference, 2022.