publications

2025

1. EL

   On Equilibrium Cyber Risk

   Carlos A. Ramírez

   Economics Letters, May 2025

   Abstract Bibtex PDF Website

   I develop a simple model to study how the interplay between institutions’ and hackers’ incentives can alter cyber risk within an equilibrium context. By formalizing the strategic interaction between institutions and hackers, the model characterizes how changes in heterogeneity across institutions, cybersecurity technologies, and hacker competition can lead to material shifts in cyber risk.

   @article{equilibrium-cyber-risk,
     title = {On Equilibrium Cyber Risk},
     journal = {Economics Letters},
     volume = {251},
     month = may,
     year = {2025},
     author = {Ramírez, Carlos A.},
     keywords = {equilibrium cyber risk, cybersecurity, cyberattacks, hacks},
     url = {https://doi.org/10.1016/j.econlet.2025.112307},
     dimensions = {true}
   }

2024

1. RFS

   Firm Networks and Asset Returns

   Carlos A. Ramírez

   Review of Financial Studies, Oct 2024

   Abstract Bibtex PDF Code Website

   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.

   @article{fnar,
     title = {Firm Networks and Asset Returns},
     journal = {Review of Financial Studies},
     volume = {37},
     pages = {3050–3091},
     month = oct,
     year = {2024},
     url = {https://doi.org/10.1093/rfs/hhae032},
     author = {Ramírez, Carlos A.},
     dimensions = {true}
   }

2. EL

   On the Anatomy of Cyberattacks

   Jin-Wook Chang ,  Kartik Jayachandran ,  Carlos A. Ramírez ,  and  Ali Tintera

   Economics Letters, Apr 2024

   Abstract Bibtex PDF Website

   Using detailed information on cyberattacks and establishments in the United States, we study whether and how an establishment’s characteristics can alter the likelihood of cyberattacks. We find that larger establishments and establishments of publicly traded companies are more likely targets.

   @article{cyber,
     title = {On the Anatomy of Cyberattacks},
     journal = {Economics Letters},
     volume = {238},
     month = apr,
     year = {2024},
     doi = {https://doi.org/10.1016/j.econlet.2024.111676},
     url = {https://www.sciencedirect.com/science/article/pii/S0165176524001599},
     author = {Chang, Jin-Wook and Jayachandran, Kartik and Ramírez, Carlos A. and Tintera, Ali},
     dimensions = {true}
   }

2021

1. FEDS

   The Dynamics of the U.S. Overnight Triparty Repo Market

   Mark E. Paddrik ,  Carlos A. Ramírez ,  and  Matthew J. McCormick

   FEDS Notes, Aug 2021

   Abstract Bibtex Website

   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.

   @article{fed-notes-overnight-repo,
     title = {The Dynamics of the U.S. Overnight Triparty Repo Market},
     journal = {FEDS Notes},
     month = aug,
     year = {2021},
     doi = {https://doi.org/10.17016/2380-7172.2948},
     url = {https://www.federalreserve.gov/econres/notes/feds-notes/the-dynamics-of-the-us-overnight-triparty-repo-market-20210802.html},
     author = {Paddrik, Mark E. and Ramírez, Carlos A. and McCormick, Matthew J.},
     dimensions = {true}
   }

2. JME

   Imperfect information transmission from banks to investors: Macroeconomic implications

   Nicolás Figueroa ,  Oksana Leukhina ,  and  Carlos A. Ramírez

   Journal of Monetary Economics, Mar 2021

   Abstract Bibtex PDF Website

   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.

   @article{jme-macro,
     title = {Imperfect information transmission from banks to investors: Macroeconomic implications},
     journal = {Journal of Monetary Economics},
     volume = {118},
     pages = {87-98},
     month = mar,
     year = {2021},
     issn = {0304-3932},
     doi = {https://doi.org/10.1016/j.jmoneco.2019.12.002},
     url = {https://www.sciencedirect.com/science/article/pii/S0304393219302156},
     author = {Figueroa, Nicolás and Leukhina, Oksana and Ramírez, Carlos A.},
     keywords = {Credit misallocation, Screening effort, Information asymmetry, Information production, Strategic rating, Rating agencies, Mandatory rating, Mandatory ratings disclosure},
     dimensions = {true}
   }