Manuel Amador

Curriculum Vitae

updated on 2026-04-18

contactme@amador.email – https://manuelamador.me – https://github.com/manuelamador

Federal Reserve Bank of Minneapolis. Research Department. 90 Hennepin Avenue, Minneapolis, MN 55401

University of Minnesota. Department of Economics. 4–101 Hanson Hall. 1925 Fourth Street South, Minneapolis, MN 55455

Education

  • 1998-2003, Massachusetts Institute of Technology, PhD in Economics Field: Macroeconomics, International Economics, Political Economy
  • 1997-1998, P.I.M.A., Pontificia Universidad Catolica de Chile, Santiago, Chile
  • 1993-1997, Pontificia Universidad Catolica Madre y Maestra, Santo Domingo, Dominican Republic, B.S. in Economics

Appointments

  • 2025–, Distinguished McKnight University Professor, University of Minnesota
  • 2023–, Anne O. Krueger Professor of Economics, University of Minnesota
  • 2021-2023, Curtis L. Carlson Professor of Economics, University of Minnesota
  • 2017-2021, Professor, Department of Economics, University of Minnesota
  • 2016-2017, Associate Professor, Department of Economics, University of Minnesota
  • 2013–, Monetary Advisor, Federal Reserve Bank of Minneapolis
  • 2006-2013, Assistant Professor, Department of Economics, Stanford University
  • 2005-2006, Assistant Professor, Department of Economics, Harvard University
  • 2003-2006, Assistant Professor, Graduate School of Business, Stanford University

Other Appointments

  • 2020–, Fellow of the Econometric Society
  • 2014–, National Bureau of Economic Research: Research Associate
  • 2006-2014, National Bureau of Economic Research: Faculty Research Fellow
  • Nov 2012, Invited Visitor at the Federal Reserve Bank of Minneapolis
  • 2010-2011, Visiting Professor, Princeton University
  • Apr 2009, Invited Visitor at the Graduate School of Business, University of Chicago
  • Oct 2005, Invited Visitor at the Federal Reserve Bank of Minneapolis

Honors and Grants

  • 2024–, Economic Theory Fellow, Society for the Advancement of Economic Theory (SAET)
  • 2015–, National Science Foundation grant, Summer Workshop Series in Macroeconomic Theory and Dynamic Modeling, Award number 1459008
  • 2014, Excellence in Refereeing Award, American Economic Review
  • 2012, Excellence in Refereeing Award, American Economic Review
  • 2011, Alfred P. Sloan Research Fellow.
  • 2010-2017, National Science Foundation CAREER grant, Award Number 1446974 (previously 0952816).
  • 2009, International Growth Centre grant, The Political Economy of Sovereign Debt Overhang, Award Number 2009-11-001
  • 2007-2011, National Science Foundation grant, Sovereign Debt and the Tragedy of the Commons, Award Number 0647875.
  • 2003, Review of Economic Studies Tour.
  • 2003, Solow Price for Graduate Student Excellence in Teaching and Research, MIT.

Book

  • Aguiar, Mark, and Manuel Amador (2021). The Economics of Sovereign Debt and Default. Princeton University Press.

Publications

  • Amador, Manuel, and Christopher Phelan (2026): “Central bank reputation with noise,” Journal of Monetary Economics, 158: 103906.

  • Aguiar, Mark, Manuel Amador, and Cristina Arellano (2024): “Micro Risks and (Robust) Pareto Improving Policies”. American Economic Review, 114 (11): 3669–3713.

  • Amador, Manuel, and Javier Bianchi (2024): “Bank-runs, Fragility, and Credit Easing”, American Economic Review, 114 (7): 2073-2110.

  • Aguiar, Mark, Manuel Amador, and Ricardo Alves Monteiro (2023): “Sovereign-Debt Crises and Floating-Rate Bonds”, In A. Aguirre, A. Fernandez, and S. Kalemli-Ozcan, editors, Credibility of Emerging Markets, Foreign Investors’ Risk Perceptions and Capital Flows, pages 159–84.

  • Amador, Manuel, and Christopher Phelan (2023): “Reputation and Partial Default”, AER:Insights, 5(2): 158-172.

  • Amador, Manuel, and Kyle Bagwell (2022): “Regulating a Monopolist with Uncertain Costs without Transfers”, Theoretical Economics, 17 (4): 1719-1760.

  • Amador, Manuel, and Christopher Phelan (2021): “Reputation and Sovereign Default”. Econometrica, 89 (4): 1979-2010.

  • Aguiar, Mark, and Manuel Amador (2020): “Self-fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models”. American Economic Review, 110 (9): 2783-2818.

  • Amador, Manuel, Javier Bianchi, Luigi Bocola, and Fabrizio Perri (2020): “Exchange Rate Policies at the Zero Lower Bound”. Review of Economic Studies, 87(4): 1605-1645.

  • Amador, Manuel, and Kyle Bagwell (2020): “Money burning in the theory of delegation,” Games and Economic Behavior, 112: 382-412.

  • Aguiar, Mark, Manuel Amador, and Stelios Fourakis (2020): “On the Welfare Losses from External Sovereign Borrowing,” IMF Economic Review, 68(1): 163-194.

  • Aguiar, Mark, and Manuel Amador (2019): “A Contraction for Sovereign Debt Models,” Journal of Economic Theory, 183: 842-875.

  • Aguiar, Mark, Manuel Amador, Hugo Hopenhayn, and Ivan Werning (2019): “Take the Short Route: Equilibrium Default and Debt Maturity,” Econometrica, 87(2): 423-462.

  • Amador, Manuel, Kyle Bagwell, and Alex Frankel (2018): “A Note on Interval Delegation,” Economic Theory Bulletin, 6(2): 239-249.

  • Amador, Manuel, Javier Bianchi, Luigi Bocola, and Fabrizio Perri (2016): “Reverse Speculative Attacks,” Journal of Economic Dynamics and Control, 72: 125–137.

  • Aguiar, Mark, and Manuel Amador (2016): “Fiscal Policy in Debt Constrained Economies,” Journal of Economic Theory, 161: 37-75.

  • Aguiar, Mark, Manuel Amador, Emmanuel Farhi, and Gita Gopinath (2015): “Coordination and Crisis in Monetary Unions,” The Quarterly Journal of Economics, 130(4): 1727-1779.

  • Amador, Manuel (2014): Comment on “Voluntary Debt Exchanges in Sovereign Debt Markets” by Hatchondo, Martinez and Padilla, Journal of Monetary Economics, 61.

  • Aguiar, Mark, Manuel Amador, Emmanuel Farhi, and Gita Gopinath (2014): “Sovereign Debt Booms in Monetary Unions,” American Economic Review: Papers and Proceedings, 104(5).

  • Aguiar, Mark, and Manuel Amador (2014): ”Sovereign Debt,” Handbook of International Economics, Vol 4, North-Holland: 647-87.

  • Amador, Manuel, and Kyle Bagwell (2013): “The Theory of Optimal Delegation with an Application to Tariff Caps,” Econometrica, 81(4): 1541-1599.

  • Amador, Manuel, and Kyle Bagwell (2012): “Tariff Revenue and Tariff Caps,” American Economic Review: Papers and Proceedings, 102(3): 459–465.

  • Amador, Manuel, and Pierre-Olivier Weill (2012): “Learning from Private and Public Observations of Others’ Actions,” Journal of Economic Theory, 147(3): 910-940.

  • Aguiar, Mark, and Manuel Amador (2011): “Growth in the Shadow of Expropriation,” The Quarterly Journal of Economics, 126(2): 651-697.

  • Amador, Manuel, and Pierre-Olivier Weill (2010): “Learning from Prices: Public Communication and Welfare,” Journal of Political Economy, 118(5): 866-907.

  • Aguiar, Mark, Manuel Amador, and Gita Gopinath (2009): “Expropriation Dynamics,” American Economic Review: Papers and Proceedings, 99(2): 473-479.

  • Aguiar, Mark, Manuel Amador, and Gita Gopinath (2009): “Investment Cycles and Sovereign Debt Overhang,” Review of Economic Studies, 76(1): 1-31.

  • Amador, Manuel, Ivan Werning, and George‐Marios Angeletos (2006): “Commitment vs. Flexibility,” Econometrica, 74(2): 365-396.

Working Papers

  • Amador, Manuel (2026): “A Note on HA Models with Aggregate Shocks”.

  • Amador, Manuel, Kyle Bagwell, and Luiz Carpizo (2026): “Generalized Delegation”.

  • Aguiar, Mark, Manuel Amador, and Doireann Fitzgerald (2026): “Tariff Wars and Net Foreign Asset Positions”.

  • Amador, Manuel, and Javier Bianchi (2025): “Helicopter Drops and Liquidity Traps”.

  • Amador, Manuel, and Javier Bianchi (2025): “Bank-runs, Fragility, and Regulation”.

  • Aguiar, Mark, Manuel Amador, and Cristina Arellano (2024): “Pareto Improving Fiscal and Monetary Policies: Samuelson in the New Keynesian Model”.

  • Amador, Manuel, and Kyle Bagwell (2019): “Delegation Theory and the Delegation of Tariff-Negotiation Authority”.

  • Amador, Manuel, Javier Bianchi, Luigi Bocola, and Fabrizio Perri (2019): “Foreign Reserve Management at Zero Interest Rates”.

  • Aguiar, Mark, Manuel Amador, Gita Gopinath, and Emmanuel Farhi (2013): “Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises”.

  • Amador, Manuel (2012): “Sovereign Debt and the Tragedy of the Commons”.

Professional Activities

Editorial Positions

  • Editor at the Journal of Economic Theory (2024 - current)
  • Associate Editor at the American Economic Review (2014 - 2022)
  • Associate Editor at the Review of Economic Studies (2016 - 2022)
  • Associate Editor at the Journal of International Economics (2014 - 2021)
  • Associate Editor at Econometrica (2014 - 2020)

Referee

  • American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Econometrica, Review of Economic Studies, Journal of International Economics, Journal of the European Economic Association, Theoretical Economics, Review of Economic Dynamics, Journal of Economic Theory, Economic Journal, AEJ:Macro, International Economic Review, Economic Theory, Journal of Development Economics, Journal of Public Economics, and the National Science Foundation, AER: Insights.

Committees

  • Arrow Prize Selection Committee, 2026

Conference Organizer

  • Macroeconomic Policy Perspectives Conference: Banking Regulation and Macroeconomic Outcomes, 2025
  • North-American Winter Meetings of the Econometric Society, 2021, 2019, 2018, Program Committee Member
  • Minnesota Workshop in Macroeconomic Theory, organizer, since 2015
  • NBER IFM Summer meetings, Program Organizer, 2019.
  • NBER IFM Summer meetings, Program Organizer, 2018.
  • Dallas Fed and University of Houston Conference on International Economics, 2016, 2021, 2023
  • Society for Economic Dynamics, 2016, Co-chair of the Scientific Committee
  • NBER, EF&G Research Meeting, February 2015, Program Organizer
  • Wharton Conference on Liquidity and Financial Crises, 2014, Program Committee Member
  • Minnesota Workshop in Macroeconomic Theory, 2014, Program Organizer
  • North-American Summer Meetings of the Econometric Society, 2012, 2014, Program Committee Member
  • UTDT XVI Workshop in International Economics and Finance, Santo Domingo, Dominican Republic, 2013, Program Organizer
  • Society for Economic Dynamics, 2008, 2009, 2010, 2011, Program Committee Member
  • Stanford Institute for Theoretical Economics, 2010, 2012, Program Organizer

Discussions

  • Jacques-Polack Annual Research Conference, IMF; Washington: Itkshoki and Mukhin: Optimal Macro Tariff. (2025)
  • San Francisco Fed Macro and Monetary Conference; San Francisco: Angeletos, Lian, and Wolf: Deficits and Inflation: HANK meets FTPL. (2025)
  • NBER Emerging Markets Conference: Capital Flows, Debt Overhang, Inflation, and Growth; Lima, Peru; Neumeyer, Espino, and Gauna: Models of Balance of Payments Crisis with Capital Controls. (2024)
  • Monetary/fiscal interactions 40 years after “Unpleasant monetarist arithmetic”; Espino, Kozlowski, Martin, and Sanchez: Domestic Policies and Sovereign Default. (2021)
  • China Macro and Finance Study Group Workshop; Felli, Piguillem and Shi: Fiscal Rules and Discretion with Risk of Default. (2021)
  • American Economic Association Meetings; Atlanta; Debortoli, Nunes and Yared: Optimal Taxation and Debt Management without Commitment. (2019)
  • NBER International Finance and Macroeconomics, Summer Meetings; Azzimonti and Quadrini: The Politics of Sovereign Default Under Financial Integration. (2017)
  • American Economic Association Meetings; San Francisco; He, Krishnamurthy, and Milbradt: What makes US government bonds safe assets?. (2016)
  • International Capital Flows workshop; Barcelona; Fernandez and Martin: The Long and the Short of it: Sovereign Debt Crises and Debt Maturity. (2015)
  • Handbook of Macroeconomics Conference Vol 2; Aguiar, Chatterjee, Cole, and Stangebye: International Debt Crises. (2015)
  • Erwin Plein Nemmers Prize Conference; Farhi and Tirole: Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops. (2015)
  • SCIEA Conference 2015; Minneapolis; Sovereign Debt Session. (2015)
  • Becker Friedman Institute for Research in Economics, Conference on The Monetary and Fiscal History of Latin America; Bigio and Sargent: Monetary-Fiscal Crises, Reforms, and Reversals in Three Countries. (2014)
  • Carnegie-Rochester-NYU Conference on Public Policy; Hatchondo, Martinez, and Sosa Padilla: Voluntary Debt Exchanges in Sovereign Debt Markets. (2013)
  • NBER International Finance and Macroeconomics Program Meeting, March; Dovis: Efficient Sovereign Default. (2013)
  • NBER EFJK Meeting, February; Aghion, Akcigit, Fernandez-Villaverde: Optimal Capital versus Labor Taxation with Innovation-Led Growth. (2013)
  • Wharton Conference on Liquidity and Financial Crises; Conesa and Kehoe: Gambling for Redemption and Self-fulfilling Debt Crises. (2012)
  • Annual meeting of the Western Finance Association; Las Vegas; Acharya and Rajan: Sovereign Debt, Government Myopia and The Financial Sector. (2012)
  • NBER International Finance and Macroeconomics, Fall Meetings; Azzimonti, Francisco, and Quadrini: Financial Globalization and the Raising of the Public Debt. (2011)
  • Institutions and International Capital Flows Conference; Barcelona; Martin and Taddei: International Capital Flows and Credit Market Imperfections: a Tale of Two Frictions. (2011)
  • Princeton Conference on Political Economy; Harstag: The Market for Conservation and Other Hostages. (2011)
  • Rochester Conference in Honor of Lionel McKinzie; Fahri and Werning: Insurance and Taxation over the Life Cycle. (2011)
  • UTDT XIII Workshop in International Economics and Finance; Lima, Peru; Alvarez, Gonzalez-Rozada, Neumeyer, and Beraja: From Hyperinflation to Stable Prices: Argentina’s evidence on menu cost models. (2011)
  • American Economic Association Meetings; Atlanta; Basu: Optimal Insurance Policy with Private Capital Flows. (2010)
  • Stanford Center for International Development, Latin America and Caribbean economic policy reform; Pieschacon: Oil Booms and their impact through fiscal policy. (2009)
  • Santa Cruz Center For International Economics; Caballero and Lorenzoni: Persistent Appreciations and Overshooting: A Normative Analysis. (2007)
  • Pacific Basin Conference at the San Francisco Federal Reserve Bank; Alfaro and Kanczuk: Optimal Reserve Management and Sovereign Debt. (2007)
  • International conference “Frontiers of Macroeconomics and International Economics”; Moscow, Russia; Farhi and Werning: Quantitative Explorations of the Inverse Euler. (2007)
  • IX Workshop in International Economics and Finance; Santiogo de Chile, Chile; Araujo and Santos: Confidence Crises, Credibility and the Inflation Target Level. (2007)
  • American Economic Association Meetings; Duffie and Manso: Information Percolation in Large Markets. (2006)
  • NBER International Finance and Macroeconomics, Fall meetings; Mendoza, Quadrini, and Rios-Rull: Financial Integration, Financial Deepness and Global Imbalances. (2006)
  • Santa Cruz Center For International Economics; Yue: Sovereign Default and Debt Renegotiation. (2006)
  • LACEA Conference, sponsored by the American University of Paris; Paris, France; Andujar: The Political Economy of Policy Reform: An analytical framework for the Dominican Republic. (2005)
  • Stanford Conference on Health, Demographics and Economic Development; Boldrin, Jones and Khan: Three equations describing the Industrial Revolution? (2005)
  • Allied Social Sciences Association Meetings; Philadelphia; Hernandez-Cata: Institutions to Accompany the Market in Cuba’s Future Economic Transition. (2005)
  • American Economic Association Meetings; Philadelphia; Bulow and Rogoff: Grant versus Loans. (2005)