About Me

CV and Contact

You can find my CV here:

Contact:

mgiarda@bcentral.cl

Agustinas 1180, Santiago, Chile

Publications

1. The Role of Progressivity on the Economic Impact of Fiscal Transfers: a HANK for Chile, with Benjamín García and Carlos Lizama. In “Heterogeneity in Macroeconomics: Implications for Monetary Policy,” Vol. 30, Serie Banca Central y Políticas, Central Bank of Chile.

   [Paper] [Book] [Presentation Video]

2. Transmission Mechanisms in HANK: an Application to Chile, with Benjamín García, Carlos Lizama, and Ignacio Rojas. Latin American Journal of Central Banking, Vol. 5, Issue 3, Sept. 2024, 100125. [Paper] [Appendix]

   Second Place Award of the Central Bank Award Rodrigo Gómez 2023, CEMLA.

3. Inequality, Nominal Rigidities, and Aggregate Demand, with Sebastián Diz and Damián Romero. European Economic Review, Vol. 158, Sept. 2023, 104529. [Paper][Appendix][Published Paper]

Working Papers

• The Labor Earnings Gap, Heterogeneous Wage Phillips Curves, and Monetary Policy, Documento de Trabajo N° 934. Central Bank of Chile (2021). Revised Oct. 2024 [Paper]

• Government Purchases, the Labor Earnings Gap, and Consumption Dynamics, Documento de Trabajo N° 972, Central Bank of Chile (2023). [Paper]

• Time-Varying Expenditure Shares and Macroeconomic Dynamics, with Benjamín García, Carlos Lizama, and Damián Romero, Documento de Trabajo N° 1000, Central Bank of Chile (2023). [Paper]

• Characterizing Income Risk in Chile, with Ignacio Rojas and Sergio Salgado. [Paper]

Work in Progress

• Cross-Sectional Labor Dynamics After a Foreign Shock, with Rosario Aldunate, Andrés Blanco, Andrés Fernández, and Gastón Navarro [Draft coming soon]

• Monthly Heterogeneous Markup Cyclicality and Inflation Dynamics, with Antonio Martner and Will Lu. [Draft coming soon]

• Monetary Shocks and Labor Income Risk with a Billion Observations, with Ignacio Rojas and Sergio Salgado. [Draft coming soon]

• The High Frequency Effects of Volatility on Consumption, with Luis Felipe Céspedes and Ignacio Rojas

• Aggregate Demand Effects of Conditional and Unconditional Fiscal Transfers, with Agustín Díaz, Benjamín García, Andrés Ghini, and Carlos Lizama

• The Higher You Are, the Farther You Fall?: Non-Linearities in New Keynesian Economies, with Sebastián Diz and Damián Romero

• iMPCs in a Large-Scale DSGE: Assessing the Macroeconomic Effects of Fiscal Transfers in a Small Open Economy, with Benjamín García, Ítalo González, and Ignacio Rojas

• Labor Market Flows, Income Risk, and Monetary Policy, with Ignacio Rojas and Sergio Salgado.

 Teaching

As a Lecturer in Chile:

• Monetary and Fiscal Policy with Heterogeneous Agents (2024)

As a Teaching Assistant at UPF:

• Advanced Macroeconomics II. Prof. Jordi Galí.

• Macroeconomics I. Prof. Xavier Cuadras.

• Advanced Macroeconomics I. (Barcelona GSE master in economics course). Prof. Jaume Ventura and Gino Gancia.

• Also: Data Analysis, Mathematics I, Economics for Law, Introduction to Microeconomics, Financial Economics, International Economics.

Before PhD

• Macroeconomics I. Analysis of real aggregates. University of Chile.

• Macroeconomics II. Monetary economics. University of Chile.

• International Economics. University Adolfo Ibañez.

• Introduction to Macroeconomics. Universidad de Talca.

 Policy

Firm and household heterogeneity at the Central Bank of Chile, with Stephany Griffith-Jones and Jorge Arenas. BIS Working Paper (April 2025). 

Evolución reciente de los márgenes de empresas y su relación con la inflación, with Sebastián Andalaft, Sofia Bauducco, Agustín Díaz, Rodrigo Heresi, David Kohn, and Dagoberto Quevedo. Monetary Policy Report, Central Bank of Chile (March 2025).

Matching Administrative Records and Household Surveys in Chile, with Alfonso Barrero César Ferreiro, Claudia Henríquez, Federico Huneeus, and Manuel Taboada. Documento de Trabajo No. 1034, Central Bank of Chile (December 2024).

Tasa de Política Monetaria Neutral, with Agustín Arias, Benjamín García, and Carlos Molina. Monetary Policy Report, Central Bank of Chile (September 2024).

Evolución Reciente del Consumo Privado, with Benjamín García and Ignacio Rojas. Monetary Policy Report, Central Bank of Chile (June 2023)

Estudio de Dinámica de los Márgenes con Microdatos, with Sofía Bauducco, Benjamín García, Gustavo González, Emiliano Luttini, Pablo Muñoz, and Marco Rojas. Monetary Policy Report, Central Bank of Chile (June 2022)

Participation in a Horizon 2020 project: Frame-H2020