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research for development

our researchers
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CAF's research team includes four principal economists that perform as research leaders, and many economists that are a part of their teams. CAF's research team covers mainly macroeconomic subjects, such as: economic development, foreign trade and integration, quantitative macroeconomics, labor economics, health economics, and education economics among others.   

Our researchers lead the reflection and economic analysis as pilars of the business process and CAF's strategy design, while at the same time they promote the debate on public policies in the region.


Pablo Sanguinetti
Pablo Sanguinetti
Corporate Director of Economic Analysis and Knowledge for Development

Ph.D. in Economics from the University of California (U.S.A.). Master in Economics from the same University. Master in Economics from the Torcuato Di Tella Institute (Argentina). Professor of Economics at the Torcuato Di Tella University. Previously researcher and visiting professor at the University of New Mexico, the University of Texas (A&M), and the University of Bonn, Germany. His research interests are Foreign Trade and Integration, Economic Development, and Fiscal Federalism.

publications
  • Trade Diversion and Declining Tariffs: Evidence from Mercosur. Journal of International Economics, 64, 65-88, 2004 (with A. Bohara and K. Gawande)
  • Intergovernmental Transfers and Fiscal Behavior: Insurance vs Aggregate Discipline. Journal of International Economics, 62, 149-170, 2004 (with M. Tommasi)
  • Wage Inequality and Trade Liberalization: Evidence from Argentina. Journal of Development Economics, Elsevier, 72(2), 97-513, 2003 (with S. Galiani)
Adriana Arreaza Coll
Adriana Arreaza Coll
Director of Macoreconomic Studies

Ph.D. in Economics at Brown University. She received her BA in Economics at Universidad Católica Andrés Bello in Caracas and her. Adriana Arreaza Coll is Director of Macoreconomic Studies at CAF, Development Bank of Latin America. She coordinates the team of country economists and contributes to CAF's research publications. Ms Arreaza previously held positions as Senior Economist and Principal Economist for Venezuela at CAF. 

publications
  • The effect of a government-subsidized staple food chain on retail food prices: The case of MERCAL in Venezuela. Revista de la Academia de Ciencias Econonómicas de Venezuela, Caracas, 2012 (with Ana Lucía Herrera and Andrea Ramírez)
  • Total Factor Productivity in Venezuela, 1950-2005. Revista Ensayos sobre Política Económica, Banco de la República de Colombia, Bogotá, 2006 (with Luis Pedauga)
  • The Bank-Lending Channel in Venezuela. Money Affairs, 19(1), 2006
  • Consumption Smoothing Through Fiscal Policy in EU Countries, in Fiscal Institutions and Fiscal Performance, ed. by James M. Poterba y Jurgen von Hagen, National Bureau of Economic Research, 1999 (with Bent Sørensen and Oved Yosha)
Christian Daude
Christian Daude
Director of Socioeconomic Research

Ph.D. in Economics from the University of Maryland (U.S.A.). Master in Economics from the same university. B.A. in Economics from the Universidad de la República (Uruguay). His research interests are international economics, fiscal policy, economic growth and productivity.

publications
  • On the effectiveness of exchange rate interventions in emerging markets. Journal of International Money and Finance, 64, 239-261, 2016 (with Eduardo Levy Yeyati y Arne Nagengast)
  • Understanding Solow Residuals in Latin America. Economía Journal of LACEA, 13(2), 109-144, 2013
  • Emerging market business cycles: learning about the trend. Journal of Monetary Economics, 5(8), 616-631, 2011 (with Emine Boz y Bora Durdu)
  • The pecking order of cross-border investment. Journal of International Economics, 74(1), 94-119, 2008 (with Marcel Fratzscher).
Daniel Ortega
Daniel Ortega
Director of impact evaluation and policy learning

Ph.D. in Economics, University of Maryland College Park (August 2002). M.A. in Economics, University of Maryland College Park (December 2000). B.A. in Economics, Universidad Central de Venezuela, Caracas (July 1997). At the moment, Daniel is the Director of Impact Evaluation and Policy Learning at CAF and associate Professor (Adjunct) at Instituto de Estudios Superiores de Administración (IESA) since 2004.

publications
  • The Price of Political Opposition: Evidence from Venezuela's Maisanta. American Economic Journal: Applied Economics, 196-214, 2011 (with Chang-Tai Hsieh, Edward Miguel and Francisco Rodriguez)
  • Human Development of Peoples. Journal of Human Development and Capabilities, 11 (2), 229-257, 2010
  • The Effect of Wage Compression and Alternative Labor Market Opportunities on Teacher Quality in Venezuela. Economics of Education Review, 29 (5), 760-771, 2010
Fernando Álvarez
Fernando Álvarez
Principal Economist

Ph.D. in Economics from the University of Rochester (United States, 2008) and M.A in Economics, University of Rochester (2005). Master's Degree in Operations' Research from the Universidad Central in Venezuela (2001) and Economist (1997). Professor at the Universidad Central in Venezuela. Previously, research economist at the Central Bank of Venezuela. Research interests: quantitative macroeconomics, and economic development

publications
  • Durable Goods, Financial Frictions, and Business Cycle in Emerging Economies. Journal of Monetary Economics, 60(6), 2013 (with Luis Brandao-Marques and Manuel Toledo)
  • Optimal Unemployment Insurance with a Hidden Labor Market. Journal of Monetary Economics, 50(7), 2009 (with Juan M. Sanchez)
  • Expectativas, Relaciones Intersectoriales y Ciclo Económico (Expectations, Inter-sectorial Relationships, and Economic Cycle). Ensayos Económicos (Economic Essays), N 63, 2011 (with Francisco Saez, Jesus Morales and Giovanni Guedez)
Lucila Berniell
Lucila Berniell
Principal Economist

Ph.D. in Economics from the Universidad Carlos III (Madrid). Master´s Degree in Economics from the Universidad Carlos III. Majored in Economics at the Universidad Nacional de Cordoba (Argentina). Teacher at the  Universidad Torcuato Di Tella (Argentina).  Researcher at IERAL of the Fundacion Mediterranea (Mediterranean Foundation) (Argentina), and the Economics and Finance Institute of the UNC (Argentina). Teacher at the Universidad Carlos III, and the Universidad Nacional de Cordoba. Research interests: economics of Education, economics of health, labor economics, and economic development.

publications
  • Spillovers of Health Education at School on Parent's Physical Activity. Health Economics, 22(9), 1004-1020, 2013 (with D. de la Mata y N. Valdés)
Pablo Brassiolo
Pablo Brassiolo
Principal Economist

Ph.D. in Economics from the Universitat Pompeu Fabra (Spain),  Master's in Economics from the Universitat Pompeu Fabra (Spain), Master's in Economics from the Universidad del Cema (Argentina), and Majored in Economics at the  Universidad Nacional de Cordoba (Argentina). Previously, Research Economist at IERAL of the Fundacion Mediterranea (Mediterranean Foundation) (Argentina), and as a Professor at the Universitat Pompeu Fabra, the Universidad Nacional de Cordoba , and the  Universidad Empresarial Siglo 21 (Argentina). His research interests are focused on the areas of labor economics, economic development, family economics, program evaluations, and public policies.

publications
  • Domestic Violence and Divorce Law: When Divorce Threats Become Credible. Journal of Labor Economics, 34(2), 443-477, 2016
  • El empleo en América Latina. Evidencia de las encuestas de hogares. El Trimestre Económico, Fondo de Cultura Económica, 0(328), 749-784, 2015 (with L. Gasparini, M. Arcidiácono, L. Carella, J. Puig and P. Gluzmann)
Dolores de la Mata
Dolores de la Mata
Principal Economist

Ph.D. in Economics at Carlos III University  (Madrid, 2011). Master in Economics at Carlos III University (Madrid, 2007). Master's in Economics from Universidad Nacional de Córdoba (Argentina, 2003). Previously Dolores served as professor and researcher at Universidad del Rosario (Colombia), Professor at Carlos III University and Universidad Nacional de Córdoba. Previously, Dolores was researcher at the Mediterranean IERAL Foundation (Argentina). Her research interests are: health economics, economics of education, labor economics and economic development.

publications
  • Echoes of the crises in Spain and US in the Colombian labor market: a differences-in-differences approach. SERIES Journal of the Spanish Economic Association, 2015, Doi 10.1007/s13209-015-0130-5
  • Spillovers of Health Education at School on Parent's Physical Activity. Health Economics, 22(9), 1004-1020, 2013 (with L. Berniell and N. Valdés)
  • The Effect of Medicaid Eligibility on Coverage, Utilization, and Children's Health. Health Economics, 21(9), 1061-1079, 2012
Ricardo Estrada
Ricardo Estrada
Principal Economist

Ph.D. in Economics from the Paris School of Economics and Master in Public Policy at the University of Chicago. Before joining CAF, he was a Max Weber Fellow at the European University Institute. He is an applied economist working on education, labor and development economics.

publications
  • Benefits to elite schools and the expected returns to education: Evidence from Mexico City. European Economic Review, 95, 168-194, 2017 (with Jérémie Gignoux)
  • Perfil de la Pobreza Rural en Nicaragua. En Faiguenbaum, S., Ortega, C. y Soto, F. (Ed.)Pobreza Rural y Políticas Públicas en ALC, Tomo II, FAO, Santiago de Chile, 2013
  • Profesionistas en vilo. ¿Es la universidad una buena inversión?, CIDAC, Ciudad de México, 2011
Gustavo Fajardo
Gustavo Fajardo
Principal Economist

Ph.D. In Economics at the Center for Monetary and Financial Studies - CEMFI (Spain, 2016). Master in Economics at CEMFI (2012). Economist at the University of Carabobo (Venezuela, 2008). His areas of interest are Political Economy, Migration and Economic Development.

publications
Manuel Toledo
Manuel Toledo
Principal Economist

Ph.D. in Economics at the University of Rochester (2007), MSc in Stochastic Modelling (2000) at Universidad Central de Venezuela and B.A. in Economics (1997). His main research fields of interest are Macroeconomics and Labor. Before joining CAF, he was a professor at Universidad Carlos III de Madrid, Instituto Tecnológico Autónomo de México (ITAM) and the University of Kent in the UK. Manuel has published his research in a number of peer-review journals such as the Journal of Monetary Economics, Macroeconomics Dynamics, and the Scandinavian Journal of Economics.

publications
  • Durable Goods, Financial Frictions, and Business Cycles in Emerging Economies. Journal of Monetary Economics, 60(6), 2013 (con Fernando Álvarez-Parra y Luis Brandao-Marques)
  • Flexibility at the Margin and Labor Market Volatility in OECD Countries. The Scandinavian Journal of Economics, 114(3), 2012 (con Héctor Sala y José I. Silva)
  • Labor Turnover Costs and the Cyclical Behavior of Vacancies and Unemployment. Macroeconomic Dynamics, 13, Supplement No. 1, 2009 (con José I. Silva)
Juan F. Vargas
Juan F. Vargas
Principal Economist

PhD in Economics from Royal Holloway, University of London. MA and BA in Economics from Universidad de los Andes. Currently Research Economist of CAF´s Research Department and Professor (Full) of Economics at Universidad del Rosario, where he was namedDistinguished Professorin 2014. He has held vising positions at Harvard, UCLA, the University of Bergamo, the Institute of Development Studies in the UK, and the Inter-American Development Bank. Juan has done consultancy work for organizations such as the World Bank and USAID.

publications
  • Commodity Price Shocks and Civil Conflict: Evidence from Colombia. Review of Economic Studies, 80 (4), 1384-1421, 2013 (con O. Dube).
  • Does the Unemployment Benefit Institution affects the Productivity of Workers? Evidence from a Field Experiment. Forthcoming Management Science (con M. Blanco y P. Dalton)
  • The Need for Enemies. Economic Journal, 126 (593), 1018-1054, 2016 (con L. Fergusson, J. Robinson y R. Torvik)
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