Associate Professor of Economics

Department of Economics
University of Virginia
PhD, Yale University

Interests: Finance, International Finance, Economic Theory, Experimental Finance.

BIO & CV

Ana Fostel received her B.A. in Economics from Universidad de la Republica, Montevideo, Uruguay in 1995, her M.A. in Mathematics from IMPA (Instituto de Matematica Pura e Aplicada), Rio de Janeiro, Brazil in 1998, and became a PhD candidate in Mathematical Economics at the same institution in 1999. She earned a PhD in Economics from Yale University in 2005 (with distinction) under the direction of John Geanakoplos, Herb Scarf and Andres Velasco. She started as an Assistant Professor in Economics at George Washington University in 2005, becoming an Associate Professor in 2011. Since 2015 she is an associate professor with tenure at University of Virginia. Her research efforts concentrate on the intersection of Finance, International Finance, Economic Theory and Experimental Finance. Within these areas, her work has focused on several topics such as theories of leverage; securitization and asset pricing; sovereign debt and default; financial globalization, liquidity under-supply; and revealed preference theory. She has published in academic journals such as American Economic Review, Econometrica and Journal of Economic Theory. She spent terms as a visiting scholar at policy institutions such as the International Monetary Fund and the Federal Reserve at New York and St. Louis. She was also a visiting scholar at New York University and the Cowles Foundation at Yale University. She is a partner and member of the Board of Directors of Cibeles S.A. a pharmaceutical firm based in Montevideo, Uruguay.

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FIELDS OF CONCENTRATION.

Finance. International Finance. Economic Theory. Experimental Finance.

EMPLOYMENT

Department of Economics, University of Virginia, Associate Professor (with tenure) of Economics. Since August 2015.
Department of Economics, George Washington University, Associate Professor (with tenure) of Economics and International Affairs. 2012-2015.
Department of Economics, George Washington University, Assistant Professor of Economics and International Affairs. 2005-2011.

EDUCATION

Ph.D. (with distinction) Department of Economics, Yale University. December 2005.
M.Phil. Department of Economics, Yale University. 2002
M.A. Department of Economics, Yale University. 2001.
Ph.D. candidate in Mathematics, IMPA Instituto de Matematica Pura e Aplicada. Rio de Janeiro, Brazil. 1999.
M.A. Mathematics and Economics, IMPA. Instituto de Matematica Pura e Aplicada. Rio de Janeiro, Brazil. 1998.
B.A. Economics, Universidad de la Republica. Montevideo, Uruguay. 1996

RESEARCH

Publications

Financial Innovation, Collateral and Investment.
Joint with John Geanakoplos.
AEJ: Macroeconomics. 2016. Vol. 8(1): 242-284.

Leverage and Default in Binomial Economies: A
Complete Characterization.
Joint with John Geanakoplos.
Econometrica. 2015. Vol. 83 (6): 2191-2229.

Endogenous Collateral Constrains and the Leverage Cycle.
Joint with John Geanakoplos.
Annual Review of Economics. Vol. 6: 771–799

Tranching, CDS and Asset Prices: How Financial Innovation Can Cause Bubbles and Crashes.
Joint with John Geanakoplos.
American Economic Journal: Macroeconomics. 2012, 4(1): 190-225.

Why Does Bad News Increase Volatility and Decrease Leverage?
Joint with John Geanakoplos.
Journal of Economic Theory. 2012, 147(2): 501-525.

Persistent Gaps and Default Traps
Joint with Luis Catão and Sandeep Kapur.
Journal of Development Economics . 2009 89, 271–284.

Leverage Cycles and The Anxious Economy
Joint with John Geanakoplos
Lead article American Economic Review. 2008, 98:4, 1211-1244.

Collateral Restrictions and Liquidity Under Supply: A Simple Model.
Joint with John Geanakoplos.
Economic Theory. 2008, 35:441-467.

Latin America’s Access to International Capital Markets: Good behavior or Global Liquidity?
Joint with Graciela Kaminsky.
In Kevin Cowan, Sebastian Edwards, and Rodrigo Valdes (eds) Current Account and External Financing, Central Bank of Chile, December. 2007. Also available as NBER Working Paper 13194.

Two New Proofs of Afriat’s Theorem.
Joint with Herbert Scarf and Michael Todd.
Economic Theory. 2004 24. 1: 211-219.

Book Chapters

Leverage, Securitization and Shadow Banking: Theory and Policy.
Joint with John Geanakoplos.
Sixteenth Annual International Banking Conference. International Monetary Fund and Federal Reserve
Bank of Chicago. 2013. Conference Volume.

Default Traps.
Joint with Luis Catão and Sandeep Kapur.
Chapter in "Sovereign Debt: From Safety to Default" Edited by Robert W. Kolb.Wiley & Sons.

Completed Working Papers

Leverage, Asset Prices: An Experiment
Joint with Marco Cipriani and Daniel Houser.
Revise and Resubmit at Journal of Finance.

Fiscal Discoveries and Yield Decouplings.
Joint with Luis Catão and Romain Ranciere.
Revise and Resubmit at IMF Review.

Global Collateral: How Financial Innovation Drives Capital Flows and Increases Financial Instability.
Joint with John Geanakoplos and Gregory Phelan.


Work in Progress

Collateral Equilibrium: Failure of the Efficiency Paradigms.
Joint with John Geanakoplos.
In preparation for Journal of Economic Literature.

Leverage Can Cause Asset Prices to Decrease.
Joint with John Geanakoplos.

Endogenous Leverage in the Laboratory.
Joint with Marco Cipriani and Daniel Houser.

FELLOWSHIPS, HONORS AND AWARDS

GWIPP Policy Research Scholar. George Washington University. 2007-2008.
Raymond Powell Teaching Prize. Yale University. 2002-2003.
Carl Anderson Fellowship, Cowles Foundation. Yale University. 20042005.
Yale Center for the Study of Globalization Summer Fellowships. 2004.
Annual Cowles Foundation Prize. Yale University. 2002 and 2003.
Cowles Foundation Prize. Yale University. 2000-2004.
Graduate School of Art and Sciences Fellowship. Yale University. 2000-2005
Instituto de Matematica Pura e Aplicada. IMPA. CNPQ Fellowship. Brazil. 1996-1999.

ACADEMIC ACTIVITIES

Visiting Positions

Federal Reserve of New York. Weekly Visitor. 2013-2014.
Stern School of Business. Economics Department. New York University. Weekly Visitor. 2013-2014.
Federal Reserve of St Louis. October 1-5. 2012.
Yale University. Cowles Foundation. 2012-2013. Monthly visitor.
New York University. Economics Department. 2012-2013. Visitor Scholar.
Yale University. April 24-30. 2012.
CREI. Pompeu Fabra University. Barcelona. Spain. December 2011.
Paris School of Economics. CEPREMAP. September 2011.
IMF Institute. July 2011.
IMF. Research Department. 2009-2010.
ORT University. Montevideo. Uruguay. Summer 2008.
ORT University. Montevideo. Uruguay. Summer 2006.

Conference Organization

2015 NBER/NSF/CEME Mathematical Economics Conference. University of Virginia. November 6-7. 2015.
11th Annual Cowles Conference on General Equilibrium and its Applications. Yale University. April 26-28. 2015.
10th Annual Cowles Conference on General Equilibrium and its Applications. Yale University. April 26-28. 2015.
Encuentro Anual de la Sociedad de Economistas de Uruguay. December 22. 2014.
10th Annual Cowles Conference on General Equilibrium and its Applications. Yale University. April 25-27. 2014.
9th Annual Cowles Conference on General Equilibrium and its Applications. Yale University. April 26-28. 2013.
8th Annual Cowles Conference on General Equilibrium and its Applications. Yale University. April 27-29. 2012.
7th Annual Cowles Conference on General Equilibrium and its Applications. Yale University. April 29-30. 2011.
“Behavioral Finance”. Jointly organized by the
Elliot School of International Affairs at George Washington University and the IMF Institute at the
International Monetary Fund. May 26. 2011.
6th Annual Cowles Conference on General Equilibrium and its Applications. Yale University. April 16-18. 2010.
“Financial Regulation and Supervision: Lessons from the Crisis”. Jointly organized by the
Elliot School of International Affairs at George Washington University and the IMF Institute at the
International Monetary Fund. May 26. 2010.

Conference and Seminar Presentations

2016: American University. Darden UVA.

2015: NBER. Summer Institute. ORT Uruguay. Utah University. Central Bank of Uruguay.

2014: Federal Reserve Board. University of Virginia. New York Federal Reserve. University of Maryland.

2013: Federal Reserve Bank of Chicago. Columbia Business School. Wharton Business. SAET. New York University (Financial Economics Workshop). New York University (Macro Lunch). Stern, NYU (Finance Seminar). New York University (Experimental Seminar). New York University (Conference on Finance and Expectational Coordination).

2012: Banco Central del Uruguay. Rutgers University. University of Notre Dame. Federal Reserve of Chicago. Federal Reserve of St. Louis. University of Maryland. INSEAD. Yale University (Cowles conference).
Yale University. Math-Econ Seminar. World Bank.

2011: CREI (Conference on Financial Crises). GWU. IMF. CEPR Conference on Sovereign Risk. Cornell University. Econometric Society. European Financial Association. National Bureau of Economic Research (NBER).
IMF. American Economic Association Annual Meetings. Denver. January 8th.

2010: Yeshiva University. Rutgers University. New York University. Philadelphia Federal Reserve. Banco Central del Uruguay. Georgetown University. University College London. National Bureau of Economic Research (NBER).
IMF. TAMU. GWU. American Economic Association Annual Meetings. Atlanta. January, 5.

2009: World Bank.

2008: IMPA. Wharton Business School. Harvard University. Banco Central del Uruguay. National Bureau of Economic Research (NBER). North American Econometric Society.

2007: UDELAR. Georgetown University. University of Maryland. IMF. Yale University. GWU. National Bureau of Economic Research (NBER).

2006: IMPA. Lacea/LAMES. Banco Central del Uruguay. Universidad ORT. Yale University. IMF. John Hopkins-SAIS. IDB.

2005: Universidad ORT. GWU. Banco Central del Uruguay.

2004: Torcuato di Tella. LAMES (Latin American Meeting of Econometric Society). North American Econometric Society Meetings.

Teaching

Global Financial Markets. Undergraduate Course. Spring 2016.
Theoretical Macroeconomics. PhD course. Fall 2015.
International Economics. Master course. Fall 2010, Spring 2011 and Fall 2011, Spring 2012, Fall 2012. Fall 2013, Spring 2013, Fall 2014.
Topics in International Finance. Phd Course. George Washington University. Fall 2008 and 2010.
General Equilibrium Theory and International Finance. Universidad ORT. Summer 2006 and Summer 2008.
Game Theory. Universidad ORT. Summer 2006.
Survey in International Economics. George Washington University. Fall 2005-Spring 2009.
Teaching Assistant, Undergraduate Mathematical Economics, Yale University, 2003
Teaching Assistant, Graduate Microeconomics, Yale University, 2003
Teaching Assistant, Undergraduate Mathematical Economics, Yale University, 2002
Undergraduate Mathematical Economics, Universidad de la Republica, Uruguay. 1999-2000
Undergraduate Analysis, Universidad de la Republica, Uruguay. 1999-2000
Undergraduate Advanced Microeconomics, Universidad de Montevideo. Uruguay. 1999-2000
Graduate Dynamic Programming and Macroeconomics. Universidad de Montevideo. Uruguay. 1999-2000
Graduate Mathematical Economics. IMPA. Brazil. 1998.
High School Teacher of Mathematics. Montevideo,Uruguay. 1992-1995.

PhD Student Supervision

At GWU
Ehraz Refayet (PhD 2015). (Main advisor)
Matt Darst (PhD 2015). (Main advisor)
Yaroslava Babych (PhD 2010) (Committee member)
Cigdem Akin (Econ, Ph.D. 2009) (Committee member)
Anastasia Guscina (PhD 2009) (Committee member)
Amine Mati (PhD 2008) (Reader)
Alejandro Guerson (Ph.D. 2005) (Reader)

Refereeing

American Economic Review. American Economic Journal: Microeconomics. Berkeley Journal Theory. Econometrica. Economic Theory. International Economic Review. Journal of Development Economics. Journal of Economic Theory. Journal of Economic Dynamics and Control. Journal of Finance. Journal of International Economics. Journal of Money Banking and Credit. Quarterly Journal of Economics. Review of Economic Studies.
Review of Economic and Statistics. Review of Financial Economics. Theoretical Economics.

OTHER PROFESSIONAL ACTIVITIES

Member of Board of Directors. Cibeles S.A. Uruguay.



RESEARCH

Fiscal Discoveries and Yield Decouplings.

Joint with Luis Catão and Romain Ranciere. Forthcoming IMF Review.

Financial Innovation, Collateral and Investment.

Joint with John Geanakoplos. AEJ: Macroeconomics. 2016. Vol. 8(1): 242-284.

Leverage and Default in Binomial Economies: A Complete Characterization.

Joint with John Geanakoplos. Econometrica. 2015. Vol. 83 (6): 2191-2229.

Endogenous Collateral Constrains and the Leverage Cycle.

Joint with John Geanakoplos. Annual Review of Economics. 2014. Vol. 6: 771–799

Tranching, CDS and Asset Prices: How Financial Innovation Can Cause Bubbles and Crashes.

Joint with John Geanakoplos. American Economic Journal: Macroeconomics. 2012. 4(1): 190-225.

Why Does Bad News Increase Volatility and Decrease Leverage?

Joint with John Geanakoplos. Journal of Economic Theory. 2012. 147(2): 501-525.

Persistent Gaps and Default Traps.

Joint with Luis Catão and Sandeep Kapur. Journal of Development Economics. 2009. 89, 271–284.

Leverage Cycles and The Anxious Economy

Joint with John Geanakoplos Lead article American Economic Review. 2008. 98:4, 1211-1244.

Collateral Restrictions and Liquidity Under Supply: A Simple Model.

Joint with John Geanakoplos. Economic Theory. 2008. 35:441-467.

Latin America’s Access to International Capital Markets: Good behavior or Global Liquidity?

Joint with Graciela Kaminsky. In Kevin Cowan, Sebastian Edwards, and Rodrigo Valdes (eds) Current Account and External Financing, Central Bank of Chile, December. 2007. Also available as NBER Working Paper 13194.

Two New Proofs of Afriat’s Theorem.

Joint with Herbert Scarf and Michael Todd. Economic Theory. 2004 24. 1: 211-219.

GLOBAL COLLATERAL: HOW FINANCIAL INNOVATION DRIVES CAPITAL FLOWS AND INCREASES FINANCIAL INSTABILITY.

Joint with John Geanakoplos and Gregory Phelan. Submitted

Leverage and Asset Prices: An Experiment.

Joint with Marco Cipriani and Daniel Houser. Revise and Resubmit at Journal of Finance.

Collateral and Currency Crises

Joint with Feixue Gong and Gregory Phelan.

Endogenous Leverage and Default in the Laboratory.

Joint with Marco Cipriani and Daniel Houser.

Leverage Regulation Can Increase fat Tails.

Joint with John Geanakoplos and Gregory Phelan.

Collateral Equilibrium: Failure of the Efficiency Paradigms.

Joint with John Geanakoplos. In preparation for Journal of Economic Literature.

Leverage, Securitization and Shadow Banking: Theory and Policy.

Joint with John Geanakoplos. Sixteenth Annual International Banking Conference. International Monetary Fund and Federal Reserve Bank of Chicago. 2013. Conference Volume.

Default Traps.

Joint with Luis Catão and Sandeep Kapur. Chapter in "Sovereign Debt: From Safety to Default" Edited by Robert W. Kolb.Wiley & Sons.

TEACHING

Economics 8350. Fall 2015.

Theoretical Macroeconomics I. Second year PhD course.

Global Financial Markets

Undergraduate course in Theoretical Finance.

CONFERENCES

Virginia Experimental Social Science Conference at the University of Virginia.

University of Virginia, September 9-10.

PROGRAM

12TH ANNUAL COWLES CONFERENCE ON GENERAL EQUILIBRIUM AND ITS APPLICATIONS.

Yale University, April 30 - May 1, 2016.

PROGRAM

2015 NBER/NSF/CEME Mathematical Economics Conference.

University of Virginia. November 6-7. 2015.

PROGRAM

11th Annual Cowles Conference on General Equilibrium and its Applications.

Yale University. April 26-28. 2015.

PROGRAM

10th Annual Cowles Conference on General Equilibrium and its Applications.

Yale University. April 25-27. 2014.

PROGRAM

9th Annual Cowles Conference on General Equilibrium and its Applications.

Yale University. April 26-28. 2013.

PROGRAM

8th Annual Cowles Conference on General Equilibrium and its Applications.

Yale University. April 27-29. 2012.

PROGRAM

7th Annual Cowles Conference on General Equilibrium and its Applications.

Yale University. April 29-30. 2011.

PROGRAM

Behavioral Finance.

Elliot School of International Affairs at George Washington University and the IMF Institute at the International Monetary Fund. May 26. 2011.

PROGRAM

6th Annual Cowles Conference on General Equilibrium and its Applications.

Yale University. April 16-18.2010

PROGRAM

Financial Regulation and Supervision: Lessons from the Crisis

Jointly organized by the Elliot School of International Affairs at George Washington University and the IMF Institute at the International Monetary Fund. May 26, 2010.

PROGRAM

CIBELES S.A

Cibeles SA was funded in 1975 and it specializes in the production, technical assistance, distribution and the selling of products destined to human, animal and plant health. Cibeles has 14,000m2 of industrial facilities in 34 hectares of land. It serves the domestic market and exports products to Argentina, Bolivia, Brazil, Paraguay, Venezuela, Mexico, Guatemala, Dominican Republic, and Panama.

 

 

CONTACT

Office Address:

Department of Economics
University of Virginia
237 Monroe Hall
Suite 222
Charlottesville, VA 22904-4182
Phone: 434-924-7654