Our Team
Horacio Sapriza
Horacio Sapriza is a senior economist and policy advisor in the Research Department. Sapriza joined the Federal Reserve Bank of Richmond in August 2021 after serving as a principal economist in the Macro-Financial Analysis Section at the Federal Reserve Board of Governors, where he had worked since 2009.
Sapriza's research focus is international economics, macroeconomics, empirical banking and financial stability.
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Academic Publications
Journal of Economic Dynamics and Control, Volume 139, June 2022: 104435Previous Version: Working Paper, June 2022, No. 22-06The Review of Financial Studies, Vol. 35, January 2022: 438–481Journal of International Economics, Volume 133, November 2021: 103519American Economic Journal: Macroeconomics, Vol. 13, April 2021: 26-77Journal of International Economics, Vol. 126, September 2020Economics Letters, Vol. 189, April 2020Journal of Banking and Finance, Vol. 112, March 2020Journal of Monetary Economics, Vol. 95, May 2018: 72-85Open Economies Review, Vol. 28, April 2017: 191-232Journal of Banking and Finance, Vol. 73, December 2016: 99-112Journal of International Money and Finance, Vol. 55, July 2015: 27-59Journal of Money, Credit and Banking, Vol. 46, February 2014: 93-121Journal of International Economics, Vol. 91, September 2013: 1-17International Review of Economics and Finance, Vol. 26, April 2013: 25-38Review of Economic Dynamics, Vol. 13, October 2010: 919-933Previous Version: Working Paper, March 2010, No. 10-04Review of Economic Dynamics, Vol. 13, April 2010: 452-469Previous Version: Working Paper, February 2009, No. 09-1International Economic Review, Vol. 50, November 2009: 1129-1151Previous Version: Working Paper, March 2007, No. 07-1RJournal of Finance, Vol. 64, August 2009: 1827-1862Journal of International Economics, Vol. 76, September 2008: 78-88
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Bank Publications
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Working Papers
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Other Work
"Bottom-up Leading Macroeconomic Indicators: An Application to Non-Financial Corporate Defaults using Machine Learning" (with Tyler Pike and Tom Zimmermann). Finance and Economics Discussion Series 2019-070, Board of Governors of the Federal Reserve System, September 2019.
"Sovereign Debt Restructurings" (with Maximiliano A. Dvorkin, Juan M. Sánchez, Horacio Sapriza, and Emircan Yurdagul). Working Paper 2018-013B, Federal Reserve Bank of St. Louis, August 2019.
"How Does the Strength of Monetary Policy Transmission Depend on Real Economic Activity?" (with Judit Temesvary). Finance and Economics Discussion Series 2019-023. Board of Governors of the Federal Reserve System, April 2019.
"Cross-Border Bank Flows and Monetary Policy" (with Ricardo Correa, Teodora Paligorova and Andrei Zlate). International Finance Discussion Papers 1241, Board of Governors of the Federal Reserve System, December 2018.
"Cross-Border Bank Flows and Monetary Policy: Implications for Canada" (with Ricardo Correa, Teodora Paligorova and Andrei Zlate). Staff Working Paper 2017-34, Bank of Canada, August 2017.
"Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies" (with Joseph E. Gagnon, Tamim Bayoumi, Juan M. Londono and Christian Saborowski). IMF Working Paper 17/56, International Monetary Fund, March 2017.
"Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel during the European Sovereign Crisis" (with Ricardo Correa and Andrei Zlate). Risk and Policy Analysis Unit Working Paper No. 16-04, Federal Reserve Bank of Boston. (Also International Finance Discussion Papers 1059r, Board of Governors of the Federal Reserve System.)
"International Evidence on Government Support and Risk Taking in the Banking Sector" (with Luís Brandão Marques and Ricardo Correa). International Finance Discussion Papers 1086, Board of Governors of the Federal Reserve System, August 2013.
"Financial Frictions, Trade Credit, and the 2008-09 Global Financial Crisis" (with Brahima Coulibaly and Andrei Zlate). International Finance Discussion Papers 1020r, Board of Governors of the Federal Reserve System, July 2012.