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.
"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.