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Mauricio Ulate

Research Advisor · Federal Reserve Bank of San Francisco

Research Advisor in Macroeconomic Research at the Federal Reserve Bank of San Francisco. Works on macroeconomics, monetary and international economics, including trade shocks, tariffs, central bank digital currencies and negative interest rates.

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Published Journal of Political Economy Online 1 May 2025 Published Feb 2026
Trade with Nominal Rigidities: Understanding the Unemployment and Welfare Effects of the China Shock

Andrés Rodríguez-Clare · Mauricio Ulate · José P. Vásquez

Standard international trade models assume perfectly flexible prices and full employment. This paper introduces nominal rigidities (downward wage rigidity) into a quantitative trade model and asks how …