Ricardo Reyes-Heroles - Dallasfed.org
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Ricardo Reyes-Heroles
Principal Research Economist
Federal Reserve Bank of Dallas
Curriculum vitae
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Ricardo Reyes-Heroles is a principal research economist at the Federal Reserve Bank of Dallas. Before joining the Bank, he was a principal economist in the Trade and Financial Studies section within the Division of International Finance of the Board of Governors of the Federal Reserve System. He was also an adjunct professor at the University of Maryland and American University and a visiting researcher at ITAM’s Center for Economic Research in Mexico City.
Reyes-Heroles also served as an associate editor for the Journal of International Economics and the Latin American Journal of Central Banking. His research has been published in diverse journals including the Quarterly Journal of Economics, the Journal of International Economics, the IMF Economic Review and the Journal of International Money and Finance.
Reyes-Heroles holds a BA in economics and a BSc in applied mathematics from ITAM in Mexico City. He holds a PhD in economics from Princeton University.
Publications
“Globalization, Trade Imbalances and Labor Market Adjustment,” with Rafael Dix-Carneiro, João Paolo Pessoa and Sharon Traiberman, The Quarterly Journal of Economics, vol. 138, no. 2, May 2023, pp. 1109–71. https://doi.org/10.1093/qje/qjac043.
“Macroprudential Policy in the Presence of External Risks,” with Gabriel Tenorio, Journal of International Economics, vol. 126, September 2020, 103365. https://doi.org/10.1016/j.jinteco.2020.103365.
“Emerging Markets and the New Geography of Trade: The Effects of Rising Trade Barriers,” with Sharon Traiberman and Eva Van Leemput, IMF Economic Review, vol. 68, 2020, pp. 456–508. https://doi.org/10.1057/s41308-020-00117-1.
“Regime-Switching in Emerging Market Business Cycles: Interest Rate Volatility and Sudden Stops,” with Gabriel Tenorio, Journal of International Money and Finance, vol. 93, May 2019, pp. 81–100. https://doi.org/10.1016/j.jimonfin.2018.12.012.
Working Papers
Trade Costs and Inflation Dynamics
Pablo Cuba-Borda, Albert Queralto, Ricardo Reyes-Heroles and Mikaël ScaramucciWorking PaperNo. 2508 (Revised June 2025)March 2025.
Other Works
“Trade-offs of Higher U.S. Tariffs: GDP, Revenues, and the Trade Deficit,” with Sharon Jeon, Abhi Uppal, Eva Van Leemput and David Yu, FEDS Notes, Washington: Board of Governors of the Federal Reserve System, July 7, 2025. https://doi.org/10.17016/2380-7172.3774.
“How Do Trade Disruptions Affect Inflation?” with Pablo Cuba-Borda, Albert Queralto and Mikäel Scaramucci, FEDS Notes, Washington: Board of Governors of the Federal Reserve System, February 28, 2025. https://doi.org/10.17016/2380-7172.3664.
“International Trade and Gender Gaps in College Enrollment,” with Sarah Conlisk, Gaston Navarro and Maddie Penn, FEDS Notes, Washington: Board of Governors of the Federal Reserve System, May 20, 2022. https://doi.org/10.17016/2380-7172.3117.
“The Effect of U.S.-China Tariff Hikes: Differences in Demand Composition Matter,” with Charlotte Singer and Eva Van Leemput, FEDS Notes, Washington: Board of Governors of the Federal Reserve System, March 4, 2021. https://doi.org/10.17016/2380-7172.2845.
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