Nicholas Sander is a Senior Economist in the International Economic Analysis Department. His research interests are in International Macroeconomics and Finance. He received his Ph.D. in economics from the University of California Berkeley.

Staff working papers

SME Failures Under Large Liquidity Shocks: An Application to the COVID-19 Crisis

We study the effects of financial frictions on firm exit when firms face large liquidity shocks. We develop a simple model of firm cost-minimization that introduces a financial friction that limits firms’ borrowing capacity to smooth temporary shocks to liquidity.

Fiscal Policy in the Age of COVID-19: Does It “Get in All of the Cracks”?

The COVID-19 pandemic has caused an atypical recession in which some sectors of the economy boomed and others collapsed. This required a unique fiscal policy reaction to both support firms and stimulate activity in sectors with slack. Was fiscal policy able to get where it was needed? Mostly, yes.

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Journal publications

Refereed journals

  • “Modelling the business cycle of a small open economy: The Reserve Bank of New Zealand’s DSGE model”
    (with Gunes Kamber, Chris McDonald and Konstantinos Theodoridis) Economic Modelling (2016)
  • “Estimating the effect on grades of using multiple-choice versus constructive-response questions: Data from the classroom.”
    (with Stephen Hickson and Robert Reed) Educational Assessment (2012)



  • “COVID-19 and SMEs: a 2021 “Time Bomb”?”
    (with Pierre-Olivier Gourinchas, Şebnem Kalemli Özcan and Veronika Penciakova) AER Papers and Proceedings forthcoming May 2021.
  • “COVID-19 and SME Failures”
    (with Pierre-Olivier Gourinchas, Şebnem Kalemli Özcan and Veronika Penciakova)
  • “Causal Effects of Capital Inflows”
    (Job Market Paper)