Serafín Frache

Serafín Frache

Associate Professor

Universidad de Montevideo

I am an Associate Professor in the Department of Economics at Universidad de Montevideo. My primary fields of interest are macroeconomics, numerical methods and applied econometrics. I have research experience in monetary economics, household income dynamics and their consumption and saving decisions, and how firms form their expectations.

MONT2 Econ Lab Founding Member


  • “Buffer-Stock Saving and Households' Response to Income Shocks,” with Giulio Fella and Winfried Koeniger, International Economic Review, Vol. 61(3), 1359-1382, 2020.

Working Papers

  • “Belief-Dependent pricing decisions”, April 2021, with Rodrigo Lluberas and Javier Turén.

  • “New information and inflation expectations among firms”, BIS Working Papers 781, Bank for International Settlements, April 2019, with Rodrigo Lluberas.

  • “Countercyclical capital buffers, dynamic provisions or both?” New Challenges in Central Banking: Monetary Policy Governance and Macroprudential Issues, SUERF - The European Money and Finance Forum, Cap. 9, November 2017, with Javier García-Cicco and Jorge Ponce.

  • “Countercyclical prudential tools in an estimated DSGE model”, Documentos de trabajo 2017001, Banco Central del Uruguay, 2017, with Javier García-Cicco and Jorge Ponce.

  • “Estimación de los efectos de la Ley de Inclusión Financiera en un marco Dinámico Estocástico de Equilibrio General”, Documentos de trabajo 2016006, Banco Central del Uruguay, 2016, with Juan Odriozola.

  • “Un modelo estocástico de equilibrio general para la economía uruguaya”, Documentos de trabajo 2016002, Banco Central del Uruguay, 2016.

  • “Estimating a Risky Term Structure of Uruguayan Sovereign Bonds”, Documentos de Trabajo (working papers) 0304, Department of Economics - dECON, 2004, with Gabriel Katz.

Work in Progress

  • “Evaluating export benefits along the value chain", with Francesco Amodio and Giorgio Chiovelli.

  • “Labor reallocation and inequality: measurements from Uruguay matched employer-employee data”, with Jesper Bagger, Rodrigo Lluberas, Juan Pablo Rud and Leandro Zipitría.


Universidad de Montevideo

  • Macroeconomics I [2018 - present]
  • Mathematical Economics I [2018 - present]
  • Macroeconomics II (Master) [2018 - present]
  • Quantitative Methods in Economics and Finance (Master)[2017 - present]

Universidad del CEMA - Argentina

  • DSGE Modelling for Monetary Policy Analysis (Master & Ph.D) [2018 - present]

dECON - School of Social Sciences - UDELAR - Uruguay

  • Macroeconomics (Master) [2014 - 2017]

School of Economics and Finance - UDELAR - Uruguay

  • Econometrics I [2014 - 2017]
  • Econometrics II [2014 - 2017]

Teaching Assistant
  • Econometrics I [2003 - 2008]
  • Econometrics II [2003 - 2008]
  • Mathematics I [2003 - 2005]

School of Economics and Finance - Queen Mary University of London

Teaching Assistant
  • Macroeconomics II [2012 - 2014]
  • Corporate Finance II [2012 - 2013]

School of Business and Management - Queen Mary University of London

Teaching Assistant
  • Quantitative Research Methods for Business [2010 - 2011]