Department of Economics
University of Virginia
PhD, Yale University
Interests: Financial Economics, International Finance, Economic Theory, Experimental Finance.

Department of Economics. University of Virginia
237 Monroe Hall. Suite 222
Charlottesville, VA 22904-4182
Phone: 434-924-7654


Ana Fostel is a Professor of Economics at University of Virginia. She is a Research Fellow at the NBER and CEPR and a Member of the Academia Nacional de Economia in Uruguay. She received her B.A. in Economics from Universidad de la Republica, Montevideo, Uruguay in 1995, her M.A. in Mathematics from IMPA (Instituto de Matematica Pura e Aplicada), Rio de Janeiro, Brazil in 1998, and her PhD in Economics from Yale University in 2005 (with distinction). She started as an Assistant Professor in Economics at the George Washington University in 2005, becoming an Associate Professor in 2011. In 2015, she moved to the University of Virginia as an Associate Professor of Economics, becoming a Professor of Economics in 2017. Her research concentrates on the intersection of Financial Economics, International Finance, Economic Theory and Experimental Finance. Within these areas, her work has focused on several topics such as theories of leverage, financial innovation and asset pricing, sovereign debt and default, financial globalization, and revealed preference theory. She has published in academic journals such as American Economic Review, Econometrica and Journal of Economic Theory.  She was awarded the 8th Stephen A. Ross Prize in Financial Economics, Foundation for Advancement of Research in Financial Economics (FARFE) in 2022. She spent terms as a visiting scholar at the International Monetary Fund and the Federal Reserve Bank at New York and St. Louis. She was also a visiting scholar at New York University, CREI, and the Cowles Foundation at Yale University.  She is a Member of the  Fiscal Advisory Council in Uruguay since 2021.  She is a partner and member of the Board of Directors of Cibeles S.A. since 2015.




SSRN REPEC Google Scholar


Leverage and asset prices: An experiment.

Joint with Marco Cipriani and Daniel Houser. Journal of Economic Behavior and Organization 183 (2021) 700–717.


Collateral Constraints and the Law of One Price: An Experiment.

Joint with Marco Cipriani and Daniel Houser. The Journal of Finance. 2018, Vol. LXXIII, No. 6


Fiscal Discoveries and Yield Decouplings.

Joint with Luis Catão and Romain Ranciere. IMF Review. 2017. Volume 65, Issue 4, pp 704–744.


Financial Innovation, Collateral and Investment.

Joint with John Geanakoplos. AEJ: Macroeconomics. 2016. Vol. 8(1): 242-284.


Leverage and Default in Binomial Economies: A Complete Characterization.

Joint with John Geanakoplos. Econometrica. 2015. Vol. 83 (6): 2191-2229.


Endogenous Collateral Constrains and the Leverage Cycle.

Joint with John Geanakoplos. Annual Review of Economics. 2014. Vol. 6: 771–799


Tranching, CDS and Asset Prices: How Financial Innovation Can Cause Bubbles and Crashes.

Joint with John Geanakoplos. American Economic Journal: Macroeconomics. 2012. 4(1): 190-225.


Why Does Bad News Increase Volatility and Decrease Leverage?

Joint with John Geanakoplos. Journal of Economic Theory. 2012. 147(2): 501-525.


Persistent Gaps and Default Traps.

Joint with Luis Catão and Sandeep Kapur. Journal of Development Economics. 2009. 89, 271–284.


Leverage Cycles and The Anxious Economy

Joint with John Geanakoplos Lead article American Economic Review. 2008. 98:4, 1211-1244.


Collateral Restrictions and Liquidity Under Supply: A Simple Model.

Joint with John Geanakoplos. Economic Theory. 2008. 35:441-467.


Latin America’s Access to International Capital Markets: Good behavior or Global Liquidity?

Joint with Graciela Kaminsky.In Kevin Cowan, Sebastian Edwards, and Rodrigo Valdes (eds) Current Account and External Financing, Central Bank of Chile, December. 2007. Also available as NBER Working Paper 13194.


Two New Proofs of Afriat’s Theorem.

Joint with Herbert Scarf and Michael Todd.Economic Theory. 2004 24. 1: 211-219.


Global Collateral and Capital Flows.

Joint with John Geanakoplos and Gregory Phelan.


Endogenous Leverage and Default in the Laboratory.

Joint with Marco Cipriani and Daniel Houser.


Leverage, Securitization and Shadow Banking: Theory and Policy.

Joint with John Geanakoplos. Sixteenth Annual International Banking Conference. International Monetary Fund and Federal Reserve Bank of Chicago. 2013. Conference Volume.


Default Traps.

Joint with Luis Catão and Sandeep Kapur. Chapter in "Sovereign Debt: From Safety to Default" Edited by Robert W. Kolb.Wiley & Sons.



Economics 8340

Financial Economics. Second year PhD course. Department of Economics. University of Virginia.


Economics 4365.

Global Financial Markets. Advance Undergraduate course in Theoretical Finance. Department of Economics. University of Virginia.



Here you can find information about press articles and other professional activities beyond academia. You can also find information (and pictures), about personal interests such as horses and flying.