My primary research interests are in the formulation of dynamic equilibrium models, their efficient computation, and their estimation, in particular using machine learning. However, I have also worked on issues related to monetary economics, economic history and political economy.

Below you can get pdf copies of my papers and codes for reproducing some of the computations involved.

New Items

July 1, 2023. A (new) presentation on large language models in economics,” here. Also, the video (which covers most of the material in the presentation) can be found here:

July 1, 2023. A (new) presentation that summarizes much of my recent research “Taming the Curse of Dimensionality: Old Ideas and New Strategies,” here.

June 8, 2023. A new version of the paper “A Model of the Gold Standard,” with Daniel Sanches can be found here.

June 4, 2023. A new paper “The Neoclassical Growth of China,” with Lee Ohanian and Wen Yao here.

June 4, 2023. A new paper “Technological Synergies, Heterogenous Firms, and Idiosyncratic Volatility,” with Yang Yu and Francesco Zanetti here.

June 1, 2023. A new version of my paper “Dynamic Programming on a Quantum Annealer: Solving the RBC Model,” with Isaiah Hull can be found here. We offer more details about the algorithms and link to a github repo. Notice that we do solve the model in an actual quantum annealer. Our paper is not a proof-of-principle (i.e., a theoretical algorithm or an algorithm implemented on a simulator), but actual code run on Advantage, the Quantum Annealer produced by D-Wave Systems, with 5000 qubits. Also, a 50-minute talk based on the paper can be found below:

May 27, 2023. Slides for my new paper “Between the East and the West: The Life and Work of Alfred Zauberman,” with Andrej Svorenčík here. A draft will come soon!

May 25, 2023. A new paper “Accounting for the Duality of the Italian Economy,” with Dario Laudati, Lee Ohanian, and Vincenzo Quadrini here.

May 18, 2023. A new version of my paper “Inequality and the Zero Lower Bound,” with Joël Marbet, Galo Nuño, and Omar Rachedi here.

November 12, 2022. A first version new paper “Ricardian Business Cycles,” with Lorenzo Bretscher and Simon Scheidegger here.

October 21, 2022 (a). A new paper “Spooky Boundaries at a Distance: Exploring Transversality and Stability with Deep Learning,” with Mahdi Ebrahimi Kahou, Sebastián Gómez-Cardona, Jesse Perla, and Jan Rosa here.

October 21, 2022 (b). A new paper “Filtering with Limited Information,” with Thorsten Drautzburg, Pablo Guerrón-Quintana, and Dick Oosthuizen can be found here.

October 6, 2022. A new paper “Differentiable State-Space Models and Hamiltonian Monte Carlo Estimation,” with David Childers, Jesse Perla, Christopher Rackauckas, and Peifan Wu can be found here. The Github repo with the relevant packages is here.

August 25, 2022. My MFS guest lecture “Machine Learning for Macrofinance” can be found here. Also, the video can be found here:

August 25, 2020. A much updated version of my paper “The Fractured-Land Hypothesis” with Mark Koyama, Youhong Lin, and Tuan-Hwee Sng can be found here. Also, a VoxEU column here and a 15-minute video summarizing (a slightly older version of) the paper can be found here and below:

June 16, 2022. My paper “Politics and Income Distribution” with Thorsten Drautzburg and Pablo Guerrón-Quintana can be found here.

June 16, 2022. An updated version of my paper “Financial Frictions and the Wealth Distribution” with Galo Nuño and Samuel Hurtado can be found here. The slides are here.

April 21, 2022. An updated version of my paper “Search Complementarities, Aggregate Fluctuations, and Fiscal Policy” with Federico Mandelman, Yang Yu, and Francesco Zanetti can be found here.

April 4, 2022. A new paper “Programming FPGAs for Economics: An Introduction to Electrical Engineering Economics,” with Bhagath Cheela, André DeHon, and Alessandro Peri can be found here and the companion tutorial here.

March 7, 2022. A new paper “The Causal Effects of Lockdown Policies on Health and Macroeconomic Outcomes,” with Jonas E. Arias, Juan F. Rubio-Ramírez, and Minchul Shin can be found here. It supersedes “Bayesian Estimation of Epidemiological Models: Methods, Causality, and Policy Trade-Offs,” which can be found here for the record.

November 7, 2021. An updated version of my paper “Demographic Transitions Across Time and Space” with Matthew J. Delventhal and Nezih Guner can be found here. We also have a companion web page with all the data set here.

November 6, 2021. The slides “Deep Learning for Macroeconomists,” a plenary talk I have prepared for several events, can be found here. See, also, under teaching, the slides for my course on machine learning for macroeconomics.

July 30, 2021. The paper “Has Machine Learning Rendered Simple Rules Obsolete?,” can be found here. A summary for the general public is here. The slides (with the old title) are here.

June 22, 2021. The new paper “Exploiting Symmetry in High-Dimensional Dynamic Programming,” with Mahdi Ebrahimi Kahou, Jesse Perla, and Arnav Sood can be found here. The slides are here and the Github repo is here. Also, a 63 minutes video summarizing the paper can be found here:

March 21, 2021. The paper “Bargaining Shocks and Aggregate Fluctuations,” with Thorsten Drautzburg and Pablo Guerrón-Quintana can be found here. This paper previously circulated as “Political Distribution Risk and Aggregate Fluctuations.”

March 6, 2021. A new paper “Inequality and the Zero Lower Bound,” with Joël Marbet, Galo Nuño, and Omar Rachedi can be found here.

February 8, 2021. An updated version of my paper “The “Matthew Effect” and Market Concentration: Search Complementarities and Monopsony Power,” with Federico Mandelman, Yang Yu, and Francesco Zanetti can be found here.

December 13, 2020. My paper “Central Bank Digital Currency: When Price and Bank Stability Collide” with Linda Schilling and Harald Uhlig can be found here. The slides are here. A short summary for a forthcoming CEPR book can be found here.

October 30, 2020. Slides “Cryptocurrencies, Fintech, and All That: Monetary Economics in the 21st Century,” a plenary talk based on several of my papers on cryptocurrencies, can be found here. The companion paper (with somewhat less material due to space limits) is here

October 18, 2020. My paper “Macroeconomic Outcomes and COVID-19: A Progress Report” with Chad Jones can be found here.

August 12, 2020. An updated version of my paper “Estimating and Simulating a SIRD Model of COVID-19 for Many Countries, States, and Cities” with Chad Jones can be found here.

•   • Please, visit our dashboard with extended results here.
•   • The slides are here.
•   • A video with a short version of the presentation is here.
•   • A version of the slides in Spanish and focused on the Spanish case are here.

August 12, 2020. My paper “Estimating DSGE Models: Recent Advances and Future Challenges” with Pablo Guerrón-Quintana can be found here.

Handbook Chapters Machine Learning in Macroeconomics Dynamic Macroeconomics Monetary Economics Computation of Dynamic Equilibrium Models Estimation of Dynamic Equilibrium Models Epidemiological Economics and COVID-19 European Economics, Political Economy, and the Euro Crisis Law and Economics, Policy Papers, Economic History