Current Research (A lot of this material was developed under NSF grants number SBR-9309514, SES-9110991, 0079504, and 0351451.

  1. Slides for Saving for a Sunny Day: An Alternative Theory of Precautionary Savings . Joint with Luigi Briglia, Satyajit Chatterjee, Dean Corbae and Kyle Dempsey. Presented in Boston Colloge, the 2023 ASSA meetings and Vanderbilt University.

  2. Slides for A Model to Explore Small Economies Business Cycles and Monetary Policy. Joint with Zhen Huo and Akihisa Kato Presented at the Wharton Macro lunch March 2022 and at the 2022 Mad Mac in Madrid (this is the Madrid version). This other version was the John Kuszczak Memorial Lecture at the 2022 Annual Bank of Canada Economic Conference

  3. Slides for Procyclical Markups: Directed Search in New Keynesian Models. Joint with Zhesheng Qiu (City University of Hong Kong) Presented at the Wharton Macro lunch March 2021 and at the Propagation Group in the 2022 NBER Summer Institute. This is the 2022 Version

  4. Slides for Health versus Wealth: On the Distributional Effects of Controlling a Pandemic . Joint with Andy Glover (KC Fed), Jonathan Heathcote (Mpls Fed) and Dirk Krueger (Penn) Presented at the Mpls Fed, the VMACS seminar series, and the Bank of England. April 2020. You can watch the VMACS presentation here

  5. Slides for Demand Induced Fluctuations. Joint with Zhen Huo. Prepared for the 25th Anniversary of Pier/ Frontiers of Business Cycle Research (May 3, 2019 at Penn).

  6. Slides for Wealth, Wages, and Employment. Joint with Per Krusell and Jinfeng Luo. Presented at McCalm 2018, Edinburgh, UCL, Wisconsin, Wharton, Barcelona, Tokyo, Tsinghua, Mallorca (Hydra), Kansas City, Miami, Feb 2020, OSU Sept 2021. Presentation Version

  7. Slides for A Theory of Credit Scoring and Competitive Pricing of Default Risk. Joint with Satyajit Chatterjee, Dean Corbae and Kyle Dempsey. Presented at the Micro and Macro Perspectives on Inequality ESOP, Univ of Oslo, Queens Univ (May 2018). First version presented at the Labor Workshop in the Mn Econ Dept, April 2012.

  8. Slides for Organizational Equilibrium with Capital . With Marco Bassetto, and Zhen Huo. Presented in Wharton's Macro lunch Seminar, March 29th 2016, in Bristol and UCL in May 2017, in Warwick in March 2018, in Tokio, in Barcelona (Move) in June 2018, in MIT, in Banque de France. This is the Banque de France version.

  9. Slides for Health and Inequality with Jay H. Hong Josep Pijoan-Mas. Presented October 2017 the IFS Conference Facing Demographic Change in a Challenging Economic Environment, and in Madrid in June 2018 in MADMAC III, in the ERC/UCL/IFSConference on "Savings and Risks: Micro and Macro Perspectives" IFS - December 2016. An earlier version presented in Penn's Population Colloqium February 1st 2016.

  10. Slides for Banking Dynamics and Capital Regulation with Tamon Takamura and Yaz Terajima. Presented at the Wharton Macro Lunch, at the Oslo Conference in Heterogeneity, at the Hydra Conference in Alghero, at the Conference Women in Macroeconomics in Cologne, at the Bank of Canada Conference, at the University of Minnesota, at Ohio State, at CERGE-EI, Prague, the Richmond Fed, and the University of Michigan. GE Version

  11. Slides for Reassessing the Role of Heterogeneity to Understand Business Cycles, A presentation at the EEA-ESEM Lisbon 2017. Versions of this talk were presented earlier at the Annual Conference of the Romanian Academic Economists from Abroad, ERMAS: The 4th edition: 26-28 July 2017, Babes-Bolyai University, Cluj-Napoca 30th, the Annual Meeting of the Canadian Macroeconomics Study Group / Groupe Canadien d'Etudes en Macroeconomie, Queen's University, Kingston November, 2016, and at Mad Money Mark VIII University of Wisconsin, Madison. This version from a Lecture at the 4th Annual PIER Workshop on Quantitative Tools for Macroeconomic Policy Analysis in Penn.

  12. Slides for Sticky Wage Models with Labor Supply Constraint . With Zhen Huo. Presented in the Bank of Portugal in December 2015.

  13. Slides for The Generalized Euler Equation and the Bankruptcy--Sovereign Default Problem . With Xavier Mateos-Planas, Sean McCrary, and Adrien Wicht. Presented in the 2022 Workshop on Dynamic Games in Macroeconomics and Public Finance, Stony Brook and in UCL in February 2015.

  14. Slides for Demand Shocks and Open Economy Puzzles. With Yan Bai. Presented at the 2015 CSWEP (AEA) Meetings.

  15. Slides for Equity Issuance in Manager-Controlled Firms: A Tale of Time Inconsistency with Tamon Takamura and Yaz Terajima. An earlier version was Presented at the Conference "Macroeconomic Stability, Banking Supervision and Financial Regulation" European University Institute, Florence, Italy September 18, 2014. as for Financial Institution Dynamics and Capital Regulations

  16. Slides for Balance Sheet Recessions (II) . Plenary talk in the 2014 Asian Meeting of the Econometric Society (AMES) in Taipei. Same title but different content than the RED/ST LOUIS conference paper below.

  17. Slides for Balance Sheet Recessions . Eventually titled "Tightening Financial Frictions on Households, Recessions, and Price Reallocations". Joint with Zhen Huo. Presented in the St. Louis Fed, in the conference Money, Credit, and Financial Frictions for a special issue of Review of Economic Dynamics on December 5-6, 2013. .

  18. Slides for Partial Default . Joint with Cristina Arellano, Xavier Mateos-Planas. Presented in Macro Within and Across Borders NBER Summer Institute July 2013.

  19. Slides for Financial Frictions, Asset Prices, and the Great Recession . Joint with Zhen Huo. Presented in Macroeconomic Dynamics with Heterogeneous Agents, LBS June 11 2013 and in the Banco de Chile, Mannheim, in Georgetown, Banco de Portugal, the Midwest Macro, Stanford, the EUI, Edinburgh, Cambridge, Oxford, Carleton, Concordia, Rennes, Goethe, Konstanz, Zurich, ASU, 10 th Csef- Igier Symposium on Economics and Institutions, Anacapri, the and the Bundesbank-DFG-IMF Workshop on Credit frictions and Spring Conference on Housing, and the Aggregate Demand, the Labor Market and Macroeconomics Policy Conference in Cambridge.

  20. Slides for Health Heterogeneity and Preferences . With Jay H. Hong and Josep Pijoan-Mas. Presented at the July 2013 NBER SI(EFACR) and in the Chicago Fed, May 2013. This version from the 2015 CIREQ Conference.

  21. Slides for A new view of cyclical movements in productivity . Slides for a keynote address delivered at the May 2013 Midwest Macro Meetings at the University of Illinois, Urbana-Champaign and at the Tsinghua Workshop in Macroeconomics 2013 Tsinghua University.

  22. Slides for A Paradox of Thrift Recession . Joint with Zhen Huo. Presented in the NBER SI EFACR 2012, in Wharton, Maryland, the Bank of Canada in September 2012, and in Minnesota, the IMF, and the University of Chicago in October 2012, in USC in November, in the EFG meeting in San Francisco and in Indiana in February, in Upssala and the Magyar Nemzeti Bank in March, in the Philly Fed in April, in UCSB in May, in the Bank of Chile in August, and in the Bank of Portugal in October.

  23. Slides for A model with a multiplier for government expenditures . Joint with Sebastian Dyrda. Presented in Labor Workshop, Sept 28, 2011.

  24. Slides for The Demographic Transition and Long-Term Marriage Trends . Joint with Shannon Seitz (BC) and Satoshi Tanaka (UMN). Presented at the Conference "Cultural Change and Economic Growth " in Munich July 2nd, 2011, and later (this is the 2022 Barcelona School of Economics Summer Forum INCOME DYNAMICS AND THE FAMILY version).

  25. Slides for Living Arrangements and Labor Market Volatility of Young Workers with Sebastian Dyrda (Toronto) and Greg Kaplan (Chicago), Munich (2017). Previously titled Business Cycles and Household Formation: The Micro vs the Macro Labor Elasticity, presented at the 2011 Summer Institute (EFACR).

  26. Slides for What Accounts for the Increase in Single Households? . Joint with Ferdinando Regalia (IADB) and Jacob Short (Bank of Canada).

  27. Slides for Health and Heterogeneity. Joint with Josep Pijoan (CEMFI). Presented in the Chicago Fed, May 2013. These were presented at the Population Colloquium, Penn, Dept of Sociology, Philadelphia, April 18, 2011 (with some later edits).

  28. Slides for Demand Shocks as Productivity Shocks . Joint with Yan Bai (ASU, Princeton), and Kjetil Storesletten (Mpls Fed, Oslo) (Presented at the V REDg DGEM Workshop, Madrid, Sept. 2010, Penn, Oct 13, 2010, the ones here are from U Wisc March 29, 2012).

  29. Slides for Inflation, Demand for Liquidity, and Welfare . Later called "The Welfare Cost of Inflation Revisited: The Role of Financial Innovation and Household Heterogeneity" Joint with Shutao Cao, Cesaire A. Meh, and Yaz Terajima (Rome, December 2012, Conference in Honor of Albert Ando).

  30. Slides for Inter-generational Redistribution in the Great Recession . Joint with Andy Glover (KC Fed), Jonathan Heathcote (Mpls Fed) and Dirk Krueger (Penn) (Presented at the 2010 NBER Consumption Group and in many other places. The one here is from the LSE in March 2011 ).

  31. Slides for Labor Share and Technology Dynamics . Joint with Sekyu Choi (UAB) (Santiago de Chile, June 2010).

  32. Slides for Credit Lines . Joint with Xavier Mateos-Planas (Southamption) (Madrid, June 2010).

  33. Slides for Aggregate and Welfare Effects of Redistribution Wealth Under Inflation and Price-Level Targeting . Joint with Cesaire A. Meh (BoC) and Yaz Terajima (BoC) (Barcelona, October 2008).

  34. Slides for Financial Integration, Financial Deepness and Global Imbalances . Joint with Enrique G. Mendoza and Vincenzo Quadrini (September 2007).

  35. Slides for Redistributive Shocks and Productivity Shocks. Joint with Raul Santaeulalia-Llopis (February 2007).

  36. Slides for Business cycles and house prices fluctuations Joint with Virginia Sanchez-Marcos (HULM, Boston) (March 2012).

  37. Slides for Methods versus Substance: Measuring the Effects of Technology Shocks on Hours Joint with Frank Schorfheide, Cristina Fuentes-Albero, Maxym Kryshko, and Raul Santaeulalia-Llopis (Written in Penn June 2007).

  38. Slides for A Finite Life-Private Information Theory of Unsecured Credit Joint with Satyajit Chatterjee and Dean Corbae. (March 2006).

  39. Slides for Social Security, Life Insurance and Annuities for Families (Joint with Jay Hong, (April 2006)).

  40. Slides for Salud y Heterogeneidad. Con Josep Pijoan-Mas. JORNADAS DE RIQUEZA INVESTIGACION Y POBREZA Instituto Universitario de Enfermedades Tropicales y Salud Publica de Canarias Universidad de La Laguna (Diciembre 2005). English Version

  41. Slides for The Role of the Sex Imbalance in Shaping Marital Status. Joint with Shannon Seitz. (November 2005).

  42. Slides for Life Insurance and Household Consumption joint with Jay H. Hong. (October 2005).

  43. Slides for Constrained Efficiency in the Neoclassical Growth Model with Uninsurable Idiosyncratic Shocks Joint with Julio Davila, Jay Hong, and Per Krusell (July 2005).

  44. Slides for Health and Heterogeneity. Joint with Josep Pijoan-Mas. (June 2005).

  45. Slides for Credit, Bankruptcy, and Aggregate Fluctuations with Makoto Nakajima (Nov 2018). Earlier versions from 2004 and from 2010hh.

  46. Slides for On the Determination of Government Debt Joint with Per Krusell and Fernando Martin (May 2004).

  47. Slides for Time-Consistent Policy Joint with Paul Klein, Per Krusell. (Sept 2002).

  48. Slides for Families as Shocks Joint with Luis Cubeddu. (Aug 2002).

  49. Slides for Capital-Skill Complementarity and Inequality: A Macroeconomic Analysis Joint with Per Krusell, Lee Ohanian, and Giovanni L. Violante (Jan 1997).