Current Research (A lot of
this material was developed under NSF grants number SBR-9309514,
SES-9110991, 0079504, and 0351451.
Procyclical Markups: Directed Search in New Keynesian
Models. Joint with Zhesheng Qiu (City University of Hong
Kong) Presented at the Wharton Macro lunch March
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
Demand Induced Fluctuations. Joint with Zhen Huo.
Prepared for the 25th Anniversary of Pier/ Frontiers of
Business Cycle Research (May 3, 2019 at Penn).
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.
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.
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.
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
An earlier version presented in Penn's Population
Colloqium February 1st 2016.
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.
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.
Sticky Wage Models with Labor Supply Constraint
. With Zhen Huo. Presented
in the Bank of Portugal in December 2015.
The Generalized Euler Equation and the Bankruptcy--Sovereign
Default Problem . With Xavier Mateos-Planas. Presented
in UCL in February 2015.
Demand Shocks and Open Economy Puzzles. With Yan Bai.
Presented at the 2015 CSWEP (AEA) Meetings.
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
Financial Institution Dynamics and Capital
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.
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.
. Joint with Cristina Arellano, Xavier
Mateos-Planas. Presented in Macro Within and Across Borders
NBER Summer Institute July 2013.
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
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.
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.
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.
A model with a multiplier for government
expenditures . Joint with Sebastian Dyrda. Presented
in Labor Workshop, Sept 28, 2011.
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 2016 version).
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).
What Accounts for the Increase in Single Households?
. Joint with Ferdinando Regalia (IADB) and Jacob Short
(Bank of Canada).
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).
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).
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
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 ).
Labor Share and Technology Dynamics
. Joint with Sekyu Choi (UAB) (Santiago de Chile, June 2010).
Credit Lines . Joint with Xavier Mateos-Planas (Southamption)
(Madrid, June 2010).
- 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).
- Slides for
Financial Integration, Financial Deepness and
Global Imbalances . Joint with Enrique G. Mendoza and
Vincenzo Quadrini (September 2007).
- Slides for
Redistributive Shocks and Productivity Shocks. Joint with
Raul Santaeulalia-Llopis (February 2007).
Business cycles and house prices fluctuations Joint with Virginia
Sanchez-Marcos (HULM, Boston) (March 2012).
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).
- Slides for A
Finite Life-Private Information Theory of Unsecured Credit
Joint with Satyajit Chatterjee and Dean Corbae. (March 2006).
Social Security, Life Insurance and Annuities for Families
(Joint with Jay Hong, (April 2006)).
- 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
- Slides for The
Role of the Sex Imbalance in Shaping Marital Status. Joint with
Shannon Seitz. (November 2005).
- Slides for Life
Insurance and Household Consumption joint with Jay
H. Hong. (October 2005).
Constrained Efficiency in the Neoclassical Growth Model with
Uninsurable Idiosyncratic Shocks Joint with Julio
Davila, Jay Hong, and Per Krusell (July 2005).
- Slides for Health
and Heterogeneity. Joint with Josep Pijoan-Mas. (June 2005).
- Slides for
Credit, Bankruptcy, and Aggregate Fluctuations with Makoto Nakajima (Nov 2018). Earlier
- Slides for
On the Determination of Government Debt Joint
with Per Krusell and Fernando Martin (May 2004).
Time-Consistent Policy Joint with Paul Klein, Per
Krusell. (Sept 2002).
Families as Shocks Joint with Luis Cubeddu. (Aug 2002).
Capital-Skill Complementarity and Inequality:
A Macroeconomic Analysis Joint with Per Krusell, Lee
Ohanian, and Giovanni L. Violante (Jan 1997).