Curriculum Vitae: José-Víctor Ríos-Rull, September 2016

Personal Information and Address

Spanish Citizen Department of Economics
email; University of Pennsylvania
Phone-(215) 898-7701 507 McNeil Building
   3718 Locust Walk
   Philadelphia, PA 19104

Professional Experience
Awards and Honors
Dissertations Advised

University of Minnesota
  1. Zachary Mahone, “Essays on Human Capital and Inequality”, University of Toronto, 2016.
  2. Zoe Leiyu Xie, "Essays on Labor Market Frictions and Institutions", Federal Reserve Bank of Atlanta, 2016.
  3. Gustavo Leyva, "Essays on Unemployment and Job Search", Banco de México, 2016.
  4. Kelvin Wong, "Living Together – Essays on Cohabitation", Arizona State University, 2016.
  5. Zhen Huo, "Essays on Macroeconomics", Yale University after NYU postdoc, 2015.
  6. Neha Bairoliya, "The Effect of Pension Plan Type on Retirement Behavior", Post-doc in Harvard 2015.
  7. Sebastian Dyrda, "Fluctuations in Uncertainty, Efficient Borrowing Constraints, and Firm Dynamics" University of Toronto, 2015.
  8. Jiwoon Kim, "The Effect of Medical Re-evaluations for Disability Insurance Recipients on Aggregate Employment Dynamics", Korea Development Institute, 2015.
  9. Naoki Takayama, "Essays in Macroeconomics", Cabinet Office, Tokio, 2014.
  10. Jan Duras "Essays on Macroeconomics of the Labor Markets", Texas Tech, 2014.
  11. Eric McDermott "Information and the Spread of HIV: A Tale of Sorting", Lecturer, Cornell University, 2014.
  12. Manuel Macera, "Essays in Liquidity Management and Aggregate Fluctutations," Colorado State University, 2013.
  13. Seonyoung (Young) Park, "Essays on Recent trends in Women's Labor Force and Earnings Dynamics," University of Delaware, 2013.
  14. Hitoshi Tsujiyama, "Essays on Public Economics", Goethe University (Frankfurt), 2013.
  15. David Wiczer, "Essays in Macro and Labor Economics" Federal Reserve Bank of Saint Louis, 2013.
  16. Amanda M Michaud, (coadvisor Alessandra Fogli), "Essays in Labor Economics", Indiana University, 2012.
  17. Satoshi Tanaka, "Essays in Family and Labor Economics", University of Queensland, 2012.
  18. Andrew Glover, "Essays in Heterogeneous Agent Macroeconomics", University of Texas, 2011.
  19. Machiko Narita, "Essays in Uninsurable Income Risk and Household Behavior", IMF, 2011.
  20. Jacob M. Short, "Bankruptcy, Incorporation and the Nature of Entrepreneurial Risk", University of Western Ontario, 2010.
  21. Mallory Leung, "A Structural Model of Sex Selective Abortion: The Effect of One-child Policy on Sex ratio imbalance in China", visiting Washington University, St. Louis, 2009.

    University of Pennsylvania
  22. Omer K. Parmaksiz, "Fiscal Policy, Default and Emerging Market Business Cycles", Middle East Technical University (METU), 2010.
  23. Se-Kyu Choi, "Essays in Demographics and the Theory of Labor Share", Universitat Autónoma de Barcelona, 2009.
  24. Raùl Santaeulàlia-Llopis, "Aggregate Effects of AIDS on Development", Washington University 2008.
  25. Hong Chong Cho, "Essay in Health and Wealth among Married Couples", 2008, Dankook University.
  26. Irina Telyukova, "Household Need for Liquidity and the Credit Card Debt Puzzle", UCSD, 2007.
  27. Jayhwa Hong, "Essays on Life Insurance and Household Decisions", University of Rochester, 2006.
  28. Fernando Martin, " Essays on fiscal policy and government debt". Simon Fraser University.
  29. Gabriel Basaluzzo, " On entrepreneurial teams in financially constrained economies". ITAM.
  30. Makoto Nakajima, "Essays in Macroeconomics", University of Illinois, Philly Fed.
  31. Yaz Terajima, "Education and Self-Employment: Relationships between Earnings Inequality and Wealth Inequality", Bank of Canada.
  32. Shinichi Nishiyama, "Measuring altruism versus measuring patience", CBO, Georgia State.
  33. Giovanni Violante, "Technological Progress, Skill Accumulation, and Wage Inequality". UCL, NYU.
  34. Vincenzo Quadrini, "Entrepreneurship, Saving and Social Mobility". UPF, USC.
  35. Luis Manuel Cubeddu, " The Role of Household Composition, Formation and Dissolution in Life Cycle Economies: Theory and Evidence", IMF.
  36. Giorgio Belletini, "Three Essays on the Political Economy of Redistribution". U Bologna.

    Carnegie Mellon University
  37. Kjetil Storesletten, "On the Economics of Immigration", IIES, University of Oslo, Mpls Fed.
  38. Stephane Pallage (coadvisor Finn Kydland), "Dynamic Games and Growth Theory", UQAM.
  39. Christian Zimmermann, (coadvisor Finn Kydland), St. Louis Fed.

    Universidad Carlos III de Madrid
  40. Ana Castañeda (coadvisor Javier Díaz): "Topics in Large Economies", Universitat Pompeu Fabra, Barcelona.
  41. Victoria Osuna (coadvisor Juanjo Dolado): "Topics in Labor Market Regulations", Universidad Pablo Olavide, Sevilla.
  42. Virginia Sanchez Marcos, September, (coadvisor J. Ruiz Castillo). 2002. "Topics in Family Choices", Universidad de Cantabria.
  43. Carlos Bethencourt, September 2003, (coadvisor Vincenzo Galasso): "Essays on the Economic Implications of Population Aging", Universidad de La Laguna.
  44. Filippo Scoccianti, (coadvisor Antonia Diaz) June 2008, "Essays in Dynamic Macroeconomics", GREQAM, Bank of Italy.

    Universitat Pompeu Fabra
  45. Ferdinando Regalia. "The Role of Wage Dynamics on Household Formation", (coadvisor Fabio Canova). Inter-American Development Bank.
Contract and Grant Support
Publication List

Publications in Refereed Journals
  1. "Demand Shocks and Open Economy Puzzles". With Yan Bai. Papers & Proceedings, American Economic Review, 105 (5) (2015), pp. 644-49.
  2. "Tightening Financial Frictions on Households, Recessions, and Price Reallocations". With Zhen Huo. Review of Economic Dynamics, 18 (2015), pp. 118-139.
  3. "Heterogeneity in Expected Longevities" joint with Josep Pijoan-Mas. Demography, Volume 51, Issue 6, December 2014, pp. 2075-2102.
  4. "Methods versus Substance: Measuring the Effects of Technology Shocks on Hours" joint with Frank Schorfheide, Cristina Fuentes-Albero, Raul Santaeulalia-Llopis and Maxym Kryshko. Journal of Monetary Economics Vol. 59, Issue 8, December 2012, pp. 826-46.
  5. "Constrained-Efficient Allocations in the Growth Model with Idiosyncratic Shocks", with Julio Davila, Jay Hong and Per Krusell. Econometrica, Vol. 80, No. 6 (November, 2012), pp. 2431-67.
  6. "Life Insurance and Household Composition" with Jayhwa Hong. American Economic Review, Vol. 102 No. 7 (December 2012), pp. 3701-30.
  7. "Redistributive Shocks and Productivity Shocks" joint with Raül Santaeulàlia-Llopis. Journal of Monetary Economics (2010) Volume 57, pp. 931-48.
  8. "Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting" joint with Césaire A. Meh and Yaz Terajima. Journal of Monetary Economics (2010) Volume 57, pp. 637-52.
  9. Understanding the Dynamics of Labor Share: The Role of Noncompetitive Factor Prices Joint with Se-Kyu Choi. Annals of Economics and Statistics (2009) Volume 95/96, pp. 251-78.
  10. "Financial Integration, Financial Deepness and Global Imbalances" with Enrique G. Mendoza and Vincenzo Quadrini. Journal of Political Economy, (2009) Volume 117, 3, 371-410. (Leading article). NBER WP 12909.
  11. "On the Living Arrangements of Elderly Widows", with Carlos Bethencourt. International Economic Review, Vol. 50, Issue 3, pp. 773-801, August 2009.
  12. "Time-Consistent Public Policy", with Paul Klein and Per Krusell. Review of Economic Studies, (2008) Volume 75, No. 3, 789-808.
  13. "A Finite-Life Private-Information Theory of Unsecured Debt" with S. Chatterjee and D. Corbae. Journal of Economic Theory, (2008), 1422, 149-177.
  14. "A Quantitative Theory of Unsecured Consumer Credit with Risk of Default", with S. Chatterjee, D. Corbae, and M. Nakajima. Econometrica, Vol. 75, No. 6 (November, 2007), 1525-1589, (leading article).
  15. "Social Security, Life Insurance and Annuities for Families" with Jay H. Hong. Journal of Monetary Economics, Volume 54/1, 118-140 (2007) (Carnegie-Rochester Proceedings).
  16. "Optimal Time-Consistent Taxation with International Mobility of Capital" with Paul Klein and Vincenzo Quadrini. Advances in Macroeconomics, The B.E. Journals in Macroeconomics Volume 5, No 1, Article 2 (2005). Awarded the 2005 Arrow Prize for Senior Economists.
  17. "On the Equilibrium Concept for Overlapping Generations Economies", with Edward C. Prescott. International Economic Review, November 2005 - Vol. 46 Issue 4 Page 1065-1080.
  18. "The Success and Failure of Reforms in Transition Economies", with Stephen L. Parente. Journal of Money Credit and Banking, Vol 37. 1 23-42 (February 2005).
  19. "Accounting for earnings and wealth inequality", (with Ana Castañeda and Javier Díaz-Giménez). Journal of Political Economy, Vol. 111, no 4, 818-857, (2003).
  20. "Time Consistent Optimal Fiscal Policy", with Paul Klein. International Economic Review, Vol. 44, Issue 4, 1217-1246 (November 2003).
  21. "Precautionary Savings and Wealth Distribution under Habit Formation Preferences" with Antonia Diaz and Josep Pijoan-Mas. Journal of Monetary Economics, Vol 50, no 6, 1257-1291 (September 2003).
  22. "Families as Shocks" (with Luis Cubeddu) Journal of the European Economic Association Volume 1, Issue 2-3, 671-682 (April/May 2003).
  23. "Implementing the 35 Hour Workweek by Means of Overtime Taxation" with Victoria Osuna. Review of Economic Dynamics, Vol. 6, Issue 1, 179-206 (January 2003)
  24. "Politico-Economic Transition" (with Per Krusell). Review of Economic Design, Vol. 7, no 3. 309-329 (November 2002).
  25. "College Attainment of Women", with Virginia Sánchez Marcos. Review of Economic Dynamics, Volume 5, Issue 4, Pages 965-998 (October 2002).
  26. "Inequality, What do we know?", published under the title "Desigualdad, >Que sabemos?" in Investigaciones Económicas Vol. XXVI, 2002, 221-254.
  27. "Population Changes and Capital Accumulation: The Aging of the Baby Boom". Advances in Macroeconomics, The B.E. Journals in Macroeconomics, Number 1, Article 7., May 2001.
  28. "Capital-Skill Complementarity and Inequality" (with Per Krusell, Lee Ohanian and Giovanni Violante). Econometrica, Vol. 68 (5) 1029-53, September 2000 (leading article). Reprinted in The International Library of Critical Writings in Economics: Recent Developments in Growth Theory (M. Blaug, and D. Acemoglu, Eds.), Cheltenham: Edward Elgar Publishing, 2004.
  29. "Consumption Smoothing in Island Economies: Can Public Insurance Reduce Welfare?", with Orazio Attanasio. European Economic Review, Vol. 44 (7) pp. 1259-1289. June 2000.
  30. "On the Size of the U.S. Government", (with Per Krusell). American Economic Review, Vol. 89 (5) 1156-81. December 1999.
  31. "Exploring the Income Distribution Business Cycle Dynamics", (with Ana Castañeda and Javier Díaz-Giménez). Journal of Monetary Economics, Vol. 42, August 1998, 93-130.
  32. "Politico-Economic Equilibrium and Growth" (with Per Krusell and Vincenzo Quadrini). Journal of Economic Dynamics and Control, Volume 21, 1, January 1997, 243-272. Published in Spanish under the title "Equilibrio Político Económico y Crecimiento Económico", Cuadernos Económicos de ICE, Number 58, 1995, 225-255.
  33. "The Balance of Payments and Borrowing Constraints: An Alternative View of the Mexican Crisis" (with Andy Atkeson), Journal of International Economics, Volume 41, 3-4, November 1996, 331-350. NBER WP 5329.
  34. "Life-Cycle Economies and Aggregate Fluctuations". Review of Economic Studies, Volume 63, July 1996, 465-490.
  35. "Are Consumption Taxes Really Better than Income Taxes", (with Per Krusell and Vincenzo Quadrini). Journal of Monetary Economics, Volume 37, June 1996, 475-504.
  36. "Vested Interests In a Positive Theory of Stagnation and Growth", (with Per Krusell). Review of Economic Studies, Volume 63, April 1996, 301-331.
  37. "On the Quantitative Importance of Market Completeness", Journal of Monetary Economics, Volume 34, December 1994, 462-496.
  38. "Working in the Market, Home Production and the Acquisition of Skills: a General Equilibrium Approach", American Economic Review, Volume 83, September 1993, 893-907.
  39. "Classical Competitive Analysis of Economies With Islands", (with Ed Prescott), Journal of Economic Theory, Volume 57, July 1992, 73-98.
  40. "Business Cycle Behavior of Life-Cycle Economies with Incomplete Markets". Published under the title "Comportamiento de los Ciclos Económicos en Economías de Ciclo Vital con Mercados Incompletos". Cuadernos Económicos de ICE, Número 51, 1992, 173-96.
  41. "Effects of Public Participative Credits on Firms", (with Gonzalo Mato), published under the title "Efectos de los Créditos Participativos en la Financiación de las Empresas", Investigaciones Económicas, Vol. X, 1986, 173-84.

    Other Publications
  42. "2013 Update on the U.S. Earnings, Income, and Wealth Distributional Facts: A View from Macroeconomics" With Moritz Kuhn. Federal Reserve Bank of Minneapolis Quarterly Review, Vol 37, No 1, pg 2-73, April 2016.
  43. "The Great Recession and Financial Shocks". Economic Policy Papers, Federal Reserve Bank of Minneapolis, February 2016, joint with Zhen Huo.
  44. "Inequality in Macroeconomics". Chapter 15 of the NH Handbook of Income Distribution, volume 2B, A.B. Atkinson and F.J. Bourguignon (Eds.) Joint with Vincenzo Quadrini.
  45. "A Realistic Neoclassical Multiplier". Economic Policy Papers, Federal Reserve Bank of Minneapolis, September 2013, joint with Zhen Huo.
  46. "Models of Government Expenditure Multipliers". Economic Policy Papers, Federal Reserve Bank of Minneapolis, March 2012, joint with Sebastian Dyrda.
  47. "Facts on the Distributions of Earnings, Income, and Wealth in the United States: 2007 Update," with Javier Díaz-Giménez, and Andrew Glover, Federal Reserve Bank of Minneapolis Quarterly Review, February 2011, Vol. 34 No. 1.
  48. " Taxes, Benefits, and Careers: Complete Versus Incomplete Markets"Comment on by Lars Ljungqvist and Thomas J. Sargent. Journal of Monetary Economics Volume 55, Issue 1, January 2008, Pages 126-128 Carnegie-Rochester Conference Series on Public Policy: Advances in Dynamic Public Finance April 20-21, 2007.
  49. "On the Social Costs of Financial Globalization without Financial Development", with Enrique G. Mendoza and Vincenzo Quadrini. NBER International Seminar on Macroeconomics (ISOM), annual, 2007. NBER WP 13412.
  50. "An Aggregate Economy with Different Size Houses" with Virginia Sánchez-Marcos. Papers and Proceedings of the Journal of the European Economic Association, April-May 2008, Vol. 6, No. 2-3, Pages 705-714.
  51. "Default and Aggregate Fluctuations in Storage Economies" with Makoto Nakajima. Chapter 7, Frontiers In Applied General Equilibrium Modeling, pp. 127-150, 2005 Cambridge University Press.
  52. "Consumption Smoothing and Extended Families" with Orazio P. Attanasio. Ch 6. pp. 209-242 Advances in economic theory: Eighth World Congress Vol. III, Edited by M. Dewatripont, L. Hansen and S. Turnovski, 2003 Cambridge University Press.
  53. "Updated Facts on the U.S. Distributions of Earnings, Income and Wealth", with Santiago Budría, Javier Díaz-Giménez, and Vincenzo Quadrini,, Federal Reserve Bank of Minneapolis Quarterly Review, Summer 2002.
  54. "Offentlig utgiftspolitik och tidsinkonsistens" (Public expenditure and time inconsistency) (with Paul Klein and Per Krusell) Ekonomisk Debatt (Journal of the Swedish Economic Association) 30(1), 2002.
  55. "Consumption Smoothing and Extended Families: The Role of Government Sponsored Insurance", with Orazio Attanasio. Chapter 10 in Shielding the Poor (Social Protection in the Developing World), Edited by Nora Lustig, Brookings Institution Press, 2001, Washington DC.
  56. "The Research Agenda: José-Víctor Ríos-Rull on the Determinants of Inequality", Review of Economic Dynamics Newsletter, Volume 3, Issue 1, November 2001.
  57. "Computation of Equilibria in Heterogenous Agent Models". In Computational Methods for the Study of Dynamic Economies: An Introduction, Edited by Ramón Marimón and Andrew Scott, 1999 Oxford University Press.
  58. "Simulation-Based Estimation of a Nonlinear Latent Factor Aggregate Production Function" (with L. Ohanian, G. Violante and P. Krusell), in Simulation Based Inference in Econometrics: Theory and Applications, edited by R. S. Mariano, T. Schuermann and M. Weeks, 1999, Cambridge University Press.
  59. "Dimensions of Inequality: Facts on the U.S. Distribution of Earnings, Income and Wealth" (with Javier Díaz-Giménez and Vincenzo Quadrini). Federal Reserve Bank of Minneapolis Quarterly Review, Volume 21, Spring 1997, pp. 3-21.
  60. "Understanding the U.S. Wealth Distribution" (with Vincenzo Quadrini). Federal Reserve Bank of Minneapolis Quarterly Review, Volume 21, Spring 1997, pp. 22-36.
  61. "Discussion of Inequality and Growth by Roland Benabou". NBER Macroeconomics Annual 1996, The MIT Press, Cambridge, 1996.
  62. "Models with Heterogeneous Agents". Chapter IV in Frontiers of Business Cycles Research, edited by Tom Cooley, 1995 Princeton University Press, Princeton.

    Working Papers
  63. "Financial Frictions, Asset Prices, and the Great Recession" with Zhen Huo. Submitted.
  64. "Sticky Wage Models and Labor Supply Constraints" with Zhen Huo.
  65. "Credit, Bankruptcy, and Aggregate Fluctuations" with Makoto Nakajima. Under revision for resubmission.
  66. "Paradox of Thrift Recession" with Zhen Huo.
  67. "Business Cycles and Household Formation: The Micro versus the Macro Labor Elasticity" with Sebastian Dyrda and Greg Kaplan. NBER WP 17880.
  68. "Inter-generational Redistribution in the Great Recession" with Andrew Glover, Jonathan Heathcote and Dirk Krueger. Under revision for resubmission.
  69. "Demand Shocks as Productivity Shocks" with Yan Bai and Kjetil Storesletten. Under revision for resubmission.
  70. "What Accounts for the Increase in Single Households?", with Ferdinando Regalia, and Jake Short. Under revision for resubmission.
  71. "Marital Risk and Capital Accumulation", with Luis Cubeddu.

    Work in Progress (already presented in seminars)
  72. "House Price Movements" with Virginia Sanchez-Marcos.
  73. "Debt without Commitment" with Fernando Martin and Per Krusell.
  74. "A Technological exploration of the dynamics of Labor Share" with Se Kyu Choi.
  75. "Credit Scoring and the Competitive Pricing of Default Risk" with S. Chatterjee and D. Corbae.
  76. "The Role of the Sex Imbalance in Shaping Marital Status" with Shannon Seitz and Satoshi Tanaka.
  77. "Education, Family Composition, Fertility and Trend" with Carlos Bethencourt and Andy Glover.
  78. "Credit Lines" joint with Xavier Mateos-Planas.
  79. "Inflation, Demand for Liquidity, and Welfare". Joint with Shutao Cao, Cesaire A. Meh, and Yaz Terajima.
  80. "Two-step Mortgage and Home Equity" with Borghan N. Narajabad.
  81. "Balance Sheet Recessions" with Zhen Huo.
  82. "Health Heterogeneity and the Preferences for Consumption Growth," With Jay H. Hong and Josep Pijoan-Mas.
  83. "Partial Default" joint with Cristina Arellano and Xavier Mateos-Planas.
  84. "Financial Institution Dynamics and Capital Regulations". Joint with Tamon Takamura and Yaz Terajima.
Other Honors
Public Lectures / Panels
Editorial Activities
Other Professional Activities
Conference Organization
  1. 2010, 2011, 2012, 2013, Quantitative Macroeconomics.
  2. 2008, 2009, 2010, 2011, 2012, 2013, 2014, 4th Mini of the Macroeconomics First year Sequence.
  3. 2010, 2011, 2012, 2013, 2014, 2014, Labor Workshop.
  4. 2008, 2009, 2010, 2011, 2012, 2013, 2014, Econ, 8185, Wages and Employment.
  5. 2002, 2003, 2004, 2005, 2006, 2007, Economics 702, Macroeconomics First year Ph.D. Course.
  6. 2002, 2003, 2004, 2005, Economics 4, Macroeconomics.
  7. 2002, 2003, 2004, 2005, 2006 Economics 714, Quantitative Macroeconomic Theoy Second year Ph.D. Course.
  8. 2000 Public Finance, (undergraduate course), Econ 31.
  9. 1999 and 2000, Public Finance, (Ph.D. Course), University of Pennsylvania, Econ 751.
  10. 1998, and 1999 Applied Quantitative Macroeconomics, (Ph.D. Course), University of Pennsylvania, Econ 714.
  11. 1998: Applied Quantitative Macroeconomics, (Ph.D. Course), University of Pennsylvania.
  12. 1997: Topics in Economic Theory: Computational Economics, (Ph.D. Course), and Econ 2, University of Pennsylvania,
  13. Guest Lecturer in the 7th, 8th and 9th (1996, 1997 and 1998) European Economic Association Summer School in Florence, in Madrid and in Paris.
  14. 1996: Topics in Labor Economics, University of Minnesota. (Ph.D. Course).
  15. 1996: Topics in Macroeconomics, Universidad Carlos III de Madrid. (Ph.D. Course).
  16. 1997 and 1994: Economics 712. A second year Ph. D. course in applied Macroeconomics with special emphasis in computation, University of Pennsylvania.
  17. 1997, 1994 and 1993: Instructor of Economics. Teaching two Sections of Introductory Macroeconomics, Econ 2, in Spring, and another 2 in the Fall of 94, University of Pennsylvania.
  18. 1994 and 1993: Economics 704. Teaching in the first year Ph.D. Economics Sequence, Second Semester Macroeconomics, University of Pennsylvania.
  19. 1992: Teaching in the first year Ph.D. Economics Sequence, General Equilibrium, Carnegie Mellon University.
  20. 1992: Instructor of Economics. Teaching two Sections of Intermediate Macroeconomics in the Spring, Carnegie Mellon University.
  21. 1992 and 1990: Teaching "Topics in Advanced Macroeconomics" in the PhD. program. The course covers recent advances in computable general equilibrium economies with heterogeneous agents, Carnegie Mellon University.
  22. 1990: Instructor of Economics. Teaching two Sections of Intermediate Macroeconomics in Spring, and two more in the Fall, Carnegie Mellon University.
  23. 1990: Independent Studies supervisor, University of Minnesota
  24. 1988: Teaching Assistant in a Game Theory Honors Course, University of Minnesota
  25. 1987: Teaching Associate, Money and Banking intermediate course, University of Minnesota.
  26. 1986-1987: Teaching Associate. Assisted Professors Neil Wallace and Sumru Altug with the Macroeconomics Graduate courses, University of Minnesota
  27. 1983-1984: Teaching Associate, Intermediate Macroeconomics course, Universidad Pontificia de Comillas, ICADE, Madrid, Spain.
  28. 1982-1984: Teaching Assistant, Recitations leader for Intermediate Microeconomics and for Advanced Macroeconomics, Universidad Complutense de Madrid (Spain).

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