Home‎ > ‎

Research

Working Papers

(2017) "Pareto Efficiency and Identity" (with Aldo Rustichini) (accepted for publication, Theoretical Economics)

Publications

(2016) "Insuring Against Adverse Outcomes at Birth" Economic Policy Paper, Federal Reserve Bank of Minneapolis.  

(2015) "Should We Worry About Excess Reserves," Economic Policy Paper, Federal Reserve Bank of Minneapolis.

(2015) "On the Ethics of Redistribution," (with V. V. Chari), Economic Policy Paper, Federal Reserve Bank of Minneapolis.

(2015) "Speculative Runs on Interest Rate Pegs" (with Marco Bassetto), Journal of Monetary Economics, vol. 73, pp.  99-114.

(2015) "Recall and Private Monitoring" (with Andrzej Skrzypacz), Games and Economic Behavior, vol. 90, pp. 162-170. 

(2014) "Too Correlated to Fail," (with V. V. Chari), Economic Policy Paper, Federal Reserve Bank of Minneapolis.

(2014) "On the Social Usefulness of Fractional Reserve Banking," (with V. V. Chari),  Journal of Monetary Economics, vol. 65, pp. 1-13.  

(2013) "The 'Banks' We Do Need," (with V. V. Chari), Economic Policy Paper, Federal Reserve Bank of Minneapolis.

(2012) "Beliefs and Private Monitoring," (with Andrzej Skrzypacz), Review of Economic Studies. vol. 79, pp. 1637-1660.    Matlab Codes

(2012) "What Assets Should Banks Be Allowed to Hold?" (with V. V. Chari), Economic Policy Paper, Federal Reserve Bank of Minneapolis.

(2009) "On the Robustness of Laissez-Faire," (with Narayana Kocherlakota), Journal of Economic Theory, vol. 144(6), pp. 2372-2387.

(2009) "Incentive Compensation in the Banking Industry: Insights from Economic Theory," (with Doug Clement) Economic Policy Paper, Federal Reserve Bank of Minneapolis.

(2008) "Tax Riots," (with Marco Bassetto), Review of Economic Studies. vol. 75, pp. 649-669.

(2006) "Opportunity and Social Mobility." Review of Economic Studies. vol. 73(2), pp. 487-505.

(2006) "Public Trust and Government Betrayal." Journal of Economic Theory. vol. 127(1), pages 27-43.

(2004) "On the Irrelevance of the Maturity Structure of Government Debt Without Commitment." Games and Economic Behavior. vol. 46(1), pp. 115-128.

(2002) "Inequality and Fairness," Federal Reserve Bank of Minneapolis Quarterly Review. Spring 2002, pp. 2-11.

(2001) "Sequential Equilibria in a Ramsey Tax Model," with Ennio Stacchetti. Econometrica, vol. 69(6), pp. 1491-1518.

(2000) "A Recursive Formulation for Repeated Agency with History Dependence," with Ana Fernandes. Journal of Economic Theory, vol. 91(2), pp. 223-247.

(2000) "The Aggregate Effects of Sectoral Reallocations," with A. Trejos. Journal of Monetary Economics. vol. 45(2), pp. 249-268.

(1999) "Explaining the Fiscal Theory of the Price Level," with N. Kocherlakota, Federal Reserve Bank of Minneapolis Quarterly Review. Fall 1999, pp. 14-23.

(1998) "On the Long-Run Implications of Repeated Moral Hazard," Journal of Economic Theory, vol. 79(2), p. 174-191.

(1995) "Repeated Moral Hazard and One-Sided Commitment," Journal of Economic Theory, vol. 66(2), pp.488-506.

(1994) "Incentives and Aggregate Shocks," Review of Economic Studies, vol. 61, pp. 681- 700.

(1994) "Reconsidering the Cost of Business Cycles with Incomplete Markets," with A. Atkeson, 1994 NBER Macroeconomics Annual, pp. 187-206.

(1994) "Incentives, Insurance, and the Variability of Consumption and Leisure," Journal of Economic Dynamics and Control, vol. 18, pp. 581-599.

(1991) "Computing Multi-Period, Information-Constrained Optima," with R. Townsend, Review of Economic Studies, 58(5):853-882