Working Papers
Current
"The End of Privilege" with Jonathan Heathcote and Fabrizio Perri. Video of talk
"Understanding 100 Years of the Evolution of Top Wealth Shares in the U.S.: What is the Role of Family Firms?" with Magnus Irie
"Are U.S. Banks Safer? Reading the Fed's New Dashboard" with Adrien D'Avernas
“The Risk of Becoming Risk Averse: a Model of Asset Pricing and Trade Volumes”, with Fernando Alvarez
Notes on a Portfolio Balance Model of Exchange Rates
for a discussion of "“Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect” by Jiang, Krishnamurthy, Lustig, and Sun
at the NBER IFM Meeting March 11 2022
Older
"On the Optimal Choice of a Monetary Policy Instrument" with V.V. Chari and Patrick Kehoe
Federal Reserve Bank of Minneapolis Staff Report 394 (2007)
"The Advantage of Transparency in Monetary Policy Instruments" with Patrick Kehoe
Federal Reserve Bank of Minneapolis Staff Report 297 (2006)
"A Dynamic Theory of Optimal Capital Structure and Executive Compensation" with Harold Cole
NBER Working Paper 11083 (2005)
"Paths of Development for Early and Late Bloomers in a Dynamic Hecksher-Ohlin Model" with Patrick Kehoe
Federal Reserve Bank of Minneapolis Staff Report 256 (2000)