satyajit chatterjee


Senior Economic Advisor & Economist, Federal Reserve Bank of Philadelphia

CV (updated 10/13) 215 574 3861

Current Papers
 
Continuous Markov Equilibria with Quasi-Geometric Discounting (with B. Eyigungor) PDF (New !!

Do Supply Restrictions Raise the Value of Urban Land? The (Neglected) Role of Production Externalities (with B. Eyigungor) PDF (Replaces WP 12-25)

Debt Dilution and Seniority in a Model of Defaultable Sovereign Debt (with B. Eyigungor) PDF (Revised 07/19/13!)

A Theory of Credit Scoring and the Competitive Pricing of Default Risk  (with D. Corbae and J-V. Rios-Rull) PDF (revised 4/08/11 !!)

Quantitative Analysis of the US Housing and Mortgage Markets and the Foreclosure Crisis  (with B. Eyigungor) PDF

 
Forthcoming/Published Papers and Comments

Entry and Exit, Product Variety and the Business Cycle (with R.Cooper), forthcoming, Economic Inquiry, PDF 
 
Insuring Student Loans Against the Financial Risk of Failing to Complete College (with F. Ionescu) Quantitative Economics, 3(3), 2012, pp. 393-420.
 
Dealing with Consumer Default: Bankruptcy vs Garnishment (with G. Gordon) Journal of Monetary Economics , 59, Supplement, 2012, pp. s1-s16. 
 
Maturity, Indebtedness, and Default Risk (with B. Eyigungor)  American Economic Review, 102(6), 2012, pp. 2674-2699. 
 
Spinoffs and the Market for Ideas (with E. Rossi-Hansberg) International Economic Review, 53 (1), 2012, pp. 53-93.
 
A Finite Life, Private Information Theory of Unsecured Consumer Debt (with D.Corbae, J-V. Rios-Rull) Journal of Economic Theory, 142(1), 2008, pp. 149-177.
 
A Quantitative Theory of Unsecured Consumer Credit with Risk of Default (with D.Corbae, M.Nakajima and J-V.Rios-Rull) Econometrica, 75(6), 2007, pp. 1525-1589)
 
Urban Density and Rate of Invention (with G.Carlino and R.Hunt) Journal of Urban Economics 61(3), 2006, pp. 389-415


Aggregate Welfare Costs of Great Depression Unemployment (with D.Corbae)  Journal of Monetary Economics 54(6), 2007, pp. 1529-44

 

Monetary and Financial Forces in the Great Depression (with D. Corbae) New Palgrave: A Dictionary of Economics

Employment Deconcentration: A New Perspective on America’s Postwar Urban Evolution (with G. Carlino) Journal of Regional Science, 42, 2002, pp.455 - 475.

Aggregate Metropolitan Employment Growth and Deconcentration of Metropolitan Employment (with G. Carlino) Journal of Monetary Economics, 48, 2001, pp. 549-583.

Minimum Consumption Requirements: Theoretical and Quantitative Implications for Growth and Distribution (with B. Ravikumar) Macroeconomic Dynamics, 3, 1999, pp. 482-505.

Money and Finance with Costly Commitment (with D. Corbae) Journal of Monetary Economics, April 1996, 225-248.

Comment on "Inflation, Financial Markets, and Capital Formation," (by S. Choi, B.D. Smith and J.H. Boyd) Federal Reserve Bank of St. Louis Review 78 (3), pp. 38- 39, 1996.

"Valuation Equilibria with Transactions Cost," (with D. Corbae) American Economic Review, Papers and Proceedings, May 1995, 287-290.

Transitional Dynamics and the Distribution of Wealth in a Neoclassical Growth Model  Journal of Public Economics, 54, 1994.

Strategic Complementarity in Business Formation: Aggregate Fluctuations and Sunspot Equilibria (with B. Ravikumar and R. Cooper) Review of Economic Studies, 60, 1993.

Comment on "Price and Output Stability Under Alternative Monetary Policy Rules," (by J.E. Gagnon and R.W. Tryon) Operating Procedures and the Conduct of Monetary Policy, Board of Governors of the Federal Reserve System. [Proceedings] No. 1 pt. 2, 1993.

Endogenous Market Participation and the General Equilibrium Value of Money (with Dean Corbae) Journal of Political Economy, 100, June 1992.

A Neoclassical Model of Seasonal Fluctuations (with B. Ravikumar) Journal of Monetary Economics, 29, No.1, 1992.

Multiplicity of Equilibria and Fluctuations in Dynamic Imperfectly Competitive Economies (with R. Cooper) American Economic Review, Papers and Proceedings, May 1989, 353-57.

 

Unpublished Research Papers
 
Foreclosures and House Price Dynamics: A Quantitative Analysis of the Mortgage Crisis and the Foreclosure Prevention Policy (with B.Eyigungor) PDF
 
A Quantitative Assessment of the Role of Agglomeration Economies in the Spatial Concentration of U.S. Employment PDF
 
Competitive Theories for Economies with General Transactions Technologies (with D.Corbae) PDF

A Welfare Comparison of Pre and Post-WWII Business Cycles: Some Implications for the Role of Postwar Macroeconomic Policies (with D.Corbae) PDF

A Neoclassical Approach to the Puzzling Seasonal Behavior of Aggregate Output and Sales (with B.Ravikumar) PDF

On the Optimality of Eliminating Seasonality in Nominal Interest Rates  PDF

 

Economic Education

Debt Overhang: Why Recovery from a Financial Crisis Can be Slow, Business Review, Federal Reserve Bank of Philadelphia, Second Quarter 2013

A Theory of Asset Price Booms and Bust and the Uncertain Return to Innovation, Business Review, Federal Reserve Bank of Philadelphia, Fourth Quarter 2011.

De-Leveraging and the Financial Accelerator: How Wall Street Can Shock Main Street, Business Review, Federal Reserve Bank of Philadelphia, Second Quarter 2010.

The Peopling of Macroeconomics: The Microeconomics of Aggregate Consumer Expenditures, Business Review, Federal Reserve Bank of Philadelphia, First Quarter 2009.

The Economic Logic of Fresh Start, Business Review, Federal Reserve Bank of Philadelphia, First Quarter 2008.

The Long Run Effects of the Bankruptcy Reform Bill, Research Rap, Federal Reserve Bank of Philadelphia, July, 2006.

Ores and Scores: Two Examples of How Competition Engendered Productivity Miracles, Business Review, Federal Reserve Bank of Philadelphia, First Quarter, 2005.

Agglomeration Economies: The Spark that Ignites a City?  Business Review, Federal Reserve Bank of Philadelphia, Third Quarter, 2003.

The Taylor Curve and the Unemployment-Inflation Tradeoff, Business Review, Federal Reserve Bank of Philadelphia Third Quarter 2002

Why Does Countercyclical Monetary Policy Matter? Business Review, Federal Reserve Bank of Philadelphia Second Quarter 2001 (Reprinted in Boletin, Centro De Estudios Monetarios LatinoAmericanos, XLVII, No. 4, October-December, 2001).

From Cycles to Shocks: Progress in Business Cycle Theory, Business Review, Federal Reserve Bank of Philadelphia March/April 2000.

Real Business Cycles: Legacy of Countercyclical Policies? Business Review, Federal Reserve Bank of Philadelphia, January/February 1999 (Reprinted in The Region, Federal Reserve Bank of Minneapolis, March 1999 and The Credit and Financial Management Review, Volume 5, No.4, Fourth Quarter, 1999).

Homeownership, Taxes, and the Allocation of Residential Real Estate Risks, Business Review, Federal Reserve Bank of Philadelphia, September/October, 1996.

Productivity Growth and the American Business Cycle, Business Review, Federal Reserve Bank of Philadelphia September/October, 1995.

Making More Out of Less: The Recipe for Long Run Growth, Business Review, Federal Reserve Bank of Philadelphia May/June, 1994.

Leaning Against the Seasonal Wind: The Case for Seasonal Smoothing of Interest Rates, Business Review, Federal Reserve Bank of Philadelphia, March/April, 1993