Research
Publications:
Monopsony Amplifies the Distortions from Progressive Taxes (w/ Kyle Herkenhoff, Simon Mongey and Negin Mousavi) . (AER Papers and Proceedings forthcoming 2024)
An Anatomy of Monopsony: Search Frictions, Amenities and Bargaining in Concentrated Markets (w/ Kyle Herkenhoff, Andreas Kostøl and Simon Mongey ) NBER Macro Annual 2023
Imperfect Risk-sharing and the Business Cycle (w/ Luigi Bocola and Alessandro Dovis) Quarterly Journal of Economics, Aug 2023, Volume 138, Issue 3, Pages 1765–1815.
Labor Market Power (w/ Kyle Herkenhoff and Simon Mongey) American Economic Review. 2022, 112(4) 1147-1193.
Mortgage Prepayment and the Path-Dependent Effects of Monetary Policy (w/ Konstantin Milbradt, Fabrice Tourre and Joe Vavra) American Economic Review, 2021. Vol 111, No 9, 2829-78
Reopening in an SEIR model with Testing and Targeted Quarantine (w/ Kyle Herkenhoff, Chengdai Huang and Simon Mongey Review of Economic Dynamics, Online Nov 2020.
Stimulating Housing Markets (w/ Nicholas Turner and Eric Zwick) Journal of Finance, 2020. Vol LXXV, No. 1, 277-321 Online Appendix
Uncertainty Shocks as Second-Moment News Shocks (w/ Ian Dew-Becker and Stefano Giglio) Review of Economic Studies, 2020. Vol 87, Issue 1, 40-76
Shocks vs Responsiveness: What Drives Time-Varying Dispersion (w/Joe Vavra) Journal of Political Economy, 2019. Vol 127, Issue 5. 2104—2042 Online Appendix
House Prices and Consumer Spending (w/ Veronica Guerrieri, Guido Lorenzoni and Joe Vavra), Review of Economic Studies, 2018, Vol 85, Issue 3, 1502–1542. Online Appendix
Older and Slower: The Startup Deficit’s Lasting Effects on Aggregate Productivity Growth (w/ Titan Alon, Rob Dent and Ben Pugsley). Journal of Monetary Economics, 2018, Vol 93, Issue 1, 68-85. NBER Working Paper Version Initially Prepared for the Carnegie Rochester Conference 2017.
Dynamics of the U.S. Price Distribution (w/Joe Vavra) European Economic Review, 2018. Vol 103, Issue 4, 60-82. NBER Working Paper Version
Consumption Dynamics During Recessions (w/Joe Vavra), Econometrica, 2015. Vol 83, Issue 1, 101-154. Supplemental Appendix NBER Working Paper Version. Coverage: Short write-up of the paper at voxeu.org
Measuring How Fiscal Shocks Affect Durable Spending in Recessions and Expansions (w/ Joe Vavra). (AER Papers and Proceedings 2014)
Border Prices and Retail Prices (w/ Jon Faust , John Rogers and Kai Steverson ), Journal of International Economics, 2012. Vol 88, Issue 1, 62-73
What Drives Volatility Persistence in the Foreign Exchange Market? (w/ Alain Chaboud and Erik Hjalmarsson), Journal of Financial Economics, 2009. Vol 94 Issue 2, 192-213
Order Flow and Exchange Rate Dynamics (w/ Alain Chaboud, Sergei Chernenko and Jonathan Wright), Journal of International Economics, 2008. Vol 75, Issue 1, 93-109
Working Papers
Merger Guidelines for the Labor Market (w/ Kyle Herkenhoff, Thomas Hasenzagl, Simon Mongey and Eric Posner )
Stimulating Durable Purchases (w/ Tom Cui, Nicholas Turner and Eric Zwick)
Minimum Wages, Efficiency and Welfare (w/ Kyle Herkenhoff and Simon Mongey ) R&R at Econometrica
Refinancing Frictions, Mortgage Pricing and Redistribution, (w/ Konstantin Milbradt, Fabrice Tourre and Joe Vavra) updated December 2023
Missing Aggregate Dynamics and VAR Approximations of Lumpy Adjustment Models (w/ Ricardo Caballero and Eduardo Engel ) R&R at Econometrica
Countercyclical Restructuring and Jobless Recoveries
Layoff Risk, the Welfare Cost of Business Cycles and Monetary Policy (w/ Ian Dew-Becker , Larry Schmidt and Yuta Takahashi)
Works in Progress:
Financial Constraints and the Housing Ladder
A Theory of Mortgage Rate Pass-through (slides)
Does Firm Ownership Matter for the Business Cycle