Publications

"Real Effects of Financial Distress: The Role of Heterogeneity" (with Sudipto Karmakar), forthcoming The Economic Journal.

"From Micro to Macro Development,"  (with Joseph P. Kaboski and Robert Townsend), forthcoming Journal of Economic Literature.

“Skill-Biased Structural Change” (with Joe Kaboski, Richard Rogerson and Juan Vizcaino), forthcoming Review of Economics Studies.

“The Macroeconomics of Microfinance” with Joe Kaboski and Yongseok Shin. The Review of Economic Studies, Volume 88 (1), January 2021: 126–161.

“Liquidity Traps and Monetary Policy: Managing a Credit Crunch” (with Juanpa Nicolini). American Economic Journal: Macroeconomics, July 2020, vol. 12(3): 110-38. Online Appendix.

“The Global Diffusion of Ideas” (with Ezra Oberfield). Econometrica, vol. 88 (1), 2020.

“The Rise of Services: the Role of Skills, Scale, and Female Labor Supply” (with Joe Kaboski and Kent Zhao). Journal of Human Capital, vol. 13 (2), 2019.

"Idea Flows and Economic Growth" (with Robert E. Lucas). Annual Review of Economics, vol. 10, 2018.

“Productivity Growth and Capital Flows: The Dynamics of Reforms” (with Yongseok Shin). American Economic Journal: Macro, vol 9 (3), 2017.

"Aggregate Implications of a Credit Crunch" (with Ben Moll). American Economic Journal: Macro, vol. 7, 2015.

"Entrepreneurship and Financial Frictions: A Macrodevelopment Perspective" (with Joe Kaboski and Yongs Shin). Annual Review of Economics, vol. 7, 2015.

"Anatomy of a credit crunch: From Capital to Labor Markets" (with Roberto Fattal Jaef and Yongs Shin). Review of Economic Dynamics, vol. 18, 101–117, 2015. 

"Macro-perspective on Asset Grants Programs: Occupational and Wealth Mobility" (with Joe Kaboski and Yongs Shin). AER P&P, vol. 104, 159-164, 2014.

"PDE Models in Macroeconomics" (with Yves Achdou, Jean-Michel Lasry, Pierre-Louis Lions and Ben Moll). Philosophical Transactions of the Royal Society A, 372, 2014.

"Financial Frictions and the Persistence of History: A Quantitative Exploration" (with Yongs Shin). Journal of Political Economy, vol. 121, 221-272, 2013.

"Well-Intended Policies" (with Ben Moll and Yongs Shin). Review of Economic Dynamics, vol. 16, 216-230, 2013.

"The Rise of the Service Economy" (with Joe Kaboski). American Economic Review, vol. 102, 2540-69, 2012.

"Scale and the Origins of Structural Change" (with Joe Kaboski). Journal of Economic Theory, vol. 147, 684-712, 2012.

"Finance and Development: A Tale of Two Sectors" (with Joe Kaboski and Yongs Shin). American Economic Review, vol. 101, 1964-2002, 2011.

"Learning the Wealth of Nations" (with Alex Monge and Giorgio Primiceri). Econometrica, 79, 1-45, 2011. 

"Self-Insurance vs. Self-Financing: A Welfare Analysis of the Persistence of Shocks" (with Yongs Shin). Journal of Economic Theory, vol.146, 845-862, 2011.

"Can Traditional Theories of Structural Change Fit the Data?" (with Joe Kaboski). Journal of the European Economic Association, vol. 7, 469-477, 2009.

"A dynamic model of entrepreneurship with borrowing constraints: theory and evidence". Annals of Finance, vol. 5, 443-464, 2009.

"Optimal maturity of government debt without state contingent bonds" (with Juanpa Nicolini). Journal of Monetary Economics, vol. 51, 531-554, 2004.