Publications
with Eric Brunet and Mildred Hager
Pure and Applied Functional Analysis, December 2022, Volume 7, Number 6, 2041-2063. Volume in honor of Roy Radner.
Heterogenous Dynasties and Long-Run Mobility
with Alberto Bisin and Ricardo T. Fernholz
Economic Journal, April 2022, 132, 906-925.
with Jesse Perla and Chris Tonetti,
Econometrica, September 2021, 89, 2261-2301.
The Anatomy of Sentiment-Driven Fluctuations
with Sushant Acharya and Zhen Huo
Journal of Economic Theory, 195, July 2021.
Revenue Diversion, The Allocation of Talent and Income Distribution
with Mildred Hager,
Mathematical Social Sciences, 112, July 2021, 138-144.
Optimal Positive Capital Taxes at Interior Steady States
with Bálint Szőke, American Economic Journal: Macroeconomics, 13, 114-150, 2021.
Wealth Distribution and Social Mobility in the US: A Quantitative Approach
with A. Bisin and M. Luo
American Economic Review, 109, 1623-47, 2019.
Financial Markets, the Real Economy, and Self-fulfilling Uncertainties
with Xuewen Liu and Pengfei Wang,
Journal of Finance, 74, 2019, 1503-1557.
Sentiments and Economic Activity: Evidence from U.S. States
with Mark Spiegel,
The Economic Journal, 129, 2019, pages 715–733.
A Vintage Model with Endogenous Growth and Human Capital
International Journal of Economic Theory, 15, 2019, 27-35.ad
Adverse Selection and Self-Fulfilling Business Cycles
with F. Dong and P. Wang
Journal of Monetary Economics, 2018, 94, 114-130 .
with A. Bisin.
Journal of Economic Literature, 56, December 2018, 1261-91
Earnings Inequality and Other Determinants of Wealth Inequality
with Alberto Bisin and Mi Luo
American Economic Review Papers & Proceedings, 107, 2017, 593-597
Uncertainty and Sentiment-Driven Equilibria
with P. Wang and Y. Wen
In Sunspot and Non-linear Dynamics: Essays in Honor of Jean-Michel Grandmont, K. Nishimura, A. Venditti and N. Yannelis, eds., "Studies in Economic Theory" series, Springer Verlag, 2017.
NBER Working Paper 18878, http://www.nber.org/papers/w18878
Endogenous Information Acquisition and Countercyclical Uncertainty
with X. Liu and P. Wang
Journal of Economic Theory, 165, 2016, 601–642
Sentiments, Financial Markets, and Macroeconomic Fluctuations
With X. Liu and P. Wang
Journal of Financial Economics, 2016, vol. 120, issue 2, 420-443.
Chaotic Banking Crises and Banking Regulations
With J. Miao and P. Wang
Economic Theory 61, 2016, 393-422.
The Distribution of Wealth in the Blanchard-Yaari Model
With A. Bisin and S. Zhu
Macroeconomic Dynamics, 20 (2), March 2016, pp 466-481.
The Wealth Distribution in Bewley Economies with Capital Income Risk
With A. Bisin and S. Zhu
Journal of Economic Theory, 159, Part A, 2015, 489-515.
Private Information and Sunspots in Sequential Asset Markets
With Pengfei Wang
Journal of Economic Theory, 158, Part B, 2015, 558–584.
Sentiments and Aggregate Fluctuations
With P. Wang and Y. Wen
Econometrica 83, 2015, pages 549–585.
Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?
With G. Evans and S. Honkapohja
Journal of Economic Dynamics and Control, 45, 2014, 220-23.
Multiple Equilibria in the Aghion-Howitt Model
Ricerche Economiche, 68, 2014, 112–116.
Learning, Large Deviations and Rare Events
With C. Dave
Review of Economic Dynamics, 17(3), 2014, 367-382.
Catch-up and Fall-Back Through Innovation and Imitation
With J. Perla and C. Tonetti
Journal of Economic Growth, 19, 2014, 1-35.
Financial Constraints, Endogenous Markups and Self Fulfilling Equilibria
With P. Wang
Journal of Monetary Economics 60 (2013) 789-805.
Income and democracy: Evidence from nonlinear estimations
With A. Corvalan and M. Spiegel
Economics Letters 118 (2013) 489–492.
Regime Switching, Monetary Policy and Multiple Equilibria
In Macroeconomics at the Service of Public Policy, eds. Thomas Sargent and Jouko Vilmunen, Oxford Univ. Press, 2013, Festschrift for Seppo Honkapohja.
With B. Jovanovic
International Economic Review 5, 2012, 321-348.
The Distribution of Wealth and Fiscal Policy in Economies with Finitely-Lived Agents
With A. Bisin and S. Zhu
Econometrica (79) 2011, 123- 157.
Handbook of Social Economics
Edited with A. Bisin and M. Jackson, Elsevier, New York 2011.
Social Construction of Preferences: Advertising
With A. Bisin
Handbook of Social Economics, (eds. Jess Benhabib, Alberto Bisin and Matt Jackson), Elsevier, 2011.
Present-Bias, Quasi-Hyperbolic Discounting, and Fixed Costs
With A. Bisin and A. Schotter
Games and Economic Behaviour, 69 (2010), 205-223.
Economic Growth Under Political Accountability
With A. Przeworski
International Journal of Economic Theory, (1), March 2010, 77-95.
Moderate Inflation and the Deflation-Depression Link
With M. Spiegel
Journal of Money, Credit and Banking. 41 (2009) 787-798.
Bifurcation and sunspots in the continuous time equilibrium model with capacity utilization
With K. Nishimura, T. Shigoka
International Journal of Economic Theory 4 (2008) 337-355.
Choice and Process: Theory ahead of Measurement
With Alberto Bisin
In The Handbook of Economic Methodology, Andrew Caplin and Andrew Schotter, eds, Oxford University Press, 2008, 320-335.
Palgrave Dictionary of Economics, 2008.
Dynamic Economic Equilibrium under Redistribution
Journal of Difference Equations and Applications, 13, 2007, 107-120.
Persistence of Business Cycles in Multisector Real Business Cycle Models (Festschrift for Jean-Michel Grandmont)
With R. Perli and P. Sakellaris
International Journal of Economic Theory, 2, 181-198, 2006.
Redistribution, Taxes and the Median Voter
With M. Bassetto
Review of Economic Dynamics, 9, 211-223, (2006).
The Political Economy of Redistribution under Democracy
With A. Przeworski
Economic Theory, 29, 2006, 271-290.
Introduction to Monetary Policy and Capital Accumulation
With C. Carlstrom and T. Fuerst
Journal of Economic Theory, Volume 123, Issue 1, July 2005.
The Design of Monetary and Fiscal Policy: A Global Perspective
With S. Eusepi
Journal of Economic Theory, Volume 123, Issue 1, July 2005.
With A. Bisin
Games and Economic Behaviour, 52, (2005), 460-492.
Human Capital and Technology Diffusion
With M. Spiegel
Handbook of Economic Growth, Philippe Aghion and Steven Durlauf, eds., NorthHolland, Amsterdam, 2005.
Interest Rate Policy in Continuous Time with Discrete Delays
Journal of Money Credit and Banking, 36, 1-16, 2004.
Indeterminacy, Aggregate Demand and the Real Business Cycle
With Y. Wen
Journal of Monetary Economics, 51, 503-530, 2004.
Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing, and Macroeconomic Instability
With S. Schmitt-Grohe and M. Uribe
Journal of Money Credit and Banking, 35, 1379- 1413, (2003).
The Tradeoff Between Inequality and Growth
Annals of Economics and Finance 4, 491–507 (2003).
Vintage Models, Fluctuations and Growth
With B. Hobijn
In Knowledge, Information and Expectations in Macroeconomics: Essays in Honor of Edmund S. Phelps, P. Aghion, R. Frydman, J. Stiglitz, M. Woodford, eds., Princeton University Press, Princeton, 2003.
Indeterminacy and Cycles in Two-Sector Discrete-Time Models
With K. Nishimura and A. Venditti
Economic Theory, 20, 2002, 217-235.
With S. Schmitt-Grohe and M. Uribe
American Economic Review, Papers and Proceedings, 92, 2002, 72-78.
With S. Schmitt-Grohe and M. Uribe
Journal of Political Economy, 110, June 2002, 535-563.
Public Spending and Optimal Taxes Without Commitment
With A. Rustichini and A. Velasco
Review of Economic Design, 6, volume in honor of Roy Radner, 2001, 371-396.
With S. Schmitt-Grohe and M. Uribe
Journal of Economic Theory, Vol. 96, Jan 2001, 40-69.
Monetary Policy and Multiple Equilibria
With S. Schmitt-Grohe and M. Uribe
American Economic Review, 91, March 2001, 167-186.
Unpublished Appendix to Monetary Policy an Multiple Equilibria
The Role of Financial Development in Growth and Investment
With M. Spiegel
Journal of Economic Growth, 5 (2000), 341-360.
The Monetary Transmission Mechanism
With R. Farmer
Review of Economic Dynamics, 3 (2000), 523-550.
Indeterminacy under Constant Returns to Scale in Multisector Economies
With K. Nishimura and Q. Meng
Econometrica, 68 (2000), 1541-1548.
Indeterminacy and Sunspots in Macroeconomics
With R. Farmer
Handbook for Macroeconomics, eds. John Taylor and Michael Woodford, North-Holland, New York, volume 1A, 387- 448, 1999.
Indeterminacy Arising in Multisector Economies
With K. Nishimura
The Japanese Economic Review, 50 (1999), 485-506.
Indeterminacy and Sunspots with Constant Returns
With K. Nishimura
Journal of Economic Theory, 81 (1998), 58-96.
Introduction: Mini-Symposium on Sunspots in Macroeconomics
Journal of Economic Theory, 81 (1998), 1-6.
Optimal Taxes Without Commitment
With A. Rustichini
Journal of Economic Theory, 77 (1997), 231-259.
Indeterminacy and Sector-Specific Externalities
With Roger Farmer
Journal of Monetary Economics, 37, (1996) 397-419.
On the Optimal and Best Sustainable Taxes in an Open Economy
With A. Velasco
European Economic Review, 40, (1996), 135-154.
With A. Rustichini
Journal of Economic Growth, 1, (1996), 125-142.
On the Political Economy of Immigration
European Economic Review, 40, (1996), 1737-1744.
On Growth and Indeterminacy: Some Theory and Evidence
With J. Gali
Carnegie Rochester Series in Public Policy, 43, (1995), 163-212.
Monopolistic Competition, Indeterminacy and Growth
With R. Perli and D. Xie
Ricerche Economiche 48, (1994), 279-298.
The Role of Human Capital and Political Instability in Economic Development
With M. Spiegel
Journal of Monetary Economics, 34, (1994), 143-173.
Introduction: Symposium on Growth, Fluctuations and Sunspots: Confronting the Data
With A. Rustichini
Journal of Economic Theory, 63, (1994), 1-19.
Uniqueness and Indeterminacy: On the Dynamics of Endogenous Growth
With R. Perli
Journal of Economic Theory, 63, (1994), 113-142.
Indeterminacy and Increasing Returns
With Roger Farmer
Journal of Economic Theory, 63, (1994), 19-41.
A Note on a New Class of Solutions to Dynamic Programming Problems Arising in Economic Growth
With Aldo Rustichini
Journal of Economic Dynamics and Control, 18, (1994), 808-813.
Endogenous Fertility and Growth
With K. Nishimura
In General Equilibrium, Growth, and Trade II, in R. Becker et al., eds., Academic Press, San Diego, (1993), 237-247.
A Vintage Capital Model of Growth and Investment: Theory and Evidence
With A. Rustichini
General Equilibrium, Growth and Trade II, R. Becker et al., eds., Academic Press, San Diego, (1993), 248-300.
Il ruolo del capitale umano e dell'instabilita politica nello sviluppo economico
With Mark Spiegel
Rivista di Politica Economica, 82, (1992), 55-95.
Cycles and Chaos in Economic Equilibrium
Edited volume,
Princeton University Press, (1992).
Joint Exploitation of a Productive Asset: A Game Theoretic Formulation
With Roy Radner
Economic Theory, 2, 155-190 (1992).
Vintage Capital, Investment and Growth
With A. Rustichini
Journal of Economic Theory 55, (1991), 323-339.
Externalities and Growth Accounting
With Boyan Jovanovic
American Economic Review, 81, (March 1991), 82-113.
With R. Rogerson and R. Wright
Journal of Political Economy, 99, (1991), 1166-1185.
Equilibrium Cycling with Small Discounting
With A. Rustichini
Journal of Economic Theory, 52,423-432 (1990).
Stochastic Equilibrium Oscillations
With K. Nishimura
International Economic Review, 30, 85-102 (1989).
Endogenous Fluctuations in the Barro-Becker Theory of Fertility
With K. Nishimura
In Demographic Change and Economics Development, ed. A. Wenig, Springer-Verlag (1989).
Chaos: Significance, Mechanisms and Economic Applications
With W. Baumol
Journal of Economic Perspectives, 3, 77-105 (1989).
Conjectural Equilibrium Bounds
With Clive Bull
In Nonlinear Dynamics in Economics and Social Sciences, eds., M. Galeotti, L. Geronazzo, and F. Gori, Pitagora Editrice Bologna, (1988).
On Competitive Cycles in Productive Economies
With Guy Laroque
Journal of Economic Theory, 45, 145-170, (1988).
On Endogenous Cycles in Discrete-Time Optimal Growth Models
With K. Nishimura
In Optimal Control Theory and Economic Analysis 3, ed. G. Feichtinger, North Holland, 1988.
With S. Jafarey and K. Nishimura
Journal of Economic Theory, 44, 301-320,(1988).
Bargaining and the Evolution of Cooperation in a Dynamic Game
With G. Ferri
Economic Letters 24 (1987), 107-111.
Global Equilibrium Dynamics with Stationary Recursive Preferences
With M. Majumdar and K. Nishimura
Journal of Economic Behavior and Organization 8(1987), 429-452.
Competitive Equilibrium Cycles
With K. Nishimura
Journal of Economic Theory, 35, 284-306, (1985).
Cyclical Input Demands and the Adjustment Cost Theory of the Firm
With K. Nishimura
In Nonlinear Theories of Fluctuating Growth, Goodwin, R., Kruger, M., eds.; Springer-Verlag, New York, 1984, 73-85.
The Paths of Optimal Economic Development
With K. Nishimura
Keio Economic Studies, 20 (1983), 1-22.
Job Search: The Choice of Intensity
With C. Bull
Journal of Political Economy, 91(1983), 747-764.
The Optimal Quantity of Money; A Formal Treatment
With C. Bull
International Economic Review, 24 (1983), 101-111.
Price Relations on Futures Markets for Storable Commodities
With M. J. P. Magill
Journal of Mathematical Analysis and Applications, 91(1983), 567-591.
A Characterization of Erratic Trajectories in the Overlapping Generations Model
With R. H. Day
Journal of Economic Dynamics and Control, 4(1982), 37-55.
Uncertainty and Chaos in Overlapping Generations Models
Proceedings of the IEEE Conference on Decisions and Control, 1981, IEEE Control Systems Society, New York.
Some New Results on the Dynamics of the Generalized Tobin Model
With T. Miyao
International Economic Review, 22(1981), 585-597.
Stability of Equilibrium in Dynamic Models of Capital Accumulation
With K. Nishimura
International Economic Review, 22(1981), 275-293.
Rational Choice and Erratic Behavior
With R. H. Day
Review of Economic Studies, 48(1981), 459-472.
With R. H. Day
Economic Letters, 6(1980), 113-117.
Adaptive Monetary Policy and Rational Expectations
Journal of Economic Theory 23(1980), 261-266.
With K. Nishimura
Journal of Economic Theory, 21(1979), 421-444.
On the Uniqueness of Steady States in an Economy with Heterogeneous Capital Good
International Economic Review, Vol. 20 (1979) 59-82.
Pareto vs. Wicksell on Adjustment Costs in Consumption
Economic Letters, Vol. 2 (1979), 121-124.
A Note on Optimal Growth with Intertemporally Dependent Preferences
Economics Letters, Vol. 1 (1978) 321-324.