Curriculum Vitae

Economic Advisor and Economist

Research Department

Federal Reserve Bank of Philadelphia

Ten Independence Mall

Philadelphia, PA 19106


Associate Editor

Review of Economic Dynamics


"Labor Market Dynamics under Long-Term Wage Contracting"

Journal of Monetary Economics, 56, 2 (March 2009)

Supplements: Appendix A, B, C

"Aggregate and Idiosyncratic Risk in a Frictional Labor Market"

American Economic Review, 101, 6 (October 2011)

Supplements: Online appendix, Mathematica-file on eigenvalue theorem

"Customer Capital" with Francois Gourio

Review of Economic Studies, 81, 3 (June 2014)

Supplements: Online appendix

"Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?" with Francois Gourio

American Economic Review, 104, 5 (May 2014)

"Unions in a Frictional Labor Market" with Per Krusell

Journal of Monetary Economics, 80 (June 2016)

Supplements: Online appendix

"Relative Price Dispersion: Evidence and Theory" with Greg Kaplan, Guido Menzio and Nicholas Trachter

American Economic Journal: Microeconomics, 11, 3 (August 2019)

Supplements: Online appendix

Working Papers

"Firm Wages in a Frictional Labor Market"

revision requested, American Economic Journal: Macroeconomics

"Price Setting with Customer Capital: Uniform Pricing, Sales and Rigidity"


Older Unpublished Paper

"On the Implications of a Balanced Budget Rule - An Adaptive Learning Perspective" Licentiate Thesis, University of Helsinki, 2002 (email me for paper)

Bank Publications

"The Value of Loyal Customers"

FRB Philadelphia Economic Insights 2017 Q2


Alder, Lagakos, Ohanian at NBER EFG meeting, San Francisco

Shi at Search and Matching Workshop, Philadelphia

Bethune, Choi, Wright at Money, Banking and Asset Markets Conference, Madison

Kaas, Kimasa at NBER EFMPL meeting, Minneapolis

Dou, Ji, Reibstein, Wu at AFA meeting, Philadelphia

Shi at Conference on Advances in Frictional Markets, Princeton

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