CV

John V. Leahy

Address

University of Michigan                                                                                                                                                                                          tel: (734) 764-2957                                                           

Department of Economics  and Gerald R. Ford School of Public Policy                                                                                   fax: (734) 764-2763                                                                           

Ann Arbor, MI 48109-1220                                                                                                                                                                               e-mail: jvleahy@umich.edu                             

Principle Current Positions

Allen Sinai Professor of Macroeconomics and Public Policy, Department of Economics and the Gerald R. Ford School of Public Policy, University of Michigan, 2015-present.

Research Associate, National Bureau of Economic Research, 1997 to present.

Employment

Allen Sinai Professor of Macroeconomics and Public Policy, Department of Economics and the Gerald R. Ford School of Public Policy, University of Michigan, 2015-present.

Professor, New York University, 2002 to 2015.

Affiliated Faculty, NYU-Abu Dhabi, 2009 to 2015.

Associate Professor, Boston University, 1997-2002.

Associate Professor, Harvard University, 1994-1997.

Assistant Professor, Harvard University, 1990-1994.

Visiting Positions

Visiting Scholar, Federal Reserve Bank of Cleveland, 2022

Consultant, Research Department, Federal Reserve Bank of Chicago, 2018 to present.

Visiting Scholar, Federal Reserve Bank of New York, 2003 to 2017.

Visiting Scholar, Federal Reserve Bank of Philadelphia, 2003 to 2014.

Visiting Scholar, Federal Reserve Bank of Kansas City, 2002 to 2008.

Visiting Professor, Indian School of Business, 2009-2014.

Visiting Professor, Columbia University, Spring 2009.

Visiting Professor, University of Chicago, Winter-Spring 2000.

Visiting Professor, Yale University, Fall 1994. 

Other Appointments

Research Associate, National Bureau of Economic Research, 1997 to present.

Faculty Research Fellow, National Bureau of Economic Research, 1994-1997.

Academic Advisory Panel, Federal Reserve Bank of Boston, 1995 to 2002.

Education

Princeton University, Ph.D. in Economics, 1990.

Georgetown University, Master of Science in Foreign Service, 1986.

Williams College, B.A. Summa cum Laude with highest honors in Mathematics; History, Math and German triple-major, 1984.

Fellowships, Grants, and Honors

Fellow, Econometric Society, 2021.

National Science Foundation Grant No. SES-1919362 (with Aditi Thapar), 2019-2022.

National Science Foundation Grant No. SES-0648545 (with Mark Gertler), 2007-2011.

National Science Foundation Grant No. SES-0351115 (with Andrew Caplin), 2004-2007. 

National Science Foundation Grant No. SES-9730133, 1998-2002.

National Science Foundation Grant No. SES-9309979,  (with Andrew Caplin), 1993-1997.

National Science Foundation Grant No. SES-9111094 (with Andrew Caplin), 1991-1993.

Neu Family Award for Excellence in Teaching in Economics, Boston University, 2001.

Dean’s Recognition for Excellence in Teaching, Boston University, 2000. 

Runner-up, Graduates' Award for Good Teaching in Economics, Harvard University, 1995. 

Alfred P. Sloan Research Fellow, 1994-1998.

Alfred P. Sloan Foundation Doctoral Dissertation Fellowship, 1989-1990.

Professional Activities

Editorial Positions

Co-Editor, American Economic Review, 2015 to 2018.

Editor, American Economic Journal: Macroeconomics, 2012 to 2014. 

Co-Editor, American Economic Journal: Macroeconomics, 2009 to 2011.

Associate Editor, American Economic Review, 2005 to 2009.

Associate Editor, Review of Economics and Statistics, 1996-2009. 

Co-Editor, The B.E. Journals in Macroeconomics, 2004 to 2008.

Associate Editor, The B.E. Journals in Macroeconomics, 2000 to 2004.

Associate Editor, Macroeconomic Dynamics, 1996 to 2000.

Conferences Organized

Co-organizer, NBER Economic Fluctuations and Growth Research Meeting, Fall 2012, Fall 2017.

Co-organizer, NBER Monetary Economics Research Meeting: Spring 1996, Fall 2002, Spring 2006, Spring 2014.  

Co-organizer, Minnesota Workshop on Macroeconomic Theory, 2003.

Co-organizer, Group on Non-Representative Agent Approaches to Macroeconomics at NBER Summer Institute, 1995 to 2000.

Program Committee, 1998 North American Winter Meetings of the Econometric Society.

Other

Steering Committee, NBER Economic Fluctuations and Growth Program, 2014 to present.

Visiting Fellows Committee, Center for Advanced Financial Research and Learning, 2017 to present.

Refereed Publications

A North-South Model of Structural Change and Growth (with Maria Arisizibal-Ramirez and Linda Tesar), Journal of  Monetary Economics 133, January 2023, 77-102.

Age Structure and the Impact of Monetary Policy (with Aditi Thapar), American Economic Journal: Macroeconomics 14, October 2022, 136-173.

Rationally Inattentive Behavior: Characterizing and Generalizing Shannon Entropy (with Andrew Caplin and Mark Dean), Journal of Political Economy 130, June 2022, 1676-1715. 

Comparative Statics in Markets for Indivisible Goods (with Andrew Caplin), Journal of Mathematical Economics, 90, October 2020, 80-94.

Rational Inattention, Competitive Supply, and Psychometrics (with Andrew Caplin, Daniel Csaba, and Oded Nov), Quarterly Journal of Economics 135, August 2020, 1681-1724. 

Rational Inattention, Optimal Consideration Sets, and Stochastic Choice (with Andrew Caplin and Mark Dean), Review of Economic Studies,86, May 2019, 1061-1094. 

A Graph Theoretic Approach to Markets for Indivisible Goods (with Andrew Caplin), Journal of Mathematical Economics 52, May 2014, 112-122. 

Trading Frictions and House Price Dynamics (with Andrew Caplin), Journal of Money, Credit and Banking 43 (supplement 2), October 2011, 283-303.

A Primer on Aggregate Fluctuations for Industrial Organization Economists, Journal of Money, Credit and Banking 43 (supplement 1), August 2011, 87-110.

A Phillips Curve with an Ss Foundation (with Mark Gertler), Journal of Political Economy 116, June 2008, 533-572.

The Measurement of Self-Control Problems (with John Ameriks, Andrew Caplin and Tom Tyler), American Economic Review 97, June 2007, 966-972.

Retirement Consumption: Insights from a Survey (with John Ameriks and Andrew Caplin),  Review of Economics and Statistics 89, May 2007, 265-274.

The Recursive Approach to Time Inconsistency (with Andrew Caplin), Journal of Economic Theory 131, November 2006, 134-156.

Equilibrium in a Durable Goods Market with Lumpy Adjustment (with Andrew Caplin), Journal of Economic Theory 128, May 2006, 187-203. 

The Timing of Purchases and Aggregate Fluctuations (with Joseph Zeira), Review of Economic Studies 72, December 2005, 1127-1151.

The Social Discount Rate (with Andrew Caplin), Journal of Political Economy 112, December 2004, 1257-1268.

The Supply of Information by a Concerned Expert (with Andrew Caplin), Economic Journal 114, July 2004, 487-505.

An Ss Model with Adverse Selection (with Chris House), Journal of Political Economy 112, June 2004, 581-614.

Wealth Accumulation and the Propensity to Plan (with John Ameriks and Andrew Caplin), Quarterly Journal of Economics 118, August 2003, 1007-1047.

Monetary Policy and Asset Prices (with Simon Gilchrist), Journal of Monetary Economics 49, January 2002, 75-97. 

Psychological Expected Utility Theory and Anticipatory Feelings (with Andrew Caplin), Quarterly Journal of Economics 116, February 2001, 55-79.

Mass Layoffs and Unemployment (with Andrew Caplin), Journal of Monetary Economics 46, August 2000, 121-142. 

Miracle on Sixth Avenue: Information Externalities and Search (with Andrew Caplin), Economic Journal 108, January 1998, 60-74;                                                                                                            reprinted in Game Choices: New Approaches to Competition Risk, London: Risk Books, 2000. 

Aggregation and Optimization with State-Dependent Pricing (with Andrew Caplin), Econometrica 65, May 1997, 601-623. 

Monetary Policy as a Process of Search (with Andrew Caplin), American Economic Review 86, September 1996, 689-702. 

The Effect of Uncertainty on Investment: Some Stylized Facts (with Toni Whited), Journal of Money, Credit and Banking 28, February 1996, 64-83. 

Business as Usual, Market Crashes, and Wisdom after the Fact (with Andrew Caplin), American Economic Review 84, June 1994, 548-565.

Investment in Competitive Equilibrium: The Optimality of Myopic Behavior, Quarterly Journal of Economics 108, November 1993, 1105-1133;                                                                              reprinted in  Game Choices: New Approaches to Competition Risk, London: Risk Books, 2000.

Sectoral Shocks, Learning, and Aggregate Fluctuations (with Andrew Caplin), Review of Economic Studies 60, October 1993, 777-794. 

State-Dependent Pricing and the Dynamics of Money and Output (with Andrew Caplin), Quarterly Journal of Economics 106, August 1991, 683-708;                                                        reprinted in E. Sheshinski and Y. Weiss, eds., Optimal Pricing, Inflation, and the Cost of Price Adjustment, Cambridge: MIT Press, 1993. 

Real Hilbert Rings and the Real Nullstellensatz (with John Leahy, Sr.), Kobe Journal of Mathematics, 5:2, December 1988, 185-192.

Other Publications

Comment on ‘Are State and Time-Dependent Models Really Different?’ by Fernando Alvarez, Francesco Lippi, and Juan Passadore, NBER Macroeconomics Annual 2016, 258-264.

The Importance of Non-Linearities and Expectations in the Recent Crisis, International Journal of Central Banking 9, June 2013, 287-293.

Comment on ‘Labor Market Dysfunction during the Great Recession’ by Kyle Herkenhoff and Lee Ohanian, CATO Papers on Public Policy 1, 2011, 225-231.

Discussion of ‘Behavioral Aspects of Price Setting’ by Julio Rotemberg, in Foote, Goette and Meier eds., Policymaking Insights from Behavioral Economics, Federal Reserve Bank of Boston, 2009, 99-105.

s-S Models, in Blume and Durlauf, eds., New Palgrave Dictionary of Economics, Palgrave Macmillan, New York, 2008.

Discovering the Hidden Structure of House Prices with a Non-Parametric Latent Manifold Model (with Sumit Chopra, Trivikraman Thampy, Andrew Caplin, and Yann LeCun) Proceedings of the 13th ACM SIGKDD International Conference on Knowledge Discovery and Data Mining, 2007, 173-182.

Comment on ‘Baby Boomer Retirement Security’ by Annamaria Lusardi and Olivia Mitchell, Journal of Monetary Economics 54, 2007, 225-228.

Comment on ‘Investment, Capital Overhang, and Tax Policy,’ by Mihir Desai and Austan Goolsbee, in Brainard and Perry, eds., Brookings Papers on Economic Activity, 2004:2, 345-348.

The Psychology of Saving: The Importance of Planning and Self Control, CV Star Center Newsletter 20, 2004, 11-13.

How Important is Discrete Adjustment in Aggregate Fluctuations (with Andrew Caplin), in Ito and Rose, Productivity, East Asia Seminar on Economics, Volume 13, Chicago: University of Chicago Press, 2004, 351-376.

Comment on ‘Ideas and Education’ by Steven Dowrich, in Ito and Rose, Productivity, East Asia Seminar on Economics, Volume 13, Chicago: University of Chicago Press, 2004, 37-39.

Behavioral Policy (with Andrew Caplin), in Borcas and Carrillo, eds., Collected Essays in Psychology and Economics: Volume 1, Oxford: Oxford University Press, 2003, 73-88.

Comment on ‘Monetary Policy Analysis in Models without Money’ by Bennett McCallum, Federal Reserve Bank of St. Louis Review, 83, July/August 2001, 161-164. 

Testing the (s,S) Model (with Christopher Foote and Erik Hurst), American Economic Review: Papers and Proceedings 90, May 2000, 116-119.

The Money Game (with Andrew Caplin), New Economy, 1997, 25-29. 

Trading Costs, Price, and Volume in Asset Markets (with Andrew Caplin), American Economic Review: Papers and Proceedings 86, May 1996, 192-196. 

Comment on ‘The Effects of Real and Monetary Shocks in a Business Cycle Model with some Sticky Prices,’ by Ohanian, Stockman, and Kilian, Journal of Money, Credit and Banking, November 1995, 1237-1240. 

The Adjustment Problem (with Andrew Caplin), in R. Cross, ed., The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis, Cambridge: Cambridge University Press, 1995, 77-89.

Working Papers

Missing Markets, Missing Market Participants, and the Social Discount Rate (with Andrew Caplin), conditionally accepted at the Annual Reviews of Financial Economics.

Workforce Demographics and the Transmission of Monetary Policy (with Aditi Thapar), October 2021.

Wishful Thinking (with Andrew Caplin), Working Paper, NBER Working Paper 25707, March 2019.

Social Learning and Selective Attention (with Andrew Caplin and Filip Matějka), NBER Working Paper 21001, March 2015.

Reassessing FHA Risk (with Diego Aragon, Andrew Caplin, Sumit Chopra, Yann LeCun, Marco Scoffier, and Joseph Tracy), NBER Working Paper 15802, March 2010.

Machine Learning and the Spatial Structure of House Prices and Housing Returns (with Andrew Caplin, Sumit Chopra, Trivikaraman Thampy, and Yan LeCun), December 2008.

Factor Graphs for Relational Regression (with Sumit Chopra, Trivikaraman Thampy, Andrew Caplin, and Yan LeCun), NYU Computer Science Department Technical Report TR2007-906.

The Absentminded Consumer (with John Ameriks and Andrew Caplin), NBER Working Paper No. 10216, January 2004.

Fixed Costs: the Demise of Marginal q (with Ricardo Caballero), NBER Working Paper No. 5508, March 1996.