Research

Working Papers

• Wishful Thinking (with Andrew Caplin), 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, 2007. 

• 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.

Refereed Publications

• A North-South Model of Structural Change and Growth (with María Arisizíbal-Ramírez  and Linda Tesar), Journal of Monetary Economics 133, January 2023, 77-102.

• Rationally Inattentive Behavior: Characterizing and Generalizing Shannon Entropy (with Andrew Caplin and Mark Dean),  Journal of Political Economy, forthcoming

• Age Structure and the Impact of Monetary Policy (with Aditi Thapar), American Economic Journal: Macroeconomics, forthcoming (this paper formerly circulated under the title Demographic Influences on the Impact of Monetary Policy )

• 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, 1016-1094.

• 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, 458-464.

• 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.