Publications
"Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect," with Ricardo Caballero
[summary for VoxEU]
Journal of Finance (2024), 79(3), p 1719-1753
A Note on Temporary Supply Shocks with Aggregate Demand Inertia, with Ricardo Caballero
[slides]
American Economic Review: Insights (2023), 5(2), p 241-58
Monetary Policy with Opinionated Markets, with Ricardo Caballero
[published version] [slides] [video for the online presentation of an earlier draft at ASB/SEACAN]
American Economic Review (2022), 112(7), p.2353-92)
The Macroeconomics of Financial Speculation
[journal version] [Wall Street Journal coverage]
The Annual Review of Economics (2021), 13, p.335-69A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a "Covid-19" Shock, with Ricardo Caballero
Review of Financial Studies (2021), 34(11), p.5522-5580
[journal version] [summary for VoxEU] [slides] [video for the online presentation at VMACS]
Previously circulated as "A Model of Asset Price Spirals and Aggregate Demand Amplification of a "Covid-19'' Shock"
Stock Market Wealth and the Real Economy: A Local Labor Market Approach, with Gabriel Chodorow-Reich and Plamen Nenov
American Economic Review (2021), 111(5), p.1613-57
[published version] [MIT news coverage] [NBER digest coverage]
The Choice Channel of Financial Innovation, with Felipe Iachan and Plamen Nenov
American Economic Journal: Macroeconomics (2021), 13(2), 333-72
A Risk-centric Model of Demand Recessions and Speculation, with Ricardo Caballero
Quarterly Journal of Economics (2020), 135 (3), p.1493-1566
[slides]
A Model of Fickle Capital Flows and Retrenchment, with Ricardo Caballero
Journal of Political Economy (2020), 128 (6), p. 2288-2328
[slides]
Should Retail Investors' Leverage Be Limited?, with Rawley Heimer
Journal of Financial Economics (2019), 132 (3), p.1-21. Lead article.
[online appendix] [summary for the HLS Forum on Corporate Governance and Financial Regulation] [Bloomberg coverage]
Reach for Yield and Fickle Capital Flows, with Ricardo Caballero
AEA Papers and Proceedings (2018), 108, p.493-98
[slides]
Investment Hangover and the Great Recession, with Matthew Rognlie and Andrei Shleifer
American Economic Journal: Macroeconomics (2018), 10(2), p.113-53
[online appendix] [slides for an older version]
Liquidity Trap and Excessive Leverage, with Anton Korinek
American Economic Review (2016), 106(3), p.699-738
[slides] [Wall Street Journal coverage] [summary for INET]
A Welfare Criterion for Models with Distorted Beliefs, with Markus Brunnermeier and Wei Xiong
Quarterly Journal of Economics (2014), 129(4), p.1753-1797
[slides] (Western Finance Association NASDAQ OMX Award for the Best Paper on Asset Pricing)
Econometrica (2013), 81(1), p.1-53. Lead article.
[slides]
Quarterly Journal of Economics (2013), 128(3), p.1365-1396
[pre-print version] [slides] [Bloomberg coverage] [MIT news coverage] [Wall Street Journal coverage]
Fire Sales in a Model of Complexity, with Ricardo Caballero
Journal of Finance (2013), 68(6), p.2549-2587
[slides] (Brattle Prize for best paper in Corporate Finance, second place)
American Economic Review Papers and Proceedings (2013), 103(3), p.398-401
[slides]
Books
Solutions Manual for Introduction to Modern Economic Growth, with Michael Peters
Princeton University Press (2009), Princeton, NJ
Theses
PhD Thesis, MIT Economics Department (2010)
Advisors: Daron Acemoglu, Ricardo Caballero, and Muhamet Yildiz
Master's Thesis, MIT EECS Department (2010)
Advisor: Asuman Ozdaglar
Publications in Mathematics
Local Indices for Degenerate Variational Inequalities, with Asuman Ozdaglar and Daron Acemoglu
Mathematics of Operations Research (2008), 33(2), p. 291-30
Generalized Poincaré-Hopf Theorem for Compact Nonsmooth Regions, with Asuman Ozdaglar and Daron Acemoglu
Mathematics of Operations Research (2007), 32(1), p.193-214
On the Stability of P-Matrices, with Kevin Tang, Asuman Ozdaglar, and Daron Acemoglu
Linear Algebra and Its Applications (2007), 426(1), p.22-32