Eric Young

Eric R. Young

Department of Economics 

University of Virginia 

224 Monroe Hall, Charlottesville, VA 22904 

Phone: Office (434) 924-3811 Fax: (434) 982-2904 

E-mail: ey2d at virginia dot edu

Research Department

Federal Reserve Bank of Cleveland

1455 East 6th Street, Cleveland OH 44114

Email: eric.young at clev dot frb dot org

Publications

Money Creation, Reserve Requirements, and Seignorage with Joseph H. Haslag (Review of Economic Dynamics, 1998)

Unemployment Insurance and Capital Accumulation  (Journal of Monetary Economics, 2004)

Generalized Quasi-Geometric Discounting (Economics Letters, 2007)

The Wealth Distribution and the Demand for Status with Yulei Luo (Macroeconomic Dynamics, 2009)

Unsecured Credit Markets Are Not Insurance Markets with Kartik Athreya and Xuan S. Tam (Journal of Monetary Economics, 2009)

The Stationary Wealth Distribution under Progressive Taxation with Daniel R. Carroll (Review of Economic Dynamics, 2009)

Rational Inattention and Aggregate Fluctuations with Yulei Luo (BE Press Macroeconomics: Contributions, 2009)

Solving the Incomplete Markets Model with Aggregate Uncertainty Using the Krusell-Smith Algorithm and Non-Stochastic Simulations (Journal of Economic Dynamics and Control, 2010)

Asset Pricing with Information-Processing Constraints with Yulei Luo (Economics Letters, 2010)

Risk-Sensitive Consumption and Savings under Rational Inattention with Yulei Luo (American Economic Journal: Macroeconomics, 2010)

The Long Run Effects of Changes in Tax Progressivity with Daniel R. Carroll (Journal of Economic Dynamics and Control, 2010)

Revisiting Overborrowing and Its Policy Implications with Gianluca Benigno, Huigang Chen, Christopher Otrok, and Alessandro Rebucci

A Quantitative Theory of Information and Unsecured Credit with Kartik Athreya and Xuan S. Tam (American Economic Journal: Macroeconomics, 2012)

Debt Default and the Insurance of Labor Income Risk with Kartik Athreya and Xuan S. Tam

Robustness, Information-Processing Constraints, and the Current Account in Small Open Economies with Yulei Luo and Jun Nie (Journal of International Economics, 2012)

Robust Policymaking in the Face of Sudden Stops (Journal of Monetary Economics, 2012)

Financial Crises and Macro-Prudential Policy with Gianluca Benigno, Huigang Chen, Christopher Otrok, and Alessandro Rebucci (Journal of International Economics, 2013)

Model Uncertainty, State Uncertainty, and State-Space Models with Yulei Luo and Jun Nie

Signal Extraction and Rational Inattention with Yulei Luo (Economic Inquiry, 2014)

Robust Control, Information Frictions, and International Consumption Correlations  with Yulei Luo and Jun Nie (European Economic Review, 2014)

Model Uncertainty and Intertemporal Tax Smoothing with Yulei Luo and Jun Nie (Journal of Economic Dynamics and Control, 2014)

Slow Information Diffusion and the Inertial Behavior of Durables Consumption with Yulei Luo and Jun Nie (Journal of the European Economic Association, 2015)

Loan Guarantee Programs for Unsecured Consumer Credit Markets with Kartik Athreya and Xuan S. Tam

Labor Market Upheaval, Default Regulations, and Consumer Debt with Kartik Athreya, Juan Sanchez, and Xuan S. Tam (Review of Economic Dynamics, 2015)

 Long-Run Consumption Risk and Asset Allocation under Recursive Utility and Rational Inattention with Yulei Luo (Journal of Money, Credit, and Banking, 2015)

Zero Growth and Long-Run Inequality with Daniel R. Carroll

Induced Uncertainty, Market Price of Risk, and the Dynamics of Consumption and Wealth with Yulei Luo (Journal of Economic Theory, 2016)

Capital Controls or Exchange Rate Policy? A Pecuniary Externality Perspective with Gianluca Benigno, Huigang Chen, Christopher Otrok, and Alessandro Rebucci (Journal of Monetary Economics, 2016)

Bankruptcy and Delinquency in a Model of Unsecured Debt with Kartik Athreya, Juan Sanchez, and Xuan S. Tam (International Economic Review, 2018)

Rational Inattention and Dynamics of Consumption and Wealth in General Equilibrium with Yulei Luo, Jun Nie, and Gaowang Wang (Journal of Economic Theory, 2018)

Neoclassical Inequality with Daniel Carroll (Journal of Macroeconomics, 2018)

Capital Controls and Monetary Policy in Sudden-Stop Economies with Michael B. Devereux and Changhua Yu (Journal of Monetary Economics, 2019)

Portfolio Choice with Information-Processing Limits with Altantsetseg Batchuluun and Yulei Luo (Annals of Economics and Finance, 2019)

Comparing Dynamic Multisector Models with Jorge Miranda-Pinto (Economics Letters, 2019)

Ambiguity, Low Risk-Free Rates, and Consumption Inequality with Yulei Luo and Jun Nie (Economic Journal, 2019)

 Macro-Financial Volatility under Dispersed Information with Jianjun Miao and Jieran Wu (Theoretical Economics, 2020)

The Politics of Flat Taxes with Daniel R. Carroll and Jim Dolmas (Review of Economic Dynamics, 2020)

Multivariate Rational Inattention with Jianjun Miao and Jieran Wu (Econometrica, 2021)

The Racial Wealth Gap and Access to Opportunity Neighborhoods with Dionissi Aliprantis and Daniel R. Carroll

Flexibility and Frictions in Multisector Models with Jorge Miranda-Pinto (American Economic Journal: Macroeconomics, 2022)

Infrequent Random Portfolio Decisions in an Open Economy Model with Philippe Bacchetta and Eric van Wincoop (Review of Economic Studies, 2022)

Optimal Policy for Macro-Financial Stability with Gianluca Benigno, Huigang Chen, Christopher Otrok, and Alessandro Rebucci  (American Economic Journal: Macroeconomics, 2022)

 Debt Burdens and the Interest Rate Response to Fiscal Stimulus: Theory and Cross-Country Evidence with Jorge Miranda-Pinto, Dan Murphy, and Kieran James Walsh (European Economic Review, 2022)

What Explains Neighborhood Sorting By Income and Race? with Dionissi Aliprantis and Daniel R. Carroll (Journal of Urban Economics)

 Health Savings Accounts and Life-Cycle Saving: Implications for Retirement Preparedness with Leora Friedberg, Jaeki Jang, and Adam Leive (TIAA Research Dialogue, 2023)

Business Cycle Asymmetry and Input-Output Structure: The Role of Firm-to-Firm Networks with Jorge Miranda-Pinto and Alvaro Silva (Journal of Monetary Economics, 2023)

Working Papers

A Model of Expenditure Shocks with Jorge Miranda-Pinto, Dan Murphy, and Kieran James Walsh

Government Debt Limits and Fiscal Stabilization with Dan Murphy

The Dynamics of the Racial Wealth Gap with Dionissi Aliprantis and Daniel R. Carroll

Fortifying the Banks with Allison Oldham Luedtke

The Inside Baseball of Sudden Stop Models with Bingbing Dong and Jieran Wu 

Forward Guidance and Credible Monetary Policy with Bingbing Dong 

Are We Now Worth Our Weight in Gold? A Reconsideration of Johnson (1967) 

Optimal Fiscal Reform with Many Taxes with Daniel R. Carroll and Andre Luduvice

ABeliefs and Affirmative Action in Employment with Ben Griffy