Research
Working Papers
"Monetary Policy with Racial Inequality," R&R, American Economic Journal: Macroeconomics, June 2023. [WP]
[NEW] "Racial Heterogeneity in Consumption Responses to the Economic Impact Payments," with Yulina Goto, May 2025. [WP]
"Earnings Loss upon Job Loss and Monetary Policy," first draft coming soon. [Slide]
"Doves for the Rich, Hawks for the Poor? Distributional Consequences of Monetary Policy," with Nils Gornemann and Keith Kuester, July 2021. [WP]
"Credit, Bankruptcy, and Aggregate Fluctuations," with Jose-Víctor Ríos-Rull, November 2019. [WP]
"Cyclical Labor Income Risk," with Vladimir Smirnyagin, March 2020. [WP]
"Health Care Reform or Labor Market Reform? A Quantitative Analysis of the Affordable Care Act," with Didem Tüzemen, February 2016. [WP]
"Consumption and Savings during the Pandemic." [WP]
"Rising Earnings Instability, Portfolio Choice, and House Prices." [WP]
Publications (Refereed Journals)
"Medical Expenses and Saving in Retirement: The Case of U.S. and Sweden," with Irina A. Telyukova, American Economic Journal: Macroeconomics, 17(1), January 2025, pp. 161-202. [Journal] [WP]
"Capital Income Taxation with Housing," Journal of Economic Dynamics and Control, 115, June 2020. [Journal] [WP]
"Home Equity in Retirement," with Irina A. Telyukova, International Economic Review, 61(2), May 2020, pp. 573-616. [Journal] [WP]
"Reverse Mortgage Loans: A Quantitative Analysis," with Irina A. Telyukova, Journal of Finance, 72(2), April 2017, pp. 911-950. [Journal] [WP]
"Assessing Bankruptcy Reform in a Model with Temptation and Equilibrium Default," Journal of Public Economics, 145, January 2017, pp. 42-64. [Journal] [WP]
"Worker Flows and Job Flows: A Quantitative Investigation," with Shigeru Fujita, Review of Economic Dynamics, 22, October 2016, pp. 1-22. [Journal] [WP]
"A Quantitative Analysis of Unemployment Benefit Extensions," Journal of Monetary Economics, 59(7), November 2012, pp. 686-702. [Journal] [WP]
"Rising Indebtedness and Temptation: A Welfare Analysis," Quantitative Economics, 3(2), July 2012, pp. 257-288. [Journal] [WP]
"Business Cycles in the Equilibrium Model of Labor Market Search and Self-Insurance," International Economic Review, 53(2), May 2012, pp. 399-432. [Journal] [WP]
"A Quantitative Theory of Unsecured Consumer Credit with Risk of Default," with Satyajit Chatterjee, Dean Corbae, and Jose-Víctor Ríos-Rull, Econometrica, 75(6), November 2007, pp. 1525-1589 (lead article). [Journal] [WP]
Publications (Book Chapters and Other Papers)
"Preface to the Japanese Economic Review (JER) Special Issue on Heterogeneity and Macroeconomics," with Toshihiko Mukoyama and Tomoaki Yamada, Japanese Economic Review, 76(2), April 2025. [Journal] [DL]
"Literature Review of HANK Models," with Yuuto Iwasaki, Nao Sudou, and Fumitaka Nakamura, Bank of Japan IMES Discussion Paper No. 2020-J-9 (in Japanese), June 2020. [DL]
"Housing in Retirement Across Countries," with Irina A. Telyukova, in Contemporary Issues in Microeconomics, J. E. Stiglitz and M. Guzman, eds., Palgrave Macmillan, December 2015. [WP]
"Default and Aggregate Fluctuations in Storage Economies," with José-Víctor Ríos-Rull, in Frontiers in Applied General Equilibrium Modelling, T. Kehoe, T.N. Srinivasan, and J. Whalley, eds., Cambridge University Press, 2005. [WP]
Non-technical Articles
"Baby Boomers vs. Millennials Through Monetary Policy?" FRB Philadelphia Economic Insights, Fourth Quarter 2020, pp. 1-11. [DL]
"Taxing the 1 Percent," FRB Philadelphia Economic Insights, 2017 Q2, pp. 1-10. [DL]
"The Redistributive Consequences of Monetary Policy," FRB Philadelphia Business Review, 2015 Q2, pp. 9-16. [DL]
"The Diverse Impacts of the Great Recession," FRB Philadelphia Business Review, 2013 Q2, pp. 17-29. [DL]
"Everything You Always Wanted to Know About Reverse Mortgages but Were Afraid to Ask," FRB Philadelphia Business Review, 2012 Q1, pp. 19-31. [DL]
"Understanding House Price Dynamics," FRB Philadelphia Business Review, 2010 Q2, pp. 20-28. [DL]