Teaching

Intermediate Macroeconomics

A textbook aimed at advanced undergraduates, or not-so-advanced undergraduates who are willing to work hard and do a little maths.

Economics for PhD Students

First Year Macroeconomics - Basics

Dynamic Exchange Economies

Competitive Equilibrium and the First Welfare Theorem and

The First Welfare Theorem in a Production Economy

Same but in a production economy

Dynamic Optimization

Variational and recursive approaches

The Principle of Optimality

Conditions for the recursive problem to correspond to the sequence problem

The Bellman Equation

Properties of the solution

Some Applications of Dynamic Programing

Neoclassical Growth Model, Investment with Adjustment Costs (plus ideas on computation)

Dynamic Programing for Unbounded Problems

For constant-returns-to-scale or monotonic cases

Economies with Uncertainty

Arrow securities, complete markets and asset pricing

Stochastic Dynamic Programing

Markov chains and stochastic Bellman equations

Recursive Competitive Equilibrium

Definition and applications

Continuous Time Optimization (part 1) (part 2)

Hamiltonians and HJB equations

First Year Macroeconomics - Topics

General Equilibrium with Incomplete Markets

Aiyagari (1994), constrained optimality, Krusell & Smith (1998)

Endogenous Market Incompleteness and Recursive Contracts

Dynamic insurance problems with limited commitment, dynamic moral hazard or hidden income. The inverse Euler equation and immiseration results

Evidence on Insurance

A very limited selection

Optimal Fiscal and Monetary Policy

Ramsey taxation, Mirrlees taxation, Ramsey monetary policy

Random search, competitive search

General Equilibrium with Incomplete Markets

Aiyagari (1994), constrained optimality, Krusell & Smith (1998)

Models with Financial Constraints

Bernanke & Gertler (1989), Kiyotaki & Moore (1997) and Brunnermeier & Sannikov (2014)

Asymmetric and Dispersed Information in Macroeconomics and Finance

The Market for Lemons

Based on Wilson (1980)'s analysis of Akerlof, plus some game-theoretic refinements

Heterogeneously Informed Buyers in the Market for Lemons

My 2016 paper, with a detour through competitive search and Guerrieri, Shimer & Wright (2010)

Fire Sale Effects

My working paper on fire sales, building on Kiyotaki & Moore (1997), Lorenzoni (2008)

Information about Aggregate Variables

Grossman & Stiglitz (1980) and the global games and beauty contest models of Morris & Shin

Business Cycles with Dispersed Information

Based on Angeletos & La'O (2009)

Banking Economics

Banking as Insurance

Diamond & Dybvig (1983), Jacklin (1987) and Holmstrom & Tirole (1998)

Banking and Commitment

Diamond & Rajan (2001) and Donaldson, Piacentino & Thakor (2018)

Deposit Spreads

Why bank deposits don't pay market interest rates, and implications

Bank Regulation

Variants of a risk-shifting problem

Risk Management

My working paper with Sebastian Di Tella on interest rate risk, plus an introduction to continuous-time portfolio problems

Market Power

Macro-Finance Trends

Farhi & Gourio (2018) and Barkai (2017)

Measuring Markups

De Loecker, Eeckhout & Unger (2018) and the underlying methodology

The Welfare Cost of Markups

Based on Edmond, Midrigan & Xu (2018)

Trends in Market Concentration

Autor, Dorn, Katz, Patterson & Van Reenen (2017) and Guiterrez &Philippon (2017)

Measuring Competition

Pellegrino (2019) and Rossi-Hansberg, Sarte & Trachter (2018)