Published Papers
(Including Forthcoming, and Conditionally Accepted)
(Including Forthcoming, and Conditionally Accepted)
1. "A Long and a Short Leg make for a Wobbly Equilibrium", joint with N. Garleanu and G. Zheng, 2025, conditionally accepted, American Economic Review
2. "Evaluating Private Equity From an Investor's Perspective", joint with A. Korteweg and V.A. Systla, 2025, accepted, Journal of Financial Economics
3. "Running Primary Deficits Forever in Dynamically Efficient Economies: Feasibility and Optimality", joint with A. Abel, 2025, forthcoming Econometrica
4. "Value without Employment", joint with S. Barkai, forthcoming, Journal of Finance
5. "Cross-subsidization of Bad Credit in a Lending Crisis" joint with N. Artavanis, B. J. Lee, and M. Tsoutsoura, forthcoming, Review of Financial Studies.
6. “Are Zero Covid Policies Optimal? " joint with A.B.Abel., Review of Economic Dynamics 53 (2024) 47–70
7. “Precautionary Saving in a Financially-Constrained Firm", joint with A.B.Abel. The Review of Financial Studies, Volume 36, Issue 7, July 2023, Pages 2878–2921
8. “Heterogeneity and Asset Prices: An Intergenerational Approach", joint with N. Garleanu. September 2021, forthcoming , Journal of Political Economy
9. “An Analytic Framework for Interpreting Investment Regressions in the Presence of Financial Constraints", joint with Andrew B. Abel. 2021, forthcoming, Review of Financial Studies
10. “What to Expect When Everyone is Expecting: Self-Fulfilling Expectations and Asset Pricing Puzzles", joint with N. Garleanu, Journal of Financial Economics, 140 (1), p. 54-73, April 2021
11. "Impediments to Financial Trade: Theory and Applications" (joint with Nicolae Garleanu and Jianfeng Yu) 2019 (9) , Review of Financial Studies
12. “Financial Entanglement: A theory of Incomplete Integration, Leverage, Crashes, and Contagion’’, (joint with Nicolae Garleanu and Jianfeng Yu) 2015, American Economic Review 105(7), 1979-2010 Online Appendix
2013 Four Nations Cup - Winner
13. “Young, Old, Conservarive and Bold. The implications of finite lives and heterogeneity for Asset Pricing’’, (joint with Nicolae Garleanu), 2015, Journal of Political Economy, 123(3), 670-685. (File includes online appendix)
14. “Optimal Inattention to the Stock Market with Information Costs and Transactions Costs,” 2013 (joint with Andrew B. Abel and Janice C. Eberly), Econometrica, (Online Link), July 2013, Vol. 81, No.4, 1455-1481 Extended Appendix
15. “Technological Growth and Asset Pricing” (joint with Nicolae Garleanu and Jianfeng Yu), Journal of Finance, August 2012, Vol. 67, Issue 4, pp. 1265-1292 Extended Appendix
Winner of the 2012 Smith Breeden Prize (First Place)
16. “Displacement Risk and Asset Returns’’, 2011 (joint with Nicolae Garleanu and Leonid Kogan), Journal of Financial Economics, September 2012, Vol. 105, Issue 3, pp. 491-510. Extended Appendix
Winner of the 2011 Utah Winter Finance Conference Best Paper award.
17. “Optimal taxation in the presence of bailouts’’, Journal of Monetary Economics, 2010, 57(1), pp. 101-116
18. “Bailouts, the incentive to manage risk, and financial crises,”Journal of Financial Economics, 2010, 95(3) , pp. 296-311
19. “High-Water Marks: High Risk Appetites? Convex Compensation, Long Horizons, and Portfolio Choice” (joint with M. Westerfield) Journal of Finance 2009, 64 (1) , pp. 1-36
Nominated for the Smith Breeden Prize - Lead Article in the Journal of Finance
20. “Hedging Sudden Stops and Precautionary Contractions,” (joint with R. Caballero) Journal of Development Economics2008, 85 (1-2) , pp. 28-57
21. “Optimal Inattention to the Stock Market” (joint with Andrew B. Abel and Janice Eberly), American Economic Review, P&P, May 2007, 2, pp. 244-249
22. “Saving and Investing for Early Retirement: A Theoretical Analysis,” (joint with E. Farhi), Journal of Financial Economics, 2007, 83 (1), pp. 87-122. Extended Appendix
Winner of the Geewax, Terker Prize in Investment Research, Rodney L. White Center for Financial Research, 2005
Finalist for the Paul A. Samuelson Award
23. “Contingent Reserves Management: An Applied Framework”, 2005, (joint with R. Caballero) in Economia Chileana, 8(2),pp. 45-56
1. "Pensions: Arresting a Race to the Bottom" (2017) (joint with P. Tinios) in "Beyond Austerity: Reforming the Greek Economy" Edited by C. Meghir, C. Pissarides, D. Vayanos, N. Vettas, MIT Press