Working Papers
Disaggregated Economic Accounts
(with Asger Andersen, Kilian Huber, Niels Johannesen, and Emil Toft Vestergaard)
Updated: August 2023
Revise and Resubmit at Quarterly Journal of Economics
[Website]
Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel
(with Adrien Auclert, Matthew Rognlie, and Martin Souchier)
Updated: May 2021
Revise and Resubmit at American Economic Review
A Goldilocks Theory of Fiscal Deficits
(with Atif Mian and Amir Sufi)
Updated: February 2024
Revise and Resubmit at American Economic Review
The Saving Glut of the Rich
(with Atif Mian and Amir Sufi)
Updated: February 2021
[Replication Kit]
Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model
(with Adrien Auclert and Matthew Rognlie)
Updated: March 2020
Revise and Resubmit at American Economic Review
Consumption, Savings, and the Distribution of Permanent Income
Updated: June 2019
Revise and Resubmit at Econometrica
Publications
A Dynamic Theory of Lending Standards
(with Jonathan Parker and Michael Fishman)
Updated: December 2023
Accepted at Review of Financial Studies
The Intertemporal Keynesian Cross
(with Adrien Auclert and Matthew Rognlie)
Updated: December 2023
Accepted at Journal of Political Economy
Companion paper: Determinacy and Existence in the Sequence Space
[Old 2017 version]
Managing an Energy Shock: Fiscal and Monetary Policy
(with Adrien Auclert, Hugo Monnery, and Matthew Rognlie)
Updated: July 2023
Prepared for the Proceedings of the XXV Annual Conference of the Central Bank of Chile
New Pricing Models, Same Old Phillips Curves
(with Adrien Auclert, Rodolfo Rigato, and Matthew Rognlie)
Updated: March 2023
Quarterly Journal of Economics, forthcoming
[Code at GitHub]
Endogenous Uncertainty and Credit Crunches
(with Robert Ulbricht)
Updated: January 2023
Accepted at Review of Economic Studies
[Replication Kit]
The Trickling Up of Excess Savings
(with Adrien Auclert and Matthew Rognlie)
AEA Papers and Proceedings 2023, forthcoming
[Working Paper] [Code at GitHub]
Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies
(with Rishabh Aggarwal, Adrien Auclert and Matthew Rognlie)
NBER Macroeconomics Annual 2023, Vol. 37
[Replication Kit]
Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?
(with Veronica Guerrieri, Guido Lorenzoni, and Iván Werning)
American Economic Review, 112 (5) 2022: 1437-74
[Working Paper] [Slides]
Monetary Policy in Times of Structural Reallocation
(with Veronica Guerrieri, Guido Lorenzoni, and Iván Werning)
Proceedings of the Jackson Hole Symposium, 2021
What explains the decline in r*? Rising income inequality versus demographic shifts
(with Atif Mian and Amir Sufi)
Proceedings of the Jackson Hole Symposium, 2021
[Replication Kit]
Indebted Demand
(with Atif Mian and Amir Sufi)
Quarterly Journal of Economics, 136 (4) 2021: 2243-2307
[Working Paper] [Slides] [Replication Kit] [Video]
Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models
(with Adrien Auclert, Bence Bardóczy, and Matthew Rognlie)
Econometrica, 89 (5) 2021: 2375-2408
[Working Paper] [Slides] [GitHub Repo]
A Theory of Foreign Exchange Interventions
(with Sebastián Fanelli)
Review of Economic Studies, 88 (6) 2021: 2857-2885
[Working Paper] [Replication Kit]
Positive Long-Run Capital Taxation: Chamley-Judd Revisited
(with Iván Werning)
American Economic Review, 110 (1), 2020: 86-119
[Working Paper] [Replication Code]
Endogenous Second Moments: A Unified Approach to Fluctuations in Risk, Dispersion and Uncertainty
(with Robert Ulbricht)
Journal of Economic Theory, 183, 2019: 625-660
Imperfect Public Monitoring with a Fear of Signal Distortion
(with Vivek Bhattacharya and Lucas Manuelli)
Journal of Economic Theory, 175, 2018: 1-37