Externally Published Research

Student Loan Borrowing and Repayment Decisions: Risks and Contingencies
Handbook of the Economics of Education
Kartik Athreya, Christopher Herrington, Felicia Ionescu and Urvi Neelakantan

Stock Market Participation: The Role of Human Capital
Review of Economic Dynamics
Kartik Athreya, Felicia Ionescu and Urvi Neelakantan 

How to Go Viral: A COVID-19 Model with Endogenously Time-Varying Parameters
Journal of Econometrics
Paul Ho, Thomas A. Lubik and Christian Matthes

Is There News in Inventories?
Journal of Monetary Economics, forthcoming
Christoph Gortz, Christopher Gunn and Thomas A. Lubik

Income Volatility and Portfolio Choices
Review of Economic Dynamics
Yongsung Chang, Jay H. Hong, Marios Karabarbounis, Yicheng Wang and Tao Zhang

Playing With Money
Journal of Economic Behavior and Organization
Douglas Davis, Oleg Korenok, Peter Norman, Bruno Sultanum and Randall Wright

An Information-Based Theory of Financial Intermediation
The Review of Economic Studies
Zachary Bethune, Bruno Sultanum and Nicholas Trachter

Lending Relationships and Optimal Monetary Policy
The Review of Economic Studies
Zachary Bethune, Guillaume Rocheteau, Russell Wong and Cathy Zhang

Payments on Digital Platforms: Resiliency, Interoperability and Welfare
Journal of Economic Dynamics and Control
Jonathan Chiu and Russell Wong

Product Life Cycle, Learning and Nominal Shocks
Review of Economic Studies
David Argente and Chen Yeh

Cross-Border Bank Flows and Monetary Policy
The Review of Financial Studies, Vol. 35, January 2022: 438–481
Ricardo Correa, Teodora Paligorova, Horacio Sapriza and Andrei Zlate

Quarantine, Contact Tracing and Testing: Implications of an Augmented SEIR Model
The B.E. Journal of Macroeconomics, 2021
Andreas Hornstein

The Impact of Rising Temperature on U.S. Economic Growth
World Scientific Encyclopedia of Climate Change, 2021: 133-138
Riccardo Colacito, Bridget Hoffmann and Toan Phan

Regressive Welfare Effects of Housing Bubbles
Macroeconomic Dynamics, Vol. 25, December 2021: 2102-2127
Andrew Graczyk and Toan Phan

Wholesale Funding Runs, Global Banks' Supply of Liquidity Insurance, and Corporate Investment
Journal of International Economics, Vol. 133, November 2021
Ricardo Correa, Horacio Sapriza and Andrei Zlate

Efficient VAR Discretization
Economics Letters, Vol. 204, July 2021
Grey Gordon

Local Industrial Policy and Sectoral Hubs
AEA Papers and Proceedings, Vol. 111, May 2021: 526-531
Esteban Rossi-Hansberg, Pierre-Daniel Sarte and Felipe Schwartzman

Discussion of "Currency Stability Using Blockchain Technology"
Journal of Economic Dynamics and Control, May 2021
Bruno Sultanum

Misallocation and Financial Frictions: The Role of Long-Term Financing
Review of Economic Dynamics, Vol. 40, April 2021: 44-63
Marios Karabarbounis and Patrick Macnamara

Sovereign Debt Restructurings
American Economic Journal: Macroeconomics, Vol. 13, April 2021: 26-77
Maximiliano Dvorkin, Juan M. Sanchez, Horacio Sapriza and Emircan Yurdagul

Risk, the College Premium and Aggregate Human Capital Investment
American Economic Journal: Macroeconomics, Vol. 13, April 2021: 168-213
Kartik Athreya and Janice Eberly

Local Scars of the U.S. Housing Crisis
Journal of Monetary Economics, Vol. 119, April 2021: 40-57
Saroj Bhattarai, Felipe Schwartzman and Choongryul Yang

A Heterogeneous-Agent New-Monetarist Model With an Application to Unemployment
Journal of Monetary Economics, Vol. 117, January 2021: 64-90
Guillaume Rocheteau, Pierre-Olivier Weill and Russell Wong

End-of-Life Medical Expenses
Handbook of Aging and the Social Sciences, Ninth Edition, Jan. 9, 2021: 393-410
Eric French, John Bailey Jones, Elaine Kelly and Jeremy McCauley

Forecasting the COVID-19 Epidemic: The Case of New Zealand
New Zealand Economic Papers, 2020
Paul Ho, Thomas A. Lubik and Christian Matthes

Diverging Trends in National and Local Concentration
In the 2020 NBER Macroeconomics Annual, edited by Martin Eichenbaum and Erik Hurst. Chicago: University of Chicago Press
Esteban Rossi-Hansberg, Pierre-Daniel Sarte and Nicholas Trachter

Two-Sided Market, R&D and Payments System Evolution
Journal of Monetary Economics, Vol. 115, November 2020: 180-199
Bin Grace Li, James McAndrews and Zhu Wang

Bubbly Recessions
American Economic Journal: Macroeconomics, Vol. 12, October 2020: 33–70
Siddhartha Biswas, Andrew Hanson and Toan Phan

The Information Content and Statistical Properties of Diffusion Indices
International Journal of Central Banking, Vol. 16, September 2020: 47-100
Santiago Pinto, Pierre-Daniel G. Sarte and Robert Sharp

News, Sovereign Debt Maturity and Default Risk
Journal of International Economics, Vol. 126, September 2020
Maximiliano Dvorkin, Juan M. Sanchez, Horacio Sapriza and Emircan Yurdagul

An Estimated Structural Model of Entrepreneurial Behavior
American Economic Review, Vol. 110, September 2020: 2859-2898
John Bailey Jones and Sangeeta Pratap

The Wage Penalty for Married Women of Career Interruptions: Evidence From the 1970s and the 1990s
Oxford Bulletin of Economics and Statistics, Vol. 82, August 2020: 783-807
John Bailey Jones, Minhee Kim and Byoung G. Park

The Benefits of Commitment to a Currency Peg: Aggregate Lessons From the Regional Effects of the 1896 U.S. Presidential Election 
Review of Economics and Statistics, Vol. 102, July 2020: 600-616
Scott L. Fulford and Felipe Schwartzman

Banker Compensation, Relative Performance and Bank Risk
Journal of the Japanese and International Economies, Vol. 56, June 2020
Arantxa Jarque and Edward Simpson Prescott

Rethinking Detroit
American Economic Journal: Economic Policy, Vol. 12, May 2020: 258–305
Raymond Owens, Esteban Rossi-Hansberg and Pierre-Daniel Sarte

Asymmetries in the Bank Lending Channel of Monetary Policy in the United States
Economics Letters, Vol. 189, April 2020
Horacio Sapriza and Judit Temesvary

Medical Spending, Bequests and Asset Dynamics Around the Time of Death
National Bureau of Economic Research Working Paper No. 26879, March 2020
John Bailey Jones, Mariacristina De Nardi, Eric French, Rory McGee and Rachel Rodgers

Government Support, Regulation and Risk Taking in the Banking Sector
Journal of Banking and Finance, Vol. 112, March 2020
Luis Brandao-Marques, Ricardo Correa and Horacio Sapriza

Investigating Nonneutrality in a State-Dependent Pricing Model With Firm-Level Productivity Shocks
International Economic Review, Vol. 61, February 2020: 159–188
Michael Dotsey and Alexander L. Wolman

Optimal Liquidity Policy With Shadow Banking
Economic Theory, Vol. 68, November 2019: 967–1015
Borys Grochulski and Yuzhe Zhang

Interventions in Markets With Adverse Selection: Implications for Discount Window Stigma
Journal of Money, Credit and Banking, Vol. 51, October 2019: 1737-1764
Huberto M. Ennis

The Persistence of Financial Distress
Review of Financial Studies, Vol. 32, October 2019: 3851-3883
Kartik Athreya, José Mustre-del-Río and Juan M. Sánchez

Global Dynamics in a Search and Matching Model of the Labor Market
Economic Theory, Vol. 68, September 2019: 461-497
Nika Lazaryan and Thomas A. Lubik

Relative Price Dispersion: Evidence and Theory
American Economic Journal: Microeconomics, Vol. 11, August 2019: 68-124
Greg Kaplan, Guido Menzio, Leena Rudanko and Nicholas Trachter

Asset Issuance in Over-the-Counter Markets
Review of Economic Dynamics, Vol. 33, July 2019: 4-29
Zachary Bethune, Bruno Sultanum and Nicholas Trachter

Asset Bubbles and Global Imbalances
American Economic Journal: Macroeconomics, Vol. 11, July 2019
Daisuke Ikeda and Toan Phan

Learning and Life Cycle Patterns of Occupational Transitions
International Economic Review, Vol. 60, May 2019: 905–937
Aspen Gorry, Devon Gorry and Nicholas Trachter

Aggregate Implications of Changing Sectoral Trends
National Bureau of Economic Research Working Paper No. 25867, May 2019
Andrew Foerster, Andreas Hornstein, Pierre-Daniel Sarte and Mark W. Watson

Temperature and Growth: A Panel Analysis of the United States
Journal of Money, Credit and Banking, Vol. 51, March-April 2019: 313–368
Riccardo Colacito, Bridget Hoffmann and Toan Phan

A Practical Approach to Testing Calibration Strategies
Computational Economics, Vol. 53, March 2019: 1165–1182
Grey Gordon and Yongquan Cao

Price Dynamics With Customer Markets
International Economic Review, Vol. 60, February 2019: 413–446
Luigi Paciello, Andrea Pozzi and Nicholas Trachter

Discretionary Monetary Policy in the Calvo Model
Quantitative Economics, Vol. 10, January 2019: 387–418
Willem Van Zandweghe and Alexander L. Wolman

Review of The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster, by Laurence Ball
Business Economics, Vol. 54, January 2019: 97–99
John A. Weinberg

Distance and Decline: The Case of Petersburg, Virginia
Virginia Economic Journal, Vol. 22, 2018: 1–28
Raymond E. Owens and Santiago M. Pinto

Real Rates and Consumption Smoothing in a Low Interest Rate Environment: The Case of Japan
Pacific Economic Review, Vol. 23, December 2018: 685–704
Jonathon Lecznar and Thomas A. Lubik

A Simple General Equilibrium Model of Large Excess Reserves
Journal of Monetary Economics, Vol. 98, October 2018: 50-65
Huberto M. Ennis

Competitors, Complementors, Parents and Places: Explaining Regional Agglomeration in the U.S. Auto Industry
Review of Economic Dynamics, Vol. 30, October 2018: 1-29
Luís Cabral, Zhu Wang and Daniel Yi Xu

The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy
Review of Economic Studies, Vol. 85, October 2018: 2042-2096
Lorenzo Caliendo, Fernando Parro, Esteban Rossi-Hansberg and Pierre-Daniel G. Sarte

Asset Pledgeability and Endogenously Leveraged Bubbles
Journal of Economic Theory, Vol. 177, September 2018: 280–314
Julien Bengui and Toan Phan 

Financial Fragility and Over-the-Counter Markets
Journal of Economic Theory, Vol. 177, September 2018: 616–658
Bruno Sultanum

A Tractable Model of Monetary Exchange With Ex-Post Heterogeneity
Theoretical Economics, Vol. 13, September 2018: 1369–1424
Guillaume Rocheteau, Pierre-Olivier Weill and Russell Wong

Should Platforms Be Allowed to Charge Ad Valorem Fees?
Journal of Industrial Economics, Vol. 66, September 2018: 739–760
Zhu Wang and Julian Wright

A Divide and Conquer Algorithm for Exploiting Policy Function Monotonicity
Quantitative Economics, Vol. 9, August 2018: 521-540
Grey Gordon and Shi Qiu

Editors’ Introduction: The Renewal of the Canadian Inflation-Control Target
Canadian Journal of Economics, Vol. 51, August 2018: 799–801
Francisco Ruge-Murcia and Alexander L. Wolman

Bankruptcy and Delinquency in a Model of Unsecured Debt
International Economic Review, Vol. 59, May 2018: 593-623 
Kartik Athreya, Juan M. Sánchez, Xuan S. Tam and Eric R. Young

Sovereign Default and Maturity Choice
Journal of Monetary Economics, Vol. 95, May 2018: 72-85
Juan M. Sanchez, Horacio Sapriza and Emircan Yurdagul

Dynamics of Investment, Debt and Default
Review of Economic Dynamics, Vol. 28, April 2018: 71-95
Grey Gordon and Pablo Guerrón-Quintana

Estimation and Inference of Threshold Regression Models With Measurement Errors
Studies in Nonlinear Dynamics and Econometrics, Vol. 22, April 2018: 1-16
Terence Tai-Leung Chong, Haiqiang Chen, Russell Wong and Isabel Kit-Ming Yan

Labor Market Uncertainty and Portfolio Choice Puzzles
American Economic Journal: Macroeconomics, Vol. 10, April 2018: 222–262
Yongsung Chang, Jay H. Hong and Marios Karabarbounis

Equilibrium Price Dispersion Across and Within Stores
Review of Economic Dynamics, Vol. 28, April 2018: 205-220
Guido Menzio and Nicholas Trachter

The Effects of Collecting Income Taxes on Social Security Benefits
Journal of Public Economics, Vol. 159, March 2018: 128–145
John Bailey Jones and Yue Li

China's Belt and Road Initiative and Regional Perceptions of China
Business Economics, Vol. 53, January 2018: 14-24
John O'Trakoun