Working Papers Aggregate Dynamics in Lumpy Economies (with Andrés Blanco) R&R Econometrica Structural links between aggregate dynamics, steady state moments, and micro data in lumpy economies, with an application to investment. Paper (NEW!)Online Appendix Data Appendix Slides
Mismatch Cycles (with Ana Figueiredo&Robert Ulbricht) During recessions, highly mismatched jobs are destroyed but also created. An equilibrium model of the labor market with directed search, multidimensional sorting, learning about skills, and aggregate shocks accounts for the cyclical dynamics of skill mismatch. Paper (NEW!)
Can Global Uncertainty Promote International Trade? (with Laura Velkamp & Michael Waugh) Paper (NEW VERSION!) If domestic and foreign goods are highly substitutable, terms of trade uncertainty can fuel more trade in a simple general equilibrium trade model with information frictions. *Previously circulated as Information Globalization, Risk Sharing, and International Trade.
Quit Turbulence and Unemployment (with Lars Ljungqvist & Thomas Sargent) R&R Economic Journal Paper When workers are exposed to the risk of skill obsolescence after a layoff or a voluntary quit, generous unemployment benefits create more and longer unemployment. *Previously circulated as Turbulence and Unemployment in Matching Models
Work in Progress
Wealth and Inequality in Turbulent Labor Markets (with Alireza Sepahsalari) The risk of human capital obsolescence decreases reemployment wages and increases savings and unemployment duration. Draft coming soon!
Policy Uncertainty and Sovereign Bond Markets (with Felix Matthys) Government bond yields are affected differentially by global and country-specific policy uncertainty factors. Draft coming soon!
Optimal Monetary Instruments for an Uncertain World (with Donghai Zhang and Renbin Zhang)
Sleeping papers (for now) Price Duration and Passthrough (with Federico Kochen and Daniel Sámano) Exchange rate passthrough is larger for products with young (recently set) prices. Preliminary Draft