Research Focus: Heterogeneity in Macroeconomics

    I am a macroeconomist who studies the macro implications of micro level heterogeneity in both firms and households. My primary specializations are growth and household finance. My endogenous growth research focuses on how and why firms choose to improve their productivity by investing in innovation and technology adoption. I study how these activities are influenced by the technological environment and policies, how they interact to determine the shape and time path of the productivity distribution, and how they contribute to aggregate growth. My household finance research focuses on the dynamics of household wealth, income, and consumption over time and over the life cycle, using applied econometric techniques with micro survey data on both statistical and structural models. I am also interested in the finance and asset pricing implications of collateral constrained agents.

Journal Publications

  • Comment on ``Tarnishing the Golden and Empire States: Land-use Regulations and the U.S. Economic Slowdown,'' by Herkenhoff, Ohanian, and Prescott
    Journal of Monetary Economics (2018), Vol. 93: 110-113.

  • Small Sample Properties of Bayesian Estimators of Labor Income Processes
    (with Taisuke Nakata )
    Journal of Applied Economics (2015), Vol. 18 (1): 122-148.

  • Equilibrium Imitation and Growth
    (with Jesse Perla)
    Journal of Political Economy (2014), Vol. 122 (1): 52-76.

  • Catch-up and Fall-back through Innovation and Imitation       [ Technical Appendix ]
    (with Jess Benhabib and Jesse Perla)
    Journal of Economic Growth (2014), Vol. 19 (1): 1-35.

  • Collateral Values by Asset Class: Evidence from Primary Securities Dealers
    (with Leonardo Bartolini, Spence Hilton, and Suresh Sundaresan)
    Review of Financial Studies (2011), Vol. 24 (1): 248-278.


Growth and Idea Diffusion Research in Progress

  • Equilibrium Technology Diffusion, Trade, and Growth (Under Revision for the AER)
    (with Jesse Perla and Michael E. Waugh)

  • Reconciling Models of Diffusion and Innovation: A Theory of the Productivity Distribution and Technology Frontier (Under Revision for Econometrica)
    [ Technical Appendix ]
    (with Jess Benhabib and Jesse Perla)

  • Nonrivalry and the Economics of Data (Coming Soon)
    (with Chad Jones )

  • The Spatial Diffusion of Knowledge (Work in Progress)
    (with Treb Allen and Kamran Bilir )

Household Finance and Labor Research in Progress

  • The Vanguard Research Initiative: Technical Reports, Surveys, and Documentation
    VRI Technical Reports: [ LTC Model ] [ LTC SSQs ]

  • Long-Term-Care Utility and Late-in-Life Saving (Under Revision for the JPE)
    (with John Ameriks, Joseph Briggs, Andrew Caplin, and Matthew D. Shapiro)

  • Late-in-Life Risks and the Under-Insurance Puzzle (Nov 2016)
    (with John Ameriks, Joseph Briggs, Andrew Caplin, and Matthew D. Shapiro)

  • Older Americans Would Work Longer if Jobs Were Flexible (Under Revision for AEJ: Macro)
    (with John Ameriks, Joseph Briggs, Andrew Caplin, Minjoon Lee, and Matthew D. Shapiro)

  • The Wealth of Wealthholders (Dec 2014)
    (with John Ameriks, Andrew Caplin, Minjoon Lee, and Matthew D. Shapiro)

  • A Bayesian Approach to Imputing a Consumption-Income Panel Using the PSID and CEX (Sep 2014)
    (with Matthew E. Smith)

  • Risky Insurance (Work in Progress)
    (with Joseph Briggs)

  • Due Diligence: Rational Inattention in Search and Matching Markets (Coming Soon)
    (with Joseph Briggs, Andrew Caplin, Mateusz Giezek, and Daniel Martin)

  • Inter-generational Transfers and Precautionary Saving (Work in Progress)
    (with John Ameriks, Joseph Briggs, Andrew Caplin, and Mi Luo)