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

  • Long-Term-Care Utility and Late-in-Life Saving       [ Online Appendix ]
    (with John Ameriks, Joseph Briggs, Andrew Caplin, and Matthew D. Shapiro)
    Journal of Political Economy (2020), June: forthcoming.

  • Older Americans Would Work Longer if Jobs Were Flexible
    (with John Ameriks, Joseph Briggs, Andrew Caplin, Minjoon Lee, and Matthew D. Shapiro)
    American Economic Journal: Macroeconomics (2020), Vol. 12 (1): 174-209.

  • 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 (May 2019 | Under Revision for the AER)
    [ Numerical Methods Appendix ] [ Code ]
    (with Jesse Perla and Michael E. Waugh)

  • Reconciling Models of Diffusion and Innovation: A Theory of the Productivity Distribution and Technology Frontier (Sep 2019 | Resubmitted to Econometrica)
    [ Technical Appendix ] [ Computational Appendix ]
    (with Jess Benhabib and Jesse Perla)

  • Nonrivalry and the Economics of Data (August 2019 | Under Revision for the AER)
    [ Online Appendix ]
    (with Chad Jones )

  • Knowledge Diffusion Through Networks (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 ]

  • The Long-Term-Care Insurance Puzzle: Modeling and Measurement (June 2018)
    (with John Ameriks, Joseph Briggs, Andrew Caplin, and Matthew D. Shapiro)

  • Due Diligence: Endogenous Offer Quality and Information Acquisition in Search and Matching (Coming Soon)
    (with Joseph Briggs, Andrew Caplin, Mateusz Giezek, and Daniel Martin)

  • Risky Insurance: Life-cycle Insurance Portfolio Choice with Incomplete Markets (Work in Progress)
    (with Joseph Briggs)

  • Understanding Job-to-Job Transitions with Wage Cuts (Work in Progress)
    (with Joseph Briggs, Andrew Caplin, Victoria Gregory, Søren Leth-Petersen, Johan Sæverud, and Gianluca Violante)

  • Forecasting Treatment Effects with Survey Instruments (Work in Progress)
    (with Joseph Briggs, Andrew Caplin, Søren Leth-Petersen, and Gianluca Violante)

Older Working Papers

  • 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)