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

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

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

    Abstract
  • 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.

    Abstract
  • 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.

    Abstract

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)

    Abstract
  • Reconciling Models of Diffusion and Innovation: A Theory of the Productivity Distribution and Technology Frontier (Jan 2017)
    [ Technical Appendix ]
    (with Jess Benhabib and Jesse Perla)

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


Household Finance 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 (May 2017, Resubmitted to JPE)
    (with John Ameriks, Joseph Briggs, Andrew Caplin, and Matthew D. Shapiro)

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

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

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

    Abstract
  • Due Diligence: Job Search with Rationally Inattentive Workers (Work in Progress)
    (with Joseph Briggs, Andrew Caplin, and Daniel Martin)

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