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Very happy to share that my paper “Credit markets, relationship lending, and the dynamics of firm entry” (with Qingqing Cao Paolo Giordani Raoul Minetti) is finally online at ⁦Review of Economic Dynamics. #EconTwitter sciencedirect.com/science/articl…

Under price stickiness heterogeneity global demand shocks lead to a liquidity trap for all countries labeled "the open-economy paradox of flexibility." The severity of the paradox increases with the degree of openness. Learn more 👇 sciencedirect.com/science/articl…

This forthcoming paper by Galina Vereshchagina shows that accounting for firm's endogenous productivity growth over the lifecycle plays an important role in understanding the link between financial and economic development. Lear more 👇 sciencedirect.com/science/articl…

Ran Gu Ran Gu shows that wages of workers with postgraduate degrees vary less over the business cycle than those with undergraduate degrees This is because of differences in *specific* human capital between the two Ran's JMP out in the Review of Economic Dynamics: sciencedirect.com/science/articl…

Volume 48 is out! Read about the role of information on inflation, long term sovereign debt, the relationship between interest rates and growth, product innovation and diffusion, capital flows, unemployment risk, stablecoins, and much more. economicdynamics.org/volume-48-2023/

Don’t miss the latest Economic Dynamics newsletter, and read about Corina Boar and Virgiliu Midrigan’s research agenda on “Market Power, Taxes, and Inequality.”

Has the quant contribution of capital-skill complementarity in accounting for rising wage inequality as in Krusell, @lee_ohanian , Rios-Rull, and Gianluca Violante (2000) changed overtime? Adding 30 years of data, makes little change to the original estimates! sciencedirect.com/science/articl…

This forthcoming paper studies inflation dynamics using a generalized version of the New Keynesian Phillips curve of Galí and Gentler, finding results that are similar to previous studies. Find out the details 👇 sciencedirect.com/science/articl…

This forthcoming paper shows that using information on the extensive margin of financially constrained households can narrow down the set of admissible preferences in a large class of macroeconomic models. Find out more! sciencedirect.com/science/articl…

Using household consumption biases Frisch elasticities downward as limited commitment in the household induces individual consumption to behave differently from household consumption. Lear more about an improved estimation approach! sciencedirect.com/science/articl…

How does money laundering affect the optimal design of central bank digital currency? As long as CBDC offers less anonymity than cash, introducing CBDC will decrease money laundering. sciencedirect.com/science/articl…

How do competitive interactions between regulated banks and shadow banks affect optimal dynamic capital requirements? Find out more in ths forthcoming paper by Arsenii Mishin. sciencedirect.com/science/articl…

SAVE THE DATE: The SED meetings 2024 will take place in Barcelona, Spain June 27-29!!!

Our new issue in memory of Thomas Cooley is out! Intro by Jeremy Greenwood, ⁦Nezih Guner, Loukas Karabarbounis, and ⁦@lee_ohanian⁩, as well as papers on CEO compensation, inequality, information acquisition, taxation, and much more. Don’t miss it! sciencedirect.com/journal/review…

This forthcoming paper shows that Frisch elasticity estimates are exaggerated due to publication bias with a mean of 0.5. Correcting this bias brings it down to 0.2. Learn more 👇 sciencedirect.com/science/articl…

What are the short- and long-term consequences of small firm rescue programs in a pandemic recession? This paper finds impact on output and employments is modest because jobs are saved in smaller firms and reallocation towards larger firms is reduced. sciencedirect.com/science/articl…

What is the value of innovations according to a Schumpeterian growth model that allows for the interaction between patent policy and firm's internal strategies? Find out in this forthcoming paper! sciencedirect.com/science/articl…

What are the optimal taxes when human capital investment can't be told apart from regular consumption? Lear more in this forthcoming paper by Been-Lon Chen and Fei-Chi Liang. sciencedirect.com/science/articl…

What determines the search intensity of traders in OTC markets? This forthcoming paper argues it depends on the level of search frictions and that the socially optimal search intensity is reached in the absence of intermediation. Read more 👇 sciencedirect.com/science/articl…