Scholarly Works - Journal articles
Journal article
Review of Economic Dynamics
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December 1, 2023
We analyze optimal capital and labor taxes in a model where (i) the government makes noncontingent announcements about future policies and (ii) state-contingent deviations from these announcements are costly. With Full Commitment, optimal announcements coi ...
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Economic Journal
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May 1, 2023
We study the role of new-product quality for the dynamics of durable-good expenditures around the Great Recession. We assemble a rich dataset on US new-car markets during 2004–12, combining data on transaction prices with detailed information about vehicle ...
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American Economic Review
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February 1, 2023
We characterize efficiency in an equilibrium model of investment and capital reallocation with heterogeneous firms facing collateral constraints. The model features two types of pecuniary externalities: collateral externalities, because the resale price of ...
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American Economic Journal Macroeconomics
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January 1, 2023
What are the short-term effects of an import-competition shock on capital reallocation and aggregate productivity? To address this question, we develop a quantitative model with heterogeneous firms and capital-reallocation frictions. We discipline the mode ...
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Journal article
Review of Economic Studies
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November 1, 2021
This article studies equilibrium dynamics in consumer durable goods markets after aggregate credit shocks. We introduce two novel features into a general-equilibrium model of durable consumption with heterogeneous households facing idiosyncratic income ris ...
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Journal article
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January 2021
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Journal article
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May 2020
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Journal article
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February 2020
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Journal article
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October 2018
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Journal article
Economic Research Initiatives at Duke (ERID)
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January 17, 2016
Featured Publication
Capital reallocation is procyclical in the data, but countercyclical in standard business-cycle models. To solve this puzzle, I build a model of endogenous partial irreversibility, with heterogeneous firms facing aggregate and idiosyncratic productivity sh ...
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