Journal ArticleJournal of Monetary Economics · July 1, 2025
What are the welfare, wage, and output implications of applying merger review guidelines to the labor market? To answer this question, we develop a theory of multi-plant ownership and labor market monopsony. We estimate the model using U.S. Census data and ...
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Journal ArticleEconometrica · January 1, 2025
Many argue that minimum wages can prevent efficiency losses from monopsony power. We assess this argument in a general equilibrium model of oligopsonistic labor markets with heterogeneous workers and firms. We decompose welfare gains into an efficiency com ...
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Journal ArticleQuarterly Journal of Economics · August 1, 2023
This article studies the macroeconomic implications of imperfect risk sharing implied by a class of New Keynesian models with heterogeneous agents. The models in this class can be equivalently represented as a representative-agent economy with wedges. Thes ...
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Journal ArticleAmerican Economic Review · April 1, 2022
We develop, estimate, and test a tractable general equilibrium model of oligopsony with differentiated jobs and concentrated labor markets. We estimate key model parameters by matching new evidence on the relationship between firms’local labor market share ...
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Journal ArticleReview of Economic Dynamics · January 1, 2022
We quantify how testing and targeted quarantine make it possible to reopen an economy in such a way that output increases while deaths are reduced. We augment a standard Susceptible-Exposed-Infectious-Recovered (SEIR) model with (i) virological testing, (i ...
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Journal ArticleAmerican Economic Review · September 1, 2021
How much ability does the Fed have to stimulate the economy by cutting interest rates? We argue that the presence of substantial debt in fixed- rate, prepayable mortgages means that the ability to stimulate the economy by cutting interest rates depends not ...
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Journal ArticleJournal of Finance · February 1, 2020
We study temporary fiscal stimulus designed to support distressed housing markets by inducing demand from buyers in the private market. Using difference-in-differences and regression kink research designs, we find that the First-Time Homebuyer Credit incre ...
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Journal ArticleReview of Economic Studies · January 1, 2020
First version received April 2018; Editorial decision January 2019; Accepted February 2019 (Eds.) We provide evidence on the relationship between aggregate uncertainty and the macroeconomy. Identifying uncertainty shocks using methods from the news shocks ...
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Journal ArticleJournal of Political Economy · October 1, 2019
The dispersion of many economic variables is countercyclical. What drives this fact? Greater dispersion could arise from greater volatility of shocks or from agents responding more to shocks of constant size. Without data separately measuring exogenous sho ...
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Journal ArticleReview of Economic Studies · July 1, 2018
Recent empirical work shows large consumption responses to house price movements. This is at odds with a prominent theoretical view which, using the logic of the permanent income hypothesis, argues that consumption responses should be small. We show that, ...
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Journal ArticleEuropean Economic Review · April 1, 2018
We use microdata underlying U.S. consumer, producer and import price indices to document how the distribution of price changes evolves over time. Two striking features characterize pricing across all three datasets: (1) Frequency of price adjustments is co ...
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Journal ArticleJournal of Monetary Economics · January 1, 2018
Declining firm entry and the aging incumbent firms have meaningful implications for sluggish U.S. aggregate productivity growth. We provide a framework to characterize the contributions to industry productivity growth across the firm age distribution then ...
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Journal ArticleEconometrica · January 1, 2015
Are there times when durable spending is less responsive to economic stimulus? We argue that aggregate durable expenditures respond more sluggishly to economic shocks during recessions because microeconomic frictions lead to declines in the frequency of ho ...
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Journal ArticleJournal of International Economics · September 1, 2012
We analyze retail prices and at-the-dock (import) prices of specific items in the Bureau of Labor Statistics' (BLS) CPI and IPP databases, using both databases simultaneously to identify items that are identical in description at the dock and when sold at ...
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Journal ArticleJournal of Financial Economics · November 1, 2009
We propose a new empirical specification of volatility that links volatility to the information flow, measured as the order flow in the market, and to the price sensitivity to that information. The time-varying market sensitivity to information is estimate ...
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Scholarly Edition · 2009
We analyze retail prices and at-the-dock (import) prices of specific items in the Bureau of Labor Statistics' (BLS) CPI and IPP databases, using both databases simultaneously to identify items that are identical in description at the dock and when sold at ...
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Journal ArticleJournal of International Economics · May 1, 2008
We analyze the association between order flow and exchange rates using a new dataset representing a majority of global interdealer transactions in the two most-traded currency pairs at the one minute frequency over a six-year time period. This long span of ...
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Scholarly Edition · 2006
We analyze the factors driving the widely-noted persistence in asset return volatility using a unique dataset on global euro-dollar exchange rate trading. We propose a new simple empirical specification of volatility, based on the Kyle-model, which links v ...
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Scholarly Edition · 2006
We analyze the association between order flow and exchange rates using a new dataset representing a majority of global interdealer transactions in the two most-traded currency pairs. The data consist of six years (1999-2004) of order flow and exchange rate ...
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