Working papers

The Fiscal and Welfare Effects of Policy Responses to the Covid-19 School Closures
with Nicola Fuchs-Schuendeln, Dirk Krueger, Etienne Lalé, Alexander Ludwig and Irina Popova, July 2021

The Impact of COVID-19 on Small Business Dynamics and Employment: Real-Time Estimates with Homebase Data
with Etienne Lalé and Lien Ta, July 2021

The Impact of Chinese Trade on U.S. Employment: The Good, The Bad, and The Debatable
with Nick Bloom, Kyle Handley and Phil Luck, July 2019

Downward Wage Rigidity in the United States: New Evidence from Worker-Firm Linked Data
with Erika McEntarfer, December 2018
(this work started as a collaboration with Jim Spletzer; a draft of this earlier work can be found here)

News Shocks and Inflation: Lessons for New Keynesians
with Chris Otrok, April 2017


Revisions in Utilization-Adjusted TFP and Robust Identification of News Shocks
with Eric Sims, May 2021, Review of Economics and Statistics 103(2), 216-235

Dynamic Inefficiency in Decentralized Capital Markets
with Stanislav Rabinovich, January 2018 , Journal of Economic Theory 173, 231-256

News Shocks and the Term Structure of Interest Rates: Reply
with Chris Otrok, October 2017, American Economic Review 107(10), 3250-3256
Appendix | Replication code

Reconciling the Divergence in Aggregate U.S. Wage Series
with Julien Champagne and Jay Stewart, August 2017, Labour Economics 49, 27-41

Stock Prices, News, and Economic Fluctuations: Comment
with Elmar Mertens, April 2014, American Economic Review 104(4), 1439-1450
Appendix | Replication code

Holdups and Overinvestment in Capital Markets
May 2014, Journal of Economic Theory 151, 88-113

News Shocks and the Slope of the Term Structure of Interest Rates
with Chris Otrok, October 2013, American Economic Review 103(6), 2612-32

The Great Increase in Relative Volatility of Real Wages in the United States
with Julien Champagne, March 2013, Journal of Monetary Economics 60, 166-183

The Business Cycle Implications of Reciprocity in Labor Relations
with Jean-Pierre Danthine, October 2010, Journal of Monetary Economics 57(7), 837-850

The Macroeconomic Consequences of Reciprocity in Labor Relations
with Jean-Pierre Danthine, December 2007, Scandinavian Journal of Economics 109(4), 857-881

VAR-based Estimation of Euler Equations with an Application to New Keynesian Pricing
March 2007, Journal of Economic Dynamics and Control 31(3), 767-796
Replication code

Efficiency Wages Revisited: The Internal Reference Perspective
with Jean-Pierre Danthine, February 2006, Economics Letters 90, 278-284
Appendix and Replication code

Quantifying the Uncertainty about the Fit of a New Keynesian Pricing Model
September 2005, Journal of Monetary Economics 52(6), 1119-1134
Extended working paper version

Fair Wages in a New Keynesian Model of the Business Cycle
with Jean-Pierre Danthine, January 2004, Review of Economic Dynamics 7(1), 107-142
Matlab code

Expectations and the Term Structure of Interest Rates: Evidence and Implications
with Robert G. King, Fall 2002, Federal Reserve Bank of Richmond Economic Quarterly 88(4), 49-95

Unpublished work

New Evidence on the Relationship between News Shocks and the Slope of the Term Structure
with Chris Otrok, June 2016

Do Workers Feel Entitled to High Wages? Evidence from a Field Experiment
with Matthieu Chemin, October 2014

Asset Value Constraints in Models of Incomplete Factor Taxation
with David Arseneau and Sanjay Chugh, November 2009

Optimal Capital Taxation in an Economy with Capital Allocation Frictions
with David Arseneau and Sanjay Chugh, September 2008

Search Frictions in Physical Capital Markets as a Propagation Mechanism
with Nicolas Petrosky-Nadeau, April 2007