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CURRICULUM VITAE A. Craig Burnside
CURRICULUM VITAE A. Craig Burnside Duke University Department of Economics Durham, NC 27708–0097 PROFESSIONAL EXPERIENCE • Mary Grace Wilson Professor, Duke University, 2018–. Chair, Department of Economics, Duke University, 2015–2020. Professor, Department of Economics, Duke University, 2004–. • Professor, Department of Economics, University of Virginia, 2002–04. • Lead Economist, PREM-Economic Policy, World Bank, 2001–02. Senior Economist, Development Research Group, World Bank, 1999–2001. Economist, Development Research Group, World Bank, 1995–99. • Assistant Professor, Department of Economics, University of Pittsburgh, 1992–95. • Assistant Professor, Department of Economics, Queen's University, 1991–92. Lecturer, 1990–91. • Research Professor of Economics, Adam Smith Business School, University of Glasgow, 2011–. • Research Associate, National Bureau of Economic Research (EFG & IFM) • Visiting Professor, Department of Economics, University of California San Diego, 2001. • Visiting Professor, Department of Economics, Johns Hopkins University, 2000. • National Fellow, Hoover Institution, Stanford University, 1998–99. EDUCATION Ph.D., Economics, Northwestern University, 1991. (M.A., 1990) B.A. (Hons), Economics, University of British Columbia, 1985. EDITORIAL POSITIONS • Board of Editors, American Economic Review, 2001–06, 2011–2020. • Associate Editor, Review of Economics and Statistics, 2012–2015. • Co-Editor, Canadian Journal of Economics, 2007–10. • Associate Editor, Journal of Money, Credit and Banking, 2003–11. PUBLICATIONS AND PAPERS Published Articles • “On the Asset Market View of Exchange Rates,” with Jeremy Graveline. Review of Financial Studies. 33(1), 2020, 239-60. • “Understanding Booms and Busts in Housing Markets,” with Martin Eichenbaum and Sergio Rebelo. Journal of Political Economy 124(4), 2016, 1088-147. • “Identification and Inference in Linear Stochastic Discount Factor Models with Excess Returns,” Journal of Financial Econometrics 14(2), 2016, 295-330. -
Nber Working Paper Series Do Equilibrium Real Business
NBER WORKING PAPER SERIES DO EQUILIBRIUM REAL BUSINESS CYCLE THEORIES EXPLAIN POST-WAR U.S. BUSINESS CYCLES? Martin Eichenbaum Kenneth J. Singleton Working Paper No. 1932 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 1986 We have benefited from helpful discussions with Lars Hansen, Bennett McCallum, Allan Meltzer, Dan Peled, Michael Woodford, and our discussants Robert Barro and Greg Mankiw. Research assistance was provided by Kun-hong Kim and David Marshall. The research reported here is part of the NBER's research program in Economic Fluctuations. Any opinions expressed are those of the authors and not those of the National Bureau of Economic Research. Working Paper #1932 May 1986 Do Equilibrium Real Business Cycle Theories Explain Post-War U.S. Business Cycles? ABSTRACT This paper presents and interprets some rw evidenceon the validity of the Real Business Cycle approach to businesscycle analysis. The analysis is conducted in the context of a nnetary businesscycle model which makes explicit one potential link between monetary policy and realallocations. This model is used to interpret Granger causal relationsbetween nominal and real aggregates. Perhaps the nost strikingempirical finding is that money growth does not Granger cause output growth in the context of several multivariate VARs and for various sample periodsduring the post war period in the U.S. Several possible reconciliations of thisfinding with both real and monetary business cycles models are discussed. We find that it is difficult to reconcile our npirical results with the view thatexogenous monetary shocks were an important independent source of variationin output growth. Martin Eichenbaum Kenneth J. -
Currency Crisis Models
1 CURRENCY CRISIS MODELS Craig Burnside, Martin Eichenbaum, and Sergio Rebelo The New Palgrave: A Dictionary of Economics, 2nd Edition February 2007 There have been many currency crises during the post-war era (see Kaminsky and Reinhart, 1999). A currency crisis is an episode in which the exchange rate depreciates substantially during a short period of time. There is an extensive literature on the causes and consequences of a currency crisis in a country with a fixed or heavily managed exchange rate. The models in this literature are often categorized as first-, second- or third-generation. In first-generation models the collapse of a fixed exchange rate regime is caused by unsustainable fiscal policy. The classic first-generation models are those of Krugman (1979) and Flood and Garber (1984). These models are related to earlier work by Henderson and Salant (1978) on speculative attacks in the gold market. Important extensions of these early models incorporate consumer optimization and the government’s intertemporal budget constraint into the analysis (see Obstfeld, 1986; Calvo, 1987; Drazen and Helpman, 1987; Wijnbergen, 1991). Flood and Marion (1999) provide a detailed review of first-generation models. In a fixed exchange rate regime a government must fix the money supply in accordance with the fixed exchange rate. This requirement severely limits the government’s ability to raise seigniorage revenue. A hallmark of first-generation models is that the government runs a persistent primary deficit. This deficit implies that the government must either deplete assets, such as foreign reserves, or borrow to finance the deficit. It is infeasible for the government to borrow or deplete reserves indefinitely. -
SPEAKER & DISCUSSANT BIOS Session 1
VANCOUVER SCHOOL OF ECONOMICS Fall Conference September 20, 2013 SPEAKER & DISCUSSANT BIOS Session 1: “Unemployment and Business Cycles” Speaker: Martin Eichenbaum Martin Eichenbaum is the Charles Moskos Professor of economics at Northwestern University and the co- director of the Center for International Economics and Development at Northwestern University. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society. Eichenbaum has been at Northwestern University since 1988. In addition to teaching at Carnegie Mellon University, he has also been a Visiting Professor at the Chicago Booth and Wharton School of Business. Eichenbaum earned his B.Comm from McGill University and his PhD in economics from the University of Minnesota. Eichenbaum is currently the co-editor of the American Economic Review. He is a consultant for the Federal Reserve Banks of Atlanta and Chicago, as well as a research associate of the National Bureau of Economic Research. He has also served as a consultant for the IMF and the World Bank. Eichenbaum’s research focuses on business cycles and international economics. His most recent work has been on the effects of changes in monetary and fiscal policy on aggregate economic fluctuations. Discussant: Viktoria Hnatkovska Viktoria Hnatkovska is an Associate Professor of economics at the Vancouver School of Economics, University of British Columbia. Her work focuses on topics in international finance and macroeconomics, as well as development economics, with a particular focus on India. She obtained her Ph.D. from Georgetown University in Washington, DC, USA. Her professional experience includes: United Nations Development Programme, Hanoi, Vietnam World Bank Group, PREM Network, Washington, D.C., Harvard Institute for International Development, Kyiv, Ukraine. -
Explaining the Boom-Bust Cycle in the U.S. Housing Market: a Reverse-Engineering Approach.” Federal Reserve Bank of San Francisco Working Paper 2015-02
FEDERAL RESERVE BANK OF SAN FRANCISCO WORKING PAPER SERIES Explaining the Boom-Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach Paolo Gelain European Central Bank Norges Bank Kevin J. Lansing Federal Reserve Bank of San Francisco Gisle J. Natvik BI Norwegian Business School February 2018 Working Paper 2015-02 http://www.frbsf.org/economic-research/publications/working-papers/2015/02/ Suggested citation: Gelain, Paolo, Kevin J. Lansing and Gisle J.Natvik. 2018. “Explaining the Boom-Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach.” Federal Reserve Bank of San Francisco Working Paper 2015-02. https://doi.org/10.24148/wp2015-02 The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. Explaining the Boom-Bust Cycle in the U.S. Housing Market: A Reverse-Engineering Approach Paolo Gelainy Kevin J. Lansingz Gisle J. Natvikx February 23, 2018 Abstract We use a quantitative asset pricing model to “reverse-engineer”the sequences of shocks to housing demand and lending standards needed to replicate the boom-bust patterns in U.S. housing value and mortgage debt from 1993 to 2015. Conditional on the observed paths for U.S. real consumption growth, the real mortgage interest rate, and the supply of residential fixed assets, a specification with random walk expectations outperforms one with rational expectations in plausibly matching the patterns in the data. Counterfactual simulations show that shocks to housing demand, housing supply, and lending standards were important, but movements in the mortgage interest rate were not. -
John H. Cochrane February 2021 Contact: Hoover Institution, Stanford
John H. Cochrane February 2021 Contact: Hoover Institution, Stanford University 434 Galvez Mall Stanford, CA 94305-6010 Tel 650 723 6708 Email: [email protected] Website: https://www.johnhcochrane.com Education: 1979-1985: University of California, Berkeley. Ph.D. in Economics, awarded June 1986 1975-1979: MIT. S.B. in Physics awarded June 1979 Employment: 2015 – now: Rose-Marie and Jack Anderson Senior Fellow, Hoover Institution, Stanford University. 1994 – 2015: University of Chicago Booth School of Business. AQR Capital Management Distinguished Service Professor of Finance. 2000 - 2001: UCLA, Anderson Graduate School of Management. Visiting Professor of Finance. 1985 – 1994: University of Chicago Department of Economics. Assistant and Associate Professor. 1991 – 1992: University of Chicago, Graduate School of Business. Visiting Associate Professor. 1982 – 1983: Council of Economic Advisers. Junior Staff Economist for Macroeconomics. Current Affiliations and Professional Activities: 2016-: Professor of Finance and Economics (by Courtesy), Stanford GSB 2015-: Distinguished Research Fellow, Becker-Friedman Institute, University of Chicago 2015-: Senior Fellow, SIEPR, Stanford University 2015-2020: Distinguished Senior Fellow, Booth School of Business, University of Chicago 2009-: Adjunct Scholar, CATO institute 2007-: Editorial Board, American Economic Journal: Macroeconomics 1998-: NBER Research Associate Past Affiliations and Professional Activities 2012 - 2015: Senior Fellow, (nonresident) Hoover Institution, Stanford University -
Erik Loualiche
Erik Loualiche CONTACT Carlson School of Management Phone: +1-612-625-5679 INFORMATION 321 19th Avenue South, 3-117 E-mail: [email protected] Minneapolis, MN 55455 Web: loualiche.gitlab.io/www/ ACADEMIC Assistant Professor of Finance September 2017 to present APPOINTMENTS University of Minnesota, Carlson School of Management Assistant Professor of Finance July 2013 to August 2017 MIT Sloan School of Management EDUCATION Northwestern University, Evanston, IL Ph.D., Economics, June 2013 Ecole Polytechnique, Palaiseau Polytechnicien (B.Sc., M.Sc.), Applied Mathematics and Economics, June 2008 RESEARCH Asset Pricing. International trade and finance. INTERESTS PUBLISHED [1] Buyout Activity: The Impact of Aggregate Discount Rates. PAPERS with Valentin Haddad and Matthew Plosser. Journal of Finance, February 2017, 72:1 [2] The Globalization Risk Premium. with Jean-Noël Barrot and Julien Sauvagnat Journal of finance, October 2019, 74:5 [3] State and Local Government Employment in the COVID-19 Crisis. with Daniel Green Journal of Public Economics, January 2021, 193 [4] Asset Pricing with Entry and Imperfect Competition. Forthcoming at the Journal of Finance WORKING [5] Import Competition and Household Debt PAPERS with Jean-Noël Barrot, Matthew Plosser and Julien Sauvagnat Revise & Resubmit at the Journal of Finance [6] Bubbles and the Value of Innovation with Valentin Haddad and Paul Ho [7] Firm Networks in the Great Depression with Chris Vickers and Nicolas L. Ziebarth 1 of 5 [8] The Case of the Disappearing Skewness with Matthieu Gomez and Valentin -
Curriculum Vitae: February 2021
Curriculum Vitae: February 2021 Personal Name: Dirk Krueger Information Address: Department of Economics, University of Pennsylvania, The Ronald O. Perelman Center for Political Science and Economics, 133 South 36th Street, Philadelphia, PA 19104 Phone: (215) 573-1424 Fax: (215) 573 2057 Email, www: [email protected], https://web.sas.upenn.edu/dkrueger Education MA, Ph. D. Economics, University of Minnesota, 1999 Diplom in Economics, University of Bielefeld (Germany), 1995 Current Positions University of Pennsylvania, Philadelphia, PA Walter H. and Leonore C. Annenberg Professor in the Social Sciences and Professor of Economics, Secondary Appointment in Finance at Wharton International Economic Review Editor: January 2020 to present The Econometric Society Elected Fellow (elected 2020) Other Affiliations National Bureau of Economic Research, Cambridge, MA Research Associate, 2009 to present, Faculty Research Fellow, 2002-09 Centre for Economic Policy Research, London, UK Research Fellow 2009 to present, Research Affiliate, 2004-09 Netspar, Tilburg, Netherlands Research Fellow, 2008 to present Johann Wolfgang Goethe University, Frankfurt, Germany Research Fellow, CFS, 2004 to present Past Positions Johann Wolfgang Goethe University, Frankfurt, Germany Full Professor (C4), Chair for Macroeconomics, 2004 to 2006 University of Pennsylvania, Philadelphia, PA Assistant, Associate, Full Professor, 2003-2004, 2007-2008, 2008-2018 Stanford University, Stanford, CA Assistant Professor of Economics: 1999-2003, Hoover Fellow, 2002-03 Editorial Positions: -
Inequality in Life and Death"+
Inequality in Life and Deathy Martin S. Eichenbaumz Sergio Rebelox Mathias Trabandt{ July 15, 2021 Abstract We argue that the Covid epidemic disproportionately a¤ected the economic well- being and health of poor people. To disentangle the forces that generated this outcome, we construct a model that is consistent with the heterogeneous impact of the Covid recession on low- and high-income people. According to our model, two thirds of the inequality in Covid deaths re‡ect pre-existing inequality in comorbidity rates and access to quality health care. The remaining third, stems from the fact that low-income people work in occupations where the risk of infection is high. Our model also implies that the rise in income inequality generated by the Covid epidemic re‡ects the nature of the goods that low-income people produce. Finally, we assess the health-income trade-o¤s associated with …scal transfers to the poor and mandatory containment policies. JEL Classi…cation: E1, I1, H0. Keywords: Epidemic, inequality, recession. We thank Laura Murphy and Federico Puglisi for excellent research assistance. yReplication codes are available on the authors’websites. zNorthwestern University and NBER. Address: Northwestern University, Department of Economics, 2211 Campus Dr, Evanston, IL 60208. USA. E-mail: [email protected]. xNorthwestern University, NBER, and CEPR. Address: Northwestern University, Kellogg School of Man- agement, 2211 Campus Dr, Evanston, IL 60208. USA. E-mail: [email protected]. {Goethe University Frankfurt, Theodor-W.-Adorno-Platz 3, 60323 Frankfurt am Main, Germany and Halle Institute for Economic Research (IWH), E-mail: [email protected]. -
Martin Stewart Eichenbaum Curriculum Vita March 2010
Martin Stewart Eichenbaum Curriculum Vita March 2010 Office Address Department of Economics Northwestern University 2003 Sheridan Road Evanston Illinois, 60208 1-847-491-8232 Degrees 1981 Ph.D. (Economics), The University of Minnesota 1976 B. Comm (Economics), McGill University Employment Assistant Professor of Economics Graduate School of Industrial Administration Carnegie Mellon University, 1981-1985. Associate Professor of Economics Graduate School of Industrial Administration Carnegie Mellon University, September 1985 - August 1987 Visiting Associate Professor of Economics Graduate School of Business, University of Chicago, September 1987 - June 1988. Professor of Economics, Northwestern University, September 1988 - present. Ethel and John Lindgren Professor of Economics, Northwestern University, September 2004 - present. Visiting Professor of Economics, Wharton School of Business, University of Pennsylvania, January 2005 - May 2005. Visiting Professor, Chicago Booth School of Business, September 2009 - June 2010. Professional Affiliations American Economics Association Consultant, Federal Reserve Bank of Chicago, Federal Reserve Bank of Atlanta. Associate Editor, Journal of Monetary Economics Associate Editor, American Economics Journal - Macro 1 Associate Editor, Journal of Money, Credit and Banking, 1993 - 2008. Honors Fellow of the Econometric Society Research Associate, National Bureau of Economic Research, Economic Fluctuations, Monetary Economics and International Finance and Macroeconomics. Member of the National Science Foundation Panel on Economics (Spring 1988 – Spring 1990). National Science Foundation Grants: 1983 - 2004, 2007 - 2008. Searle Foundation Grant, 2002 - 2004. Searle Foundation Grant, 2005 - 2006. PUBLICATIONS 1. Martin Eichenbaum, Nir Jaimovic and Sergio Rebelo, `Reference Prices and Nominal Rigidities’, forthcoming, American Economic Review. 2. David Altig, Lawrence Christiano, Martin Eichenbaum and Linde Jesper, `Firm Specific Capital, Nominal Rigidities and the Business Cycle’, forthcoming, Review of Economic Dynamics. -
European Summer Symposium in International Macroeconomics (ESSIM)
European Summer Symposium in International Macroeconomics (ESSIM) Hosted by the Central Bank of Cyprus Limassol, 25 - 28 May 2005 Programme Wednesday 25 May 09.15-09.30 Welcome Speech Governor of the Central Bank of Cyprus 09.30-10.45 Culture and Institutions: The Economic Development of the Regions of Europe *Guido Tabellini (IGIER, Università Bocconi and CEPR) Discussant: Antonio Ciccone (Universitat Pompeu Fabra and CEPR) 10.45-11.15 Coffee Break – Athenaeum Terrace 11.15-12.30 Optimal Welfare-to-Work Programs Nicola Pavoni (University College London) *Gianluca Violante (New York University and CEPR) Discussant: Christopher Pissarides (London School of Economics and CEPR) 13.00 Lunch - Athenaeum Terrace Parallel Sessions Estimation of DSGE Models 16.30-17.15 DSGE Models in a Data-Rich Environment Jean Boivin (Columbia University) *Marc Giannoni (Columbia University and CEPR) 17.15-18.00 On the Fit and Forecasting Performance of New-Keynesian Models *Marco del Negro (Federal Reserve Bank of Atlanta) Frank Schorfheide (University of Pennsylvania) Frank Smets (European Central Bank and CEPR) Raf Wouters (National Bank of Belgium) 1 18.00-18.30 Coffee Break - Athenaeum Terrace 18.30-19.15 Bayesian Estimation of an Open Economy DSGE Model with Incomplete Pass-Through Malin Adolfson (Sveriges Riksbank) Stefan Laséen (Sveriges Riksbank) *Jesper Lindé (Sveriges Riksbank and CEPR) Mattias Villani (Sveriges Riksbank) 19.15-20.00 Learning about the Parameters and the Dynamics of DSGE Models: Identitication and Estimation *Fabio Canova (IGIER, -
31St Annual Meeting of the Canadian Macroeconomics Study Group/ Groupe Canadien D'études En Macroéconomie
31st Annual Meeting of the Canadian Macroeconomics Study Group/ Groupe Canadien d'Études en Macroéconomie November 10 and 11, 2017 Richcraft Building Carleton University Friday, November 10, 2017 Continental Breakfast 8:00 - 8:30 (Foyer, 2nd Floor) Session 1: Business Cycles 8:30 – 10:00 Chair: Dana Galizia, Carleton University Thorsten Drautzburg, Federal Reserve Bank of Philadelphia (with Jesus Fernandez-Villaverde, University of Pennsylvania; and Pablo Guerron-Quintana, Boston College) Political Distribution Risk and Aggregate Fluctuations Discussant: Paul Klein, Stockholm University Hafedh Bouakez, HEC Montreal (with Laurent Kemoe, University of Montreal) News Shocks, Business Cycles, and the Inflation Puzzle Discussant: Nadav Ben Zeev, Ben-Gurion University of the Negev Coffee Break 10:00 - 10:30 (Coffee in the Foyer) Session 2: Complementarities 10:30 – 12:00 Chair: Christopher Gunn, Carleton University Mathieu Taschereau-Dumouchel, University of Pennsylvania Cascades and Fluctuations in an Economy with an Endogenous Production Network Discussant: Nicolas Petrosky-Nadeau, Federal Reserve Bank of San Francisco Ed Nosal, Federal Reserve Bank of Chicago (with Randall Wright, University of Wisconsin-Maddison; and Yuet-Yee Wong, Binghamton University) Intermediation in Markets for Goods and Markets for Assets Discussant: Gajendran Raveendranathan, University of Minnesota Lunch 12:00 - 13:00 (Foyer) 1 Session 3: 13:00 – 14:00 Chair: Hashmat Khan, Carleton University Keynote Speaker: Paul Beaudry, University of British Columbia What Should