Research
Working Papers
Higher-Order Perturbation in Sequence Space: the Certainty Correspondence
(with Adrien Auclert, Rodolfo Rigato, and Matthew Rognlie)
Updated: July 2026
New-Keynesian Economics with Household and Firm Heterogeneity
(with Thomas Winberry, Adrien Auclert, and Matthew Rognlie)
Updated: December 2025
Prepared for the Journal of Economic Literature
The Macroeconomics of Tariff Shocks
(with Adrien Auclert and Matthew Rognlie)
Updated: December 2025
[Old April 2025 version][Replication Code]
Determinacy and Large-Scale Solutions in the Sequence Space
(with Adrien Auclert, Evan Majic, and Matthew Rognlie)
Updated: December 2025
Prepared for JPE Macro Special Issue on Economic Dynamics, Uncertainty, and Computation
[supersedes "Determinacy and Existence in the Sequence Space"]
Disaggregated Economic Accounts
(with Asger Andersen, Kilian Huber, Niels Johannesen, and Emil Toft Vestergaard)
Updated: December 2025
Accepted at Quarterly Journal of Economics
[Website]
The Race Between Asset Supply and Asset Demand
(with Adrien Auclert, Hannes Malmberg, and Matthew Rognlie)
Updated: November 2025
Prepared for the 2025 Jackson Hole Symposium
The Saving Glut of the Rich
(with Atif Mian and Amir Sufi)
Updated: July 2025
Revise and Resubmit at Review of Economic Studies
[Old 2021 version]
Optimal Long-Run Fiscal Policy with Heterogeneous Agents
(with Adrien Auclert, Michael Cai, and Matthew Rognlie)
Updated: August 2024
Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel
(with Adrien Auclert, Matthew Rognlie, and Martin Souchier)
Updated: August 2024
Revise and Resubmit at American Economic Review
When do Endogenous Portfolios Matter for HANK?
(with Adrien Auclert, Matthew Rognlie, and Tomas Tapak)
Updated: July 2024
Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model
(with Adrien Auclert and Matthew Rognlie)
Updated: March 2020
Revise and Resubmit at American Economic Review
Consumption, Savings, and the Distribution of Permanent Income
Updated: June 2019
Revise and Resubmit at Econometrica
Publications
A Goldilocks Theory of Fiscal Deficits
(with Atif Mian and Amir Sufi)
Updated: July 2025
Accepted at American Economic Review
Fiscal and Monetary Policy with Heterogeneous Agents
(with Adrien Auclert and Matthew Rognlie)
Annual Review of Economics, Vol. 17, 2025
[Published Version] [Code at GitHub]
A Dynamic Theory of Lending Standards
(with Jonathan Parker and Michael Fishman)
Review of Financial Studies, 37 (8), 2024: 2355-2402
[Published Version] [Replication Code]
The Intertemporal Keynesian Cross
(with Adrien Auclert and Matthew Rognlie)
Journal of Political Economy, 132 (12), 2024
[Published Version] [Old 2017 version] [Code at GitHub]
Managing an Energy Shock: Fiscal and Monetary Policy
(with Adrien Auclert, Hugo Monnery, and Matthew Rognlie)
Heterogeneity in Macroeconomics: Implications for Monetary Policy, edited by Sofía Bauducco, Andrés Fernández, and Giovanni L. Violante, Santiago, Chile, pp. 39-108, November 2024
[Published version]
New Pricing Models, Same Old Phillips Curves
(with Adrien Auclert, Rodolfo Rigato, and Matthew Rognlie)
Quarterly Journal of Economics, 139 (1), 2024: 121-186
[Published Version] [Code at GitHub] [Replication Kit]
Endogenous Uncertainty and Credit Crunches
(with Robert Ulbricht)
Review of Economic Studies, 91 (5), 2024: 3085–3115
[Published Version] [Replication Kit]
The Trickling Up of Excess Savings
(with Adrien Auclert and Matthew Rognlie)
AEA Papers and Proceedings, 113, 2023: 70-75
[Published Version] [Code at GitHub]
Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies
(with Rishabh Aggarwal, Adrien Auclert and Matthew Rognlie)
NBER Macroeconomics Annual 2023, Vol. 37
[Published Version] [Replication Kit]
Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?
(with Veronica Guerrieri, Guido Lorenzoni, and Iván Werning)
American Economic Review, 112 (5), 2022: 1437-74
[Working Paper] [Slides]
Monetary Policy in Times of Structural Reallocation
(with Veronica Guerrieri, Guido Lorenzoni, and Iván Werning)
Proceedings of the Jackson Hole Symposium, 2021
What explains the decline in r*? Rising income inequality versus demographic shifts
(with Atif Mian and Amir Sufi)
Proceedings of the Jackson Hole Symposium, 2021
[Replication Kit]
Indebted Demand
(with Atif Mian and Amir Sufi)
Quarterly Journal of Economics, 136 (4), 2021: 2243-2307
[Working Paper] [Slides] [Replication Kit] [Video]
Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models
(with Adrien Auclert, Bence Bardóczy, and Matthew Rognlie)
Econometrica, 89 (5) 2021: 2375-2408
[Working Paper] [Slides] [GitHub Repo] [Replication Kit]
A Theory of Foreign Exchange Interventions
(with Sebastián Fanelli)
Review of Economic Studies, 88 (6), 2021: 2857-2885
[Working Paper] [Replication Kit]
Positive Long-Run Capital Taxation: Chamley-Judd Revisited
(with Iván Werning)
American Economic Review, 110 (1), 2020: 86-119
[Working Paper] [Replication Code]
Endogenous Second Moments: A Unified Approach to Fluctuations in Risk, Dispersion and Uncertainty
(with Robert Ulbricht)
Journal of Economic Theory, 183, 2019: 625-660
Imperfect Public Monitoring with a Fear of Signal Distortion
(with Vivek Bhattacharya and Lucas Manuelli)
Journal of Economic Theory, 175, 2018: 1-37