Details about Harold Cole

E-mail:
Homepage:	http://www.bol.ucla.edu/~hlcole/
Postal address:	Prof. Harold L. Cole Bunche Hall 9377 Department of Economics UCLA Box 951477 Los Angeles, CA 90095-1477
Workplace:	Department of Economics, University of California-Los Angeles (UCLA), (more information at EDIRC)

Access statistics for papers by Harold Cole.

Last updated 2020-02-22. Update your information in the RePEc Author Service.

Short-id: pco70

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Working Papers

2021

1. Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data
   NBER Working Papers, National Bureau of Economic Research, Inc

2020

2. Self-Ful?lling Debt Crises, Revisited
   PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania
   Also in Working Papers, Federal Reserve Bank of Philadelphia (2020) View citations (9)
   NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (11)
3. Social Capital: A Double-Edged Sword
   NBER Working Papers, National Bureau of Economic Research, Inc

2018

4. A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
   Also in PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania (2017)
   2017 Meeting Papers, Society for Economic Dynamics (2017)

2017

5. Self-Fulfilling Debt Crises, Revisited: The Art of the Desperate Deal
   Working Papers, Federal Reserve Bank of Philadelphia View citations (8)

2016

6. Fragile Financial Coalitions: the interaction between real returns and social capital
   2016 Meeting Papers, Society for Economic Dynamics
7. Information Spillovers in Sovereign Debt Markets
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
8. Quantitative Models of Sovereign Debt Crises
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (92)
   See also Chapter (2016)
9. Self-Fulfilling Sovereign Debt Crises
   2016 Meeting Papers, Society for Economic Dynamics
10. Why Doesn't Technology Flow from Rich to Poor Countries?
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER) View citations (21)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2015) View citations (1)
    2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (2)
    Economie d'Avant Garde Research Reports, Economie d'Avant Garde (2014) View citations (21)
    Working Papers, Federal Reserve Bank of St. Louis (2012) View citations (5)
    See also Journal Article in Econometrica (2016)

2014

11. Analyzing the Effects of Insuring Health Risks: On the Trade-off between Short Run Insurance Benefits vs. Long Run Incentive Costs
    PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania View citations (9)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2012) View citations (2)
    PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania (2012) View citations (2)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (1)
    CFS Working Paper Series, Center for Financial Studies (CFS) (2012) View citations (2)
12. Debt Crises: For Whom the Bell Tolls
    2014 Meeting Papers, Society for Economic Dynamics View citations (1)
13. Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies for the Macroeconomy
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in Working Papers, Federal Reserve Bank of St. Louis (2014)
14. Rating Agencies
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    Also in 2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (3)
    Working Papers, Economic Research Institute, Bank of Korea (2013)

2013

15. Impact of Portfolio Behavior on the Macroeconomy
    Annual Meeting Plenary, Society for Economic Dynamics
16. The Impact of Cartelization, Money, and Productivity Shocks on the International Great Depression
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
17. Who Bears Long-Run Inflation Risk? Implications for Bond Risk Premia
    2013 Meeting Papers, Society for Economic Dynamics

2012

18. Analyzing the Effects of Insuring Away Health Risks
    2012 Meeting Papers, Society for Economic Dynamics View citations (1)

2011

19. Recursive Contracts, Lotteries and Weakly Concave Pareto Sets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    Also in PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania (2010) View citations (9)
    2011 Meeting Papers, Society for Economic Dynamics (2011)
    See also Journal Article in Review of Economic Dynamics (2012)

2010

20. Efficient Allocations with Hidden Income and Hidden Storage
    Levine's Working Paper Archive, David K. Levine View citations (10)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (1999) View citations (31)
    See also Journal Article in Review of Economic Studies (2001)

2009

21. Is the Volatility of the Market Price of Risk due to Intermittent Portfolio Re-balancing?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    See also Journal Article in American Economic Review (2012)

2008

22. Self-Enforcing Stochastic Monitoring and the Separation of Debt and Equity Claims
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania (2008)

2007

23. A Dynamic Theory of Optimal Capital Structure
    2007 Meeting Papers, Society for Economic Dynamics
24. A Multiplier Approach to Understanding the Macro Implications of Household Finance
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
    See also Journal Article in Review of Economic Studies (2011)
25. Macro Implications of Household Finance
    2007 Meeting Papers, Society for Economic Dynamics View citations (12)

2005

26. A Dynamic Theory of Optimal Capital Structure and Executive Compensation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)
    Also in 2004 Meeting Papers, Society for Economic Dynamics (2004)
27. Deflation and the International Great Depression: A Productivity Puzzle
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (30)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (2005) View citations (19)
28. Stochasitc Monitoring, Optimal Capital Structure and Executive Compensation
    2005 Meeting Papers, Society for Economic Dynamics

2004

29. Deflation, Real Wages, and the International Great Depression: A Productivity Puzzle
    Econometric Society 2004 North American Winter Meetings, Econometric Society View citations (9)
30. Latin America in the Rearview Mirror
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (2004) View citations (24)
    See also Journal Article in Quarterly Review (2006)

2002

31. Data Appendix to The Great U.K. Depression: A Puzzle and Possible Resolution
    Online Appendices, Review of Economic Dynamics View citations (5)
    See also Journal Article in Review of Economic Dynamics (2002)

2001

32. Finite memory and imperfect monitoring
    Staff Report, Federal Reserve Bank of Minneapolis View citations (9)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (2000) View citations (3)
    See also Journal Article in Games and Economic Behavior (2005)
33. New Deal policies and the persistence of the Great Depression: a general equilibrium analysis
    Working Papers, Federal Reserve Bank of Minneapolis View citations (43)
    See also Journal Article in Journal of Political Economy (2004)
34. The great U.K. depression: a puzzle and possible resolution
    Staff Report, Federal Reserve Bank of Minneapolis View citations (11)
    See also Journal Article in Review of Economic Dynamics (2002)

2000

35. Efficient Non-Contractible Investments in Large Economies
    CARESS Working Papres, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences View citations (2)
    Also in Penn CARESS Working Papers, Penn Economics Department
    CARESS Working Papres, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences View citations (1)
    See also Journal Article in Journal of Economic Theory (2001)
36. Efficient Non-Contractible Investments in a Finite Economy
    CARESS Working Papres, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences
    Also in Penn CARESS Working Papers, Penn Economics Department View citations (1)
37. Investment and Concern for Relative Position
    CARESS Working Papres, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences View citations (3)
    Also in Penn CARESS Working Papers, Penn Economics Department
    CARESS Working Papres, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences View citations (2)
38. Re-examining the contributions of money and banking shocks to the U.S. Great Depression
    Staff Report, Federal Reserve Bank of Minneapolis View citations (25)
    See also Chapter (2001)

1998

39. Dynamic games with hidden actions and hidden states
    Staff Report, Federal Reserve Bank of Minneapolis View citations (1)
    Also in Working Papers, Federal Reserve Bank of Minneapolis (1997)
    See also Journal Article in Journal of Economic Theory (2001)
40. Efficient non-contractible investments
    Staff Report, Federal Reserve Bank of Minneapolis View citations (15)
    Also in CARESS Working Papres, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences View citations (10)
    Penn CARESS Working Papers, Penn Economics Department View citations (6)
41. Self-Fulfilling Debt Crises
    Levine's Working Paper Archive, David K. Levine View citations (6)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (1998) View citations (244)
    See also Journal Article in Review of Economic Studies (2000)
42. The demand for money and the nonneutrality of money
    Staff Report, Federal Reserve Bank of Minneapolis View citations (2)

1997

43. A microfoundation for incomplete security markets
    Working Papers, Federal Reserve Bank of Minneapolis View citations (3)
44. Models of sovereign debt: partial vs. general reputations
    Working Papers, Federal Reserve Bank of Minneapolis View citations (3)
45. Shrinking money and monetary business cycles
    Working Papers, Federal Reserve Bank of Minneapolis View citations (2)
46. Valuation equilibrium with Clubs
    Levine's Working Paper Archive, David K. Levine View citations (35)
    Also in Staff Report, Federal Reserve Bank of Minneapolis (1996) View citations (10)
    See also Journal Article in Journal of Economic Theory (1997)

1996

47. A self-fulfilling model of Mexico's 1994-95 debt crisis
    Staff Report, Federal Reserve Bank of Minneapolis View citations (76)
48. Can the Mortonson-Pissarides matching model match the business cycle facts?
    Staff Report, Federal Reserve Bank of Minneapolis View citations (9)
    See also Journal Article in International Economic Review (1999)
49. Class systems and the enforcement of social norms
    Staff Report, Federal Reserve Bank of Minneapolis View citations (3)
    Also in CARESS Working Papres, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences View citations (3)
    Penn CARESS Working Papers, Penn Economics Department
    CARESS Working Papres, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences
    See also Journal Article in Journal of Public Economics (1998)
50. Reassessing aggregate returns to scale with standard theory and measurement
    Working Papers, Federal Reserve Bank of Minneapolis View citations (1)
51. Reputation Spillover Across Relationships with Enduring and Transient Beliefs: Reviving reputation Models of Debt
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
52. Reputation spillover across relationships: reviving reputation models of debt
    Staff Report, Federal Reserve Bank of Minneapolis View citations (17)

1994

53. Default, settlement, and signalling: lending resumption in a reputational model of sovereign debt
    Staff Report, Federal Reserve Bank of Minneapolis View citations (21)
    See also Journal Article in International Economic Review (1995)
54. The role of institutions in reputation models of sovereign debt
    Staff Report, Federal Reserve Bank of Minneapolis
    See also Journal Article in Journal of Monetary Economics (1995)

1993

55. A contribution to the theory of pork barrel spending
    Staff Report, Federal Reserve Bank of Minneapolis View citations (12)
56. Why are representative democracies fiscally irresponsible?
    Staff Report, Federal Reserve Bank of Minneapolis View citations (12)

1991

57. Reputation with multiple relationships: reviving reputation models of debt
    Staff Report, Federal Reserve Bank of Minneapolis View citations (3)

1989

58. Commodity Trade and International Risk Sharing: How Much Do Financial Markets Matter?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (212)
    See also Journal Article in Journal of Monetary Economics (1991)

1988

59. SPECIALIZATION, TRANSACTIONS TECHNOLOGIES, AND MONEY GROWTH
    RCER Working Papers, University of Rochester - Center for Economic Research (RCER)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1988)
    See also Journal Article in International Economic Review (1992)

Undated

60. Incorporating Concern for Relative Wealth into Economic Models'
    CARESS Working Papres, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences View citations (53)
    See also Journal Article in Quarterly Review (1995)

Journal Articles

2019

1. Analysing the Effects of Insuring Health Risks: On the Trade-off between Short-Run Insurance Benefits versus Long-Run Incentive Costs
   Review of Economic Studies, 2019, 86, (3), 1123-1169 View citations (4)
2. Discussion: Practical policy evaluation
   Journal of Monetary Economics, 2019, 102, (C), 46-52

2016

3. Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies in an Endowment Economy
   Review of Economic Dynamics, 2016, 20, 215-239 View citations (10)
   See also Software Item (2015)
4. Why Doesn't Technology Flow From Rich to Poor Countries?
   Econometrica, 2016, 84, 1477-1521 View citations (21)
   See also Working Paper (2016)

2013

5. Self-enforcing stochastic monitoring and the separation of claims
   Journal of Monetary Economics, 2013, 60, (6), 632-649 View citations (3)

2012

6. Is the Volatility of the Market Price of Risk Due to Intermittent Portfolio Rebalancing?
   American Economic Review, 2012, 102, (6), 2859-96 View citations (51)
   See also Working Paper (2009)
7. Recursive Contracts, Lotteries and Weakly Concave Pareto Sets
   Review of Economic Dynamics, 2012, 15, (4), 479-500 View citations (13)
   See also Working Paper (2011)

2011

8. A Multiplier Approach to Understanding the Macro Implications of Household Finance
   Review of Economic Studies, 2011, 78, (1), 199-234 View citations (65)
   See also Working Paper (2007)
9. Discussion of Gertler and Karadi: A model of unconventional monetary policy
   Journal of Monetary Economics, 2011, 58, (1), 35-38 View citations (13)

2010

10. Comment on: "Bordo and Haubrich"
    Journal of Monetary Economics, 2010, 57, (1), 19-23

2006

11. Latin America in the rearview mirror
    Quarterly Review, 2006, 30, (Sep) View citations (23)
    Also in Journal of Monetary Economics, 2005, 52, (1), 69-107 (2005) View citations (57)
    See also Working Paper (2004)

2005

12. Finite memory and imperfect monitoring
    Games and Economic Behavior, 2005, 53, (1), 59-72 View citations (34)
    See also Working Paper (2001)

2004

13. New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis
    Journal of Political Economy, 2004, 112, (4), 779-816 View citations (305)
    See also Working Paper (2001)

2002

14. Shrinking money: the demand for money and the nonneutrality of money
    Journal of Monetary Economics, 2002, 49, (4), 653-686 View citations (11)
15. The Great U.K. Depression: A Puzzle and Possible Resolution
    Review of Economic Dynamics, 2002, 5, (1), 19-44 View citations (43)
    See also Working Paper (2001)
    Working Paper (2002)
16. The U.S. and U.K. Great Depressions Through the Lens of Neoclassical Growth Theory
    American Economic Review, 2002, 92, (2), 28-32 View citations (33)

2001

17. Dynamic Games with Hidden Actions and Hidden States
    Journal of Economic Theory, 2001, 98, (1), 114-126 View citations (22)
    See also Working Paper (1998)
18. Efficient Allocations with Hidden Income and Hidden Storage
    Review of Economic Studies, 2001, 68, (3), 523-542 View citations (149)
    See also Working Paper (2010)
19. Efficient Non-Contractible Investments in Finite Economies
    The B.E. Journal of Theoretical Economics, 2001, 1, (1), 1-34 View citations (12)
20. Efficient Non-Contractible Investments in Large Economies
    Journal of Economic Theory, 2001, 101, (2), 333-373 View citations (61)
    See also Working Paper (2000)
21. original papers: Investment and concern for relative position
    Review of Economic Design, 2001, 6, (2), 241-261 View citations (13)

2000

22. Self-Fulfilling Debt Crises
    Review of Economic Studies, 2000, 67, (1), 91-116 View citations (439)
    See also Working Paper (1998)

1999

23. Aggregate returns to scale: why measurement is imprecise
    Quarterly Review, 1999, 23, (Sum), 19-28 View citations (14)
24. Can the Mortensen-Pissarides Matching Model Match the Business-Cycle Facts?
    International Economic Review, 1999, 40, (4), 933-59 View citations (196)
    See also Working Paper (1996)
25. The Great Depression in the United States from a neoclassical perspective
    Quarterly Review, 1999, 23, (Win), 2-24 View citations (149)

1998

26. Class systems and the enforcement of social norms
    Journal of Public Economics, 1998, 70, (1), 5-35 View citations (35)
    See also Working Paper (1996)
27. Models of Sovereign Debt: Partial versus General Reputations
    International Economic Review, 1998, 39, (1), 55-70 View citations (117)
28. Zero nominal interest rates: why they're good and how to get them
    Quarterly Review, 1998, 22, (Spr), 2-10 View citations (34)

1997

29. Reviving reputation models of international debt
    Quarterly Review, 1997, 21, (Win), 21-30 View citations (34)
30. Valuation Equilibrium with Clubs
    Journal of Economic Theory, 1997, 74, (1), 19-39 View citations (53)
    See also Working Paper (1997)

1996

31. A self-fulfilling model of Mexico's 1994-1995 debt crisis
    Journal of International Economics, 1996, 41, (3-4), 309-330 View citations (146)

1995

32. A few speculations on the role of financial intermediaries in transitional economies: A comment
    Carnegie-Rochester Conference Series on Public Policy, 1995, 42, (1), 303-307
33. Aristocratic Equilibria: Response
    Journal of Political Economy, 1995, 103, (2), 439-43 View citations (4)
34. Default, Settlement, and Signalling: Lending Resumption in a Reputational Model of Sovereign Debt
    International Economic Review, 1995, 36, (2), 365-85 View citations (106)
    See also Working Paper (1994)
35. Incorporating concern for relative wealth into economic models
    Quarterly Review, 1995, 19, (Sum), 12-21 View citations (41)
    See also Working Paper
36. The role of institutions in reputation models of sovereign debt
    Journal of Monetary Economics, 1995, 35, (1), 45-64 View citations (54)
    See also Working Paper (1994)

1993

37. The macroeconomic effects of world trade in financial assets
    Quarterly Review, 1993, 17, (Sum), 12-21 View citations (13)

1992

38. Direct investment: a doubtful alternative to international debt
    Quarterly Review, 1992, 16, (Win), 12-22 View citations (2)
39. Social Norms, Savings Behavior, and Growth
    Journal of Political Economy, 1992, 100, (6), 1092-1125 View citations (422)
40. Specialization, Transactions Technologies, and Money Growth
    International Economic Review, 1992, 33, (2), 283-98 View citations (22)
    See also Working Paper (1988)
41. Two-sided expropriation and international equity contracts
    Journal of International Economics, 1992, 33, (1-2), 77-104 View citations (9)

1991

42. Commodity trade and international risk sharing: How much do financial markets matter?
    Journal of Monetary Economics, 1991, 28, (1), 3-24 View citations (665)
    See also Working Paper (1989)
43. Expropriation and direct investment
    Journal of International Economics, 1991, 30, (3-4), 201-227 View citations (59)

1989

44. General Competitive Analysis in an Economy with Private Information: Comment
    International Economic Review, 1989, 30, (1), 249-52 View citations (16)
45. Internationalization of financial markets and balance of payments imbalances: A Japanese perspective: A comment
    Carnegie-Rochester Conference Series on Public Policy, 1989, 30, (1), 221-230

1988

46. Financial Structure and International Trade
    International Economic Review, 1988, 29, (2), 237-59 View citations (45)

Chapters

2016

1. Quantitative Models of Sovereign Debt Crises
   Elsevier View citations (71)
   See also Working Paper (2016)

2001

2. Re-Examining the Contributions of Money and Banking Shocks to the US Great Depression
   A chapter in NBER Macroeconomics Annual 2000, Volume 15, 2001, pp 183-260 View citations (9)
   See also Working Paper (2000)

Software Items

2015

1. Code files for "Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies in an Endowment Economy"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2016)

Editor

1. International Economic Review
   Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association
2. International Economic Review
   Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association