Details about Emmanuel Farhi

This author is deceased (2020-07-23).

Access statistics for papers by Emmanuel Farhi.

Last updated 2023-03-10. Update your information in the RePEc Author Service.

Short-id: pfa207

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Working Papers

2025

1. Too Domestic to Fail: Liquidity Provision and National Champions
   Post-Print, HAL
   See also Journal Article Too Domestic to Fail: Liquidity Provision and National Champions, The Review of Economic Studies, Review of Economic Studies Ltd (2025) (2025)

2023

2. Consumer Surplus from Suppliers: How Big is it and Does it Matter for Growth?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
3. Input varieties and growth: a micro-to-macro analysis
   Working Paper Research, National Bank of Belgium

2022

4. Price Theory for Incomplete Markets
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)

2021

5. Darwinian Returns to Scale
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (4)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (5)
   See also Journal Article The Darwinian Returns to Scale, The Review of Economic Studies, Review of Economic Studies Ltd (2024) (2024)
6. Keynesian Production Networks and the Covid-19 Crisis: A Simple Benchmark
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2021) View citations (8)
   See also Journal Article Keynesian Production Networks and the COVID-19 Crisis: A Simple Benchmark, AEA Papers and Proceedings, American Economic Association (2021) View citations (8) (2021)
7. Shadow banking and the four pillars of traditional financial intermediation
   Post-Print, HAL View citations (6)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (40)
   EconPol Working Paper, ifo Institute - Leibniz Institute for Economic Research at the University of Munich (2018) View citations (2)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017) View citations (39)
   See also Journal Article Shadow Banking and the Four Pillars of Traditional Financial Intermediation, The Review of Economic Studies, Review of Economic Studies Ltd (2021) View citations (12) (2021)
8. The Supply-Side Effects of Monetary Policy
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (19)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2021) View citations (23)
   See also Journal Article The Supply-Side Effects of Monetary Policy, Journal of Political Economy, University of Chicago Press (2024) View citations (9) (2024)

2020

9. Agir face aux dérèglements du monde
   Post-Print, HAL
   Also in SciencePo Working papers Main, HAL (2020)
   PSE-Ecole d'économie de Paris (Postprint), HAL (2020)
10. Entry vs. Rents: Aggregation with Economies of Scale
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
11. Global Imbalances and Policy Wars at the Zero Lower Bound
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (15)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2015) View citations (28)
    See also Journal Article Global Imbalances and Policy Wars at the Zero Lower Bound, The Review of Economic Studies, Review of Economic Studies Ltd (2021) View citations (9) (2021)
12. Nonlinear Production Networks with an Application to the Covid-19 Crisis
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (96)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (94)
13. Reopening Scenarios
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
14. Supply and Demand in Disaggregated Keynesian Economies with an Application to the Covid-19 Crisis
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (121)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (133)
    See also Journal Article Supply and Demand in Disaggregated Keynesian Economies with an Application to the COVID-19 Crisis, American Economic Review, American Economic Association (2022) View citations (130) (2022)

2019

15. A Short Note on Aggregating Productivity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2019) View citations (8)
16. China vs. U.S.: IMS Meets IPS
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019)
17. Macro as Explicitly Aggregated Micro
    Annual Meeting Plenary, Society for Economic Dynamics
18. Networks, Barriers, and Trade
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (53)
    See also Journal Article Networks, Barriers, and Trade, Econometrica, Econometric Society (2024) View citations (7) (2024)

2018

19. Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia
    Working Paper Series, Federal Reserve Bank of Chicago View citations (72)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2018) View citations (81)
    See also Journal Article Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia, Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution (2018) View citations (103) (2018)
20. Deadly embrace: sovereign and financial balance sheets doom loops
    Post-Print, HAL View citations (127)
    Also in EconPol Working Paper, ifo Institute - Leibniz Institute for Economic Research at the University of Munich (2017) View citations (56)
    NBER Working Papers, National Bureau of Economic Research, Inc (2016) View citations (59)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2015) View citations (16)
    Working Paper, Harvard University OpenScholar (2016) View citations (77)
    See also Journal Article Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops, The Review of Economic Studies, Review of Economic Studies Ltd (2018) View citations (173) (2018)
21. Macroeconomics with Heterogeneous Agents and Input-Output Networks
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (17)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2018) View citations (17)
22. Monetary Policy, Product Market Competition, and Growth
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
    Also in CEP Discussion Papers, Centre for Economic Performance, LSE (2018) View citations (5)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2018) View citations (5)
    See also Journal Article Monetary Policy, Product Market Competition and Growth, Economica, London School of Economics and Political Science (2019) View citations (11) (2019)
23. Monetay Policy, Bounded Rationality, and Incomplete Markets
    2018 Meeting Papers, Society for Economic Dynamics View citations (8)
    Also in Working Paper, Harvard University OpenScholar (2017) View citations (66)
    NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (65)
    See also Journal Article Monetary Policy, Bounded Rationality, and Incomplete Markets, American Economic Review, American Economic Association (2019) View citations (140) (2019)
24. Productivity and Misallocation in General Equilibrium
    2018 Meeting Papers, Society for Economic Dynamics View citations (23)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2017) View citations (57)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017) View citations (61)
    Discussion Papers, Centre for Macroeconomics (CFM) (2017) View citations (62)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2017) View citations (51)
    See also Journal Article Productivity and Misallocation in General Equilibrium, The Quarterly Journal of Economics, President and Fellows of Harvard College (2020) View citations (179) (2020)
25. The Macroeconomics of Border Taxes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    See also Chapter The Macroeconomics of Border Taxes, NBER Chapters, National Bureau of Economic Research, Inc (2018) View citations (8) (2018)
    Journal Article The Macroeconomics of Border Taxes, NBER Macroeconomics Annual, University of Chicago Press (2019) View citations (9) (2019)
26. The Microeconomic Foundations of Aggregate Production Functions
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2018) View citations (14)

2017

27. Accounting for Medium-run Macro-finance Trends
    2017 Meeting Papers, Society for Economic Dynamics
28. Fiscal Unions
    Working Paper, Harvard University OpenScholar View citations (3)
    Also in Working Paper, Harvard University OpenScholar (2014) View citations (5)
    2013 Meeting Papers, Society for Economic Dynamics (2013) View citations (2)
    NBER Working Papers, National Bureau of Economic Research, Inc (2012) View citations (28)
    See also Journal Article Fiscal Unions, American Economic Review, American Economic Association (2017) View citations (70) (2017)
29. Optimal Taxation with Behavioral Agents
    2017 Meeting Papers, Society for Economic Dynamics View citations (12)
    Also in Working Paper, Harvard University OpenScholar (2015) View citations (55)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2015) View citations (55)
    NBER Working Papers, National Bureau of Economic Research, Inc (2015) View citations (55)
    See also Journal Article Optimal Taxation with Behavioral Agents, American Economic Review, American Economic Association (2020) View citations (93) (2020)
30. Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (113)
    See also Journal Article Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares, American Economic Review, American Economic Association (2017) View citations (116) (2017)
31. Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns to Capital, Earnings Yields
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (110)
32. The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (53)
    Also in Discussion Papers, Centre for Macroeconomics (CFM) (2017) View citations (30)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2017) View citations (37)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2017) View citations (27)
    2017 Meeting Papers, Society for Economic Dynamics (2017) View citations (34)
    Working Paper, Harvard University OpenScholar (2017) View citations (37)
    See also Journal Article The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem, Econometrica, Econometric Society (2019) View citations (203) (2019)

2016

33. A Model of the International Monetary System
    Working Paper, Harvard University OpenScholar View citations (13)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2016) View citations (13)
    NBER Working Papers, National Bureau of Economic Research, Inc (2016) View citations (13)
    2016 Meeting Papers, Society for Economic Dynamics (2016) View citations (13)
    Working Paper, Harvard University OpenScholar (2016) View citations (13)
    Working Paper, Harvard University OpenScholar (2015) View citations (1)
    See also Journal Article A Model of the International Monetary System, The Quarterly Journal of Economics, President and Fellows of Harvard College (2018) View citations (71) (2018)
34. Global Imbalances and Currency Wars at the ZLB
    2016 Meeting Papers, Society for Economic Dynamics View citations (21)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2015) View citations (77)
    Working Paper, Harvard University OpenScholar (2016) View citations (24)
35. Safe Asset Scarcity and Aggregate Demand
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (125)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2016) View citations (124)
    Working Paper, Harvard University OpenScholar View citations (83)
    See also Journal Article Safe Asset Scarcity and Aggregate Demand, American Economic Review, American Economic Association (2016) View citations (125) (2016)

2015

36. Coordination and Crisis in Monetary Unions
    2015 Meeting Papers, Society for Economic Dynamics View citations (75)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (11)
    Staff Report, Federal Reserve Bank of Minneapolis (2015) View citations (48)
    Working Paper, Harvard University OpenScholar View citations (60)
    See also Journal Article Coordination and Crisis in Monetary Unions, The Quarterly Journal of Economics, President and Fellows of Harvard College (2015) View citations (75) (2015)
37. Crash Risk in Currency Markets
    Working Paper, Harvard University OpenScholar View citations (51)
    Also in 2010 Meeting Papers, Society for Economic Dynamics (2010) View citations (1)
    NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (74)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (87)
38. Liquidity and growth: the role of counter-cyclical interest rates
    BIS Working Papers, Bank for International Settlements View citations (11)
39. Rare Disasters and Exchange Rates
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (36)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (121)
    Working Paper, Harvard University OpenScholar View citations (31)
    2008 Meeting Papers, Society for Economic Dynamics (2008) View citations (78)
40. The Safety Trap
    Working Paper, Harvard University OpenScholar View citations (31)
    Also in Working Paper, Harvard University OpenScholar View citations (232)
    NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (65)
    See also Journal Article The Safety Trap, The Review of Economic Studies, Review of Economic Studies Ltd (2018) View citations (61) (2018)

2014

41. Bequest Taxation and R-G
    Working Paper, Harvard University OpenScholar View citations (2)
42. Fiscal Devaluations
    Scholarly Articles, Harvard University Department of Economics View citations (49)
    Also in Working Paper, Harvard University OpenScholar
    NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (27)
    Working Papers, Institute for Social and Economic Change, Bangalore (2012) View citations (6)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (20)
    Working Papers, Federal Reserve Bank of Boston (2012) View citations (6)
    2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (6)
    See also Journal Article Fiscal Devaluations, The Review of Economic Studies, Review of Economic Studies Ltd (2014) View citations (45) (2014)
43. How Much Would You Pay to Resolve Long-Run Risk?
    Scholarly Articles, Harvard University Department of Economics View citations (117)
    Also in 2014 Meeting Papers, Society for Economic Dynamics (2014) View citations (119)
    Working Paper, Harvard University OpenScholar View citations (91)
    Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics (2013) View citations (1)
    Working Paper, Harvard University OpenScholar (2013) View citations (1)
    NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (1)
    Working Paper, Harvard University OpenScholar View citations (90)
    See also Journal Article How Much Would You Pay to Resolve Long-Run Risk?, American Economic Review, American Economic Association (2014) View citations (118) (2014)
44. Labor Mobility Within Currency Unions
    Working Paper, Harvard University OpenScholar View citations (24)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (24)
45. Labor Mobility in Currency Unions
    2014 Meeting Papers, Society for Economic Dynamics View citations (16)
46. Sovereign Debt Booms in Monetary Unions
    Scholarly Articles, Harvard University Department of Economics View citations (23)
    Also in Working Paper, Harvard University OpenScholar View citations (8)
    See also Journal Article Sovereign Debt Booms in Monetary Unions, American Economic Review, American Economic Association (2014) View citations (26) (2014)

2013

47. A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (63)
    Also in Working Paper, Harvard University OpenScholar (2013) View citations (65)
48. A Theory of Macroprudential Policies in the Presence of Nominal Rigidities
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (62)
    Also in Working Paper, Harvard University OpenScholar View citations (5)
    See also Journal Article A Theory of Macroprudential Policies in the Presence of Nominal Rigidities, Econometrica, Econometric Society (2016) View citations (238) (2016)
49. Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises
    Working Papers, Princeton University. Economics Department. View citations (14)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (92)
50. Estate Taxation with Altruism Heterogeneity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (27)
    Also in Working Paper, Harvard University OpenScholar
    See also Journal Article Estate Taxation with Altruism Heterogeneity, American Economic Review, American Economic Association (2013) View citations (28) (2013)
51. Liquid Bundles
    IDEI Working Papers, Institut d'Économie Industrielle (IDEI), Toulouse View citations (1)
    Also in TSE Working Papers, Toulouse School of Economics (TSE) (2013) View citations (1)
    Working Paper, Harvard University OpenScholar
    See also Journal Article Liquid bundles, Journal of Economic Theory, Elsevier (2015) View citations (2) (2015)

2012

52. Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (197)
53. Fiscal Multipliers: Liquidity Traps and Currency Unions
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (51)
    Also in Working Paper, Harvard University OpenScholar View citations (142)
54. Monetary Policy, Liquidity, and Growth
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (20)
55. Unconventional fiscal policy at the zero bound
    Working Papers, Federal Reserve Bank of Minneapolis View citations (3)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (15)
    Working Paper, Harvard University OpenScholar
    Working Papers, Banco de Portugal, Economics and Research Department (2011) View citations (18)
    NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (15)
    See also Journal Article Unconventional Fiscal Policy at the Zero Bound, American Economic Review, American Economic Association (2013) View citations (173) (2013)

2011

56. Bubbly Liquidity
    IDEI Working Papers, Institut d'Économie Industrielle (IDEI), Toulouse View citations (25)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (19)
    TSE Working Papers, Toulouse School of Economics (TSE) (2011) View citations (25)
    2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (13)
    See also Journal Article Bubbly Liquidity, The Review of Economic Studies, Review of Economic Studies Ltd (2012) View citations (94) (2012)
57. Insurance and Taxation over the Life Cycle
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    Also in 2010 Meeting Papers, Society for Economic Dynamics (2010) View citations (14)
    See also Journal Article Insurance and Taxation over the Life Cycle, The Review of Economic Studies, Review of Economic Studies Ltd (2013) View citations (153) (2013)
58. Réformer le système monétaire international
    Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL View citations (1)
    Also in Post-Print, HAL (2011)
    PSE-Ecole d'économie de Paris (Postprint), HAL (2011)

2010

59. Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts
    IDEI Working Papers, Institut d'Économie Industrielle (IDEI), Toulouse View citations (21)
    Also in TSE Working Papers, Toulouse School of Economics (TSE) (2010) View citations (21)
    NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (76)
    2010 Meeting Papers, Society for Economic Dynamics (2010) View citations (17)
    Institutions and Markets Papers, Fondazione Eni Enrico Mattei (FEEM) (2009) View citations (75)
    Working Papers, Fondazione Eni Enrico Mattei (2009) View citations (80)
    See also Journal Article Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts, American Economic Review, American Economic Association (2012) View citations (730) (2012)

2009

60. A Theory of Liquidity and Regulation of Financial Intermediation
    Scholarly Articles, Harvard University Department of Economics View citations (164)
    Also in Levine's Working Paper Archive, David K. Levine (2008) View citations (1)
    Levine's Bibliography, UCLA Department of Economics (2006) View citations (6)
    NBER Working Papers, National Bureau of Economic Research, Inc (2007) View citations (5)
    See also Journal Article A Theory of Liquidity and Regulation of Financial Intermediation, The Review of Economic Studies, Review of Economic Studies Ltd (2009) View citations (166) (2009)
61. Capital Taxation: Quantitative Explorations of the Inverse Euler Equation
    2009 Meeting Papers, Society for Economic Dynamics View citations (8)
    See also Journal Article Capital Taxation: Quantitative Explorations of the Inverse Euler Equation, Journal of Political Economy, University of Chicago Press (2012) View citations (43) (2012)

2008

62. A Positive Theory of Capital Taxation
    2008 Meeting Papers, Society for Economic Dynamics
63. An Equilibrium Model of "Global Imbalances" and Low Interest Rates
    Scholarly Articles, Harvard University Department of Economics View citations (698)
    Also in 2006 Meeting Papers, Society for Economic Dynamics (2006) View citations (79)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2006) View citations (191)
    NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations (95)
    BIS Working Papers, Bank for International Settlements (2006) View citations (40)
    See also Journal Article An Equilibrium Model of "Global Imbalances" and Low Interest Rates, American Economic Review, American Economic Association (2008) View citations (542) (2008)
64. Competing Liquidities: Corporate Securities Real Bonds and Bubbles
    IDEI Working Papers, Institut d'Économie Industrielle (IDEI), Toulouse View citations (8)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (9)
65. Fear of Rejection? Tiered Certification and Transparency
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
    Also in Working Paper, Harvard University OpenScholar View citations (41)
    See also Journal Article Fear of rejection? Tiered certification and transparency, RAND Journal of Economics, RAND Corporation (2013) View citations (38) (2013)
66. Financial Crash, Commodity Prices and Global Imbalances
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (195)
    Also in Scholarly Articles, Harvard University Department of Economics (2008) View citations (187)
    Working Paper, Harvard University OpenScholar View citations (6)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (179)
67. Optimal Savings Distortions with Recursive Preferences
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
    See also Journal Article Optimal savings distortions with recursive preferences, Journal of Monetary Economics, Elsevier (2008) View citations (12) (2008)

2007

68. Capital Taxation and Ownership when Markets are Incomplete
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    See also Journal Article Capital Taxation and Ownership When Markets Are Incomplete, Journal of Political Economy, University of Chicago Press (2010) View citations (57) (2010)
69. Inequality and Social Discounting
    Scholarly Articles, Harvard University Department of Economics View citations (107)
    Also in Working Paper, Harvard University OpenScholar
    See also Journal Article Inequality and Social Discounting, Journal of Political Economy, University of Chicago Press (2007) View citations (111) (2007)

2006

70. Capital Taxation
    2006 Meeting Papers, Society for Economic Dynamics
71. Progressive Estate Taxation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
    See also Journal Article Progressive Estate Taxation, The Quarterly Journal of Economics, President and Fellows of Harvard College (2010) View citations (101) (2010)

2005

72. Inequality, Social Discounting and Estate Taxation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (19)
    Also in 2005 Meeting Papers, Society for Economic Dynamics (2005) View citations (18)

2004

73. Speculative Growth: Hints from the US Economy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)
    See also Journal Article Speculative Growth: Hints from the U.S. Economy, American Economic Review, American Economic Association (2006) View citations (95) (2006)

Undated

74. Dilemma not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows
    Working Paper, Harvard University OpenScholar View citations (112)
75. Rents, Technical Change, and Risk Premia: Accounting for Secular Changes in Interest Rates, Returns to Capital, Earnings Yields, and Factor Shares
    Working Paper, Harvard University OpenScholar View citations (1)

Journal Articles

2025

1. Too Domestic to Fail: Liquidity Provision and National Champions
   The Review of Economic Studies, 2025, 92, (1), 268-298
   See also Working Paper Too Domestic to Fail: Liquidity Provision and National Champions, Post-Print (2025) (2025)

2024

2. Networks, Barriers, and Trade
   Econometrica, 2024, 92, (2), 505-541 View citations (7)
   See also Working Paper Networks, Barriers, and Trade, NBER Working Papers (2019) View citations (53) (2019)
3. The Darwinian Returns to Scale
   The Review of Economic Studies, 2024, 91, (3), 1373-1405
   See also Working Paper Darwinian Returns to Scale, CEPR Discussion Papers (2021) View citations (4) (2021)
4. The Supply-Side Effects of Monetary Policy
   Journal of Political Economy, 2024, 132, (4), 1065 - 1112 View citations (9)
   See also Working Paper The Supply-Side Effects of Monetary Policy, NBER Working Papers (2021) View citations (19) (2021)

2022

5. Supply and Demand in Disaggregated Keynesian Economies with an Application to the COVID-19 Crisis
   American Economic Review, 2022, 112, (5), 1397-1436 View citations (130)
   See also Working Paper Supply and Demand in Disaggregated Keynesian Economies with an Application to the Covid-19 Crisis, CEPR Discussion Papers (2020) View citations (121) (2020)

2021

6. Global Imbalances and Policy Wars at the Zero Lower Bound
   (Safe Assets)
   The Review of Economic Studies, 2021, 88, (6), 2570-2621 View citations (9)
   See also Working Paper Global Imbalances and Policy Wars at the Zero Lower Bound, CEPR Discussion Papers (2020) View citations (15) (2020)
7. Keynesian Production Networks and the COVID-19 Crisis: A Simple Benchmark
   AEA Papers and Proceedings, 2021, 111, 272-76 View citations (8)
   See also Working Paper Keynesian Production Networks and the Covid-19 Crisis: A Simple Benchmark, CEPR Discussion Papers (2021) View citations (8) (2021)
8. Review Article: Perspectives on the Future of Asset Pricing
   (Do survey expectations of stock returns reflect risk-adjustments?)
   The Review of Financial Studies, 2021, 34, (4), 2126-2160 View citations (27)
9. Shadow Banking and the Four Pillars of Traditional Financial Intermediation
   (Securitization without Risk Transfer)
   The Review of Economic Studies, 2021, 88, (6), 2622-2653 View citations (12)
   See also Working Paper Shadow banking and the four pillars of traditional financial intermediation, Post-Print (2021) View citations (6) (2021)

2020

10. Optimal Taxation with Behavioral Agents
    American Economic Review, 2020, 110, (1), 298-336 View citations (93)
    See also Working Paper Optimal Taxation with Behavioral Agents, 2017 Meeting Papers (2017) View citations (12) (2017)
11. Productivity and Misallocation in General Equilibrium
    The Quarterly Journal of Economics, 2020, 135, (1), 105-163 View citations (179)
    See also Working Paper Productivity and Misallocation in General Equilibrium, 2018 Meeting Papers (2018) View citations (23) (2018)

2019

12. China versus the United States: IMS Meets IPS
    AEA Papers and Proceedings, 2019, 109, 476-81 View citations (14)
13. JEEA-FBBVA Lecture 2018: The Microeconomic Foundations of Aggregate Production Functions
    Journal of the European Economic Association, 2019, 17, (5), 1337-1392 View citations (15)
14. Monetary Policy, Bounded Rationality, and Incomplete Markets
    American Economic Review, 2019, 109, (11), 3887-3928 View citations (140)
    See also Working Paper Monetay Policy, Bounded Rationality, and Incomplete Markets, 2018 Meeting Papers (2018) View citations (8) (2018)
15. Monetary Policy, Product Market Competition and Growth
    Economica, 2019, 86, (343), 431-470 View citations (11)
    See also Working Paper Monetary Policy, Product Market Competition, and Growth, CEPR Discussion Papers (2018) View citations (5) (2018)
16. The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem
    Econometrica, 2019, 87, (4), 1155-1203 View citations (203)
    See also Working Paper The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem, NBER Working Papers (2017) View citations (53) (2017)
17. The Macroeconomics of Border Taxes
    NBER Macroeconomics Annual, 2019, 33, (1), 395 - 457 View citations (9)
    See also Working Paper The Macroeconomics of Border Taxes, NBER Working Papers (2018) View citations (8) (2018)
    Chapter The Macroeconomics of Border Taxes, NBER Chapters, 2018, 395-457 (2018) View citations (8) (2018)
18. What is Driving the Return Spread Between “Safe” and “Risky” Assets?
    Chicago Fed Letter, 2019

2018

19. A Model of the International Monetary System
    The Quarterly Journal of Economics, 2018, 133, (1), 295-355 View citations (71)
    See also Working Paper A Model of the International Monetary System, Working Paper (2016) View citations (13) (2016)
20. Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia
    Brookings Papers on Economic Activity, 2018, 49, (2 (Fall)), 147-250 View citations (103)
    See also Working Paper Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia, Working Paper Series (2018) View citations (72) (2018)
21. Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops
    The Review of Economic Studies, 2018, 85, (3), 1781-1823 View citations (173)
    See also Working Paper Deadly embrace: sovereign and financial balance sheets doom loops, Post-Print (2018) View citations (127) (2018)
22. The Safety Trap
    The Review of Economic Studies, 2018, 85, (1), 223-274 View citations (61)
    See also Working Paper The Safety Trap, Working Paper (2015) View citations (31) (2015)

2017

23. Fiscal Unions
    American Economic Review, 2017, 107, (12), 3788-3834 View citations (70)
    See also Working Paper Fiscal Unions, Working Paper (2017) View citations (3) (2017)
24. Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares
    American Economic Review, 2017, 107, (5), 614-20 View citations (116)
    See also Working Paper Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares, NBER Working Papers (2017) View citations (113) (2017)
25. The Safe Assets Shortage Conundrum
    Journal of Economic Perspectives, 2017, 31, (3), 29-46 View citations (182)

2016

26. A Theory of Macroprudential Policies in the Presence of Nominal Rigidities
    Econometrica, 2016, 84, 1645-1704 View citations (238)
    See also Working Paper A Theory of Macroprudential Policies in the Presence of Nominal Rigidities, NBER Working Papers (2013) View citations (62) (2013)
27. Editor's Choice Rare Disasters and Exchange Rates
    The Quarterly Journal of Economics, 2016, 131, (1), 1-52 View citations (163)
28. Safe Asset Scarcity and Aggregate Demand
    American Economic Review, 2016, 106, (5), 513-18 View citations (125)
    See also Working Paper Safe Asset Scarcity and Aggregate Demand, NBER Working Papers (2016) View citations (125) (2016)

2015

29. Coordination and Crisis in Monetary Unions
    The Quarterly Journal of Economics, 2015, 130, (4), 1727-1779 View citations (75)
    See also Working Paper Coordination and Crisis in Monetary Unions, 2015 Meeting Papers (2015) View citations (75) (2015)
30. Liquid bundles
    Journal of Economic Theory, 2015, 158, (PB), 634-655 View citations (2)
    See also Working Paper Liquid Bundles, IDEI Working Papers (2013) View citations (1) (2013)

2014

31. Dilemma Not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows
    IMF Economic Review, 2014, 62, (4), 569-605 View citations (136)
32. Fiscal Devaluations
    The Review of Economic Studies, 2014, 81, (2), 725-760 View citations (45)
    See also Working Paper Fiscal Devaluations, Scholarly Articles (2014) View citations (49) (2014)
33. How Much Would You Pay to Resolve Long-Run Risk?
    American Economic Review, 2014, 104, (9), 2680-97 View citations (118)
    See also Working Paper How Much Would You Pay to Resolve Long-Run Risk?, Scholarly Articles (2014) View citations (117) (2014)
34. Sovereign Debt Booms in Monetary Unions
    American Economic Review, 2014, 104, (5), 101-06 View citations (26)
    See also Working Paper Sovereign Debt Booms in Monetary Unions, Scholarly Articles (2014) View citations (23) (2014)

2013

35. Estate Taxation with Altruism Heterogeneity
    American Economic Review, 2013, 103, (3), 489-95 View citations (28)
    See also Working Paper Estate Taxation with Altruism Heterogeneity, NBER Working Papers (2013) View citations (27) (2013)
36. Fear of rejection? Tiered certification and transparency
    RAND Journal of Economics, 2013, 44, (4), 610-631 View citations (38)
    See also Working Paper Fear of Rejection? Tiered Certification and Transparency, NBER Working Papers (2008) View citations (23) (2008)
37. Insurance and Taxation over the Life Cycle
    The Review of Economic Studies, 2013, 80, (2), 596-635 View citations (153)
    See also Working Paper Insurance and Taxation over the Life Cycle, NBER Working Papers (2011) View citations (14) (2011)
38. Unconventional Fiscal Policy at the Zero Bound
    American Economic Review, 2013, 103, (4), 1172-1211 View citations (173)
    See also Working Paper Unconventional fiscal policy at the zero bound, Working Papers (2012) View citations (3) (2012)

2012

39. Bubbly Liquidity
    The Review of Economic Studies, 2012, 79, (2), 678-706 View citations (94)
    See also Working Paper Bubbly Liquidity, IDEI Working Papers (2011) View citations (25) (2011)
40. Capital Taxation: Quantitative Explorations of the Inverse Euler Equation
    Journal of Political Economy, 2012, 120, (3), 000 - 000 View citations (43)
    See also Working Paper Capital Taxation: Quantitative Explorations of the Inverse Euler Equation, 2009 Meeting Papers (2009) View citations (8) (2009)
41. Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts
    American Economic Review, 2012, 102, (1), 60-93 View citations (730)
    See also Working Paper Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts, IDEI Working Papers (2010) View citations (21) (2010)
42. La TVA sociale, une solution aux problèmes de compétitivité ?
    Regards croisés sur l'économie, 2012, n° 11, (1), 107-112
43. Non-linear Capital Taxation Without Commitment
    The Review of Economic Studies, 2012, 79, (4), 1469-1493 View citations (66)

2010

44. Capital Taxation and Ownership When Markets Are Incomplete
    Journal of Political Economy, 2010, 118, (5), 908 - 948 View citations (57)
    See also Working Paper Capital Taxation and Ownership when Markets are Incomplete, NBER Working Papers (2007) View citations (5) (2007)
45. Progressive Estate Taxation
    The Quarterly Journal of Economics, 2010, 125, (2), 635-673 View citations (101)
    See also Working Paper Progressive Estate Taxation, NBER Working Papers (2006) View citations (15) (2006)

2009

46. A Theory of Liquidity and Regulation of Financial Intermediation
    The Review of Economic Studies, 2009, 76, (3), 973-992 View citations (166)
    See also Working Paper A Theory of Liquidity and Regulation of Financial Intermediation, Scholarly Articles (2009) View citations (164) (2009)
47. Leverage and the Central Banker's Put
    American Economic Review, 2009, 99, (2), 589-93 View citations (34)

2008

48. An Equilibrium Model of "Global Imbalances" and Low Interest Rates
    American Economic Review, 2008, 98, (1), 358-93 View citations (542)
    See also Working Paper An Equilibrium Model of "Global Imbalances" and Low Interest Rates, Scholarly Articles (2008) View citations (698) (2008)
49. Financial Crash, Commody Prices, and Global Inbalances
    Brookings Papers on Economic Activity, 2008, 39, (2 (Fall)), 1-68 View citations (76)
50. Optimal savings distortions with recursive preferences
    Journal of Monetary Economics, 2008, 55, (1), 21-42 View citations (12)
    See also Working Paper Optimal Savings Distortions with Recursive Preferences, NBER Working Papers (2008) View citations (12) (2008)

2007

51. Inequality and Social Discounting
    Journal of Political Economy, 2007, 115, (3), 365-402 View citations (111)
    See also Working Paper Inequality and Social Discounting, Scholarly Articles (2007) View citations (107) (2007)
52. Saving and investing for early retirement: A theoretical analysis
    Journal of Financial Economics, 2007, 83, (1), 87-121 View citations (95)

2006

53. Speculative Growth: Hints from the U.S. Economy
    American Economic Review, 2006, 96, (4), 1159-1192 View citations (95)
    See also Working Paper Speculative Growth: Hints from the US Economy, NBER Working Papers (2004) View citations (11) (2004)

2005

54. Certifying New Technologies
    Journal of the European Economic Association, 2005, 3, (2-3), 734-744 View citations (12)

Chapters

2018

1. The Macroeconomics of Border Taxes
   A chapter in NBER Macroeconomics Annual 2018, volume 33, 2018, pp 395-457 View citations (8)
   See also Working Paper The Macroeconomics of Border Taxes, National Bureau of Economic Research, Inc (2018) View citations (8) (2018)
   Journal Article The Macroeconomics of Border Taxes, University of Chicago Press (2019) View citations (9) (2019)

2016

2. Fiscal Multipliers☆☆We thank the editors John Taylor and Harald Uhlig for detailed comments, as well as suggestions and comments by Gabriel Chodorow-Reich, Jon Steinsson, and Michael Weber
   Elsevier