Details about Eric R. Young

Homepage:	https://sites.google.com/view/ericyoung/home
Phone:	434-924-3811
Postal address:	Department of Economics University of Virginia 242 Monroe Hall Charlottesville, VA 22904
Workplace:	Department of Economics, University of Virginia, (more information at EDIRC) Federal Reserve Bank of Cleveland, (more information at EDIRC)

Access statistics for papers by Eric R. Young.

Last updated 2023-06-07. Update your information in the RePEc Author Service.

Short-id: pyo3

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Working Papers

2023

1. Optimal Fiscal Reform with Many Taxes
   Working Papers, Federal Reserve Bank of Cleveland

2022

2. Infrequent Random Portfolio Decisions in an Open Economy Model
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (1)
3. The Dynamics of the Racial Wealth Gap
   Working Papers, Federal Reserve Bank of Cleveland View citations (7)
   Also in Working Papers, Human Capital and Economic Opportunity Working Group (2022)
4. The Effect of Minimum Wages on Consumer Bankruptcy
   Working Papers, Federal Reserve Bank of Cleveland

2021

5. Production and Inventory Dynamics under Ambiguity Aversion
   Research Working Paper, Federal Reserve Bank of Kansas City View citations (1)
6. Saving Constraints, Inequality, and the Credit Market Response to Fiscal Stimulus
   Working Papers Central Bank of Chile, Central Bank of Chile
   See also Journal Article in European Economic Review (2023)

2020

7. A Model of Expenditure Shocks
   Working Papers, Federal Reserve Bank of Cleveland View citations (5)
8. Government Debt Limits and Stabilization Policy
   Working Papers, Federal Reserve Bank of Cleveland
9. Saving Constraints, Debt, and the Credit Market Response to Fiscal Stimulus
   Working Papers, Federal Reserve Bank of Cleveland View citations (7)
10. The Stock Market Response to a "Regulatory Sine Curve"
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.)

2019

11. Flexibility and Frictions in Multisector Models
    Discussion Papers Series, University of Queensland, School of Economics View citations (7)
    Also in CAMA Working Papers, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University (2018) View citations (5)
    See also Journal Article in American Economic Journal: Macroeconomics (2022)
12. Macro-Financial Volatility under Dispersed Information
    Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics
    Also in Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics (2019)
    See also Journal Article in Theoretical Economics (2021)
13. Multivariate Rational Inattention
    Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics View citations (7)
    See also Journal Article in Econometrica (2022)
14. Optimal Policy for Macro-Financial Stability
    Staff Reports, Federal Reserve Bank of New York View citations (2)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (2)
    2013 Meeting Papers, Society for Economic Dynamics (2013) View citations (2)
    Research Department Publications, Inter-American Development Bank, Research Department (2012) View citations (24)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2012) View citations (24)
    CEP Discussion Papers, Centre for Economic Performance, LSE (2012) View citations (33)
    Working Papers, Federal Reserve Bank of St. Louis (2012) View citations (27)
    IDB Publications (Working Papers), Inter-American Development Bank (2012) View citations (24)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (24)
15. Saving Constraints, Debt, and the Credit Market Response to Fiscal Stimulus: Theory and Cross-Country Evidence
    Discussion Papers Series, University of Queensland, School of Economics View citations (3)
16. Saving-Constrained Households
    2019 Meeting Papers, Society for Economic Dynamics
17. The Politics of Flat Taxes
    Working Papers, Federal Reserve Bank of Cleveland View citations (2)
    Also in Working Papers, Federal Reserve Bank of Cleveland (2017) View citations (2)
    See also Journal Article in Review of Economic Dynamics (2021)
18. What Explains Neighborhood Sorting by Income and Race?
    Working Papers, Federal Reserve Bank of Cleveland View citations (6)

2018

19. Can Wealth Explain Neighborhood Sorting by Race and Income?
    Working Papers (Old Series), Federal Reserve Bank of Cleveland
20. Debt Burdens and the Interest Rate Response to Fiscal Stimulus: Theory and Cross-Country Evidence
    2018 Meeting Papers, Society for Economic Dynamics View citations (1)
21. Growth and Welfare Gains from Financial Integration Under Model Uncertainty
    Research Working Paper, Federal Reserve Bank of Kansas City

2017

22. Neoclassical Inequality
    Working Papers, Federal Reserve Bank of Cleveland View citations (1)
    See also Journal Article in Journal of Macroeconomics (2018)
23. Rational Inattention and the Dynamics of Consumption and Wealth in General Equilibrium
    MPRA Paper, University Library of Munich, Germany View citations (21)
    See also Journal Article in Journal of Economic Theory (2017)
24. Robustness, Low Risk-Free Rates, and Consumption Volatility in General Equilibrium
    MPRA Paper, University Library of Munich, Germany

2016

25. A New Dilemma: Capital Controls and Monetary Policy in Sudden-Stop Economies
    Working Papers, Hong Kong Institute for Monetary Research
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2015) View citations (18)
26. Bankruptcy and Delinquency in a Model of Unsecured Debt
    Working Paper, Federal Reserve Bank of Richmond View citations (16)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2012) View citations (19)
    See also Journal Article in International Economic Review (2018)
27. Mobility
    Working Papers (Old Series), Federal Reserve Bank of Cleveland
28. Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (96)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2014) View citations (22)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2015) View citations (3)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2016) View citations (95)
    Discussion Papers, Centre for Macroeconomics (CFM) (2015) View citations (8)
    See also Journal Article in Journal of Monetary Economics (2016)

2015

29. Majority Voting: A Quantitative Investigation
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (1)
30. Robust Permanent Income in General Equilibrium
    MPRA Paper, University Library of Munich, Germany View citations (1)
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (2015) View citations (1)
31. What We Don't Know Doesn't Hurt Us: Rational Inattention and the Permanent Income Hypothesis in General Equilibrium
    2015 Meeting Papers, Society for Economic Dynamics View citations (1)
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (2014)
    MPRA Paper, University Library of Munich, Germany (2014)

2014

32. Induced Uncertainty, Market Price of Risk, and the Dynamics of Consumption and Wealth
    MPRA Paper, University Library of Munich, Germany View citations (1)
    See also Journal Article in Journal of Economic Theory (2016)
33. Labor market upheaval, default regulations, and consumer debt
    Working Papers, Federal Reserve Bank of St. Louis View citations (15)
    See also Journal Article in Review of Economic Dynamics (2015)
34. Model Uncertainty and Intertemporal Tax Smoothing
    MPRA Paper, University Library of Munich, Germany View citations (7)
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (2012) View citations (2)
    See also Journal Article in Journal of Economic Dynamics and Control (2014)
35. Portfolio Choice with Information-Processing Limits
    MPRA Paper, University Library of Munich, Germany View citations (5)
    See also Journal Article in Annals of Economics and Finance (2019)
36. Regulatory Intensity, Crash Risk, and the Business Cycle
    2014 Meeting Papers, Society for Economic Dynamics
37. Slow Information Diffusion and the Inertial Behavior of Durable Consumption
    MPRA Paper, University Library of Munich, Germany View citations (4)
    See also Journal Article in Journal of the European Economic Association (2015)
38. The Piketty Transition
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (1)

2013

39. A Quantitative Theory of Credit Scoring
    2013 Meeting Papers, Society for Economic Dynamics View citations (1)
40. Capital Controls or Real Exchange Rate Policy? A Pecuniary Externality Perspective
    Research Department Publications, Inter-American Development Bank, Research Department View citations (20)
    Also in 2013 Meeting Papers, Society for Economic Dynamics (2013) View citations (19)
    IDB Publications (Working Papers), Inter-American Development Bank (2013) View citations (21)
41. Consumption, Market Price of Risk, and Wealth Accumulation under Induced Uncertainty
    MPRA Paper, University Library of Munich, Germany
42. Long-run Consumption Risk and Asset Allocation under Recursive Utility and Rational Inattention
    MPRA Paper, University Library of Munich, Germany View citations (1)
    See also Journal Article in Journal of Money, Credit and Banking (2016)
43. Rational Inattention in Macroeconomics: A Survey
    MPRA Paper, University Library of Munich, Germany
44. Robust Control, Informational Frictions, and International Consumption Correlations
    Working Papers, Hong Kong Institute for Monetary Research View citations (1)
    Also in 2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (1)
    Research Working Paper, Federal Reserve Bank of Kansas City (2010) View citations (3)
    See also Journal Article in European Economic Review (2014)

2012

45. Capital Controls or Exchange Rate Policy? A Pecuniary Externality Perspective
    Working Papers, Department of Economics, University of Missouri View citations (22)
    Also in Working Papers, Federal Reserve Bank of St. Louis (2012) View citations (3)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2012) View citations (11)
    CEP Discussion Papers, Centre for Economic Performance, LSE (2012) View citations (16)
46. Model uncertainty, state uncertainty, and state-space models
    Research Working Paper, Federal Reserve Bank of Kansas City
47. Monetary and Macro-Prudential Policies: An Integrated Analysis
    Working Papers, Department of Economics, University of Missouri View citations (22)
    See also Journal Article in Journal of Money and Economy (2012)
48. Sticky information diffusion and the inertial behavior of durable consumption
    Research Working Paper, Federal Reserve Bank of Kansas City View citations (2)

2011

49. A quantitative theory of information and unsecured credit
    Working Paper, Federal Reserve Bank of Richmond View citations (23)
    See also Journal Article in American Economic Journal: Macroeconomics (2012)
50. Financial Crises and Macro-Prudential Policies
    IDB Publications (Working Papers), Inter-American Development Bank View citations (7)
    Also in Research Department Publications, Inter-American Development Bank, Research Department (2011) View citations (13)
    CEP Discussion Papers, Centre for Economic Performance, LSE (2010) View citations (11)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (20)
    See also Journal Article in Journal of International Economics (2013)
51. Loan guarantees for consumer credit markets
    Working Paper, Federal Reserve Bank of Richmond
    See also Journal Article in Economic Quarterly (2014)
52. Revisiting Overborrowing and Its Policy Implications
    IDB Publications (Working Papers), Inter-American Development Bank View citations (28)
    Also in CEP Discussion Papers, Centre for Economic Performance, LSE (2010) View citations (23)
    Working Papers Central Bank of Chile, Central Bank of Chile (2010) View citations (23)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2010) View citations (39)
    Research Department Publications, Inter-American Development Bank, Research Department (2010) View citations (23)
    See also Chapter (2011)
53. Why Aren't More Families Buying Life Insurance?
    Working Papers, Center for Retirement Research at Boston College, Center for Retirement Research View citations (1)

2010

54. Robustness, information-processing constraints, and the current account in small open economies
    Research Working Paper, Federal Reserve Bank of Kansas City View citations (7)
    See also Journal Article in Journal of International Economics (2012)

2009

55. A note on sunspots with heterogeneous agents
    Working Papers (Old Series), Federal Reserve Bank of Cleveland
56. Are harsh penalties for default really better?
    Working Paper, Federal Reserve Bank of Richmond View citations (10)
57. The long run effects of changes in tax progressivity
    Working Papers (Old Series), Federal Reserve Bank of Cleveland View citations (4)
    See also Journal Article in Journal of Economic Dynamics and Control (2011)

2008

58. Information Heterogeneity in the Macroeconomy
    2008 Meeting Papers, Society for Economic Dynamics View citations (4)
59. Risk-sensitive Consumption and Savings under Rational Inattention
    2008 Meeting Papers, Society for Economic Dynamics View citations (1)
    See also Journal Article in American Economic Journal: Macroeconomics (2010)

2007

60. Optimal Monetary Policy in a Medium Scale Model for Emerging Markets
    2007 Meeting Papers, Society for Economic Dynamics

2005

61. Approximate Aggregation
    Computing in Economics and Finance 2005, Society for Computational Economics View citations (19)
    See also Software Item (2005)

2004

62. The Acquisition of Skills over the Life-Cycle
    Working Papers, Middle Tennessee State University, Department of Economics and Finance View citations (2)
63. The Wealth Distribution and the Demand for Status
    Macroeconomics, University Library of Munich, Germany View citations (9)
    See also Journal Article in Macroeconomic Dynamics (2009)

1998

64. Revenue-maximizing monetary policy
    Working Papers, Federal Reserve Bank of Dallas
    See also Journal Article in Review of Economic Dynamics (1998)

Journal Articles

2023

1. Saving constraints, inequality, and the credit market response to fiscal stimulus
   European Economic Review, 2023, 151, (C)
   See also Working Paper (2021)

2022

2. Flexibility and Frictions in Multisector Models
   American Economic Journal: Macroeconomics, 2022, 14, (3), 450-80 View citations (5)
   See also Working Paper (2019)
3. Multivariate Rational Inattention
   Econometrica, 2022, 90, (2), 907-945 View citations (3)
   See also Working Paper (2019)

2021

4. Macro-financial volatility under dispersed information
   Theoretical Economics, 2021, 16, (1) View citations (1)
   See also Working Paper (2019)
5. The Politics of Flat Taxes
   Review of Economic Dynamics, 2021, 39, 174-201
   See also Working Paper (2019)
   Software Item (2020)
6. The Racial Wealth Gap and Access to Opportunity Neighborhoods
   Economic Commentary, 2021, 2021, (18), 5

2020

7. Ambiguity, Low Risk-Free Rates and Consumption Inequality
   The Economic Journal, 2020, 130, (632), 2649-2679 View citations (3)

2019

8. Capital controls and monetary policy in sudden-stop economies
   Journal of Monetary Economics, 2019, 103, (C), 52-74 View citations (21)
9. Comparing dynamic multisector models
   Economics Letters, 2019, 181, (C), 28-32 View citations (1)
10. Portfolio Choice with Information-Processing Limits
    Annals of Economics and Finance, 2019, 20, (1), 137-162 View citations (2)
    See also Working Paper (2014)

2018

11. BANKRUPTCY AND DELINQUENCY IN A MODEL OF UNSECURED DEBT
    International Economic Review, 2018, 59, (2), 593-623 View citations (11)
    See also Working Paper (2016)
12. Neoclassical inequality
    Journal of Macroeconomics, 2018, 57, (C), 83-109 View citations (4)
    See also Working Paper (2017)

2017

13. Rational inattention and the dynamics of consumption and wealth in general equilibrium
    Journal of Economic Theory, 2017, 172, (C), 55-87 View citations (20)
    See also Working Paper (2017)

2016

14. Induced uncertainty, market price of risk, and the dynamics of consumption and wealth
    Journal of Economic Theory, 2016, 163, (C), 1-41 View citations (11)
    See also Working Paper (2014)
15. Long‐Run Consumption Risk and Asset Allocation under Recursive Utility and Rational Inattention
    Journal of Money, Credit and Banking, 2016, 48, (2-3), 325-362 View citations (10)
    See also Working Paper (2013)
16. Optimal capital controls and real exchange rate policies: A pecuniary externality perspective
    Journal of Monetary Economics, 2016, 84, (C), 147-165 View citations (95)
    See also Working Paper (2016)

2015

17. Labor Market Upheaval, Default Regulation, and Consumer Debt
    Review of Economic Dynamics, 2015, 18, (1), 32-52 View citations (15)
    See also Working Paper (2014)
    Software Item (2014)
18. SLOW INFORMATION DIFFUSION AND THE INERTIAL BEHAVIOR OF DURABLE CONSUMPTION
    Journal of the European Economic Association, 2015, 13, (5), 805-840 View citations (13)
    See also Working Paper (2014)
19. Zero Growth and Long-Run Inequality
    Economic Commentary, 2015, (September)

2014

20. Loan Guarantees for Consumer Credit Markets
    Economic Quarterly, 2014, (4Q), 297-352
    See also Working Paper (2011)
21. Model uncertainty and intertemporal tax smoothing
    Journal of Economic Dynamics and Control, 2014, 45, (C), 289-314 View citations (7)
    See also Working Paper (2014)
22. Robust control, informational frictions, and international consumption correlations
    European Economic Review, 2014, 67, (C), 1-27 View citations (4)
    See also Working Paper (2013)
23. SIGNAL EXTRACTION AND RATIONAL INATTENTION
    Economic Inquiry, 2014, 52, (2), 811-829 View citations (19)

2013

24. Financial crises and macro-prudential policies
    Journal of International Economics, 2013, 89, (2), 453-470 View citations (184)
    See also Working Paper (2011)

2012

25. A Quantitative Theory of Information and Unsecured Credit
    American Economic Journal: Macroeconomics, 2012, 4, (3), 153-83 View citations (63)
    See also Working Paper (2011)
26. Debt default and the insurance of labor income risks
    Economic Quarterly, 2012, 98, (4Q), 255-307 View citations (3)
27. Monetary and Macro-prudential Policies: An Integrated Analysis
    Journal of Money and Economy, 2012, 7, (1), 1-40 View citations (11)
    See also Working Paper (2012)
28. Robust policymaking in the face of sudden stops
    Journal of Monetary Economics, 2012, 59, (5), 512-527 View citations (12)
29. Robustness, information–processing constraints, and the current account in small open economies
    Journal of International Economics, 2012, 88, (1), 104-120 View citations (28)
    See also Working Paper (2010)

2011

30. The long run effects of changes in tax progressivity
    Journal of Economic Dynamics and Control, 2011, 35, (9), 1451-1473 View citations (17)
    See also Working Paper (2009)

2010

31. Asset pricing under information-processing constraints
    Economics Letters, 2010, 107, (1), 26-29 View citations (6)
32. Risk-Sensitive Consumption and Savings under Rational Inattention
    American Economic Journal: Macroeconomics, 2010, 2, (4), 281-325 View citations (37)
    See also Working Paper (2008)
33. Solving the incomplete markets model with aggregate uncertainty using the Krusell-Smith algorithm and non-stochastic simulations
    Journal of Economic Dynamics and Control, 2010, 34, (1), 36-41 View citations (109)

2009

34. Rational Inattention and Aggregate Fluctuations
    The B.E. Journal of Macroeconomics, 2009, 9, (1), 1-43 View citations (25)
35. THE WEALTH DISTRIBUTION AND THE DEMAND FOR STATUS
    Macroeconomic Dynamics, 2009, 13, (S1), 1-30 View citations (35)
    See also Working Paper (2004)
36. The Stationary Distribution of Wealth under Progressive Taxation
    Review of Economic Dynamics, 2009, 12, (3), 469-478 View citations (12)
    See also Software Item (2008)
37. Unsecured credit markets are not insurance markets
    Journal of Monetary Economics, 2009, 56, (1), 83-103 View citations (34)

2007

38. Generalized quasi-geometric discounting
    Economics Letters, 2007, 96, (3), 343-350 View citations (6)

2004

39. Unemployment insurance and capital accumulation
    Journal of Monetary Economics, 2004, 51, (8), 1683-1710 View citations (33)
    See also Software Item (2003)

1998

40. Money Creation, Reserve Requirements, and Seigniorage
    Review of Economic Dynamics, 1998, 1, (3), 677-698 View citations (18)
    See also Working Paper (1998)

Chapters

2011

1. Revisiting Overborrowing and its Policy Implications
   Chapter 06 in Monetary Policy under Financial Turbulence, 2011, vol. 16, pp 145-184 View citations (25)
   See also Working Paper (2011)

Software Items

2020

1. Code and data files for "The Politics of Flat Taxes"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2021)

2014

2. Code and data files for "Labor Market Upheaval, Default Regulation, and Consumer Debt"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2015)

2008

3. Code and data files for "The Stationary Distribution of Wealth under Progressive Taxation"
   Computer Codes, Review of Economic Dynamics
   See also Journal Article in Review of Economic Dynamics (2009)

2005

4. Code for "Approximate Aggregation"
   QM&RBC Codes, Quantitative Macroeconomics & Real Business Cycles
   See also Working Paper (2005)

2003

5. Code for "Unemployment Insurance and Capital Accumulation"
   QM&RBC Codes, Quantitative Macroeconomics & Real Business Cycles
   See also Journal Article in Journal of Monetary Economics (2004)