Advanced Macroeconomics (14.462(b))

Size: px

Start display at page:

Download "Advanced Macroeconomics (14.462(b))"

Tiffany Kelly
6 years ago
Views:

1 Advanced Macroeconomics (14.462(b)) Ricardo Caballero / Adrien Auclert (TA) Spring Aggregate and Wasted Liquidity 1. (*) Holmstrom B. and J. Tirole, Private and Public Supply of Liquidity, Journal of Political Economy, 106(1), pp.1-40, February Woodford, M., Public Debt as Private Liquidity, American Economic Review Papers and Proceedings, 80(2), pp , May Kiyotaki, N. and J. Moore, Liquidity and Asset Prices, in Liquidity and Crises, ed by F. Allen, E. Carletti, J.P. Krahnen, and M. Tyrell, Ch 15, Oxford University Press, (*) Caballero, R.J. and A. Krishnamurthy, Collective Risk Management in a Flight to Quality Episode, Journal of Finance, 63 (5), pp , October (*) Caballero, R.J. and A. Simsek, Fire Sales in a Model of Complexity, Journal of Finance, 68(6), pp , Brunnermeier, M.K., and M. Oehmke, Predatory Short Selling, Review of Finance, in press. 7. Dang, T., G. Gorton, and B. Holmstrom, Opacity and the Optimality of Debt for Liquidity Provision, MIT mimeo Feijer, D., Information Panics and Liquidity Crises, MIT mimeo Acemoglu, D., A. Ozdaglar, and A. Tahbaz-Salehi, Systemic Risk and Stability in Financial Networks, American Economic Review, February Allen, F., and D. Gale, Financial Contagion, Journal of Political Economy, 108(1), pp.1-33, February

2 2 Shortage of Assets 1. Caballero, R.J., The Other Imbalance and the Financial Crisis, Lezioni Paolo Baffi di Moneta e Finanza, Bank of Italy, December (*) Caballero, R.J., and E. Farhi, The Safety Trap, MIT mimeo March (*) Gorton, G.B., and G.L Ordonez, The Supply and Demand for Safe Assets," NBER Working Paper No.18732, January Gorton, G.B, S. Lewellen, and A. Metrick, The Safe Asset Share, American Economic Review, PP 102: , May Krishnamurthy, A., and A. Vissing-Jorgensen, The Aggregate Demand for Treasury Debt, Journal of Political Economy, 120(2), pp , April Greenwood, R., S. Hanson, and J, Stein, A Comparative-Advantage Approach to Government Debt Maturity, Journal of Finance, forthcoming, (*) Stein, Jeremy, Monetary Policy as Financial Stability Regulation, Quarterly Journal of Economics, 127(1), pp.57-95, February Holmstrom, B., Understanding the Role of Debt in the Financial System, BIS Working Paper 479, Caballero, R.J., E. Farhi, and P.O. Gourinchas, Financial Crash, Commodity Prices, and Global Imbalances, Brookings Papers on Economic Activity, pp.1-55, Fall Brunnermeier, M.K, and Y. Sannikov, The I Theory of Money, Princeton mimeo, April Reinhart, C.M., V. Reinhart, and K. Rogoff, Dealing with Debt, HKS RWP15-009, February Bewley, T., A Diffi culty with the Optimum Quantity of Money. Econometrica, 51(5), pp , September Mehrling, P., A Note on the Optimum Quantity of Money. Journal of Mathematical Economics, 24(3), pp , Eggertsson, G. & Mehrotra, N. A Model of Secular Stagnation. Manuscript, Brown University, Simsek, A. Speculation and Risk Sharing with New Financial Assets, Quarterly Journal of Economics, pp , May

3 3 Artificial Liquidity 1. (*) Martin, A. and J.Ventura: Theoretical Notes on Bubbles and the Current Crisis, CREI Mimeo February Caballero, R.J. and A. Krishnamurthy, Bubbles and Capital Flow Volatility: Causes and Risk Management, Journal of Monetary Economics 53, 33-53, Martin, A. and J.Ventura: Managing Credit Bubbles, CREI Mimeo June Carvalho, V.M., A. Martin, and J. Ventura, Understanding Bubbly Episodes, American Economic Review Papers and Proceedings, May (*) Farhi, E. and J.Tirole, Bubbly Liquidity, Review of Economic Studies, 79(2), pp , May Coval, J.D., J.W. Jurek, and E. Stafford, The Economics of Structured Finance," Journal of Economic Perspectives, 23(1), pp.3-25, Winter Gennaioli, N., A. Shleifer, and R.W. Vishny, A Model of Shadow Banking," Chicago Booth Paper 12-38, April Caballero, R.J, The Other Imbalance and the Financial Crisis, NBER Working Paper No.15636, January Geerolf, F. Reassessing Dynamic Effi ciency. Manuscript, UCLA, Giglio, S., Maggiori, M. & Stroebel, J. No-Bubble Condition: Model-free Tests in Housing Markets, NBER Working Paper No.20154, May Intermediaries and Investment 1. Dixit, A., The Art of Smooth Pasting, Routledge, (*) Brunnermeier, M.K. and Y. Sannikov, A Macroeconomic Model with a Financial Sector, American Economic Review, 104(2), pp , February He, Z. and A. Krishnamurthy, Intermediary Asset Pricing, American Economic Review, 103(2), pp , April (*) Bolton, P., H. Chen, and N. Wang, A Unified Theory of Tobin s q, Corporate Investment, Financing, and Risk Management, Journal of Finance, 66(5), pp , October

4 5 Optimism, Pessimism, and Mistakes 1. Akerlof, G.A., Behavioral Macroeconomics and Macroeconomic Behavior, American Economic Review, 92(3), pp , June Harrison, J.M. & Kreps, D.M., Speculative Investor Behavior in a Stock Market with Heterogeneous Expectations, Quarterly Journal of Economics, 92(2), pp , May Geanakoplos, J., The Leverage Cycle, NBER Macroeconomics Annual, 24, pp.1 87, October Woodford, M. An Optimizing Neuroeconomic Model of Discrete Choice, NBER Working Paper No.19897, February Woodford, M. Stochastic Choice: An Optimizing Neuroeconomic Model, in American Economic Review Papers and Proceedings, 104(5), pp , May (*) Scheinkman, J.A., and W. Xiong, Overconfidence and Speculative Bubbles, Journal of Political Economy 111(6), pp , December (*) Simsek, A., Belief Disagreements and Collateral Constraints,. Econometrica, 81(1), pp.1 53., January Brunnermeier, M.A., and J.A. Parker, Optimal Expectations. American Economic Review, 95(4), pp , September Brunnermeier, M.A., F. Papakonstantinou, and J.A. Parker, Optimal Time-Inconsistent Beliefs: Misplanning, Procrastination, and Commitment, Mimeo July Beaudy, P. and F. Portier, News-Driven Business Cycles: Insights and Challenges, Journal of Economic Literature, 52(4), pp , December Lopez-Salido, D., J.C. Stein, and E. Zakrajsek, Credit-Market Sentiment and the Business Cycle, Harvard mimeo Benabou, R. and J. Tirole, Self-Confidence and Personal Motivation," Quarterly Journal of Economics, 117(3), pp , August Mobius, M.M., M. Nierderle, P. Niehaus, and T.S. Rosenblat, Managing Self-Confidence, Michigan mimeo, August Assenza, T., W.A. Brock, C.H. Hommes, Animal Spirits, Heterogeneous Expectations and the Emergence of Booms and Busts, Wisconsin mimeo December

5 15. Benabou, R., Groupthink: Collective Delusions in Organizations and Markets, Review of Economic Studies, 80(2), pp , January (*) Gennaioli, N., A. Shleifer, and R. Vishny, Neglected Risks: The Psychology of Financial Crises, Harvard mimeo, December Steiner, A. and A.D. Redish, Behavioral and Neurophysiological Correlates of Regret in Rat Decision-Making on a Neuroeconomic Task," Nature Neuroscience 17(7), pp , July Rabin, M. and J.L Schrag, First Impressions Matter: A Model of Confirmatory Bias, Quarterly Journal of Economics, 114(1), pp , February The Meso-Economy 1. Arthur, W.B., Complexity Economics: A Different Framework for Economic Thought, in Complexity Economics, Oxford University Press, Rosser, J.B., On the Complexities of Complex Economic Dynamics, Journal of Economic Perspectives, 13(4), pp , Fall Brock, W.A., and S.N. Durlauf, Interaction-based Models, in Handbook of Econometrics, ed by J.J. Heckman and E. Leamer, North Holland, Bak, P., K. Chen, J. Scheinkman, and M. Woodford, Aggregate Fluctuations from Independent Sectoral Shocks: Self-Organized Criticality in a Model of Production and Inventory Dynamics, Ricerche Economiche, 47(1), pp.3-30, Nirei, M., An Interaction-Based Foundation of Aggregate Investment Fluctuations, forthcoming in Theoretical Economics 6. Gabaix, X., The Granular Origins of Aggregate Fluctuations, Econometrica, 79(3), pp , May Khandani, A.E., Lo, A.W. & Merton, R.C, Systemic Risk and the Refinancing Ratchet Effect, Journal of Financial Economics, 108(1), pp.29 45, April Carvalho, V.M., From Micro to Macro via Production Networks, Journal of Economic Perspectives, 28(4), pp.23-48, November Bak, P., C. Tang, and K. Wiesenfeld, Self-organized Criticality, Physical Review, 38(1), pp , July Dhar, D., Theoretical Studies of Self-organized Criticality, Physica, 369(1), pp.29-70, May

6 7 Modern Reallocation Shocks 1. Rognlie, M., A. Shleifer. and A. Simsek., Investment Hangover and the Great Recession", NBER Working Paper No.20569, October Killian, L., Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market, American Economic Review, 99(3), pp , June Hamilton, J., Oil Prices, Exhaustible Resources, and Economic Growth, in Handbook of Energy and Climate Change, pp.29-57, ed by Roger Fouquet, Anderson, S.T., R. Kellogg, and S.W. Salant. Hotelling under Pressure, NBER Working Paper No.20280, July Arezki, R, V. Ramey and L. Sheng, News shocks in open economies: Evidence from Giant Oil Discoveries, NBER Working Paper No.20857, January Blanchard, O.J. and L.F. Katz. Regional Evolutions, Brookings Papers on Economic Activity, 1992(1), pp.1 75, January Caballero, R.J. and M.L. Hammour, On the Ills of Adjustment, Journal of Development Economics, 51(1), pp , October Eisfeldt, A.L. and A.A Rampini, Capital Reallocation and Liquidity, Journal of Monetary Economics, 53(3), pp , April

Arvind Krishnamurthy. December 2016

Arvind Krishnamurthy. December 2016 December 2016 Arvind Krishnamurthy Graduate School of Business Stanford University 655 Knight Way Stanford, CA 94305 Phone: (650) 723-1985 e-mail: a-krishnamurthy@stanford.edu Academic Position STANFORD