Potential Conflict of Interest Disclosures
Links below, provide summaries, graphs, articles, data, and programs:
Working Papers
- "Revenue Collapses and the Consumption of Small Business Owners in the Early Stages of the COVID-19 Pandemic," with O. Kim and A. Schoar, February 2024.
- "Simple Allocation Rules and Optimal Portfolio Choice Over the Lifecycle," with V. Duarte, J. Fonseca, and A. Goodman, April 2022.
- “Household Spending Responses to the Economic Impact Payments of 2020: Evidence from the Consumer Expenditure Survey,” with J. Schild, L. Erhard, and D. S. Johnson, December 2021
- "Transferring Information Between Marketing Campaigns to Improve Targeting Policies," with A. Timoshenko, M. Ibragimov, D. Simester, and A. Schoar, November 2020.
- "Dynamic Marketing Policies: Constructing Markov States for Reinforcement Learning," with Y. Zhu, D. Simester, and A. Schoar, May 2020.
Publications
- "A Dynamic Theory of Lending Standards," with M. Fishman, and L. Straub, The Review of Financial Studies, 37(8), August 2024, 2355-2402. Preprint, Appendix.
- "Household Portfolios and Retirement Saving over the Life Cycle," with A. Schoar, A. Cole, and D. Simester. Journal of Finance, conditionally accepted. Appendix.
- "A Dynamic Theory of Lending Standards," with M. Fishman, and L. Straub, The Review of Financial Studies, in press. Appendix.
- "Target Date Funds as Asset Market Stabilizers: Evidence from the Pandemic," with Y. Sun, Journal of Pension Economics and Finance, 20th Anniversary Special Issue, in press.
- “Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds,” with A. Schoar and Y. Sun, Journal of Finance, 78(5), October 2023, 2673-2723. Supplemental Material.
- "Belief Disagreement and Portfolio Choice," with M. Meeuwis, A. Schoar, and D. Simester, Journal of Finance, 77(6), December 2022, 3191-3247. Video Summary. Appendix.
- “Economic Impact Payments and Household Spending During the Pandemic” with J. Schild, L. Erhard, and D. Johnson, Brookings Papers on Economic Activity, Fall 2022, 81-130. Appendix. Brookings Summary. Video of presentation.
- "Asymmetric Consumption Smoothing," with B. Baugh, I. Ben-David, and H. Park, American Economic Review, 111(1) January 2021, 192-230. Formerly NBER Working paper 25086. Supplemental Material.
- "Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand," with D. Green, B. Melzer, and A. Rojas, American Economic Journal: Economic Policy, 12(4) November 2020, 178-211. Formerly NBER Working Paper 22878. Blog summary.
- "The Local Aggregate Effects of Minimum Wage Increases," with D. Cooper and M. Luengo-Prado, Journal of Money, Credit and Banking, 52(1) February 2020, 5-35. Formerly NBER Working Paper 25761.
- "Reported Effects vs. Revealed-Preference Estimates: Evidence from the Propensity to Spend Tax Rebates," with N. Souleles, American Economic Review: Insights, 1(3) December 2019. Formerly NBER Working Paper 23920. VoxEU article. Online appendix.
- "Why Don’t Households Smooth Consumption? Evidence from a 25 million dollar experiment," American Economic Journal: Macroeconomics, 9(4), October 2017, 153-183. Formerly NBER Working Paper 21369. Publisher page. Online appendix.
- "Optimal Time Inconsistent Beliefs: Misplanning, Procrastination, and Commitment," with M. K. Brunnermeier and F. Papakonstantinou, Management Science, 63(5), May 2017, 1318–40. On-line appendix.
- "Valuation, Adverse Selection, and Market Collapses," with M. Fishman, Review of Financial Studies, 28(9), 2015, 2575-2607. Formerly, NBER Working Paper 18358, and draft, and formerly called "Valuation and the Volatility of Investment" in 2009 and "Valuation and the Volatility of Financing and Investment" in the first half of 2010.
- "The Economic Stimulus Payments of 2008 and the Aggregate Demand for Consumption," with C. Broda, Journal of Monetary Economics, Vol. 68, Fall 2014, S20-36. Appendix.
- "The Benefits of Panel Data in Consumer Expenditure Surveys," with N. Souleles and C. Carroll, in Improving the Measurement of Consumer Expenditures, Studies in Income and Wealth, Vol. 74, C. Carroll, T Crossley, and J. Sabelhaus eds, Chicago: University of Chicago Press, 2015.
- "Consumer Spending and the Economic Stimulus Payments of 2008," with N. Souleles, D. Johnson, and R. McClelland, American Economic Review, 103(6), October 2013, 2530-53. Replication Data/Files. Local copy. NBER WP 16684, January 2011 Slides, Kellogg Insight Summary. JSTOR.
- "LEADS on Macroeconomic Risks to and from the Household Sector," in Systemic Risk and Macro Modeling, M. Brunnermeier and A. Krishnamurthy eds, 2014.
- "On Measuring the Effects of Fiscal Policy in Recessions," Journal of Economic Literature, 49(3), September 2011, 703-718. JSTOR.
- "The Increase in Income Cyclicality of High-Income Households and its Relation to the Rise in Top Income Shares," with A. Vissing Jorgensen, Brookings Papers on Economic Activity, Vol 41 No 2, (Fall 2010) 1-55. Also NBER WP 16577, December 2010. Data appendix; replication files on BPEA webpage. JSTOR.
- "Who Bears Aggregate Fluctuations and How?" with A. Vissing-Jorgensen, American Economic Review, Vol 99 No 2, (May 2009) 399-405. Summary from NBER Digest (April 2009) A copy from here; A copy from JSTOR.
- "The Integrated Financial and Real System of National Accounts for the United States: Does it Presage the Financial Crisis?" with M. Palumbo, American Economic Review, Vol 99 No 2, (May 2009) 80-86. A copy from here; A copy from JSTOR.
- "Euler Equations," The New Palgrave Dictionary of Economics, Second Edition, Steven N. Durlauf and Lawrence E. Blume eds, Palgrave MacMillan, 2008, 1851-54.
- "Taxes and Growth in a Financially Underdeveloped Country: Evidence from the Chilean Investment Boom," with C. T. Hsieh, Economia, Vol 8 No 1, (Fall 2007) 121-60. Unpublished appendix. A copy from JSTOR.
- "Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns," with M. K. Brunnermeier and C. Gollier, American Economic Review, Vol 97 No 2, (May 2007) 159-65. NBER WP 12940. A copy from here. A copy from JSTOR.
- "Household Expenditure and the Income Tax Rebates of 2001," with D. Johnson and N. Souleles, American Economic Review, Vol 96 No 5, (December 2006) 1589-1610. Summary from NBER Digest (April 2005). Replication files on AER webpage. JSTOR.
- "Optimal Expectations," with M. K. Brunnermeier, American Economic Review, Vol 95 No 4, (September 2005) 1092-1118. Program files on AER webpage. A copy from here. A copy from JSTOR.
- "Consumption Risk and the Cross-Section of Expected Returns," with C. Julliard, Journal of Political Economy, Vol 113 No 1, (February 2005) 185-222. Replication files.
- "Precautionary Saving and Consumption Fluctuations," with B. Preston, American Economic Review, Vol 95 No 4, (September 2005) 1119-43. Technical appendix. Draft. JSTOR.
- "Luxury Goods and the Equity Premium," with Y. Ait-Sahalia and M. Yogo, Journal of Finance, Vol 59 No 6, (December 2004) 2959-3004. JSTOR.
- "Comment on `Federal Government Debt and Interest Rates' by Eric M. Engen and R. Glenn Hubbard," in Mark Gertler and Ken Rogoff eds, NBER Macroeconomics Annual 2004, Cambridge: MIT Press, 2005, 139-147. JSTOR.
- "Consumption Risk and Expected Stock Returns," American Economic Review, Vol 93 No 2, (May 2003) 376-382. NBER paper. Data and Programs for Replication. JSTOR.
- "Comment on: "Athanasios Orphanides and John Williams `Robust Monetary Policy Rules with Unknown Natural Rates," Brookings Papers on Economic Activity, Vol 2, (2002) 119-26. JSTOR.
- "Consumption Over the Life Cycle," with P. O. Gourinchas, Econometrica, Vol 70 No 1, (January 2002) 47-89. The paper, JSTOR.
- "The Consumption Risk of the Stock Market," Brookings Papers on Economic Activity, Vol 2, (2001) 279-348. JSTOR.
- "The Empirical Importance of Precautionary Saving," with P. O. Gourinchas, American Economic Review, Vol 91 No 2, (May 2001) 406-12. The paper, NBER WP, published version from JSTOR.
- "Comment on: "Real Estate and the Macroeconomy," Brookings Papers on Economic Activity, Vol 2, (2000) 150-58. JSTOR.
- "Spendthrift in America? On two decades of decline in the U.S. saving rate," in Ben Bernanke and Julio Rotemberg eds, NBER Macroeconomics Annual 1999, Cambridge: MIT Press, Vol 14, (2000) 317-70. JSTOR.
- "The Reaction of Household Consumption to Predictable Changes in Social Security Taxes," American Economic Review, Vol 89 No 4, (September 1999) 959-73. The paper, JSTOR.
- "April 15th Syndrome," with Joel Slemrod, Charles Christian, and Rebecca London, Economic Inquiry, Vol 35, (October 1997) 695-709. The paper.
- "Measuring the Cyclicality of Real Wages: How Important is the Composition Bias?" with Gary Solon and Robert Barsky, Quarterly Journal of Economics, Vol 109 No 1, (February 1994) 1-25. Published version from JSTOR, a slightly older NBER WP version, PSID data, OSIRIS programs.
Older Research
- Slides from summer institute for "Inequality in Expenditure in the Twentieth Century," with A. Vissing Jorgensen and Nicolas L. Ziebarth, July 2009.
- "The Response of Consumer Spending to Rebates During an Expansion: Evidence from the 2003 Child Tax Credit,” with D. Johnson and N. Souleles, April 2009.
- "The Consumption Function Re-Estimated," August 1999.
- "An Economic Model of the Planning Fallacy," with M. K. Brunnermeier and F. Papakonstantinou, NBER WP 14228, August 2008.
- "The Propagation of Demand Cycles When Purchases are Timed," November, 2001 (formerly "The Timing of Purchases, Market Power, and Economic Fluctuations"). Paper was formerly "The Timing of Purchases, Market Power, and Economic Fluctuations," SSRI Working paper 9723 at the SSRI at Wisconsin.