{"id":16,"date":"2017-07-29T22:26:21","date_gmt":"2017-07-29T22:26:21","guid":{"rendered":"http:\/\/mitmgmtfaculty.mit.edu\/jparker\/research-publications\/"},"modified":"2026-03-27T17:31:24","modified_gmt":"2026-03-27T17:31:24","slug":"research","status":"publish","type":"page","link":"https:\/\/mitmgmtfaculty.mit.edu\/japarker\/research\/","title":{"rendered":"Research"},"content":{"rendered":"<div id=\"pl-16\"  class=\"panel-layout\" ><div id=\"pg-16-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-16-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-16-0-0-0\" class=\"so-panel widget widget_mit-pf-wysiwyg widget_mit_pf_wysiwyg panel-first-child\" data-index=\"0\" ><div class=\"textwidget\"><h4><a href=\"https:\/\/mitsloan-php.s3.amazonaws.com\/wp-faculty\/sites\/72\/2023\/05\/31144240\/23-June-Disclosures.pdf\" target=\"_blank\" rel=\"noopener\">Potential Conflict of Interest Disclosures<\/a><\/h4>\n<h4>Links below, provide summaries, graphs, articles, data, and programs:<\/h4>\n<hr \/>\n<\/div><\/div><div id=\"panel-16-0-0-1\" class=\"so-panel widget widget_mit-pf-research widget_mit_pf_research\" data-index=\"1\" ><h2 class=\"widget-title\">Working Papers<\/h2><div class=\"textwidget\"><ul>\n<li>\"<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents?PublicationDocumentID=10586\" target=\"_blank\" rel=\"noopener\">Simple Allocation Rules and Optimal Portfolio Choice Over the Lifecycle<\/a>,\" with V. Duarte, J. Fonseca, and A. Goodman, May 2024.<\/li>\n<li>\u201c<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=8131\" target=\"_blank\" rel=\"noopener\">Household Spending Responses to the Economic Impact Payments of 2020: Evidence from the Consumer Expenditure Survey<\/a>,\u201d with J. Schild, L. Erhard, and D. S. Johnson, December 2021<\/li>\n<li>\"<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=7639\">Transferring Information Between Marketing Campaigns to Improve Targeting Policies<\/a>,\" with A. Timoshenko, M. Ibragimov, D. Simester,\u00a0 and A. Schoar,\u00a0 November 2020.<\/li>\n<li>\"<a href=\"https:\/\/mitsloan-php.s3.amazonaws.com\/wp-faculty\/sites\/72\/2020\/06\/05143655\/Reinforcement-Learning-in-Targeting-State-Construction-for-Distribution.pdf\">Dynamic Marketing Policies: Constructing Markov States for Reinforcement Learning,<\/a>\" with Y. Zhu, D. Simester, and A. Schoar, May 2020.<\/li>\n<\/ul>\n<\/div><\/div><div id=\"panel-16-0-0-2\" class=\"so-panel widget widget_mit-pf-research widget_mit_pf_research\" data-index=\"2\" ><h2 class=\"widget-title\">Publications<\/h2><div class=\"textwidget\"><ul>\n \t<li>\"<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0304405X2500087X?via%3Dihub\" target=\"_blank\" rel=\"noopener\">Revenue Collapses and the Consumption of Small Business Owners in the Early Stages of the COVID-19 Pandemic<\/a>,\" with O. Kim and A. Schoar, <strong>Journal of Financial Economics<\/strong>, Volume 170, Article 104079, August 2025.<\/li>\n \t<li>\"<a href=\"https:\/\/onlinelibrary.wiley.com\/doi\/10.1111\/jofi.13473?af=R\">Household Portfolios and Retirement Saving over the Life Cycle<\/a>,\" with A. Schoar and A. Cole, <strong>Journal of Finance<\/strong>, Volume 80, Issue 5, 2025, pp. 2739-2787.<\/li>\n \t<li>\"<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents?PublicationDocumentID=10025\" target=\"_blank\" rel=\"noopener\">Target Date Funds as Asset Market Stabilizers: Evidence from the Pandemic<\/a>,\" with Y. Sun, <strong>Journal of Pension Economics and Finance<\/strong>, Volume 24, Issue 1, January 2025, pp. 183 - 208.<\/li>\n \t<li>\"<a href=\"https:\/\/academic.oup.com\/rfs\/article\/37\/8\/2355\/7623094\" target=\"_blank\" rel=\"noopener\">A Dynamic Theory of Lending Standards<\/a>,\" with M. Fishman, and L. Straub, <strong>The Review of Financial Studies<\/strong>, 37(8), August 2024, 2355-2402. <a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=10320\" target=\"_blank\" rel=\"noopener\">Preprint,<\/a> <a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=10319\" target=\"_blank\" rel=\"noopener\">Appendix<\/a>.<\/li>\n \t<li>\u201c<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents?PublicationDocumentID=9959\" target=\"_blank\" rel=\"noopener\">Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds,<\/a>\u201d with A. Schoar and Y. Sun, <strong>Journal of Finance<\/strong>, 78(5), October 2023, 2673-2723. <a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents?PublicationDocumentID=9962\" target=\"_blank\" rel=\"noopener\">Supplemental Material.<\/a><\/li>\n \t<li>\"<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=8038\" target=\"_blank\" rel=\"noopener\">Belief Disagreement and Portfolio Choice<\/a>,\" with M. Meeuwis, A. Schoar, and D. Simester, <strong>Journal of Finance<\/strong>, 77(6), December 2022, 3191-3247. <a href=\"https:\/\/www.nber.org\/affiliated-scholars\/researchspotlight\/2019-jonathan-parker-link-between-how-beliefs-affect-portfolio-choice\" target=\"_blank\" rel=\"noopener\">Video Summary<\/a>. <a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=8039\" target=\"_blank\" rel=\"noopener\">Appendix<\/a>.<\/li>\n \t<li>\u201c<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents?PublicationDocumentID=9522\" target=\"_blank\" rel=\"noopener\">Economic Impact Payments and Household Spending During the Pandemic<\/a>\u201d with J. Schild, L. Erhard, and D. Johnson, <strong>Brookings Papers on Economic Activity<\/strong>, Fall 2022, 81-130. <a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents?PublicationDocumentID=9525\" target=\"_blank\" rel=\"noopener\">Appendix<\/a>. <a href=\"https:\/\/www.brookings.edu\/bpea-articles\/economic-impact-payments-and-household-spending-during-the-pandemic\/\" target=\"_blank\" rel=\"noopener\">Brookings Summary<\/a>. <a href=\"https:\/\/www.youtube.com\/watch?v=jI9YmGzTh6Y&amp;t=5958s\" target=\"_blank\" rel=\"noopener\">Video of presentation<\/a>.<\/li>\n \t<li>\"<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=7668\">Asymmetric Consumption Smoothing,<\/a>\" with B. Baugh, I. Ben-David, and H. Park, <strong>American Economic Review<\/strong>, 111(1) January 2021, 192-230. Formerly <a href=\"https:\/\/mitsloan-php.s3.amazonaws.com\/wp-faculty\/sites\/72\/2020\/07\/23230605\/w25086.pdf\">NBER Working paper 25086<\/a>. <a href=\"https:\/\/mitsloan-php.s3.amazonaws.com\/wp-faculty\/sites\/72\/2020\/07\/21213158\/Appendix-Baugh__Ben_David__Park__Parker__Tax_refund_July-8-2020.pdf\">Supplemental Material<\/a>.<\/li>\n \t<li>\"<a href=\"https:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=7621\" target=\"_blank\" rel=\"noopener noreferrer\">Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand,\"<\/a> with D. Green, B. Melzer, and A. Rojas, <strong>American Economic Journal: Economic Policy<\/strong>, 12(4) November 2020, 178-211. Formerly <a href=\"http:\/\/www.nber.org\/papers\/w22878\" target=\"_blank\" rel=\"noopener noreferrer\">NBER Working Paper 22878.<\/a>\u00a0<a href=\"http:\/\/gcfp.mit.edu\/liquidity-fueled-cars-stimulus\/\" target=\"_blank\" rel=\"noopener noreferrer\">Blog summary<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=5548\" target=\"_blank\" rel=\"noopener\">The Local Aggregate Effects of Minimum Wage Increases<\/a>,\" with D. Cooper and M. Luengo-Prado, <strong>Journal of Money, Credit and Banking<\/strong>, 52(1) February 2020, 5-35. Formerly <a href=\"https:\/\/www.nber.org\/papers\/w25761\" target=\"_blank\" rel=\"noopener\">NBER Working Paper 25761<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=5342\" target=\"_blank\" rel=\"noopener\">Reported Effects vs. Revealed-Preference Estimates: Evidence from the Propensity to Spend Tax Rebates<\/a>,\" with N. Souleles, <strong>American Economic Review: Insights<\/strong>, 1(3) December 2019. Formerly <a href=\"https:\/\/www.nber.org\/papers\/w23920\" target=\"_blank\" rel=\"noopener\">NBER Working Paper 23920<\/a>.\u00a0<a href=\"https:\/\/voxeu.org\/article\/reported-preference-versus-revealed-preference\" target=\"_blank\" rel=\"noopener\">VoxEU article<\/a>. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=5306\" target=\"_blank\" rel=\"noopener\">Online appendix<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=2718\" target=\"_blank\" rel=\"noopener noreferrer\">Why Don\u2019t Households Smooth Consumption? Evidence from a 25 million dollar experiment<\/a>,\" <strong>American Economic Journal: Macroeconomics<\/strong>, 9(4), October 2017, 153-183. Formerly<a href=\"http:\/\/www.nber.org\/papers\/w21369\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0NBER Working Paper 21369.<\/a>\u00a0<a href=\"http:\/\/doi.org\/10.1257\/mac.20150331\" target=\"_blank\" rel=\"noopener noreferrer\">Publisher page<\/a>. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=5305\" target=\"_blank\" rel=\"noopener\">Online appendix.<\/a><\/li>\n \t<li>\"<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=5194\" target=\"_blank\" rel=\"noopener noreferrer\">Optimal Time Inconsistent Beliefs: Misplanning, Procrastination, and Commitment<\/a>,\"\u00a0with M. K. Brunnermeier and F. Papakonstantinou,\u00a0<strong>Management Science<\/strong>, 63(5), May 2017, 1318\u201340.\u00a0\u00a0<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=3917\" target=\"_blank\" rel=\"noopener noreferrer\">On-line appendix<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/doi.org\/10.1093\/rfs\/hhv025\" target=\"_blank\" rel=\"noopener noreferrer\">Valuation, Adverse Selection, and Market Collapses<\/a>,\" with M. Fishman, <strong>Review of Financial Studies<\/strong>,\u00a028(9), 2015, 2575-2607. Formerly,<a href=\"http:\/\/www.nber.org\/papers\/w18358\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0NBER Working Paper 18358<\/a>, and\u00a0<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4164\" target=\"_blank\" rel=\"noopener noreferrer\">draft<\/a>, 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.<\/li>\n \t<li>\"<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4165\" target=\"_blank\" rel=\"noopener noreferrer\">The Economic Stimulus Payments of 2008 and the Aggregate Demand for Consumption<\/a>,\"\u00a0with C. Broda,\u00a0<strong>Journal of Monetary Economics<\/strong>, Vol. 68, Fall 2014, S20-36. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=5307\" target=\"_blank\" rel=\"noopener\">Appendix<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4166\" target=\"_blank\" rel=\"noopener noreferrer\">The Benefits of Panel Data in Consumer Expenditure Surveys<\/a>,\" with N. Souleles and C. Carroll, in <strong>Improving the Measurement of Consumer Expenditures<\/strong>,\u00a0Studies in Income and Wealth, Vol. 74, C. Carroll, T Crossley, and J. Sabelhaus eds, Chicago: University of Chicago Press, 2015.<\/li>\n \t<li>\"<a href=\"http:\/\/doi.org\/10.1257\/aer.103.6.2530\" target=\"_blank\" rel=\"noopener noreferrer\">Consumer Spending and the Economic Stimulus Payments of 2008<\/a>,\" with N. Souleles, D. Johnson, and R. McClelland, <strong>American Economic Review<\/strong>,\u00a0103(6), October 2013, 2530-53.\u00a0<a href=\"https:\/\/www.dropbox.com\/s\/rgf9asg9ytxnrjg\/ParkerSoulelesJohnsonmMcClellandReplication.zip?dl=1\" target=\"_blank\" rel=\"noopener noreferrer\">Replication Data\/Files<\/a>.\u00a0<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4167\" target=\"_blank\" rel=\"noopener noreferrer\">Local copy<\/a>.\u00a0<a href=\"http:\/\/www.nber.org\/papers\/w16684\" target=\"_blank\" rel=\"noopener noreferrer\">NBER WP 16684, January 2011<\/a>\u00a0<a href=\"https:\/\/www.dropbox.com\/s\/vmnnf1w5e8um6dx\/PSJMTaxReb20081bChiFed.pdf?dl=1\" target=\"_blank\" rel=\"noopener noreferrer\">Slides<\/a>,\u00a0<a href=\"https:\/\/insight.kellogg.northwestern.edu\/article\/spent\" target=\"_blank\" rel=\"noopener noreferrer\">Kellogg Insight Summary<\/a>.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/42920659\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4168\" target=\"_blank\" rel=\"noopener noreferrer\">LEADS on Macroeconomic Risks to and from the Household Sector<\/a>,\" in <strong>Systemic Risk and Macro Modeling<\/strong>, M. Brunnermeier and A. Krishnamurthy eds, 2014.<\/li>\n \t<li>\"<a href=\"http:\/\/doi.org\/10.1257\/jel.49.3.703\" target=\"_blank\" rel=\"noopener noreferrer\">On Measuring the Effects of Fiscal Policy in Recessions<\/a>,\" <strong>Journal of Economic Literature<\/strong>, 49(3), September 2011, 703-718.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/23071728\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"https:\/\/www.brookings.edu\/bpea-articles\/the-increase-in-income-cyclicality-of-high-income-households-and-its-relation-to-the-rise-in-top-income-shares-with-comments-and-discussion\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Increase in Income Cyclicality of High-Income Households and its Relation to the Rise in Top Income Shares<\/a>,\" with A. Vissing Jorgensen, <strong>Brookings Papers on Economic Activity<\/strong>, Vol 41 No 2, (Fall 2010) 1-55.\u00a0Also\u00a0<a href=\"http:\/\/papers.nber.org\/papers\/w16577\" target=\"_blank\" rel=\"noopener noreferrer\">NBER WP 16577<\/a>, December 2010.\u00a0<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=3923\" target=\"_blank\" rel=\"noopener noreferrer\">Data appendix<\/a>; replication files on BPEA webpage.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/41012844\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li><a href=\"http:\/\/www.aeaweb.org\/articles.php?doi=10.1257\/aer.99.2.399\" target=\"_blank\" rel=\"noopener noreferrer\">\"Who Bears Aggregate Fluctuations and How?\"<\/a> with A. Vissing-Jorgensen, <strong>American Economic Review<\/strong>,\u00a0Vol 99 No 2, (May 2009) 399-405.\u00a0<a href=\"http:\/\/www.nber.org\/digest\/apr09\/w14665.html\" target=\"_blank\" rel=\"noopener noreferrer\">Summary from NBER Digest (April 2009)<\/a>\u00a0A copy from\u00a0<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4169\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>;\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/pdfplus\/25592431.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">A copy from JSTOR<\/a>.<\/li>\n \t<li><a href=\"http:\/\/www.aeaweb.org\/articles.php?doi=10.1257\/aer.99.2.80\" target=\"_blank\" rel=\"noopener noreferrer\">\"The Integrated Financial and Real System of National Accounts for the United States: Does it Presage the Financial Crisis?\"<\/a> with M. Palumbo, <strong>American Economic Review<\/strong>, Vol 99 No 2, (May 2009) 80-86.\u00a0<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4170\" target=\"_blank\" rel=\"noopener noreferrer\">A copy from here<\/a>;\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/pdfplus\/25592379.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">A copy from JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4171\" target=\"_blank\" rel=\"noopener noreferrer\">Euler Equations<\/a>,\" <strong>The New Palgrave Dictionary of Economics<\/strong>, Second Edition, Steven N. Durlauf and Lawrence E. Blume eds, Palgrave MacMillan, 2008, 1851-54.<\/li>\n \t<li>\"<a href=\"http:\/\/doi.org\/10.1353\/eco.2008.0004\" target=\"_blank\" rel=\"noopener noreferrer\">Taxes and Growth in a Financially Underdeveloped Country: Evidence from the Chilean Investment Boom<\/a>,\" with C. T. Hsieh, <strong>Economia<\/strong>, Vol 8 No 1, (Fall 2007) 121-60. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=3924\" target=\"_blank\" rel=\"noopener noreferrer\">Unpublished appendix<\/a>.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/20065514\" target=\"_blank\" rel=\"noopener noreferrer\">A copy from JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/doi.org\/10.1257\/aer.97.2.159\" target=\"_blank\" rel=\"noopener noreferrer\">Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns<\/a>,\" with M. K. Brunnermeier and C. Gollier, <strong>American Economic Review<\/strong>, Vol 97 No 2, (May 2007) 159-65.\u00a0<a href=\"http:\/\/www.nber.org\/papers\/w12940\" target=\"_blank\" rel=\"noopener noreferrer\">NBER WP 12940<\/a>. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4172\">A copy from here.<\/a>\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/30034439\" target=\"_blank\" rel=\"noopener noreferrer\">A copy from JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitmgmtfaculty.mit.edu\/japarker\/household-expenditures\/\" target=\"_blank\" rel=\"noopener noreferrer\">Household Expenditure and the Income Tax Rebates of 2001<\/a>,\" with D. Johnson and N. Souleles, <strong>American Economic Review<\/strong>, Vol 96 No 5, (December 2006) 1589-1610.\u00a0<a href=\"http:\/\/www.nber.org\/digest\/apr05\/w10784.html\" target=\"_blank\" rel=\"noopener noreferrer\">Summary from NBER Digest (April 2005).<\/a>\u00a0Replication files on AER webpage.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/30034986\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/doi.org\/10.1257\/0002828054825493\" target=\"_blank\" rel=\"noopener noreferrer\">Optimal Expectations<\/a>,\" with M. K. Brunnermeier, <strong>American Economic Review<\/strong>, Vol 95 No 4, (September 2005) 1092-1118.\u00a0Program files on AER webpage. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4174\" target=\"_blank\" rel=\"noopener noreferrer\">A copy from here<\/a>. <a href=\"http:\/\/www.jstor.org\/stable\/4132707\" target=\"_blank\" rel=\"noopener noreferrer\">A copy from JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitmgmtfaculty.mit.edu\/japarker\/crisk-cross\/\" target=\"_blank\" rel=\"noopener noreferrer\">Consumption Risk and the Cross-Section of Expected Returns<\/a>,\" with C. Julliard, <strong>Journal of Political Economy<\/strong>, Vol 113 No 1, (February 2005) 185-222.\u00a0<a href=\"goo.gl\/Vvt1Nt\">Replication files<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/doi.org\/10.1257\/0002828054825556\" target=\"_blank\" rel=\"noopener noreferrer\">Precautionary Saving and Consumption Fluctuations<\/a>,\" with B. Preston, <strong>American Economic Review<\/strong>, Vol 95 No 4, (September 2005) 1119-43.\u00a0<a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=3925\" target=\"_blank\" rel=\"noopener noreferrer\">Technical appendix<\/a>. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4175\" target=\"_blank\" rel=\"noopener noreferrer\">Draft<\/a>.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/4132708\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitmgmtfaculty.mit.edu\/japarker\/luxury-goods\/\" target=\"_blank\" rel=\"noopener noreferrer\">Luxury Goods and the Equity Premium<\/a>,\" with Y. Ait-Sahalia and M. Yogo, <strong>Journal of Finance<\/strong>, Vol 59 No 6, (December 2004) 2959-3004.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/3694794\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/www.journals.uchicago.edu\/doi\/pdfplus\/10.1086\/ma.19.3585332\" target=\"_blank\" rel=\"noopener noreferrer\">Comment on `Federal Government Debt and Interest Rates' by Eric M. Engen and R. Glenn Hubbard<\/a>,\" in Mark Gertler and Ken Rogoff eds, <strong>NBER Macroeconomics Annual 2004<\/strong>, Cambridge: MIT Press, 2005, 139-147.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/3585332\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitmgmtfaculty.mit.edu\/japarker\/consumption-risk\/\" target=\"_blank\" rel=\"noopener noreferrer\">Consumption Risk and Expected Stock Returns<\/a>,\"\u00a0<strong>American Economic Review<\/strong>, Vol 93 No 2, (May 2003) 376-382.\u00a0<a href=\"http:\/\/papers.nber.org\/papers\/w9548.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">NBER paper<\/a>.\u00a0<a href=\"https:\/\/www.dropbox.com\/s\/q1jhstbemf0m5js\/AEAPP03Replication.zip?dl=1\" target=\"_blank\" rel=\"noopener noreferrer\">Data and Programs for Replication.<\/a>\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/3132258\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li><a href=\"http:\/\/muse.jhu.edu\/journals\/brookings_papers_on_economic_activity\/toc\/eca2002.2.html\" target=\"_blank\" rel=\"noopener noreferrer\">\"Comment on: \"Athanasios Orphanides and John Williams `Robust Monetary Policy Rules with Unknown Natural Rates,\"<\/a> <strong>Brookings Papers on Economic Activity<\/strong>, Vol 2, (2002) 119-26.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/1209204\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitmgmtfaculty.mit.edu\/japarker\/consumption-life-cycle\/\" target=\"_blank\" rel=\"noopener noreferrer\">Consumption Over the Life Cycle<\/a>,\"\u00a0with P. O. Gourinchas,<strong> Econometrica<\/strong>, Vol 70 No 1, (January 2002) 47-89. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4179\" target=\"_blank\" rel=\"noopener noreferrer\">The paper<\/a>,\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/2692163\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitmgmtfaculty.mit.edu\/japarker\/consumption-risk-stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Consumption Risk of the Stock Market<\/a>,\" <strong>Brookings Papers on Economic Activity<\/strong>, Vol 2, (2001) 279-348.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/1209139\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/mitmgmtfaculty.mit.edu\/japarker\/empirical-importance\/\" target=\"_blank\" rel=\"noopener noreferrer\">The Empirical Importance of Precautionary Saving<\/a>,\" with P. O. Gourinchas,<em> <strong>American Economic Review<\/strong><\/em>, Vol 91 No 2, (May 2001) 406-12. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4177\" target=\"_blank\" rel=\"noopener noreferrer\">The paper<\/a>,\u00a0<a href=\"http:\/\/papers.nber.org\/papers\/w8107.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">NBER WP<\/a>,\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/pdfplus\/2677798.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">published version from JSTOR<\/a>.<\/li>\n \t<li><a href=\"http:\/\/muse.jhu.edu\/journals\/brookings_papers_on_economic_activity\/toc\/eca2000.2.html\" target=\"_blank\" rel=\"noopener noreferrer\">\"Comment on: \"Real Estate and the Macroeconomy,\"<\/a> <strong>Brookings Papers on Economic Activity<\/strong>, Vol 2, (2000) 150-58.\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/2667357\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li><a href=\"http:\/\/mitmgmtfaculty.mit.edu\/japarker\/sia\/\" target=\"_blank\" rel=\"noopener noreferrer\">\"Spendthrift in America? On two decades of decline in the U.S. saving rate,\"<\/a> in Ben Bernanke and Julio Rotemberg eds, <strong>NBER Macroeconomics Annual 1999<\/strong>, Cambridge: MIT Press, Vol 14, (2000) 317-70.\u00a0<a href=\"http:\/\/doi.org\/10.2307\/3585319\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li><a href=\"http:\/\/mitmgmtfaculty.mit.edu\/japarker\/reaction-household\/\" target=\"_blank\" rel=\"noopener noreferrer\">\"The Reaction of Household Consumption to Predictable Changes in Social Security Taxes,\"<\/a> <strong>American Economic Review<\/strong>, Vol 89 No 4, (September 1999) 959-73. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?DocumentID=4178\" target=\"_blank\" rel=\"noopener noreferrer\">The paper<\/a>,\u00a0<a href=\"http:\/\/www.jstor.org\/stable\/117167\" target=\"_blank\" rel=\"noopener noreferrer\">JSTOR<\/a>.<\/li>\n \t<li>\"<a href=\"http:\/\/doi.org\/10.1111\/j.1465-7295.1997.tb01958.x\" target=\"_blank\" rel=\"noopener noreferrer\">April 15th Syndrome<\/a>,\" with Joel Slemrod, Charles Christian, and Rebecca London, <strong>Economic Inquiry<\/strong>, Vol 35, (October 1997) 695-709. <a href=\"http:\/\/mitsloan.mit.edu\/shared\/ods\/documents\/?PublicationDocumentID=5234\" target=\"_blank\" rel=\"noopener noreferrer\">The paper<\/a>.<\/li>\n \t<li><a href=\"http:\/\/mitmgmtfaculty.mit.edu\/japarker\/measuring-cyclicality\/\" target=\"_blank\" rel=\"noopener noreferrer\">\"Measuring the Cyclicality of Real Wages: How Important is the Composition Bias?<\/a>\" with Gary Solon and Robert Barsky, <strong>Quarterly Journal of Economics<\/strong>, Vol 109 No 1, (February 1994) 1-25. <a href=\"http:\/\/www.jstor.org\/stable\/pdfplus\/2118426.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Published version from JSTOR<\/a>,\u00a0a slightly older\u00a0<a href=\"http:\/\/www.nber.org\/papers\/w4202.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">NBER WP version<\/a>,\u00a0PSID data,\u00a0<a href=\"https:\/\/www.dropbox.com\/s\/kd23ialsycup1n1\/rwbcprog.zip?dl=1\" target=\"_blank\" rel=\"noopener noreferrer\">OSIRIS programs<\/a>.<\/li>\n<\/ul><\/div><\/div><div id=\"panel-16-0-0-3\" class=\"so-panel widget widget_mit-pf-research widget_mit_pf_research panel-last-child\" data-index=\"3\" ><h2 class=\"widget-title\">Older Research<\/h2><div class=\"textwidget\"><ul>\n \t<li><a href=\"http:\/\/s3.amazonaws.com\/mitsloan-php\/wp-faculty\/sites\/72\/2018\/12\/14202426\/PVZ_slides_pctex7.pdf\" target=\"_blank\" rel=\"noopener\">Slides<\/a> from summer institute for \"Inequality in Expenditure in the Twentieth Century,\" with A. Vissing Jorgensen and Nicolas L. Ziebarth, July 2009.<\/li>\n \t<li>\"The Response of Consumer Spending to Rebates During an Expansion: Evidence from the 2003 Child Tax Credit,\u201d\u00a0with D. Johnson and N. Souleles, April 2009.<\/li>\n \t<li><a name=\"WPOld\"><\/a>\"The Consumption Function Re-Estimated,\"\u00a0August 1999.<\/li>\n \t<li>\"An Economic Model of the Planning Fallacy,\"\u00a0with M. K. Brunnermeier and F. Papakonstantinou,\u00a0\u00a0<a href=\"http:\/\/www.nber.org\/papers\/w14228\" target=\"_blank\" rel=\"noopener noreferrer\">NBER WP 14228, August 2008<\/a>.<\/li>\n \t<li>\"The Propagation of Demand Cycles When Purchases are Timed,\"\u00a0November, 2001 (formerly \"The Timing of Purchases, Market Power, and Economic Fluctuations\"). Paper was formerly\u00a0\"The Timing of Purchases, Market Power, and Economic Fluctuations,\" SSRI Working paper 9723\u00a0at the\u00a0SSRI\u00a0at Wisconsin.<\/li>\n<\/ul><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Potential Conflict of Interest Disclosures Links below, provide summaries, graphs, articles, data, and programs: Working Papers &#8220;Simple Allocation Rules and Optimal Portfolio Choice Over the Lifecycle,&#8221; with V. Duarte, J. Fonseca, and A. Goodman, May 2024. \u201cHousehold Spending Responses to the Economic Impact Payments of 2020: Evidence from the Consumer Expenditure Survey,\u201d with J. Schild, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-two-column.php","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"class_list":["post-16","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.0 (Yoast SEO v25.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MIT Sloan Faculty: Jonathan A. 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