This research project argues that economics currently lacks the capability to assess when mathematical modeling, on its own, is a sufficient means for understanding a given set of social phenomena.
This research project aims to better understand the impact of various forms of central bank communication by blending techniques from psychology and political science.
This research project proposes a large-scale simulation of how distress and growth propagate through the real economy via a network of trade credit between firms.
This research project explores the sources of and remedies for financial instability as well as the relationship between traders’ choice of a price-setting mechanism and market structure and the relationship between market freezes and the amount of intermediation in the market.
This research project formulates a new model of bounded rationality, based on the idea that agents will keep a simple, or “sparse,” model of the world.
This research project contends that Piero Sraffa tried to develop an economic theory that could stand up as an alternative to the orthodox theory of value and provide a foundation for the Keynesian and post-Keynesian alternatives.
This research project uses spatial cross-sectional variation in addition to time series variation to estimate fiscal multipliers; the impact of anti-predatory lending laws on housing prices, default rates, and foreclosures; and the impact of raising wages during recessions.
A Theory of Financial Market Instability Even Under Perfect Conditions: Bubbles and Crashes in Rational Belief Equilibrium
This research project seeks to develop a theory of how bubbles and crashes can arise even when all agents are rational, informed, and trading in perfect markets.
This research project develops theoretically coherent models that are open to unforeseeable structural change and avoid the presumption that market participants are irrational.
This research project focuses on the role of the representative agent in recent macroeconomics and general equilibrium theory, with a particular emphasis on how different the situation was in the economic theorizing of the first neoclassical synthesis during the 1950s.
This research project investigates the air quality co-benefits of climate policy. Reduced burning of fossil fuels curbs not only CO2 emissions but also emissions of hazardous co-pollutants, such as particulate matter. The extent of air quality co-benefits relative to CO2 reduction varies across regions and pollution sources, and hence the distribution of emissions reductions matters for both efficiency and equity.
This research project creates a computational model of the current financial crisis to discover the essential elements needed to reproduce the crisis, while investigating alternative policies that may have reduced its intensity and strategies for recovery.
This research project addresses in depth the questions of the nature of economic uncertainty, with the aim of revisiting from a new perspective many of the questions that have been raised by the recent crisis both in finance and macroeconomics.
This research project builds a new generation of models fit to analyze and manage the challenges of governing globalized and interconnected economies.
This research project analyzes the history of the concentration of bank regulatory authority within the Federal Reserve and explores the public policy issues arising from that concentration.