Browsing by Author "Farhi, Emmanuel"
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Coordination and Crisis in Monetary Unions
Aguiar, Mark; Amador, Manuel; Farhi, Emmanuel; Gopinath, Gita (National Bureau of Economic Research, 2014)We characterize fiscal and monetary policy in a monetary union with the potential for rollover crises in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their debt and choose fiscal policy ... -
An Equilibrium Model of "Global Imbalances" and Low Interest Rates
Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Olivier (American Economic Association, 2008)Three of the most important recent facts in global macroeconomics — the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global ... -
Essays in Macroeconomics
Baqaee, David Rezza (2015-04-20)This dissertation focuses on three prominent areas of macroeconomic policy: fiscal stimulus, bail-outs and industrial policy, and monetary policy. In each case, I analyze the nature of the problem without intervention first ... -
Essays in Monetary Policy
Tang, Gaoyan (Jenny) (2014-06-06)This dissertation presents three chapters addressing issues pertaining to monetary policy, information, and central bank communication. The first chapter studies optimal monetary policy in an environment where policy actions ... -
Essays on Global Sourcing, R&D, and Bank Credit
Du, Yang (2016-05-18)This dissertation consists of three essays, two in the field of international economics and one in macroeconomics. The first essay studies the interaction of manufacturing firms' sourcing decisions and their R\&D investment. ... -
Essays on Information and Debt
Hebert, Benjamin (2015-05-01)These essays attempt to explain why debt contracts are so common, and to explore the consequences resulting from the use of debt contracts. In the first essay, “Moral Hazard and the Optimality of Debt,” I use tools from ... -
Essays on Macroeconomic Stabilization
Kekre, Rohan (2016-05-18)Motivated by policy debates emerging from the U.S. Great Recession and Eurozone crisis, I study the stabilization role of monetary, fiscal, and macroprudential policies in response to short-run fluctuations. In the first ... -
Essays on Normative Macro-Finance
Davila-Ramirez, Eduardo (2014-06-06)This dissertation consists of four essays that study normative questions on issues related to financial markets and the macroeconomy. -
Essays on the Risks and Real Effects of Non-Bank Financial Institutions
Zeng, Yao (2016-05-10)These essays explore the risks and real effects of various non-bank financial institutions, such as open-end mutual funds, hedge funds, and venture capital. In the first essay, “A Dynamic Theory of Mutual Fund Runs and ... -
Essays on the Role of Banks in the Macroeconomy
Weymuller, Charles-Henri (2014-06-06)This dissertation consists of four essays that explore the interaction between banks and the supply of safe assets in the macroeconomy. -
The Financial Channel of Wage Rigidity
Schoefer, Benjamin (2015-05-21)Why do firms cut hiring so sharply in recessions? This dissertation explores two answers. Chapters 1 and 2 propose a financial channel of wage rigidity, whereby wage rigidity among incumbent workers forces firms to reduce ... -
Financial Crash, Commodity Prices, and Global Imbalances
Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Oliver (Brookings Institution, 2008)The current financial crisis has its origins in global asset scarcity, which led to large capital flows toward the United States and to the creation of asset bubbles that eventually burst. In its first phase the crash ... -
Fiscal Devaluations
Farhi, Emmanuel; Gopinath, Gita; Itskhoki, Oleg (Oxford University Press (OUP), 2014)We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New ... -
How Much Would You Pay to Resolve Long-Run Risk?
Epstein, Larry G.; Farhi, Emmanuel; Strzalecki, Tomasz (American Economic Association, 2014)Though risk aversion and the elasticity of intertemporal substitution have been the subjects of careful scrutiny, the long-run risks literature as well as the broader literature using recursive utility to address asset ... -
Inequality and Social Discounting
Farhi, Emmanuel; Werning, Ivan (University of Chicago Press, 2007)We explore steady-state inequality in an intergenerational model with altruistically linked individuals who experience privately observed taste shocks. When the welfare function depends only on the initial generation, ... -
The Macroeconomic Consequences of Microeconomic Phenomena in the Housing and Labor Markets
Guren, Adam Michael (2014-06-06)This dissertation consists of three independent chapters, each of which use microeconomic data and methods to inform an analysis of macroeconomic models and questions. The first two chapters study the short-run dynamics ... -
Monetary Policy, Liquidity, and Growth
Aghion, Philippe; Farhi, Emmanuel; Kharroubi, Enisse (2012)In this paper, we use cross-industry, cross-country panel data to test whether industry growth is positively affected by the interaction between the reactivity of real short term interest rates to the business cycle and ... -
Optimal Taxation with Behavioral Agents
Farhi, Emmanuel; Gabaix, Xavier (2017)This paper develops a theory of optimal taxation with behavioral agents. We use a general behavioral framework that encompasses a wide range of behavioral biases such as misperceptions, internalities and mental accounting. ... -
Sovereign Debt Booms in Monetary Unions
Aguiar, Mark; Amador, Manuel; Farhi, Emmanuel; Gopinath, Gita (American Economic Association, 2014)We propose a continuous time model to investigate the impact of inflation credibility on sovereign debt dynamics. At every point in time, an impatient government decides fiscal surplus and inflation, without commitment. ... -
A Theory of Liquidity and Regulation of Financial Intermediation
Farhi, Emmanuel; Golosov, Mikhail; Tsyvinski, Aleh (Wiley-Blackwell, 2009)This paper studies a Diamond–Dybvig model of providing insurance against unobservable liquidity shocks in the presence of unobservable trades. We show that competitive equilibria are inefficient. A social planner finds it ...