Published Papers
Forthcoming, Journal of Economic Theory.
The relationship between the distribution of tradeable shares and cross-sectional expected returns. Check this out for some empirical evidence!
with Dimitri Vayanos, LSE. Journal of Finance, Vol. 63 (2008), pp. 1351-1389.
Why recently issued bond have higher price than older ones, even if they have the same cash flows.
Review of Economic Studies, Vol. 74 (2007), pp. 1329-1354.
Do marketmakers provide the efficient amount of liquidity during a financial crisis?
with Chris Edmond, NYU Stern. The New Palgrave Dictionary of Economics 2nd edition.
An increase in the money supply is followed by a temporary fall of short-term interest rates.
with Stephane Gregoir, CREST. Journal of Economic Dynamics and Control, Vol. 31 (2007), pp 81-109.
Equilibria where agents' decisions are based on an optimally misspecified model.
Working Papers
with Manuel Amador, Stanford.
When the information structure of the economy is endogenous, public information about aggregate economic condition can lead to more confusion and greater uncertainty.
with Ricardo Lagos, NYU, and Guillaume Rocheteau, Cleveland Fed.
How dealers' equilibrium provision of liquidity depends on outside investors preference, the structure of the market, and the characteristics of the crisis.
with Manuel Amador, Stanford.
How information diffuses in a large economy through local interactions and prices. Check this out for an (older) discrete-time version.
with Stijn Van Nieuwerburgh, NYU Stern.
The increase in wage dispersion across US metropolitan areas can help explain the increase in the level and dispersion of house prices.