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192 Julis Romo Rabinowitz Building

Department of Economics
Princeton University Office: +1-609-258-0329
Princeton, NJ 08544 Cell: +1-312-730-5701

Academic Appointments
Professor of Economics and International Affairs, from July 2018
Associate Professor of Economics and International Affairs (with tenure), February 2017-June 2018
Assistant Professor of Economics and International Affairs, February 2011-January 2017
Cyril E. Black University Preceptor, 2015-2018
Associate Research Scholar, Center for Economic Policy Studies, July 2010- February 2011
Faculty Research Fellow, National Bureau of Economic Research (NBER), since May 2013
Research Affiliate, Centre for Economic Policy Research (CEPR), since 2015
Affiliate, Bureau for Research and Economic Analysis of Development (BREAD), since May 2017
Researcher, Research Department, Statistics Norway, since January 2018

PhD University of Chicago, 2010
Dissertation: “Capital Misallocation and Productivity Losses from Financial Frictions”
Committee: Robert M. Townsend, Fernando Alvarez, Francisco Buera, Robert E. Lucas, Jr.
BSc University College London, UK, 2005

Publications (Including Accepted and Forthcoming Papers)

Why Does Misallocation Persist? (with Abhijit Banerjee)
American Economic Journal: Macroeconomics, 2010

Well-Intended Policies (with Francisco J. Buera and Yongseok Shin)

Review of Economic Dynamics, Special Issue on Misallocation, 2013

Productivity Losses from Financial Frictions: Can Self-Financing Undo Capital Misallocation?
American Economic Review, 2014

Knowledge Growth and the Allocation of Time (with Robert E. Lucas, Jr.)
Journal of Political Economy, 2014

Partial Differential Equation Models in Macroeconomics

(with Yves Achdou, Francisco J. Buera, Jean-Michel Lasry and Pierre-Louis Lions)
Philosophical Transactions of the Royal Society A, 2014

Aggregate Implications of a Credit Crunch (with Francisco J. Buera)

American Economic Journal: Macroeconomics, 2015

The Dynamics of Inequality (with Xavier Gabaix, Jean-Michel Lasry and Pierre-Louis Lions)
Econometrica, 2016
Economic Development, Flow of Funds and the Equilibrium Interaction of Financial Frictions
(with Robert M. Townsend and Victor Zhorin)
Proceedings of the National Academy of Sciences, 2017

Social Optima in Economies with Heterogeneous Agents (with Galo Nuno)

Review of Economic Dynamics, 2017

Monetary Policy According to HANK (with Greg Kaplan and Gianluca Violante)
American Economic Review, 2018

Life-Cycle Wage Growth Across Countries

(with David Lagakos, Tommaso Porzio, Nancy Qian and Todd Schoellman)
Journal of Political Economy, 2018

Life-Cycle Human Capital Accumulation Across Countries: Evidence from U.S. Immigrants
(with David Lagakos, Tommaso Porzio, Nancy Qian and Todd Schoellman)
Journal of Human Capital, 2018, Special Issue in Honor of Gary Becker

When Inequality Matters for Macro and Macro Matters for Inequality
(with SeHyoun Ahn, Greg Kaplan, Tom Winberry and Christian Wolf)
NBER Macroeconomics Annual, 2018

Optimal Development Policies with Financial Frictions (with Oleg Itskhoki)

forthcoming, Econometrica

Working Papers
Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach
(with Yves Achdou, Jiequn Han, Jean-Michel Lasry and Pierre-Louis Lions)
revise & resubmit, Review of Economic Studies

Papers in Progress
Saving Behavior across the Wealth Distribution
(with Andreas Fagereng, Martin Holm and Gisle Natvik)

Uneven Growth: Technology’s Impact on Wages and Wealth Inequality (with Pascual Restrepo)

Princeton (2016, 2017, 2019) “Causes and Consequences of Inequality, WWS 582b”, MPA
Princeton (2014) “Macroeconomic Theory I, ECO503”, PhD
Princeton (2012, 2013, 2015) “Economic Development II, ECO563”, PhD
Princeton (2011, 2013, 2015) “Macroeconomics: A Mathematical Appr., ECO311”, undergraduate
Princeton (2012, 2016) “Advanced Macroeconomics I, ECO521”, PhD
Princeton (2012) “Macroeconomic Analysis: Advanced, WWS 512c”, MPA
University of Chicago (2010) “Microeconomic Issues in Development, ECON255”, undergraduate
University of Chicago (2009) “Elements of Economic Analysis 3, ECON202”, undergraduate
Harvard (2018) “Distributional Macroeconomics, ECON 2149”, PhD
Various institutions (2015 - ) Mini-course “Heterogeneous Agent Models in Cont Time”, graduate
Visiting Appointments
New York University, Department of Economics, Fall 2013
Stanford University, Department of Economics and SIEPR, Spring 2014
Massachusetts Institute of Technology, Department of Economics, Hal Varian Visiting Assistant
Professor, Fall 2015
University of Chicago, Becker Friedman Institute, Short-term Visitor, Fall 2015
Harvard University, Visiting Associate Professor, 2017-2018 Academic Year
London School of Economics, Visiting Professor, Fall 2018

Conference Presentations
2019: Econometric Society Winter Meeting. 2018: NBER Summer Institute, Ifo Workshop on
Heteregeneous Agents and Climate, 2018 Asian Meeting of the Econometric Society (invited speaker).
2017: ICRIER-NBER-NCAER Neemrana Conference, University of Oslo Conference: Micro and
Macro Perspectives on Inequality, NBER EF&G Meeting (discussant), St Louis Advances in Research
(STLAR) conference, Bank of Japan IMES Conference. 2016: Conference in Honor of Robert E. Lucas
Jr., BdF-NYU conference on “Monetary Policy with Heterogeneous Agents” (discussant), SED Annual
Meeting, NBER EFG Meeting, NBER EFJK Growth Group (discussant). 2015: NBER EFG Meeting,
ECB conference on “Challenges for Macroeconomic Policy in a Low Inflation Environment”, Society
for the Advancement of Economic Theory Conference, Fourth HKUST Conference on
Macroeconomics, NBER Summer Institute, Mean Field Games and Related Topic, Julis Rabinowitz
Center for Public Policy and Finance Fourth Annual Conference. 2014: SIAM Meetings, Sciences Po
Macro Finance Conference, Cowles "New Perspectives on Macroeconomics, Trade, and Development”
conference, NBER EFJK Growth Group (discussant), NBER Income Distribution and Macroeconomics
Group, SED Annual Meeting, Philadelphia Workshop on Macroeconomics. 2013: BU/Boston Fed
Conference on Macro-Finance Linkages (discussant), St Louis Fed Annual conference (discussant),
NBER Macroeconomics Within Across Borders, NBER Summer Institute, SED Annual Meeting,
Financial Frictions and the Real Economy Conference, University of Mannheim. 2012: UTDT Annual
Conference, BREAD, Institute for Mathematics and its Applications, NBER Summer Institute, SED
Annual Meetings, Macroeconomics Across Time and Space, AEA Meetings, NBER Growth Group
(discussant). 2011: Yale Conference on Finance and Economics (discussant), Philadelphia Fed
International Trade Workshop (discussant), Savings and Financial Underpinnings of Macro Models
Workshop (discussant), Minnesota Workshop in Macroeconomic Theory, NBER Summer Institute,
Econometric Society Winter Meetings. 2010: RMM Toronto. 2009: SED Annual Meetings,
Econometric Society European Meetings, NBER Summer Institute.

Invited Seminars
2018: Bank of England, Queen Mary, Sciences Po, EUI, Edinburgh, Barcelona GSE, Harvard, Boston
University, Euro Area Business Cycle Network, Bank of Chile. 2017: Columbia, New York Fed, Bank
of Canada, Bank of Spain, Boston University, Duke, Kansas City Fed, Duke, IMF, UCL, Université du
Luxembourg, Boston College, Rochester, Mannheim, University of Warwick, Université Catholique de
Louvain, Iowa State, University of Toronto, Richmond Fed. 2016: Penn, Michigan, Ohio State, New
York Fed, Northwestern, UCLA, Stanford (Mathematics), University of Oslo, Norwegian Business
School, IIES Stockholm, University of Bonn, Arizona State, University of Pittsburgh/Carnegie Mellon.
2015: MIT, NYU, Wharton, University of Minnesota, University of Chicago, Frankfurt, Federal
Reserve Bank of St Louis, Georgetown, Federal Reserve Bank of Philadelphia, UT Austin, University
of Maryland, LSE/UCL, Paris School of Economics, HEC Lausanne, HKUST. 2014: UQAM, Cornell,
Chicago Fed, Queen’s University, Santa Clara University, Harvard/MIT, Stanford, Oxford, Cambridge,
UCSB, UCSD, UC Davis, ITAM. 2013: UBC, Yale, CREI, Bocconi, LSE, University of Edinburgh,
University of Houston, CUNY, UC Irvine, USC, UVA, Brown. 2012: Harvard, Columbia, Ohio State,
CUNY Hunter, EUI, EIEF, Rochester, New York Fed, Penn, Wharton, LSE, UCL, World Bank. 2011:
Arizona State, Université de Montréal, Penn State, NYU, Rutgers. 2010: Northwestern, UCLA,
Berkeley, Princeton, Brown, LSE, Columbia GSB, Stanford, Yale, Minneapolis Fed, Wisconsin. 2009:
University of Chicago.

Editorial Work
Co-Editor, American Economic Journal: Macroeconomics, from January 2018
Associate Editor, Journal of Monetary Economics, February 2016 to December 2017

Other Public Service

Program committee member for the 2019 Econometric Society Meeting
Organizer of the 2015 NBER Growth Group meeting (EFJK), San Francisco Fed
Program committee member of the 2015 European Economic Association Annual Meeting
Program committee member for the Society for Economic Dynamics Annual Meetings (Seoul 2013,
Toronto, 2014, Warsaw, 2015)

Awards and Fellowships

Bernácer Prize for best European economist under 40 working in macroeconomics and finance (2018)
Alfred P. Sloan Research Fellowship (2016)
European Investment Bank (EIB) Young Economist Award (2015)
Kauffman Junior Faculty Fellowship in Entrepreneurship Research (2014)
Richard E. Quandt Undergraduate Teaching Prize (Princeton University, 2013)

Ph.D. Students
2018: Martin Holm (University of Oslo), Elisabeth Pröhl (University of Amsterdam)
2017: SeHyoun Ahn (Norges Bank), Jung Eun Yoon (IMF), Yu Zhang (Peking University, Guanghua)
2013: Wei Cui (UCL)

Citizenship: German, U.S. permanent resident. Born June 29, 1983 (age 35).