Working Papers
[1] The Aggregate Costs of Uninsurable Business Risk. October 2025. (with Corina Boar and Denis Gorea).
Previously circulated as "Why Are Returns to Wealth So Dispersed?" Revise and Resubmit, American Economic Review
[2] The Inflation Accelerator. March 2025. (with Andres Blanco, Corina Boar, Callum Jones). Revise and Resubmit, American Economic Review
[3] Nonlinear Inflation Dynamics in Menu Cost Economies. March 2025. (with Andres Blanco, Corina Boar, Callum Jones).
Revise and Resubmit, Journal of Political Economy
[4] Local Concentration, National Concentration, and the Spatial Distribution of Markups. August 2024. (with Jonathan Becker, Chris Edmond, Daniel Xu).
[5] Nonlinear Inflation Dynamics in Menu Costs Economies? Evidence from U.S Data. July 2024. (with Andres Blanco, Corina Boar, Callum Jones).
[6] How Important Are Investment Indivisibilities for Development? Experimental Evidence from Uganda. May 2024.
(with Joe Kaboski, Molly Lipscomb, Carolyn Pelnik). Revise and Resubmit, Journal of Political Economy
Refereed Publications
[17] Markups and Inequality. November 2023. (with Corina Boar). Appendix. 2019 Version. Forthcoming, Review of Economic Studies
[16] Should We Tax Capital Income or Wealth? August 2022. (with Corina Boar). American Economic Review: Insights
[15] How Costly Are Markups? August 2022. (with Chris Edmond and Daniel Xu). Appendix. Journal of Political Economy
[14] Efficient Redistribution. April 2022. (with Corina Boar). Journal of Monetary Economics
[13] Household Leverage and the Recession. September 2021. (with Callum Jones and Thomas Philippon). Appendix. Econometrica
[12] Liquidity Constraints in the U.S. Housing Market. December 2020. (with Corina Boar and Denis Gorea). Appendix. Review of Economic Studies
[11] Asset Prices and Unemployment Fluctuations. December 2020. (with Patrick Kehoe, Pierlauro Lopez, Elena Pastorino). Appendix. Review of Economic Studies
[10] Debt Constraints and Employment. 2019. (with Patrick Kehoe and Elena Pastorino). Appendix. Journal of Political Economy
[9] Competition, Markups and the Gains from International Trade. 2015. (with Chris Edmond and Daniel Xu). Appendix
American Economic Review
[8] Prices Are Sticky After All. 2014. (with Patrick Kehoe). Appendix
Journal of Monetary Economics
[7] Finance and Misallocation: Evidence from Plant-Level Data. 2013. (with Daniel Xu). Appendix
American Economic Review
[6] Inventories, Markups and Real Rigidities in Menu Cost Models. 2012. (with Oleksiy Kryvtsov). Appendix.
Review of Economic Studies
[5] Menu Costs, Multi-Product Firms and Aggregate Fluctuations. 2010.
Econometrica
[4] Inventories, Lumpy Trade and Large Devaluations. 2010. (with George Alessandria and Joe Kaboski)
American Economic Review
[3] Is Firm Pricing State or Time Dependent? Evidence from US Manufacturing. 2010.
Review of Economics and Statistics
[2] The Great Trade Collapse of 2008-2009: An Inventory Adjustment? 2010. (with George Alessandria and Joe Kaboski)
IMF Economic Review
[1] International Price Dispersion in State-Dependent Pricing Models. 2007.
Journal of Monetary Economics
Other Publications
[8] On the Importance of Household vs. Firm Credit Frictions in the Great Recession. 2020. (with Patrick Kehoe, Pierlauro Lopez and Elena Pastorino).
Review of Economic Dynamics
[7] Evolution of Modern Business Cycle Models: Accounting for the Great Recession. 2018. (with Patrick Kehoe and Elena Pastorino)
Journal of Economic Perspectives
[6] Debt Constraints and the Labor Wedge. 2016. (with Patrick Kehoe and Elena Pastorino)
American Economic Review (Papers and Proceedings)
[5] Microeconomic Uncertainty, International Trade, and Aggregate Fluctuations. 2015. (with George Alessandria, Horag Choi and Joseph Kaboski).
Journal of Monetary Economics (Carnegie-Rochester)
[4] The Aggregate Impact of Household Saving and Borrowing Constraints: Designing a Field Experiment in Uganda. 2014.
(with Joe Kaboski and Molly Lipscomb). Appendix.
American Economic Review (Papers and Proceedings)
[3] Trade Wedges, Inventories, and International Business Cycles. 2012. (with George Alessandria and Joe Kaboski)
Journal of Monetary Economics (Carnegie-Rochester)
[2] US Trade and Inventory Dynamics. 2011. (with George Alessandria and Joe Kaboski).
American Economic Review (Papers and Proceedings)
[1] Inventories, Markups and Real Rigidities in New Keynesian Business Cycle Models. 2010. (with Oleksiy Kryvtsov)
Journal of Japanese and International Economies
Older Working Papers
[2] Accounting for Plant-Level Misallocation. 2009. (with Daniel Xu)
[1] Sticky Prices and Real Exchange Rates in the Cross-Section. 2008. (with Patrick Kehoe)
[1] The Aggregate Costs of Uninsurable Business Risk. October 2025. (with Corina Boar and Denis Gorea).
Previously circulated as "Why Are Returns to Wealth So Dispersed?" Revise and Resubmit, American Economic Review
[2] The Inflation Accelerator. March 2025. (with Andres Blanco, Corina Boar, Callum Jones). Revise and Resubmit, American Economic Review
[3] Nonlinear Inflation Dynamics in Menu Cost Economies. March 2025. (with Andres Blanco, Corina Boar, Callum Jones).
Revise and Resubmit, Journal of Political Economy
[4] Local Concentration, National Concentration, and the Spatial Distribution of Markups. August 2024. (with Jonathan Becker, Chris Edmond, Daniel Xu).
[5] Nonlinear Inflation Dynamics in Menu Costs Economies? Evidence from U.S Data. July 2024. (with Andres Blanco, Corina Boar, Callum Jones).
[6] How Important Are Investment Indivisibilities for Development? Experimental Evidence from Uganda. May 2024.
(with Joe Kaboski, Molly Lipscomb, Carolyn Pelnik). Revise and Resubmit, Journal of Political Economy
Refereed Publications
[17] Markups and Inequality. November 2023. (with Corina Boar). Appendix. 2019 Version. Forthcoming, Review of Economic Studies
[16] Should We Tax Capital Income or Wealth? August 2022. (with Corina Boar). American Economic Review: Insights
[15] How Costly Are Markups? August 2022. (with Chris Edmond and Daniel Xu). Appendix. Journal of Political Economy
[14] Efficient Redistribution. April 2022. (with Corina Boar). Journal of Monetary Economics
[13] Household Leverage and the Recession. September 2021. (with Callum Jones and Thomas Philippon). Appendix. Econometrica
[12] Liquidity Constraints in the U.S. Housing Market. December 2020. (with Corina Boar and Denis Gorea). Appendix. Review of Economic Studies
[11] Asset Prices and Unemployment Fluctuations. December 2020. (with Patrick Kehoe, Pierlauro Lopez, Elena Pastorino). Appendix. Review of Economic Studies
[10] Debt Constraints and Employment. 2019. (with Patrick Kehoe and Elena Pastorino). Appendix. Journal of Political Economy
[9] Competition, Markups and the Gains from International Trade. 2015. (with Chris Edmond and Daniel Xu). Appendix
American Economic Review
[8] Prices Are Sticky After All. 2014. (with Patrick Kehoe). Appendix
Journal of Monetary Economics
[7] Finance and Misallocation: Evidence from Plant-Level Data. 2013. (with Daniel Xu). Appendix
American Economic Review
[6] Inventories, Markups and Real Rigidities in Menu Cost Models. 2012. (with Oleksiy Kryvtsov). Appendix.
Review of Economic Studies
[5] Menu Costs, Multi-Product Firms and Aggregate Fluctuations. 2010.
Econometrica
[4] Inventories, Lumpy Trade and Large Devaluations. 2010. (with George Alessandria and Joe Kaboski)
American Economic Review
[3] Is Firm Pricing State or Time Dependent? Evidence from US Manufacturing. 2010.
Review of Economics and Statistics
[2] The Great Trade Collapse of 2008-2009: An Inventory Adjustment? 2010. (with George Alessandria and Joe Kaboski)
IMF Economic Review
[1] International Price Dispersion in State-Dependent Pricing Models. 2007.
Journal of Monetary Economics
Other Publications
[8] On the Importance of Household vs. Firm Credit Frictions in the Great Recession. 2020. (with Patrick Kehoe, Pierlauro Lopez and Elena Pastorino).
Review of Economic Dynamics
[7] Evolution of Modern Business Cycle Models: Accounting for the Great Recession. 2018. (with Patrick Kehoe and Elena Pastorino)
Journal of Economic Perspectives
[6] Debt Constraints and the Labor Wedge. 2016. (with Patrick Kehoe and Elena Pastorino)
American Economic Review (Papers and Proceedings)
[5] Microeconomic Uncertainty, International Trade, and Aggregate Fluctuations. 2015. (with George Alessandria, Horag Choi and Joseph Kaboski).
Journal of Monetary Economics (Carnegie-Rochester)
[4] The Aggregate Impact of Household Saving and Borrowing Constraints: Designing a Field Experiment in Uganda. 2014.
(with Joe Kaboski and Molly Lipscomb). Appendix.
American Economic Review (Papers and Proceedings)
[3] Trade Wedges, Inventories, and International Business Cycles. 2012. (with George Alessandria and Joe Kaboski)
Journal of Monetary Economics (Carnegie-Rochester)
[2] US Trade and Inventory Dynamics. 2011. (with George Alessandria and Joe Kaboski).
American Economic Review (Papers and Proceedings)
[1] Inventories, Markups and Real Rigidities in New Keynesian Business Cycle Models. 2010. (with Oleksiy Kryvtsov)
Journal of Japanese and International Economies
Older Working Papers
[2] Accounting for Plant-Level Misallocation. 2009. (with Daniel Xu)
[1] Sticky Prices and Real Exchange Rates in the Cross-Section. 2008. (with Patrick Kehoe)