list of Working Papers

Information Resonance with Ulrike Malmendier

Valuing Financial Data, with Maryam Farboodi, Dhruv Singal and Venky Venkateswaran

Data and Market Power, with Jan Eeckhout

The Changing Economics of Knowledge Production, with Simona Abis
-A non-technical video summary (start at 31:00)

Data and the Aggregate Economy, with Cindy Chung, In preparation for the Journal of Economic Literature

A Model of the Data Economy, with Maryam Farboodi
- 2019 Society for Economic Dynamics, Plenary Address

Understanding Uncertainty Shocks and the Role of the Black Swan, with Anna Orlik
- Non-technical Summary
- FAQs
- Uncertainty Index (xls file)

list of publications

Technology and Finance with Darrell Duffie, Thierry Focault and Xavier Vives. CEPR, May 2022.
-VoxEU summary

"Bayesian Learning" with Isaac Baley forthcoming chapter in the Handbook of Economic Expectations, 2022.

Where Has All the Data Gone? with Maryam Farboodi, Adrien Matray and Venky Venkateswaran
The Review of Financial Studies, 2021

Scarring Body and Mind: The Long-Term Belief-Scarring Effects of COVID-19, with Julian Kozlowski and Venky Venkateswaran
2020 Jackson Hole Economic Policy Symposium Proceedings
- Slides

Might Global Uncertainty Promote International Trade?, with Isaac Baley and Michael Waugh
- Slides
Journal of International Economics, v.126, September 2020

Taking Orders and Taking Notes: Dealer Information Sharing in Financial Markets, with Nina Boyarchenko and David Lucca
Journal of Political Economy, v. 129(2), February 2021, pp. 607–645

The Tail that Wags the Economy: Belief-Driven Business Cycles and Persistent Stagnation, with Julian Kozlowski and Venky Venkateswaran
Journal of Political Economy, v. 128(8), August 2020, pp. 2839–2879

Long Run Growth of Financial Technology, with Maryam Farboodi
American Economic Review, v. 110(8), August 2020, pp. 2485-2523
- Slides

Germs, Social Networks and Growth, with Alessandra Fogli
Forthcoming in Review of Economic Studies, 2022
- Slides

Big Data and Firm Dynamics
Papers and Proceedings of the American Economic Review, v.109, May 2019, pp. 38-42

Big Data in Finance and the Growth of Large Firms, with Juliane Begenau and Maryam Farboodi
Journal of Monetary Economics, August 2018, v.97, 71-87.
- Slides

What Are Uncertainty Shocks? with Nic Kozeniauskas and Anna Orlik
Journal of Monetary Economics, December 2018, v.100, 1-15
- Practitioner's summary in Systemic Risk and Systemic Value

A Rational Theory of Mutual Funds’ Attention Allocation. with Marcin Kacperczyk and Stijn Van Nieuwerburgh
Winner of the 2009 Q-Group research competition
Econometrica, March 2016, v.84(2), 571-626.

Comment: Is The Macroeconomy Locally Unstable and Why Should We Care?, with Roxana Mihet
NBER Macroeconomics Annual, 2016
Should We Regulate Financial Information? with Pablo Kurlat
Journal of Economic Theory, July 2015, v.158, p.697-720.

Time-Varying Fund Manager Skill, with Marcin Kacperczyk and Stijn Van Nieuwerburgh
Journal of Finance, August 2014, v.69(4), p.1455-1484.
- MS Quant Conference slides

Leadership, Coordination, and Corporate Culture, with Patrick Bolton and Markus Brunnermeier
Winner of the 2008 JP Morgan Prize for the best paper at the Utah Winter Finance Conference
Review of Economic Studies, April 2013, v.80(2), p.512-537.
- Technical Appendix
- Slides

Information Choice Technologies, with Christian Hellwig and Sebastian Kohls
American Economic Review P&P, May 2012, v.102 (3), p.35-40.
- Supplementary Appendix

Information Choice in Macroeconomics and Finance
Princeton University Press, 2011
- Book website
- Buy on Amazon
- Slides from Econometric Society lecture, 2009

Nature or Nurture? Learning and the Geography of Female Labor Force Participation, with Alessandra Fogli,
Econometrica, July 2011, v.79(4), p.1103-1138
- Supplementary Appendix
- Slides
- A non-technical summary in The Region magazine

Information Acquisition and Under-Diversification, with Stijn Van Nieuwerburgh
Review of Economic Studies, April 2010, v. 77(2), p. 779-805.
- Technical Appendix

Income Dispersion and Counter-Cyclical Markups, with Chris Edmond
Journal of Monetary Economics, September 2009, v.56(6), p.791-804.

Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation, with Vasiliki Skreta
Journal of Monetary Economics, July 2009, v.56(5), p.678-695.
2009 Glucksman Institute Research Prize – 3rd place
- Slides

Information Immobility and the Home Bias Puzzle, with Stijn Van Nieuwerburgh
Journal of Finance, June 2009, v. 64(3), p.1187-1215
2006 Glucksman Institute Research Prize - 1st place
2005 Financial Management Association’s Best Paper Prize in Investments
- Technical Appendix

Learning About Reform: Time-Varying Support for Structural Adjustment
International Review of Economics and Finance, March 2009, v.19(2), p.192-206.

Knowing What Others Know: Coordination Motives in Information Acquisition, with Christian Hellwig,
Review of Economic Studies, 2009, v.76, pp.223-251
- Technical Appendix
- Slides

Aggregate Shocks or Aggregate Information? Costly Information and Business Cycle Comovement, with Justin Wolfers
Journal of Monetary Economics, Sept 2007, v. 54(S), pp.37-55.
- Technical Appendix
- Slides

Information Markets and the Comovement of Asset Prices
Review of Economic Studies, July 2006, v.73(3), p.823-845.

Media Frenzies in Markets for Financial Information
American Economic Review, June 2006, v.96(3), p.577-601.

Learning Asymmetries in Real Business Cycles, with Stijn Van Nieuwerburgh
Journal of Monetary Economics, May 2006, 53(4), p. 753-772

Slow Boom, Sudden Crash
Journal of Economic Theory, October 2005, v.124(2), p.230-257.

Inside Information and the Own-Company Stock Puzzle, with Stijn Van Nieuwerburgh
Journal of the European Economics Association, Papers and Proceedings, May 2006, v.4(2-3), p.623-633.

Uncertainty, Policy Ineffectiveness, and Long Stagnation of the Macroeconomy
Comments on an article by Masanao Aoki and Hiroshi Yoshikawa
Japan and the World Economy, August 2006, v.18(3), pp.273-277.

Did Asset Complexity Trigger Ratings Bias? with Vasiliki Skreta
Understanding Our Financial Crisis, ed. Robert Kolb, John Wiley & Sons, 2010.

Economists’ Perspectives on Leadership, with Patrick Bolton and Markus Brunnermeier,
Handbook of Leadership Theory and Practice, ed.s N. Nohria and R. Khurana, Harvard Business Press, 2010.