Articles
A Parsimonious Macroeconomic Model for Asset Pricing, Econometrica (2009)
In this paper, I study asset prices in a two-agent macroeconomic model with two key...
A Quantitative Analysis of the Evolution of the U.S. Wage Distribution: 1970—2000 (with Burhanettin Kuruscu), NBER Macroeconomics Annual (2009)
In this paper we construct a parsimonious overlapping-generations model of human capital accumulation, and study...
An Empirical Investigation of Labor Income Processes, Review of Economic Dynamics (2009)
In this paper we reassess the evidence on labor income risk. There are two leading...
Learning Your Earning: Are Labor Income Shocks Really Very Persistent?, American Economic Review (2007)
The current literature offers two views on the nature of the labor income process. According...
Do Stockholders Share Risk More Effectively Than Non-Stockholders?, Review of Economics and Statistics (2007)
This paper analyzes the extent of risk-sharing among stockholders and among nonstockholders. Wealthy households play...
Contributions to Books
Consumption-based Asset Pricing Models: Empirical Performance (with Hanno Lustig), The New Palgrave Dictionary of Economics, 2nd Edition (2008)
Asset pricing is a branch of financial economics that is rich in puzzles and anomalies...
Consumption-based Asset Pricing Models: Theory (with Hanno Lustig), The New Palgrave Dictionary of Economics, 2nd Edition (2008)
The essential element in modern asset pricing theory is a positive random variable called the...
Unpublished Papers
Joint-Search Theory: New Opportunities and New Frictions (with Bulent Guler and Giovanni L. Violante), NBER Working Paper No 15011 (2009)
Search theory routinely assumes that decisions about the acceptance/rejection of job offers (and, hence, about...
Understanding the Evolution of the US Wage Distribution: A Theoretical Analysis (with Burhanettin Kuruscu) (2007)
In this paper we present an analytically tractable overlapping-generations model of human capital accumulation, and...