Research
My research lies at the intersection of macro-finance, mathematical economics, and computation. I study how economic models generate asset prices, inequality, and aggregate outcomes, with an emphasis on tractable theory and empirical implications.
View complete publicationsResearch area
Asset price bubbles
I study when rational bubbles arise, when they are necessary for equilibrium, and how growth, land, technology, and financial structure shape asset values.
- General-Purpose Technologies and Stock Market Bubbles Working paper · updated 2026
- Unbalanced Growth and Land Overvaluation Proceedings of the National Academy of Sciences · 2025
- Bubble Necessity Theorem Journal of Political Economy · 2025
- Bubble Economics Journal of Mathematical Economics · 2024
Research area
Power laws and inequality
I investigate the mathematical mechanisms behind heavy-tailed economic distributions and develop methods for measuring and interpreting inequality in income, wealth, and consumption.
- Pareto Extrapolation: An Analytical Framework for Studying Tail Inequality Quantitative Economics · 2023
- Determination of Pareto Exponents in Economic Models Driven by Markov Multiplicative Processes Econometrica · 2022
- On the Emergence of a Power Law in the Distribution of COVID-19 Cases Physica D: Nonlinear Phenomena · 2020
- An Impossibility Theorem for Wealth in Heterogeneous-agent Models with Limited Heterogeneity Journal of Economic Theory · 2019
- The Double Power Law in Consumption and Implications for Testing Euler Equations Journal of Political Economy · 2015
Research area
Macro-finance
My macro-finance work connects household behavior, growth, wealth inequality, and asset markets in general-equilibrium models with financial frictions and heterogeneous agents.
- General-Purpose Technologies and Stock Market Bubbles Working paper · updated 2026
- Leverage, Endogenous Unbalanced Growth, and Asset Price Bubbles Working paper · revised 2024
- A Theory of the Saving Rate of the Rich Journal of Economic Theory · 2021
- The Equity Premium and the One Percent The Review of Financial Studies · 2020
Research area
Mathematical economics
I use mathematical methods to characterize equilibrium, dynamic choice, and economic distributions, focusing on results that clarify the scope and limits of standard models.
- Global Characterization of Equilibria in Tirole's (1985) Model with a Dividend-Paying Asset Working paper · updated 2026
- Comment on “Asset Bubbles and Overlapping Generations” by Jean Tirole Econometrica · 2026
- Optimal Epidemic Control in Equilibrium with Imperfect Testing and Enforcement Journal of Economic Theory · 2022
- Necessity of Hyperbolic Absolute Risk Aversion for the Concavity of Consumption Functions Journal of Mathematical Economics · 2021
- An Impossibility Theorem for Wealth in Heterogeneous-agent Models with Limited Heterogeneity Journal of Economic Theory · 2019
Research area
Computational economics
I develop analytical and numerical methods for dynamic economic models, emphasizing accuracy, tractability, and tools that make heterogeneous-agent problems easier to solve and study.
- Pareto Extrapolation: An Analytical Framework for Studying Tail Inequality Quantitative Economics · 2023
- Asymptotic Linearity of Consumption Functions and Computational Efficiency Journal of Mathematical Economics · 2022
- Discretizing Nonlinear, Non-Gaussian Markov Processes with Exact Conditional Moments Quantitative Economics · 2017