Working Papers

The Stable Transformation Path (with Francisco J. Buera, Joseph Kaboski, and Martí Mestieri) Online Appendix November 2023

Many dynamic models do not have balanced growth paths. This makes it difficult to interpret model outputs. We define the Stable Transformation Path (STraP) for a wide class of models and prove existence and uniqueness. The STraP allows for a theory consistent way of separating out Neoclassical transition dynamics from long-run structural change. We then explore its properties.

Works in Progress

Unemployed or Out of Town: Optimal Spatial Adjustment to Regional Shocks June 2022

In this paper, I study the optimal place-based transfers in a country with nominal rigidities and free migration. After a region suffers a negative demand shock, monetary transfers can stimulate demand since people disproportionately buy local. However, the money encourages people to stay in a recessionary region when they could find gainful employment somewhere else. If people are mobile enough, the government actually wants to tax people in a region that suffers a demand shock.