Forthcoming Publications

"The Ramsey Steady-State Conundrum in Heterogeneous-Agent Economies"
with Yi Wen
Journal of Economic Theory

Journal Publications

"Optimal Ramsey Taxation in Heterogeneous Agent Economies with Quasi-Linear Preferences"
with Yi Wen
Review of Economic Dynamics, Oct 2022, Vol. 46, No. None, None, pp. 124-160
Working Paper
https://doi.org/10.1016/j.red.2021.08.004

"Optimal Fiscal Policy under Capital Overaccumulation"
with Yi Wen
Macroeconomic Dynamics, Sep 2023, Vol. 27, No. 6, pp. 1706-1736
Working Paper
https://doi.org/10.1017/S1365100522000414

"The Determination of Public Debt under both Aggregate and Idiosyncratic Uncertainty"
with Yi Wen
Journal of Economic Theory, July 2022, Vol. 203, 105474, pp. NA
Working Paper
https://doi.org/10.1016/j.jet.2022.105474

"Time-Inconsistent Optimal Quantity of Debt"
with Yi Wen
European Economic Review, Nov 2021, Vol. 140, 103913, pp. 103913
Working Paper
https://doi.org/10.1016/j.euroecorev.2021.103913

"Are Unconditional Lump-sum Transfers a Good Idea?"
with  Yunmin Chen, Yi Wen, and  C.C. Yang
Economics Letters, December 2021, Vol. 209, 110088, pp. NA
Working Paper
https://doi.org/10.1016/j.econlet.2021.110088

"Should Capital Be Taxed?"
with  Yunmin Chen, Yi Wen, and  C.C. Yang
Economics Letters, March 2021, Vol. 200, 109746, pp. NA
Working Paper

"Why Are Exchange Rates So Smooth? A Household Finance Explanation"
with  Hanno Lustig and  Kanda Naknoi
Journal of Monetary Economics, June 2020, Vol. 112, pp. 129-144
Working Paper
https://doi.org/10.1016/j.jmoneco.2019.02.003

"Two Monetary Models with Alternating Markets"
with  Gabriele Camera
Journal of Money, Credit, and Banking, August 2016, Vol. 48, No. 5, pp. 1051-1064
Working Paper
https://doi.org/10.1111/jmcb.12326

"Implications Of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies in An Endowment Economy"
with  Harold L. Cole and  Hanno Lustig
Review of Economic Dynamics, April 2016, Vol. 20, pp. 215-239
Working Paper
https://doi.org/10.1016/j.red.2015.02.001

"The Risk Premium and Long-run Global Imbalances"
with  Kanda Naknoi
Journal of Monetary Economics, November 2015, Vol. 76, pp. 299-315
Working Paper
https://doi.org/10.1016/j.jmoneco.2015.04.001

"Understanding The Distributional Impact of Long-Run Inflation"
with  Gabriele Camera
Journal of Money, Credit, and Banking, September 2014, Vol. 46, No. 6, pp. 1137-1170
Working Paper
https://doi.org/10.1111/jmcb.12136

"A Note on Excessive Perks to Restrain the Hidden Saving Problem"
with  Joon Song
Macroeconomic Dynamics, March 2014, Vol. 18, No. 2, pp. 480-496
https://doi.org/10.1017/s136510051200048x

"Perks in Long-term Contracts"
with  Minseong Kim and  Joon Song
Korean Economic Review, 2013, Vol. 29, No. 1, pp. 161-188

"Is the Volatility of the Market Price of Risk Due to Intermittent Portfolio Re-balancing?"
with  Harold L. Cole and  Hanno Lustig
American Economic Review, Oct 2012, Vol. 102, No. 6, pp. 2859-2896
Program code
Appendix
https://doi.org/10.1257/aer.102.6.2859

"Externality Cost of Capital Investment in Limited Commitment"
with  Junsang Lee
KDI Journal of Economic Policy, Vol. 34, No. 2, pp. 17-40
https://doi.org/10.23895/kdijep.2012.34.2.17

"A Multiplier Approach to Understanding the Macro Implications of Household Finance"
with  Harold L. Cole and  Hanno Lustig
Review of Economic Studies, January 2011, Vol. 78, No. 1, pp. 199-234
Program code
https://doi.org/10.1093/restud/rdq008

"The Market Price of Aggregate Risk and the Wealth Distribution"
with  Hanno Lustig
Review of Financial Studies, April 2010, Vol. 23, No. 4, pp. 1596-1650
https://doi.org/10.1093/rfs/hhp079