## Positions

## 2014-2018 Ph.D. Candidate, Johns Hopkins, Department of Economics

## 2018 Dissertation Fellow, Federal Reserve Board

## 2017-2018 Visiting Scholar, Danmarks Nationalbank

## 2012-2014 Officer, International Monetary Fund

## 2005-2009 Vice President, Nomura International Plc.

## Papers

## "Consumption Heterogeneity: Micro Drivers and Macro Implications" (Latest pdf, Danmarks Nationalbank Working Paper) (with Andreas Kuchler)

## Abstract

This paper aims to test the microfoundations of consumption models and quantify the macro implications of consumption heterogeneity. We propose a new empirical method to estimate the sensitivity of consumption to permanent and transitory income shocks for different groups of households. We then apply this method to administrative data from Denmark. The large sample size, along with detailed household balance sheet information, allows us to finely divide the population along relevant dimensions. For example, we find households who stand to lose from an interest rate hike are significantly more sensitive to income shocks than those who stand to gain. Following a one percentage point rate increase, we estimate consumption will decrease by 26 basis points through this interest rate exposure channel alone, making this channel substantially larger than the intertemporal substitution channel that dominates in representative agent New Keynesian models.

## "Time Aggregation in Panel Data on Income and Consumption" (pdf)

## Abstract

In 1960 Working noted that time aggregation of a random walk induces serial correlation in the first differences that is not present in the original series. This important contribution has been overlooked in a large recent literature analyzing income and consumption in panel data. This paper takes Blundell, Pistaferri, and Preston (2008) as an example and shows how to correct for this problem. I find the estimate for the partial insurance to transitory shocks, originally estimated to be 5%, is equal to 24% when corrected for time aggregation. This estimate is much closer to estimates from the literature that uses natural experiments to estimate the marginal propensity to consume out of transitory shocks.

## "Sticky Expectations and Consumption Dynamics" (pdf, Code and LaTeX) (with Christopher D. Carroll, Jiri Slacalek, Kiichi Tokuoka and Matthew N. White) *NBER Working Paper* No. 24377, March 2018.

R&R at American Economic Journal: Macroeconomics

## Abstract

Macroeconomic models often invoke consumption "habits" to explain the substantial persistence of aggregate consumption growth. But a large literature has found no evidence of habits in microeconomic datasets that measure the behavior of individual households. We show that the apparent conflict can be explained by a model in which consumers have accurate knowledge of their personal circumstances but 'sticky expectations' about the macroeconomy. In our model, the persistence of aggregate consumption growth reflects consumers' imperfect attention to aggregate shocks. Our proposed degree of (macro) inattention has negligible utility costs, because aggregate shocks constitute only a tiny proportion of the uncertainty that consumers face.

## "A Note on the Asymptotic Properties of the Two-Sector Robinson-Solow-Srinivasan Model" (pdf)

## Abstract

I show that the periodic and chaotic behavior exhibited by the two-sector Robinson-Solow-Srinivasan model in discrete-time is asymptotically irrelevant. If the discrete time interval is smaller than a critical limit, the qualitative properties of the model are the same as those in the continuous-time model.