Research

 

Technological Change and Inequality

 • Horizontal and Vertical Polarization: Task-Specific Technological Change in a Multi-Sector Economy, with S. Y. Lee, March 2017. (Also available as NBER Working Paper No. 23283.)
 

Human Capital and Labor Supply

 • Lifetime Labor Supply and Human Capital Investment, with R. Manuelli and A. Seshadri, January 2012. (Also available as St. Louis Fed Working Paper No. 2012-004A.)
 • The Option Value of Human Capital: Higher Education and Wage Inequality, with D. Lee and S. Y. Lee, June 2017. (This version supersedes NBER Working Paper No. 21724.)
 

Macroeconomic Transitions

 • Financial Frictions and the Persistence of History, with F. Buera, Journal of Political Economy, April 2013.
 • Productivity Growth and Capital Flows: The Dynamics of Reforms, with F. Buera, American Economic Journal: Macroeconomics, July 2017.
 • Well-Intended Policies, with F. Buera and B. Moll, Review of Economic Dynamics, January 2013.
 • Misallocation and Manufacturing TFP in Korea, 1982-2007, with M. Kim and J. Oh, Federal Reserve Bank of St. Louis Review, Second Quarter 2017.
 

Aggregate and Distributional Impact of Financial Development

 • Finance and Development: A Tale of Two Sectors, with F. Buera and J. Kaboski, The American Economic Review, August 2011.
 • The Macroeconomics of Microfinance, with F. Buera and J. Kaboski, May 2017. (This version supersedes NBER Working Paper No. 17905.)
Taking Stock of the Evidence on Micro-Financial Interventions, with F. Buera and J. Kaboski, prepared for The Economics of Asset Accumulation and Poverty Traps. (Also available as NBER Working Paper No. 22674.)
 • Macro-Perspective on Asset Grants Programs: Occupational and Wealth Mobility, with F. Buera and J. Kaboski, The American Economic Review: Papers & Proceedings, May 2014.
 • Entrepreneurship and Financial Frictions: A Macrodevelopment Perspective, with F. Buera and J. Kaboski, Annual Review of Economics, August 2015.
 • Self-Insurance vs. Self-Financing: A Welfare Analysis of the Persistence of Shocks, with F. Buera, Journal of Economic Theory, May 2011.
 

Finance and Aggregate Fluctuations

 • Anatomy of a Credit Crunch: From Capital to Labor Markets, with F. Buera and R. Fattal-Jaef, Review of Economic Dynamics, January 2015.
 

Fiscal Policy

 • Managing the Maturity Structure of Government Debt, Journal of Monetary Economics, September 2007.
 • Ramsey Meets Bewley: Optimal Government Financing with Incomplete Markets. (Under major revision. An earlier version is available upon request.)
 • Does Transparency Pay? with R. Glennerster, IMF Staff Papers, April 2008.
 

Estimation of Dynamic Models

 • Estimation of Dynamic Models with Nonparametric Simulated Maximum Likelihood, with D. Kristensen, Journal of Econometrics, March 2012.
 • Smooth Filtering and Likelihood Inference in Dynamic Latent Variables Models, with C. Brownlees and D. Kristensen. (A preliminary version is available upon request.)