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Welcome - Välkommen

I am an Associate Professor at the Institute for International Economic Studies at Stockholm University, a Researcher at the University of Oslo, a Research Affiliate of the Centre for Economic Policy Research, and a Research Fellow of the IZA Institute of Labor Economics. My research focuses broadly on macroeconomics. I am particularly interested in monetary and fiscal policy, housing, household debt and default, and labor market dynamics. I am currently a Managing Editor of the Review of Economic Studies.

Recent Updates

NEW: A draft of our paper on inequality and capital flows Why Does Capital Flow from Equal to Unequal Countries? joint with Sergio de Ferra and Federica Romei.

NEW: A draft of our policy piece on the macroeconomic implications of debt relief policy The Macroeconomics of Household Debt Relief joint with Adrien Auclert.

REVISED: Paper on the cut in UI in Missouri Micro and Macro Effects of UI Policies: Evidence from Missouri

Calls for Papers

I'm privileged to be involved in the organization of the following great conferences:


SITE Session on Macroeconomics and Inequality. This is the fourth edition of our site session, organized jointly with Adrien Auclert, Corina Boar, and Chris Tonetti. It will take place August 15-17, 2022 at Stanford. Deadline: May 31, 2022

Economic Growth and Fluctuations Group, Barcelona Summer Forum. This is the fifth edition of our Summer Forum session, organized jointly with David Lagakos, Raul Santaeulalia-Llopis, and Ludo Visschers. It will take place June 9-10, 2022 in Barcelona. Deadline: February 28, 2022

VMACS - Virtual Macro Seminar

I'm a co-organizer of the VMACS seminar series. Check out our website to see the great line up of macro speakers. Follow VMACS on Twitter @virtualmacrosem and see past seminars on our YouTube Channel.

Upcoming Presentations

Fall 2021

Northwestern, Mannheim, EIEF, Bocconi Finance, Konstanz Seminar on Monetary Theory, LMU, Liverpool, Santiago Macro Conference, Panmure House


On the Possibility of Krusell-Smith Equilibria

Journal of Economic Dynamics and Control Volume 141, August 2022, 104391

with Tobias Broer & Alexandre Kohlhas & Kathrin Schalfmann

[Show/hide abstract] [Download] [Published Version]

Whether, When and How to Extend Unemployment Benefits: Theory and Application to COVID-19

Journal of Public Economics Volume 200, August 2021, 104447  

with Stan Rabinovich

[Show/hide abstract] [Download] [Published Version]

The Housing Boom and Bust: Model Meets Evidence

Journal of Political Economy, 2020, 128:9, 3285:3345 (Lead article)

with Greg Kaplan & Gianluca Violante

[Show/hide abstract] [Download] [Published version]

Non-durable Consumption and Housing Net Worth in the Great Recession: Evidence from Easily Accessible Data

Journal of Public Economics. Volume 189, September 2020, 104176

with Greg Kaplan & Gianluca Violante

[Show/hide abstract] [Download] [Published Version]

Media coverage: The Atlantic, Bloomberg View, The Equitable Growth Blog

Household Heterogeneity and the Transmission of Foreign Shocks

Journal of International Economics, 2020, Vol 124

with Sergio de Ferra and Federica Romei

[Show/hide abstract] [Download] [Replication] [Published Version]

Forward Guidance

Journal of Monetary Economics 2019, Volume 102:1-23 (Lead article)

with Marcus Hagedorn, Jinfeng Luo & Iourii Manovski

[Show/hide abstract] [Download]

Exploiting MIT Shocks in Heterogeneous-Agent Economies: The Impulse Response as a Numerical Derivative

Journal of Economic Dynamics and Control  2018, Vol 89, Pages 68-92

with Timo Boppart & Per Krusell

[Show/hide abstract] [Download] [Replication]

Macroeconomic Effects of Bankruptcy and Foreclosure Policies

American Economic Review   2016, Vol. 106(8): 2219-2255

[Show/hide abstract] [Download] [Published Version] [Online Appendix] [Replication Kit]

Macroeconomics and Heterogeneity, Including Inequality

In Handbook of Macroeconomics. Vol. 2. Elsevier, 2016. 843-921.

with Dirk Krueger & Fabrizio Perri

[Show/hide abstract] [Download] [VOXEU Column]

Media coverage: The Washington Post, The Equitable Growth Blog,

On the Distribution of the Welfare Losses of Large Recessions

Forthcoming, Advances in Economics and Econometrics: Theory and Applications, Eleventh World Congress 2016

with Dirk Krueger & Fabrizio Perri

[Show/hide abstract] [Download]

Optimal Unemployment Insurance in an Equilibrium Business-Cycle Model

Journal of Monetary Economics 2015. Vol. 71, 99-118, with Stan Rabinovich

[Show/hide abstract] [Download] [Published version] [GitHub] [LSE USAPP Summary]

Housing, Mortgage Bailout Guarantees and the Macro Economy

Journal of Monetary Economics 2013. Vol. 60(8), with K. Jeske & Dirk Krueger

[Show/hide abstract] [Download] [Published version] [LSE USAPP Summary]

Working Papers

Why Does Capital Flow from Equal to Unequal Countries

with Sergio de Ferra and Federica Romei

[Show/hide abstract] [Download]

Expectation and Wealth Heterogeneity in the Macroeconomy

New: December 2022

with Tobias Broer & Alexandre Kohlhas & Kathrin Schalfmann

[Show/hide abstract] [Download]

Economic Activity and COVID-19 Transmission: Evidence from an Estimated Economic-Epidemiological Model

New: May 2020

with Mark Bognanni & Douglas Hanley & Daniel Kolliner

Thanks to homebase and SafeGraph for generously providing the data used in this project.

[Show/hide abstract] [Download]

Micro and Macro Effects of UI Policies: Evidence from Missouri

CEPR Discussion Paper 14158, IZA Discussion Paper 12805    Update: April 2022

with Fatih Karahan & and Brendan Moore

[Show/hide abstract] [Download]

The Mortensen-Pissarides Paradigm: New Evidence

NEW: May 2019

with Marcus Hagedorn & Iourii Manovski

[Show/hide abstract] [Download]

The Fiscal Multiplier

NBER Working Paper #25571   Update: December 2019

with Marcus Hagedorn & Iourii Manovski

[Show/hide abstract] [Download]

Do Unemployment Benefits Explain the Emergence of Jobless Recoveries?

IZA Discussion Paper #12365   Update: February 2020

with Stan Rabinovich

[Show/hide abstract] [Download] [IZA Discussion Paper]

Unemployment Benefits and Unemployment in the Great Recession: The Role of Equilibrium Effects

NBER Working Paper #19499    Updated: January 2019

with Marcus Hagedorn, Fatih Karahan & Iourii Manovski

[Show/hide abstract] [Download]

Media coverage: The Wall Street Journal, Business Insider, Bloomberg, Washington Examiner, Business Insider (x2), Detroit Free Press, The Washington Post, macroblog, Marginal Revolution, Greg Mankiw, National Review, National Review (x2)

Radio Appearances: NPR Where We Live, January 21, 2014, Sirius Business Radio

The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?

NBER Working Paper #20884   Updated: January 2016

with Marcus Hagedorn & Iourii Manovski

[Show/hide abstract] [Download]

Media coverage: National Review,The Wall Street Journal, The Economist, The Wall Street Journal (x2),National Review (x2),The Washington Post, The Washington Post (x2), The Washington Post (x3), Washington Examiner, Bloomberg View, Investors Business Daily, FiveThirtyEight, National Review (x3), Deseret News National,Marginal Revolution, John Cochrane, Greg Mankiw, EconLog, AEI Ideas

TV Appearance: The Steve Malzberg Show on Newsmax TV

Interpreting Recent Quasi-Experimental Evidence on the Effects of Unemployment Benefit Extensions

NBER WP 22280, CEPR DP 11290 Updated: May 2016

with Marcus Hagedorn & Iourii Manovski

[Show/hide abstract] [Download]

Our ongoing discussion with Chodorow-Reich and Karabarbounis:

NBER EFG Discussion

CRK Writings: Original piece, CRK(2016a); reply to HMM's review, CRK(2016b); reply to EFG Discussion, CRK (2016c)

Our response to CRK writings and the Replication package of data, programs and log files for all results in the paper Updated: August 2016

Work in Progress

Consumer Bankruptcy as Aggregate Demand Management

with Adrien Auclert

Monetary Policy, Heterogeneity and the Housing Channel

with Aaron Hedlund, Fatih Karahan & Serdar Ozkan

Measuring the Effect of Health Insurance on Consumer Bankruptcies from the ACA Medicaid Expansion

with Mark Bognanni & Daniel Kolliner

On the Redistributive Effects of Government Bailouts in the Mortgage Market

with Dirk Krueger and Richard Foltyn

Unemployment Benefits and Unemployment in the Great Recession: The Role of Micro Effects

with Marcus Hagedorn, Fatih Karahan & Iourii Manovski

Liquidity Effects of Unemployment Benefit Extensions: Evidence from Consumer Credit Data

with Fatih Karahan & Ben Pugsley

Monetary Policy in Incomplete Markets Models: Theory and Evidence

with Marcus Hagedorn and Iourii Manovski

HIV and Risky Sexual Behavior: Evaluating the Equilibrium Impact of ART and PrEP

with Kory Kantenga

Physics Publications

Short Timescale Variability in the External Shock Model of Gamma Ray Bursts

The Astrophysical Journal Letters 513, L5-L8, (1999), with C.D. Dermer


Beaming, Baryon-Loading, and the Synchrotron Self-Compton Component in Gamma-Ray Burst Blast Waves Energized by External Shocks

The Astrophysical Journal 537, 785-795, (2000), with C.D. Dermer and J. Chiang

[arXiv] [ADS]

Competitive Advantage for Multiple-Memory Strategies in an Artificial Market

Proceedings of the SPIE Volume 5848, p. 225-232 (2005), with S.C. Choe and N.F. Johnson

[arXiv] [ADS]

Defining time in a minimal hippocampal CA3 model by matching time-span of associative synaptic modification and input pattern duration

Proceedings of the International Joint Conference on Neural Networks Volume 3, 1631-1636 (2003), with P.A. Laurent and W.B. Levy


External Shock Model for the Prompt Phase of Gamma Ray Bursts: Implications for GRB Source Models

Proc. of the Third Rome Workshop on Gamma-Ray Bursts in the Afterglow Era ASP Conference Series, Volume 312 (2003), with C.D. Dermer


Content © 2015-2019 Kurt Mitman. Thanks to Konrad B. Burchardi for the template.