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Welcome - Välkommen

I am an Assistant Professor at the Institute for International Economic Studies at Stockholm University, a Researcher at the University of Oslo, and a Research Affiliate of the Centre for Economic Policy Research. My research focuses broadly on macroeconomics. I am particularly interested in housing, household debt and default, and labor market dynamics. I am currently a member of the Editorial Board of the Review of Economic Studies, an Associate Editor at the Journal of the European Economic Association and Macroeconomic Dynamics and a Panel Member of Economic Policy

Recent Updates

New working paper Forward Guidance joint with Marcus Hagedorn, Jinfeng Luo and Iourii Manovskii.

I was awarded a Starting Grant of €1.3 million by the European Research Council for my project Micro Heterogeneity and Macroeconomic Policy.

MIT men: Timo Boppart, Per Krusell and I propose a simple and easily accessible method for solving heterogeneous-agent economies with aggregate uncertainty exploiting MIT shocks: Exploiting MIT Shocks in Heterogeneous-Agent Economies: The Impulse Response as a Numerical Derivative. Replication kit and code coming soon.

Calls for Papers

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


Society of Economic Dynamics Annual Meeting. Deadline: February 15, 2018

Economic Growth and Fluctuations Group, Barcelona Summer Forum. Deadline: February 28, 2018

Conference on Housing, Credit and Heterogeneity: New Challenges for Stabilization Policies. Deadline: March 15, 2018

1st European Midwest Micro/Macro Conference (EM3C). Deadline: May 31, 2018

Upcoming Presentations

Fall 2017

UC San Diego, Ohio State, Royal Holloway, Housing, Housing Credit and the Macroeconomy Conference, UCSB-LAEF Conference on Fiscal Policy, Banco de Espana Annual Research Conference


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]

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

Forthcoming, Hanbook of Macroeconomics, Vol. 2   2016

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] [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

The Housing Boom and Bust: Model Meets Evidence

R&R Journal of Political Economy with Greg Kaplan & Gianluca Violante Updated: August 2017

[Show/hide abstract] [Download]

Do Unemployment Benefits Explain the Emergence of Jobless Recoveries?

R&R Journal of Political Economy Updated: Dec. 2014, w/ Stan Rabinovich

[Show/hide abstract] [Download]

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

R&R Journal of Public Economics. Available as NBER WP 22232, CEPR DP 11255 Updated: April 2016

with Greg Kaplan & Gianluca Violante

[Show/hide abstract] [Download]

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

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

NBER Working Paper #19499    Updated: April 2016

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

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

The Fiscal Multiplier

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


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