Welcome to my website! I am a professor at the Paris School of Economics, Director of the PSE-Banque de France Chair International Macroeconomics and Research Affiliate at CEPR. Below you find information on my research in macroeconomics and teaching material. Comments and reactions very welcome at Tobias.Broer[at]psemail.eu.

Fields of Interest

• Macroeconomics with Heterogeneous Agents and Limited Risk Sharing
• Monetary Policy
• International Macroeconomics

Research Statement

Articles in Refereed Journals

• "Fiscal multipliers: A heterogenous‐agent perspective" (joint with Per Krusell, and Erik Oeberg). Quantitative Economics, 14, Issue 3, 2023, 799-816.
• "Macroeconomic dynamics with rigid contracts" (joint with Karl Harmenberg, Per Krusell, and Erik Oeberg). American Economic Review: Insights, 5, Issue 1, 2023, 55-72.
• "Forecaster (Mis-) behavior" (joint with Alexandre Kohlhas). Review of Economics and Statistics, 2022, 1-45.
• "On the possibility of Krusell-Smith equilibria" (joint with Alexandre Kohlhas, Kurt Mitman, and Kathrin Schlafmann). Journal of Economic Dynamics and Control, Volume 141, 2022, 104391.
• "Risk Sharing in Village Economies Revisited" (joint with Tessa Bold). Journal of the European Economic Association, Volume 19, Issue 6, December 2021, 3207–3248..
• "Collateralization and asset price bubbles when investors disagree about risk" (joint with Afroditi Kero). Journal of Banking and Finance, Volume m128, 2021, 106137.
• "The New Keynesian transmission mechanism: a heterogeneous agent perspective" (joint with Niels-Jakob Harbo Hansen, Per Krusell, and Erik Öberg). Review of Economic Studies, Volume 87, Issue 1, 2020, 77-101.
• "Securitization bubbles: Structured finance with disagreement about default risk" . Journal of Financial Economics Volume 127, Issue 3, March 2018, 505-518.
• "The home bias of the poor: foreign asset portfolios across the wealth distribution". European Economic Review Volume 92, February 2017, 74-91.
• "Consumption risk sharing with private information and limited enforcement". Review of Economic Dynamics Volume 23, January 2017, 170-190. .
• "Domestic or global imbalances? Rising inequality and the fall in the US current account ". Journal of Monetary Economics, Volume 64, May 2014, Pages 47-67.
• "The wrong shape of insurance? What cross-sectional distributions tell us about models of consumption smoothing ". American Economic Journal: Macroeconomics 54, 2013, Pages 107-40.
• "Crowding out and crowding in: When does redistribution improve risk-sharing in limited commitment economies?". Journal of Economic Theory, Volume 146, Issue 3, May 2011, Pages 957-975.
• "Emerging Market Lending: Is moral hazard endogenous?". Journal of Economic Development Vol. 32, No. 2, December 2007.
• "Recent movements in the Peso exchange rate: What does UIP tell us?" (in Spanish), Economía Chilena, December 2004.

Working Papers

• "On the possibility of Krusell-Smith equilibria" (joint with Alex Kohlhas, Kurt Mitman and Kathrin Schlafmann). August 2021
• "Macroeconomic dynamics with rigid contracts" (joint with Karl Harmenberg, Per Krusell, and Erik Öberg). November 2021
• "The unemployment-risk channel in business cycle fluctuations" (joint with Jeppe Druedahl, Karl Harmenberg, and Erik Öberg). September 2021
• "Fiscal Multipliers: A Heterogenous-Agent Perspective" (joint with Per Krusell and Erik Öberg). April 2021
• "Consumption insurance over the business cycle". January 2020 (new version soon)
• "The curious incidence of shocks along the income distribution" (joint with John Kramer and Kurt Mitman). March 2021
• "Forecaster (Mis-) behavior" (joint with Alex Kohlhas). April 2020
• "Information and Wealth Heterogeneity in the Macroeconomy" (joint with Alex Kohlhas, Kurt Mitman and Kathrin Schlafmann). August 2020 (new draft soon)
• "Collateralised lending and asset prices when investors disagree about risk" (joint with Afroditi Kero). January 2021

Work in Progress

• "Forecast(er) Heterogeneity" (joint with Alexandre Kohlhas).

Older Working Papers

• "Great Moderation or Great Mistake: Can rising confidence in low macro-risk explain the boom in asset prices?" (joint with Afroditi Kero) November 2013
• "Money as an indicator for inflation in Chile – does Pstar still work?”, Central Bank of Chile Working Paper 293, 2004. Download the paper
• "Consumption and household money" (in Spanish), Central Bank of Chile Working Paper 275, 2004. Download the paper

Newspaper Articles and Columns

• The unemployment-risk channel in business cycle fluctuations". VOX EU, January 2022.
• Economic risk sharing revisited". VOX EU, February 2017.
• La aversión al riesgo de los hogares

"Macroeconomics I: The Neoclassical Growth Model and Applications to Climate Change and Business Cycle Analysis, 2020", PSE APE Masters in Economics

"Business Cycles and Stabilisation Policies, 2020", PSE APE Masters in Economics

"Linear Econometrics, 2020", University Paris I - Pantheon Sorbonne

"Quantitative Macroeconomics II, 2018, 2019, 2020", Stockholm Doctoral Programme in Economics

"Behavioural Macroeconomics", Stockholm Doctoral Programme in Economics

• Syllabus 2016

"Macroeconomics II 2013, 2014", Stockholm Doctoral Programme in Economics

• Syllabus 2014
• Student Evaluation 2013
• Student Evaluation 2014

"Applied Macroeconomics 2015, 2016, 2017", Stockholm Doctoral Programme in Economics

"Macroeconomics with Financial Frictions", Stockholm Doctoral Programme in Economics

• Syllabus 2015
• Student Evaluation 2014

"International Macroeconomics 2012", Stockholm Doctoral Programme in Economics

• Syllabus
• Slides Session 1 - Intro
• Slides Session 2 - International Real Business Cycles
• Slides Session 3 - Dynamic Multigood Models
• Slides Session 4 - Endogenous Financial Market Frictions
• Slides Session 5 - Global Imbalances
• Slides Session 6 - Currency Crises
• Slides Session 7 - Models of the post-2007 Crisis
• Slides Session 8 - Exchange Rates
• Slides Session 9 - NOEM

"International Macroeconomics", Stockholm Doctoral Programme in Economics 2009, 2010, 2011

• Student Evaluation 2011
• Student Evaluation 2010
• Student Evaluation 2009

"Probability Theory", EUI PhD programme Fall 2006

• Slides
• Lecture Notes
• Teaching Evaluation by Students

Teaching Assistance

"Macroeconomics III: Money, Business Cycles and Economic Policy", EUI PHD Programme, Spring 2007 and 2008