Senior Economist and Policy Advisor
Boston Federal Reserve Research Department
600 Atlantic Avenue
Boston, MA 02210-2204

Recent Work

• Consumption, Credit, and the Missing Young (with Daniel Cooper and Olga Gorbachev).
  Last updated: October, 2019
  
• Monetary Policy and Regional House-Price Appreciation (with Daniel Cooper and Giovanni Olivei).
  Last updated: November, 2019
  
• Selective Bargain Hunting. A Concise Test of Rational Consumer Search (with Chloe Lee, Wen Long, and Bent Sorensen).
  Last updated: December, 2019
  
• The Local Aggregate Effect of Minimum Wage Changes (with Daniel Cooper and Jonathan Parker).
  Last updated: April, 2019
  Forthcoming in Journal of Money, Credit and Banking

Previous Research

• The Credit Card Debt Puzzle: The Role of Preferences, Credit Risk, and Financial Literacy (with Olga Gorbachev). Review of Economics and Statistics 101:2 (2019), 294-309
• The Rise and Fall of Consumption in the '00s. A Tangled Tale. (with Yuliya Demyanyk, Dmytro Hryshko and Bent Sorensen). Economica 86:343 (2019), 495-531
• Sectoral Inflation and the Phillips Curve: What Has Changed since the Great Recession? (with Nikhil Rao and Viacheslav Sheremirov). Economics Letters 172 (2018) 63-68.
  Current Policy Perspectives version here
• Household Formation Over Time: Evidence from Two Cohorts of Young Adults (with Daniel Cooper). Journal of Housing Economics 41 (2018), 106-123.
• Moving to a Job: The Role of Home Equity, Debt, and Access to Credit (with Y. Demyanyk, D. Hryshko and B. Sorensen). AEJ: Macroeconomics 9(2) (2017), 149-181.
  
• House Price Growth when Children are Teenagers: A Path to Higher Earnings? (with Daniel Cooper). Journal of Urban Economics 86 (2015) 54-72
• Labor Market Exit and Re-Entry: Is the United States Poised for a Rebound in the Labor Force Participation Rate? (with Daniel Cooper). Current Policy Perspectives 14-2 (2014).
• Time to Cook: Expenditure at Retirement in Spain (with Almudena Sevilla-Sanz). The Economic Journal, volume 123, issue 569 (2013) 764-789.
  
• The Effect of Education on Risky Equity Holdings (with Dmytro Hryshko and Bent Sorensen). BE Journal of Economics Analysis & Policy (Contributions) 12(1) (2012), article 10.
• The User Cost, Home Ownership and Housing Prices: Theory and Evidence from the US (with Antonia Díaz). The International Encyclopedia of Housing and Home, Smith, S.J.; Elsinga, M.; Fox-O'Mahony, L.; Ong, S.E.; Wachter, S. (editors), Elsevier (2012).
• Homeownership: Economic Benefits (with Antonia Díaz). The International Encyclopedia of Housing and Home, Smith, S.J.; Elsinga, M.; Fox-O'Mahony, L.; Ong, S.E.; Wachter, S. (editors), Elsevier (2012).
• Childhood Determinants of Risk Aversion: The Long Shadow of Compulsory Education (with Dmytro Hryshko and Bent Sorensen), Quantitative Economics 2:1 (2011), 37-72.
  
• House Prices and Risk Sharing (with Dmytro Hryshko and Bent Sorensen), Journal of Monetary Economics 57:8 (2010), 975-987. Appendices
• The Wealth Distribution with Durable Goods (with Antonia Díaz), International Economic Review 51:1 (2010), 143-170.
• A Penny Saved is Mobility Earned: Advancing Economic Mobility Through Savings (by Reid Cramer, Rourke O'Brien, Daniel Cooper and Maria Luengo-Prado). A report for PEW's Economic Mobility Project (2009).
  
• On the User Cost and Homeownership (with Antonia Díaz), Review of Economic Dynamics 11:3 (2008), 584-613.
• What Can Explain Excess Smoothness and Sensitivity of State-Level Consumption? (with Bent Sorensen), Review of Economics and Statistics 90:1 (2008), 65-80.
• Comparative Service Consumption in Six Countries (with Kalwij, A. and S. Machin with L. Blow, M. van Deelen, F. Gardes, M. Luengo-Prado, J. Ruiz- Castillo, J. Schmitt and C. Starzec). Services and Employment: Ex- plaining the U.S.-European Gap, W. Salverda, R. Schettkat and M. Gregory (Eds), Princeton University Press (2007), chapter, 109-140.
• Durables, Nondurables, Down Payments and Consumption Excesses,
  Journal of Monetary Economics, 53:1 (2006), 1509-1539.
• Consumption and Aggregate Constraints: International Evidence (with Joseph DeJuan), Oxford Bulletin of Economics and Statistics, 68:1 (2006), 81-99.
• The Impact of Passenger Mix on Reported `Hub Premiums' in the U.S. Airline Industry (with Darin Lee), Southern Economic Journal, 72:2 (2005), 372-394.
• Quality Competition in the U.S. Airline Industry: Are Passengers Willing to Pay More for Additional Legroom? (with Darin Lee), Journal of Air Transport Management, 10:6 (2004), 377-383.
• Public Education, Communities and Vouchers, (with Oscar Volij), Quarterly Review of Economics and Finance, 43:1 (2003), 51-73.