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Education

University of North Carolina at Chapel Hill (August 2014 - May 2020)
PhD Candidate – Macroeconomics, Macrofinance, International Macroeconomics

Davidson College (August 2008 - May 2012)
Bachelor of Arts in Economics


Publications

ACCEPTED

Bubbles, Wage Rigidity, and Persistent Slumps  with Toan Phan
Economics Letters: Volume 151 | February 2017 | pages 66 - 70

Bubbly Recessions  with Siddhartha Biswas and Toan Phan
Accepted conditional on minor editorial edits at American Economics Journal: Macroeconomics [slides] [FRB-R Economic Brief]

WORKING PAPERS

Decomposing Speculative Value in Asset Prices  (Job Market Paper)

Abstract: Policymakers have expressed a need for a quantitative model of asset price bubbles which would allow them to form counterfactuals and test intervention efficacy (Barlevy (2018)). While much work has been done to-date time-stamping bubbly episodes, theory suggests that the magnitude of speculative value in asset prices contains critical information for macroprudential policy. This paper utilizes the Markov equilibrium property of consumption-based asset pricing models with heterogenous agents and occasionally binding pledgability constraints to propose a very general model of rational bubbles. This model identifies the magnitude of non-fundamental (“bubble”) value in the S&P 500 from 1985 to present by exploiting the US treasury term structure and a no-arbitrage argument. The bubble excess return follows a time-varying parameter process, assumed to be SV-in-mean. We use the FRED-MD dataset to extract fundamental, latent states of the economy which inform expected dividend growth and the time-varying pricing kernel. In total, the model is a nonlinear, hidden Markov process. Estimation proceeds with Particle Marginal Metropolis Hastings and backwards simulation to jointly estimate model parameters and the latent bubbly process


Teaching Experience

PRIMARY INSTRUCTOR

University of North Carolina at Chapel Hill

  • ECON 400 – Economic Statistics – Summer 2016 (Session I)

  • ECON 400 – Economic Statistics – Summer 2017 (Session I)

TEACHING ASSISTANT

University of North Carolina at Chapel Hill

  • ECON 720 – Graduate Macroeconomics I – Fall 2016, 2017

  • ECON 721 – Graduate Macroeconomics II – Spring 2016, 2017, 2018

  • ECON 805 – Teacher Training Program – Fall 2018, Spring 2019

  • ECON 410 – Intermediate Microeconomic Theory – Fall 2015

  • ECON 291 – Undergraduate Learning Assistant Seminar – Fall 2018, Spring 2019