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

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



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 at American Economics Journal: Macroeconomics [slides] [FRB-R Economic Brief]

Job Market Paper

Parsing Speculative Value in Asset Prices [slides]

Abstract: The link between asset price bubble cycles and subsequent economic booms and recessions has been well-documented, but policymakers lack a quantitative tool for evaluating macroprudential tools used to manage rational bubble episodes. In this paper I propose a statistical model for bubble magnitude which links the affine term structure and rational bubble literatures. I use the FRED-MD monthly database and the US T-bill term structure to identify the fundamental value of the S&P 500 and a particle filter to estimate the bubble component. I find that this model framework matches observed price dynamics very closely. Bubble growth is sensitive to aggregate state and sentiment surprises, particularly with regard to consumer leverage. Furthermore, I show that traditional, contractionary monetary policy inflates asset price bubbles, whereas a newer macroprudential tool, leverage tightening, deflates asset price bubbles. This model framework provides a flexible environment for quantitatively studying rational bubble magnitude in a broad class of dividend-producing assets and counterfactuals.

Teaching Experience


University of North Carolina at Chapel Hill

  • ECON 400 – Economic Statistics – Summer 2016, 2017, 2018


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, Fall 2019

  • ECON 410 – Intermediate Microeconomic Theory – Fall 2015

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