Optimal Auctions with Endogenous Budgets 
(with Brian Baisa) Economics Letters.  2016, 141: 162-165.

Summary: When buyer budget constraints are endogenously determined, all-pay auctions are optimal. 


Optimal Unemployment Insurance in an Equilibrium Business Cycle Model 
(with Kurt Mitman) Journal of Monetary Economics 2015. Vol. 71, 99-118.

Summary: In a standard equilibrium search model, optimal unemployment insurance is pro-cyclical, and its impulse response to productivity shocks is non-monotonic.

[Published version]            [Summary in LSE USAPP]


On the Multiplicity of Monetary Equilibria: Green-Zhou Meets Lagos-Wright

(with Kasie Jean and Randall Wright), Journal of Economic Theory 145 (2010), 392-401.

Summary: Monetary models with posted prices have a continuum of equilibria, but this multiplicity of equilibria disappears when the number of sellers is finite. 

[Published version]

Research Papers

Dynamic Inefficiency in Decentralized Capital Markets 

(with André Kurmann) R&R, Journal of Economic Theory. February 2016

Summary: Firms make inefficient investments in order to improve their future bargaining position. The optimal corrective tax on capital is regressive.


Do Unemployment Benefit Extensions Explain the Emergence of Jobless Recoveries?
(with Kurt Mitman) R&R, Journal of Political Economy. December 2014

Summary: Countercyclical unemployment benefit extensions observed in the US are crucial for explaining unemployment dynamics over the last 50 years, including the emergence of jobless recoveries. 


Revisiting Multiplicity of Equilibria with Commodity Money August 2016. Submitted.

Summary: If an asset serves as a medium of exchange, there exists a continuum of bubble equilibria as long as the asset's dividend value is not too high.


Research in Progress

Unrest before Democratization: Theory and Evidence 
(with Lance Kent and Toan Phan) 

The Effect of Productivity on Optimal Insurance in the Presence of Moral Hazard