This paper offers a methodological contribution to monetary theory. First, it presents a model economy with cash-in-advance constraints, following the work of Lucas in the early 80’s; then, it specializes the model to preferences and shocks assumed in the Lagos and Wright (2005) framework....

This paper analyzes and computes the equilibria of economies with large numbers of heterogeneous agents who have different asset trading technologies, preferences, and beliefs. We illustrate the value of our method by using it to evaluate the implications of these heterogeneities through several...

This paper investigates the welfare cost of business cycles in an economy where households have heterogeneous trading technologies. In an economy with aggregate risk, the different portfolio choices induced by heterogeneous trading technologies lead to a larger consumption inequality in...

Our paper investigates whether the valuation effect caused by a large risk premium and a low risk-free rate can help to explain the enormous US current account and trade deficit observed in the past decade. To answer this question, we set up an endowment growth model in which investors are...

The American European Community Association, Brussels, Belgium, April 16, 2007

Presentation to the Missouri Bankers Association Senior Bank Management Conference, Acapulco, Mexico - Jan. 15, 2001

Global Interdependence Center, Annual Black Tie Gala in Celebration of Greece, Philadelphia, Penn., July 25, 2007

Remarks prepared for 16th Annual Monetary Conference, Cato Institute, Washington, D.C. - Oct. 22, 1998

Presentation at the University of Missouri-Columbia - Nov. 4, 1999

European Economics & Financial Centre Conference, London, Sept. 6, 2007