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Submitted URL: http://ncaramp.ucdavis.edu/
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Effective URL: https://www.nicolascaramp.com/
Submission Tags: @phish_report
Submission: On February 22 via api from FI — Scanned from FI
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SEARCH Nicolas Caramp * Biography * Publications * Working Papers * Work in Progress * Contact * * NICOLAS CARAMP ASSISTANT PROFESSOR OF ECONOMICS UNIVERSITY OF CALIFORNIA, DAVIS * BIOGRAPHY I am an assistant professor of economics at the University of California, Davis. I graduated from MIT with a PhD in Economics in 2017. My research focuses on two related themes: financial frictions and monetary theory. The Great Recession uncovered the necessity of a better understanding of how developments in the financial sector can impact the real economy, and whether regulation can improve market outcomes. The crisis triggered questions related to the functioning of financial markets, the build-up of systemic risk and the optimal design of policy both before and after the economy is hit by shocks. Under these circumstances, there was a particular interest in understanding the monetary policy transmission mechanism, both in times of crisis and in normal times. My research aims to contribute to the understanding of these issues. Curriculum Vitae INTERESTS * Macroeconomics * Monetary Theory * Financial Frictions EDUCATION * PhD in Economics, 2017 Massachusetts Institute of Technology * MA in Economics, 2014 Universidad Torcuato Di Tella (Argentina) * BA in Economics, 2009 Universidad Torcuato Di Tella (Argentina) PUBLICATIONS FISCAL POLICY AND THE MONETARY TRANSMISSION MECHANISM Review of Economic Dynamics, Volume 51, December 2023 We study the role of fiscal policy in the monetary transmission mechanism. When monetary policy has fiscal consequences, monetary variables affect the timing of aggregate output, while fiscal variables determine its present value and the wealth effect. Nicolas Caramp, Dejanir Silva PDF Presentation Hoover Institution BOND PREMIUM CYCLICALITY AND LIQUIDITY TRAPS Review of Economic Studies, Volume 90, Issue 6, November 2023 Best Paper Award at the Dehli Winter School 2020 The nature of safety traps and their policy implications are determined by the cyclicality of the bond premium. In the data, we find evidence that favors self-fulfilling liquidity traps. We propose robust policies that prevent the existence of self-fulfilling traps and are expansionary in fundamental traps. Nicolas Caramp, Sanjay Singh PDF WORKING PAPERS MONETARY POLICY AND WEALTH EFFECTS: THE ROLE OF RISK AND HETEROGENEITY Analytical heterogeneous-agents model with: i) rare disasters and ii) positive private debt. Model captures time-varying risk premia and precautionary savings in a linearized setting. Wealth effects induced by time-varying risk and private debt account for the bulk of the output response to monetary policy. Nicolas Caramp, Dejanir Silva PDF Presentation NBER SI 2021 LIQUIDITY AND INVESTMENT IN GENERAL EQUILIBRIUM We study the implications of trading frictions in financial markets for firms’ investment and dividend choices and their aggregate consequences. When equity shares trade in frictional asset markets, the firm’s problem is time-inconsistent, and it is as if it faces quasi-hyperbolic discounting. Our findings rationalize several empirical regularities on liquidity and investment. Nicolas Caramp, Julian Kozlowski, Keisuke Teeple PDF SOWING THE SEEDS OF FINANCIAL CRISES: ENDOGENOUS ASSET CREATION AND ADVERSE SELECTION (NEW DRAFT) Revise and Resubmit at Review of Economic Studies What sows the seeds of financial crises and what policies can help avoid them? I model the interaction between the ex-ante production of assets and ex-post adverse selection in financial markets. Nicolas Caramp PDF MONETARY POLICY AND GOVERNMENT DEBT Revise and Resubmit at Journal of Money, Credit and Banking We present a model where wealth effects generated by government bonds weaken the transmission of changes in the policy rate to output. In the U.S., when government debt is one standard deviation above its mean, the response of industrial production and unemployment to an expansionary monetary shock is reduced by 0.5pp and 0.075pp, respectively, out to a three-year horizon. Nicolas Caramp, Ethan Feilich PDF WORK IN PROGRESS RISK SHARING UNDER LIMITED COMMITMENT AND PRIVATE INFORMATION Nicolas Caramp CONTACT * ncaramp@ucdavis.edu * (530) 754-1540 * SSH 1110, Department of Economics, UC Davis, CA, 95616, USA * Office Hours: Friday 10:00 to 12:00 CITE × Copy Download