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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

Accepted at Review of Economic Dynamics

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

Accepted at Review of Economic Studies
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 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



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



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



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



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



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