Emmanuel Farhi

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Papers

Working Papers

• "A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy", (joint with Ricardo Caballero ), January 2013. [PDF]
  

• "Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises" (with Mark Aguiar, Manuel Amador and  Gita Gopinath), October 2012. [PDF]
  

• "Fiscal Multipliers: Liquidity Traps and Currency Unions", (joint with Ivan Werning), August 2012. [PDF]

• "Fiscal Unions", (joint with Ivan Werning), July 2012. [PDF]

• "Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates", (joint with Ivan Werning), July 2012. [PDF]
  

• "Information, Tranching and Liquidity", (joint with Jean Tirole), July 2012. [PDF]
  

• "Fiscal Devaluations", (joint with Gita Gopinath and Oleg Itshoki), April 2012. [PDF]
  

• "The Political Economy of Nonlinear Capital Taxation", (joint with Ivan Werning), September 2008. [PDF]
  

• "Rare Disasters and Exchange Rates", (joint with Xavier Gabaix), February 2011.[PDF]
  

• "Crash Risk in Currency Markets", (joint with Samuel Fraiberger, Xavier Gabaix, Romain Ranciere and Adrien Verdelhan), May 2009.[PDF]
  

• "Fear of Rejection? Tiered Certification and Transparency", (joint with Josh Lerner and Jean Tirole), October 2008. [PDF]

• "The Real Effects of Stock Market Mispricing at the Aggregate: Theory and Empirical Evidence", (joint with Stavros Panageas), September 2006. [PDF]
  
  

Publications

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• "Estate Taxation with Altruism Heterogeneity", (joint with Ivan Werning), January 2013, forthcoming, American Economic Review, Papers and Proceedings. [PDF]
  

• "Insurance and Taxation over the Life Cycle", (joint with Ivan Werning), September 2012, forthcoming, Review of Economic Studies. [PDF]
  

• "Unconventional Fiscal Policy at the Zero Bound", (joint with Isabel Correia, Juan Pablo Nicolini, and Pedro Teles), July 2012, forthcoming, American Economic Review. [PDF]
  

• "Capital Taxation: Quantitative Explorations of the Inverse Euler Equation", (joint with Ivan Werning), May 2012, forthcoming, Journal of Political Economy. [PDF]

• "Nonlinear Capital Taxation without Commitment", (joint with Chris Sleet, Ivan Werning, and Sevin Yeltekin), February 2011, forthcoming, Review of Economic Studies. [PDF]
  

• "Bubbly liquidity", (joint with Jean Tirole), June 2011, forthcoming, Review of Economic Studies. [PDF]
  

• "Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts", (joint with Jean Tirole), American Economic Review, February 2012, Vol. 102(1). [PDF]
  

• "Capital Taxation and Ownership when Markets are Incomplete", October 2009, Journal of Political Economy, Octoboer 2010, Vol. 118(5). [PDF]
  

• "Progressive Estate Taxation", (joint with Ivan Werning), Quarterly Journal of Economics, May 2010, Vol. 125(2). [PDF]
  

• “­A Theory of Liquidity and Regulation of Financial Intermediation,” (joint with Mike Golosov and Aleh Tsyvinski), Review of Economic Studies, July 2009, Vol. 76(3). [PDF]

• "Leverage and the Central Banker's Put", (joint with Jean Tirole), American Economic Review, Papers and Proceedings, May 2009, Vol.99(2). [PDF]
• “Financial Crash, Commodity Prices, and Global Imbalances,” (joint with Ricardo Caballero and Pierre-Olivier Gourinchas), Brookings Papers on Economic Acticity, Fall 2008.[PDF]

• "Optimal Savings Distortions with Recursive Preferences," (joint with Ivan Werning), Journal of Monetary Economics , Carnegie Rochester Series, January 2008, Vol. 55(1). [PDF]

• "An Equilibrium Model of Global Imbalances and Low Interest Rates," (joint with Ricardo Caballero and Pierre-Olivier Gourinchas), American Economic Review, March 2008, Vol. 98(1). [PDF]

• "Inequality and Social Discounting," (joint with Ivan Werning), Journal of Political Economy, Lead Article, June 2007, Vol. 115(3). [PDF]

• "Saving and Investing for Early Retirement: A Theoretical Analysis," (joint with Stavros Panageas), Journal of Financial Economics, 2007, Vol. 83(1). Winner of the Geewax, Terker Prize in Investment Research, Rodney L. White Center for Financial Research, 2005. [PDF]

• "Speculative Growth: Hints from the US Economy," (joint with Ricardo Caballero and Mohamad Hammour), American Economic Review, September 2006, Vol. 96(4). [PDF]

• "Certifying New Technologies," (joint with Josh Lerner and Jean Tirole), Journal of the European Economic Association, April-May 2005.

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