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Papers

  1. 2026

    Life-Cycle Modeling Is Ready for Prime Time

    with Christopher Carroll and Matthew N. White

    The Journal of Retirement 14(1), 58-85

    Traditional retirement models suggest spending all savings by end of life. This paper shows new models with wealth in utility provide more realistic guidance.

  2. The Endogenous Grid Method for Epstein-Zin Preferences

    Submitted, Computational Economics

    The endogenous grid method appears incompatible with Epstein-Zin preferences where the value function enters the Euler equation. This paper shows that a power transformation resolves the difficulty, achieving 50-100x speed improvements and eliminating root-finding procedures.

  3. Multiplier Uncertainty and Narrative Fiscal Shocks

    with Karan Bhasin and Prakash Loungani

  4. The Method of Moderation

    with Christopher Carroll, Karsten Chipeniuk, Kiichi Tokuoka, and Weifeng Wu

    Submitted, Journal of Economic Dynamics and Control

    Consumer spending lies between pessimistic and optimistic extremes. This paper uses that fact to redefine the search space for optimal consumption rules.

  5. The Output Costs of Fiscal Consolidation: Business Cycles and Low-Rate Policy Regimes

    with Karan Bhasin and Prakash Loungani

  6. The Sequential Endogenous Grid Method

    Revise and Resubmit, Journal of Economic Dynamics and Control

    Efficient method for solving heterogeneous agent models with multiple decisions, extending the Endogenous Grid Method with Gaussian Process Regression for unstructured grids.

  7. 2025

    Theory-Informed Neural Networks for Heterogeneous-Agent Macroeconomics: A Generalized Method of Moderation for Consumption under Uncertainty

    with Christopher Carroll

    Job Market Paper

    Analytical buffer-stock bounds in the network's output layer anchor the learned policy in the high-wealth tail. On the Krusell-Smith testbed, out-of-sample Euler errors are orders of magnitude smaller where capital concentrates.

  8. 2024

    multinterp: A Unified Interface for Multivariate Interpolation

    The multinterp Python package offers a unified and versatile solution for multivariate interpolation, addressing the limitations of existing fragmented tools.

  9. Households and Market Stability

    with Sebastian Benthall, Christopher Carroll, Zachary David, John Liechty, Nathan Palmer, and Nicholas Skar-Gislinge

    Novel framework combining macroeconomic and agent-based financial market modeling to study financial stability with household agents.

  10. Reproducibility Standards in Economics

    with Christopher Carroll

    Initiative focused on enhancing reproducibility in computational economics research, emphasizing integration of software development and research publication.

  11. 2023

    Structural Estimation of Life Cycle Models with Wealth in the Utility Function

    Enhances heterogeneous agent models by integrating life cycle considerations and wealth-dependent utility into structural estimation.

  12. 2022

    Portfolio Choice and Risky Housing

    with Christopher Carroll and Mateo Velásquez Giraldo

    State-of-the-art computational model of optimal choices for household spending, investing, and home buying. First open source toolkit for this class of models.

  13. Simulating Heterogeneous Portfolio Choices and Financial Market Outcomes

    with Sebastian Benthall, Christopher Carroll, Zachary David, John Liechty, Christopher McComb, and Nicholas Skar-Gislinge

    Uses a unique stock market model to show how investors with different expectations impact financial stability. Supported by DARPA.