Job Market Candidates

Game Theory, Mechanism Design, Contract Theory, and Behavioral Economics.

Team Formation with Altruism

References:
Helmut Bester, Avner Shaked

Macroeconomics

Wage Flexibility and Macroeconomic Stability: Insights from an upgraded TANK

Macroeconomics and Monetary Policy
CBDC and Cryptocurrencies

The financial stability implications of a retail CBDC depend on how it is integrated into the central bank's crisis-response framework. This paper studies CBDC-based credit policy in a dynamic macro-banking model with anticipated risk of bank runs. The key friction is the capacity-constrained credit policy: following an adverse productivity shock, the central bank may be unable to extend the necessary emergency lending immediately, restoring intervention only gradually. The model shows that this constraint can make self-fulfilling runs feasible because runnable deposit claims remain large relative to the fire-sale value of bank assets. Nevertheless, limited central bank lending reduces households’ perceived probability of a run and improves resilience relative to an economy with a CBDC but no credit-policy channel. This stability benefit does not necessarily raise expected net output, as repayment of inherited central bank loans weakens bankers' net worth when new lending remains constrained. Allowing banks to hold central bank reserves can eliminate the run equilibrium by raising depositor recovery, but may crowd out productive capital. However, reserve policy needs to be designed jointly with equity and leverage regulations.

Behavioral Economics, Experimental Economics, Public Economics, Digital Economics

The Good, the Bad, and the Bayesian: Self-Confidence and Algorithmic Advice

References:

Sebastian Schweighofer-Kodritsch, Dirk Engelmann

Information Design in Operations, with a focus on supply chains, digital platforms, and contests

Information Design in Supply Chains with Priority Suppliers

Disclosure, Banks, Macroeconomics

Economic Consequences of Stress Test Model Disclosure

I examine the economic consequences of the Federal Reserve's enhanced supervisory stress test model disclosure between 2015 and 2025. I find that regulatory disclosure redistributes wealth from depositors to shareholders, as banks face less uncertainty around stress test outcomes, and pay out capital rather than expand lending.

References:

Per Olsson, Oliver Binz, Matt Phillips