Research Initiative

Macroeconomic Research Initiative

Supporting research in the area of macroeconomics within the Chicago economics community

Faculty Directors: Veronica Guerrieri and Greg Kaplan

Description

The primary goal of BFI’s Macroeconomics Research Initiative is to support research in the area of macroeconomics within the Chicago economics community, with an emphasis on junior faculty. Macroeconomics is a broad field including, but not limited to, monetary and fiscal policy, income distribution, labor markets and employment, inequality, and long-run growth. We particularly support and encourage research that studies the implications of microeconomic heterogeneity for the macroeconomy, from the point of view of both firms and households, and research that incorporates insights from other subfields and disciplines to better improve our understanding of the aggregate economy.

Associated Scholars

UChicago Scholar

Fernando Alvarez

Charles F. Grey Distinguished Service Professor, the Kenneth C. Griffin Department of Economics
UChicago Scholar

Mikhail Golosov

The Homer J. Livingston Professor in Economics and the College, the Kenneth C. Griffin Department of Economics
UChicago Scholar

Veronica Guerrieri

Ronald E. Tarrson Distinguished Service Professor of Economics and Willard Graham Faculty Scholar, Chicago Booth; Co-Director of BFI Macroeconomic Research Initiative
UChicago Scholar

Chang-Tai Hsieh

Phyllis and Irwin Winkelried Distinguished Service Professor, University of Chicago Booth School of Business; Deputy Director of BFI Development Economics Center
UChicago Scholar

Erik Hurst

Roman Family Distinguished Service Professor of Economics and John E. Jeuck Faculty Fellow, Chicago Booth; Director, Becker Friedman Institute for Economics
UChicago Scholar

Greg Kaplan

The Alvin H. Baum Professor in Economics and the College, the Kenneth C. Griffin Department of Economics; Co-Director of BFI Macroeconomic Research Initiative
UChicago Scholar

Anil Kashyap

Stevens Distinguished Service Professor of Economics and Finance, Booth School of Business
UChicago Scholar

Rohan Kekre

Associate Professor of Economics, Booth School of Business
UChicago Scholar

Guido Lorenzoni

Robert W. Fogel Distinguished Service Professor of Economics, Chicago Booth
UChicago Scholar

Carolin Pflueger

Associate Professor, Harris Public Policy
UChicago Scholar

Robert Shimer

The George J. Stigler Distinguished Service Professor, the Kenneth C. Griffin Department of Economics
UChicago Scholar

Nancy Stokey

The Frederick Henry Prince Distinguished Service Professor in Economics and the College, the Kenneth C. Griffin Department of Economics
UChicago Scholar

Harald Uhlig

Bruce Allen and Barbara Ritzenthaler Professor in Economics and the College, the Kenneth C. Griffin Department of Economics
UChicago Scholar

Joseph S. Vavra

William H. Abbott Professor of Economics, Booth School of Business

Associated Research

BFI Working Paper·Dec 9, 2024

A Theory of How Workers Keep Up With Inflation

Hassan Afrouzi, Andres Blanco, Andres Drenik, and Erik Hurst
Topics: Economic Mobility & Poverty
BFI Working Paper·Sep 16, 2024

Exchange Rates, Natural Rates, and the Price of Risk

Rohan Kekre and Moritz Lenel
Topics: Fiscal Studies
BFI Working Paper·Sep 3, 2024

Inflation and Treasury Convenience

Anna Cieslak, Wenhao Li, and Carolin Pflueger
Topics: Fiscal Studies

Associated Insights

Research Briefs·Jul 20, 2023

Price Level and Inflation Dynamics in Heterogeneous Agent Economies

Greg Kaplan, Georgios Nikolakoudis, and Giovanni L. Violante
This work offers new insights into the effects of persistent fiscal deficits on US inflation, revealing that targeted income redistribution during COVID increased short-term inflation significantly. The largest sustainable primary deficit is 4.6% of GDP, or 40% higher than current...
Topics: Financial Markets, Monetary Policy
Research Briefs·Feb 19, 2020

Markups, Labor Market Inequality and the Nature of Work

Odds are, when you think of workers in a modern industrialized economy, you imagine all kinds of jobs, from those on factory floors and farms, to those in sales, marketing, and business development. You might also imagine that, over time,...
Topics: Employment & Wages
Research Briefs·Feb 6, 2019

Dynamism Diminished: The Role of Housing Markets and Credit Conditions

Steven J. Davis
The Great Recession of 2007-09 raised several issues about the relationship of housing markets to economic activity. One issue concerns the impact of housing prices on the development of new and young firms. Another involves how housing market ups and...
Topics: Economic Mobility & Poverty, Employment & Wages, Fiscal Studies, Monetary Policy

Associated News

Media Mention·Jun 28, 2021

Black Workers Stopped Making Progress on Pay. Is It Racism?

New York Times; Erik Hurst
Topics: Employment & Wages
Media Mention·Feb 20, 2020

Trump Administration Sees No Threat to Economy From Monopolies

New York Times; Greg Kaplan
Topics: Employment & Wages, Industrial Organization
Media Mention·Feb 11, 2020
Inside Higher Ed; Dan Black, Erik Hurst
Topics: Employment & Wages