Iván Werning

Papers

Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?
(click for slides slides and Vmacs video and NBER-SI video)
(with Veronica Guerrieri, Guido Lorenzoni and Ludwig Straub)

A Multi-Risk SIR Model with Optimally Targeted Lockdown (updated!)
click here for online GUI and slides
(with Daron Acemoglu, Victor Chernozhukov and Michael Whinston)

Robots, Trade and Luddism: A Sufficient Statistic Approach to Optimal Technology Regulation (click for slides and video)
(with Arnaud Costinot)

Monetary Policy, Bounded Rationality, and Incomplete Markets (slides here)
(with Emmanuel Farhi)

Lerner Symmetry: A Modern Treatment
(with Arnaud Costinot)

Saving and Dissaving with Hyperbolic Discounting (slides)
(with Dan Cao)

Take the Short Route: Equilibrium Default and Debt Maturity (slides here)
(with Mark Aguiar, Manuel Amador and Hugo Hopenhayn)

Dynamic Savings Choices with Disagreements (click for slides)
(with Dan Cao)

Mirrlees meets Diamond-Mirrlees (click for slides)
(joint with Florian Scheuer)

Micro to Macro: Optimal Trade Policy with Firm Heterogeneity (click for slides)
(joint with Arnaud Costinot and Andrés Rodriguez-Clare)

Incomplete Markets and Aggregate Demand (click for slides)

Efficiency and Information Transmission in Bilateral Trading (click for slides)
(with Robert Shimer)

The Taxation of Superstars (click for slides)
with Florian Scheuer

Positive Long Run Capital Taxation: Chamley-Judd Revisited
with Ludwig Straub
(seminar slides: PDF; lecture slides: PDF or LYX or TEX)

Bequest Taxation and r − g
with Emmanuel Farhi

Society of Economic Dynamics Plenary Slides

Labor Mobility within Currency Unions (click for slides)
with Emmanuel Farhi

Comparative Advantage and Optimal Trade Policy
with Arnaud Costinot, Dave Donaldson and Jonathan Vogel

A Theory of Macroprudential Policies in the Presence of Nominal Rigidities (click for slides)
with Emmanuel Farhi

Slow Moving Debt Crises (click for slides)
with Guido Lorenzoni

Dilemma Not Trilemma? Capital Controls and Exchange Rates with Volatile Capital Flows (click for slides)
(with Emmanuel Farhi)

Estate Taxation with Altruism Heterogeneity (click for slides)
(with Emmanuel Farhi)

Fiscal Unions (click for slides)
(with Emmanuel Farhi)

Fiscal Multipliers: Liquidity Traps and Currency Unions (click for slides)
(with Emmanuel Farhi)

Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates (click for slides)
(with Emmanuel Farhi)

Managing a Liquidity Trap: Monetary and Fiscal Policy (click for slides)

A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation (click for slides or online appendix)
(with Arnaud Costinot and Guido Lorenzoni)

Nonlinear Capital Taxation

Insurance and Taxation over the Life Cycle (click for slides; click for codes)
(joint with Emmanuel Farhi)

Non-linear Capital Taxation Without Commitment
(with Emmanuel Farhi, Christopher Sleet and Sevin Yeltekin)

Equilibrium Default
(with Hugo Hopenhayn)

The Political Economy of Nonlinear Capital Taxation
(click here for seminar slides)
(with Emmanuel Farhi)

Optimal Savings Distortions with Recursive Preferences
(with Emmanuel Farhi)

Progressive Estate Taxation
(with Emmanuel Farhi)

Pareto Efficient Income Taxation
(click here for NBER PE meeting slides )
April 2007, MIT working paper

Capital Taxation: Quantitative Explorations of the Inverse Euler Equation
(with Emmanuel Farhi)
presentation slides

On the Optimality of the Friedman Rule with Heterogeneous Agents and Non-Linear Income Taxation (updated)
(with Carlos E. da Costa)
August 2007

Optimal Fiscal Policy with Redistribution
Quarterly Journal of Economics

Inequality and Social Discounting
(with Emmanuel Farhi)
presentation slides

On the Optimal Timing of Benefits with Heterogeneous Workers and Human Capital Depreciation
(click here for screen version)
(with Robert Shimer)
April 2006, MIT working paper 06-12

Liquidity and Insurance for the Unemployed
(click here for screen version)
(with Robert Shimer)
December 2006, FRB Minneapolis Staff Report #366

Reservation Wages and Unemployment Insurance (updated)
(click here for screen version)
(with Robert Shimer)
October 2006, forthcoming in Quarterly Journal of Economics

Inequality, Social Discounting and Progressive Estate Taxation
(click here for 5 slides from NBER EFG meeting in SF)
(with Emmanuel Farhi)
January 2006

Crises and Prices: Information Aggregation, Multiplicity and Volatility
(with George-Marios Angeletos)
October 2005, forthcoming AER
previous version: MIT Working Paper 04-14 at SSRN

Commitment vs. Flexibility
(Click here for previous version with dynamic model)
(with Manuel Amador and George-Marios Angeletos)
November 2005, Econometrica

The Equilibrium Distribution of Income and the Market for Status
(with Gary S. Becker and Kevin M. Murphy)
December 2003, Journal of Political Economy

Optimal Unemployment Insurance with Sequential Search
(with Robert Shimer)
July 2003

Optimal Unemployment Insurance with Unobservable Savings
September 2002

Comment on "Rotten Kids, Purity and Perfection"
(with Pierre-André Chiappori)
April 2002, Journal of Political Economy

Commodity Taxation and Social Insurance
(with Carlos da Costa)
September 2002

Repeated Moral-Hazard with Unmonitored Wealth: A Recursive First-Order Approach
September 2001

An Elementary Proof of Positive Optimal Marginal Taxes
Ivan Werning
June 2000