Ricardo J. Caballero

Last updated
Ricardo J. Caballero
Born (1959-10-20) 20 October 1959 (age 64)
Santiago, Chile
Academic career
Field Macroeconomics
Institution Massachusetts Institute of Technology
Columbia University
Alma mater Pontificia Universidad Católica de Chile (B.S.)

Pontificia Universidad Católica de Chile (M.A.)

Massachusetts Institute of Technology (Ph.D.)
Doctoral
advisor		 Olivier Blanchard [1]
Stanley Fischer [1]
Doctoral
students		 Emmanuel Farhi [2]
Awards Fellow of the Econometric Society (1998)
Frisch Medal (2002)
Smith Breeden Prize (2008)
Brattle Group Prize (2014)
Information at IDEAS / RePEc

Ricardo Jorge Caballero (born 20 October 1959) is a Chilean macroeconomist who is the Ford International Professor of Economics at the Massachusetts Institute of Technology. He also served as the Chairman of MIT's Economic Department from 2008 to 2011. He is a director of the World Economic Laboratory at MIT and an NBER Research Associate. Caballero received his PhD from MIT in 1988, [3] and he taught at Columbia University before returning to the MIT faculty.

Contents

Recently, Caballero's work has focused on Risk-Centric Macroeconomics and Safe Assets. He has also studied the aggregate behavior of economies with heterogeneous agents, [4] the macroeconomic effects of irreversible investment in firm-specific assets, [5] and Schumpeterian theories of technological progress through creative destruction. [6]

Awards and Fellowships

In 2002, Caballero was awarded the Econometric Society's Frisch Medal with Eduardo Engel for their paper Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S, s) Approach. [7] He was awarded the Smith Breeden Prize by the American Finance Association for “Collective Risk Management in a Flight to Quality Episode”, Journal of Finance, 63(5), October 2008 (joint with Arvind Krishnamurthy) and the Journal of Finance 2014 Brattle Group Prize for distinguished papers for “Fire Sales in a Model of Complexity,” joint with Alp Simsek.

In April 1998, Caballero was elected a Fellow of the Econometric Society and subsequently of the American Academy of Arts and Sciences in April 2010.

Selected Readings

Related Research Articles

<span class="mw-page-title-main">John B. Taylor</span> American economist (born 1946).

John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.

Financial econometrics is the application of statistical methods to financial market data. Financial econometrics is a branch of financial economics, in the field of economics. Areas of study include capital markets, financial institutions, corporate finance and corporate governance. Topics often revolve around asset valuation of individual stocks, bonds, derivatives, currencies and other financial instruments.

In financial economics, asset pricing refers to a formal treatment and development of two interrelated pricing principles, outlined below, together with the resultant models. There have been many models developed for different situations, but correspondingly, these stem from either general equilibrium asset pricing or rational asset pricing, the latter corresponding to risk neutral pricing.

<span class="mw-page-title-main">Lars Peter Hansen</span> American economist

Lars Peter Hansen is an American economist. He is the David Rockefeller Distinguished Service Professor in Economics, Statistics, and the Booth School of Business, at the University of Chicago and a 2013 recipient of the Nobel Memorial Prize in Economics.

<span class="mw-page-title-main">Olivier Blanchard</span> French economist and professor (born 1948(

Olivier Jean Blanchard is a French economist and professor. He is serving as the Robert M. Solow Professor Emeritus of Economics at the Massachusetts Institute of Technology and as the C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics.

<span class="mw-page-title-main">William A. Barnett</span> American economist

William Arnold Barnett is an American economist, whose current work is in the fields of chaos, bifurcation, and nonlinear dynamics in socioeconomic contexts, econometric modeling of consumption and production, and the study of the aggregation problem and the challenges of measurement in economics.

The Frisch Medal is an award in economics given by the Econometric Society. It is awarded every two years for empirical or theoretical applied research published in Econometrica during the previous five years. The award was named in honor of Ragnar Frisch, first co-recipient of the Nobel prize in economics and editor of Econometrica from 1933 to 1954. In the opinion of Rich Jensen, Gilbert F. Schaefer Professor of Economics and chairperson of the Department of Economics of the University of Notre Dame, "The Frisch medal is not only one of the top three prizes in the field of economics, but also the most prestigious 'best article' award in the profession". Five Frisch medal winners have also won the Nobel Prize.

A flight-to-quality, or flight-to-safety, is a financial market phenomenon occurring when investors sell what they perceive to be higher-risk investments and purchase safer investments, such as gold and other precious metals. This is considered a sign of fear in the marketplace, as investors seek less risk in exchange for lower profits.

<span class="mw-page-title-main">Nobuhiro Kiyotaki</span> Japanese economist (born 1955)

Nobuhiro Kiyotaki FBA is a Japanese economist and the Harold H. Helms '20 Professor of Economics and Banking at Princeton University. He is especially known for proposing several models that provide deeper microeconomic foundations for macroeconomics, some of which play a prominent role in New Keynesian macroeconomics.

The Bernacer Prize is awarded annually to European young economists who have made outstanding contributions in the fields of macroeconomics and finance. The prize is named after Germán Bernácer, an early Spanish macroeconomist.

John Howland Cochrane is an American economist who has served as the Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution since 2015. A specialist in financial economics and macroeconomics, he has been a professor of finance and economics by courtesy at the Stanford Graduate School of Business since 2016. From 1994 to 2015, he served as the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.

Monika Piazzesi received her PhD in economics at Stanford University. She was a recipient of the Deutsche Studienstiftung ERP (1997–2000). She has been the Joan Kenney Professor of Economics at Stanford University since 2010. She is also a senior fellow at the Stanford Institute for Economic Policy Research. In 2005, when she was an assistant professor at the University of Chicago Business School, she received the Germán Bernácer Prize. She subsequently won the Elaine Bennett Research Prize. Her research focuses on asset pricing and time series econometrics, especially related to bond markets and the term structure of interest rates. She has published papers related to housing issues, asset prices and quantities, bond markets, interest rate and GDP. In 2023, she was elected to the National Academy of Sciences.

Thomas Philippon is a French economist and professor of finance at the New York University Stern School of Business.

Emmanuel Farhi was a French economist who served as the Robert C. Waggoner Professor of Economics at Harvard University from 2018 till his death in 2020. A specialist in macroeconomics, taxation and finance, he also served on the Conseil d’Analyse Économique from 2010 to 2010. On July 23, 2020, aged 41, Farhi committed suicide.

<span class="mw-page-title-main">Eduardo Engel</span>

Eduardo Engel is the former president and current board member of the think tank Espacio Público and professor at the Department of Economics of the University of Chile. From 2001 to 2012 he was Professor of Economics at the Yale University. He chaired the Presidential Advisory Council on Conflicts of Interest, Influence Peddling, and Corruption – also known as the Engel Commission – in 2015.

Mark Armando Aguiar is an American economist who has served as the Walker Professor of Economics and International Finance at Princeton University since 2015.

<span class="mw-page-title-main">Willi Semmler</span> German born American economist

Willi Semmler is a German born American economist who currently teaches at The New School in New York.

Pierre-Olivier Gourinchas is a French economist who has been the Chief Economist of the International Monetary Fund since 2022. Gourinchas is also the S.K. and Angela Chan Professor of Management at the University of California, Berkeley. At the University of California, he also directs the Clausen Center for International Business and Policy and is affiliated with the Haas School of Business. His research focuses on macroeconomics, in particular international macroeconomics and international finance. In 2008, Gourinchas received the Prize of the Best Young Economist of France.

Douglas W. "Doug" Mitchell was an American economist and polymath who made significant contributions in a wide variety of areas in economics and finance as well as in statistics and mathematics.

References

  1. 1 2 Caballero, Ricardo J. (1988). The Stochastic Behavior of Consumption and Savings (PDF) (Ph.D.). MIT . Retrieved 17 October 2016.
  2. ↑ Farhi, Emmanuel (2006). Three essays in macroeconomics (PDF) (Ph.D.). MIT . Retrieved 20 Jun 2017.
  3. ↑ Caballero, Ricardo Jorge (1988), The Stochastic Behavior of Consumption and Savings. Ph.D. dissertation, Massachusetts Institute of Technology.
  4. ↑ Caballero, R.; Engel, E. (1999). "Explaining investment dynamics in US manufacturing: a generalized (S,s) approach" (PDF). Econometrica . 67 (4): 783–826. doi:10.1111/1468-0262.00053. S2CID   158174490.
  5. ↑ Caballero, R. & Hammour, M. (1998). "The macroeconomics of specificity" (PDF). Journal of Political Economy . 106 (4): 724–767. doi:10.1086/250028. S2CID   85507019.
  6. ↑ Caballero, R. & Hammour, M. (1996). "On the timing and efficiency of creative destruction" (PDF). Quarterly Journal of Economics . 111 (3): 805–852. doi:10.2307/2946673. JSTOR   2946673. S2CID   17836698.
  7. ↑ "Awards | The Econometric Society". www.econometricsociety.org. Retrieved 2019-01-19.
  8. ↑ Caballero, Ricardo J; Farhi, Emmanuel; Gourinchas, Pierre-Olivier (15 November 2021). "Global Imbalances and Policy Wars at the Zero Lower Bound". The Review of Economic Studies. 88 (6): 2570–2621. doi:10.1093/restud/rdab015. hdl: 1721.1/144450 .
  9. ↑ "A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a "Covid-19" Shock".[ permanent dead link ]
  10. ↑ Simsek, Alp; Caballero, Ricardo J. (2020). "A Risk-centric Model of Demand Recessions and Speculation". The Quarterly Journal of Economics. 135 (3): 1493–1566. doi:10.1093/qje/qjaa008. hdl: 1721.1/144451 .
  11. ↑ Caballero, Ricardo J.; Simsek, Alp (2020). "A Model of Fickle Capital Flows and Retrenchment". Journal of Political Economy. 128 (6): 2288–2328. doi:10.1086/705719. S2CID   219037926.
  12. ↑ "Missing Aggregate Dynamics and VAR Approximations of Lumpy Adjustment Models". Archived from the original on 2020-07-15. Retrieved 2021-12-09.
  13. ↑ http://economics.mit.edu/files/15083 Archived 1998-11-30 at Wikiwix[ bare URL PDF ]
  14. ↑ http://economics.mit.edu/files/8177 Archived 1998-11-30 at Wikiwix[ bare URL PDF ]
  15. ↑ http://economics.mit.edu/files/3679 Archived 1998-11-30 at Wikiwix[ bare URL PDF ]
  16. ↑ http://economics.mit.edu/files/12624 Archived 2020-01-25 at the Wayback Machine [ bare URL PDF ]
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.