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

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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. Caballero, Ricardo J.; Simsek, Alp (2018), "Reach for Yield and Fickle Capital Flows" (PDF), AEA Papers and Proceedings, vol. 108, pp. 493–498, doi:10.1257/pandp.20181056, ISSN   2574-0776, archived from the original on November 30, 1998.
  14. Fire Sales in a Model of Complexity (PDF), March 27, 2012, archived from the original on November 30, 1998.
  15. Caballero, Ricardo J.; Krishnamurthy, Arvind (2008), "Collective Risk Management in a Flight to Quality Episode" (PDF), The Journal of Finance, vol. LXIII, no. 5, pp. 2195–2230, archived from the original on November 30, 1998.
  16. Caballero, Ricardo J.; Engel, Eduardo M. R. A. (1999), "Explaining investment dynamics in U.S. manufacturing: A generalized (S.s) approach", Econometrica, vol. 67, no. 4, pp. 783–826, archived from the original on January 25, 2020.