Working Papers 

• "Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?" (with Sai Ma and Serena Ng). Comments welcome.

• "Capital Share Risk and Shareholder Heterogeneity in U.S. Stock Pricing" (with Martin Lettau and Sai Ma). Comments welcome.

• "Monetary Policy and Asset Valuation: Evidence from a Markov Switching cay" (with Francesco Bianchi and Martin Lettau). Comments Welcome.

• "Origins of Stock Market Fluctuations" (with Daniel Greenwald and Martin Lettau). Comments welcome.

• "Foreign Ownership of U.S. Safe Assets: Good or Bad?" (with Jack Favilukis and Stijn Van Nieuwerburgh). Comments welcome. 

• "A Primer on the Economics and Time Series Econometrics of Wealth Effects: A Comment" (with Martin Lettau and Nathan Barczi).