Gideon Bornstein

Working Papers

The Macroeconomics of Trade Credit, September 2023  (with Luigi Bocola)

The Impact of Social Insurance on Household Debt, August 2023 (with Sasha Indarte)
R&R at Review of Economic Studies

Nonlinear Pricing and Misallocation, February 2023 (with Alessandra Peter)
R&R at American Economic Review

Entry and Profits in an Aging Economy: The Role of Consumer Inertia, November 2021
R&R at Review of Economic Studies

Publications

A World Equilibrium Model of the Oil Market (with Per Krusell and Sergio Rebelo)
Review of Economic Studies, January 2023

A Continuous-Time Model of Sovereign Debt [replication codes]
Journal of Economic Dynamics and Control, September 2020

Quantitative Sovereign Default Models and the European Debt Crisis (with Luigi Bocola and Alessandro Dovis)
Journal of International Economics, May 2019

Moral Hazard Misconceptions: The Case of the Greenspan Put (with Guido Lorenzoni)
IMF Economic Review, June 2018

Work in Progress

Financial Frictions and Firm Exit: Theory and Facts (with Laura Castillo-Martinez)
Awarded NSF Grant (co-PI with Laura Castillo-Martinez)

Monopsony Power and the Transmission of Monetary Policy (with Bence Bardóczy, Chiara Maggi, and Sergio Salgado)

Are High Housing Costs Amplifying Recessions? (with Sasha Indarte and Emily Williams)

Current Courses (Fall 2024)

• FNCE9370 - Topics In Macro Finance

  This is an advanced course in quantitative theory applied to macro and finance models. It is intended for doctoral students in finance, economics and related fields. The course focuses on four broad theoretical literatures: (i) firm investment and growth; (ii) corporate, household and sovereign debt; (iii) asset pricing in general equilibrium; and (iv) equilibrium macro models with a financial sector. My approach is to develop and discuss in detail a unified framework that is suited to address most topics, usually covering a few central topics and the core papers. We then discuss the more recent literature, highlighting how authors combine and expand upon the core ideas. This part of the course usually relies on regular student presentations.

  FNCE9370001 ( Syllabus )

All Courses

• FNCE1010 - Monetary Econ & Glob Eco

  This is an intermediate-level course in macroeconomics and the global economy, including topics in monetary and international economics. The goal is to provide a unified framework for understanding macroeconomic events and policy, which govern the global economic environment of business. The course analyzes the determinants and behavior of employment, production, demand and profits; inflation, interest rates, asset prices, and wages; exchange rates and international flows of goods and assets; including the interaction of the real economy with monetary policy and the financial system. The analysis is applied to current events, both in the US and abroad. Students cannot receive credit for taking both FNCE 1010 and ECON 2200. Wharton students are required to take FNCE 1010.

• FNCE9330 - International Finance

  To provide an understanding of selected topics of current academic research in the areas of international finance and its intersection with international macroeconomics; to teach interested students the tools for conducting research in this field. Each topic will be developed beginning with early classic papers and then updated through the current status of the profession. The typical target audience comprises students in their second year or later. Prerequisite: Completion of first year course requirements

• FNCE9370 - Topics in Macro Finance

  This is an advanced course in quantitative theory applied to macro and finance models. It is intended for doctoral students in finance, economics and related fields. The course focuses on four broad theoretical literatures: (i) firm investment and growth; (ii) corporate, household and sovereign debt; (iii) asset pricing in general equilibrium; and (iv) equilibrium macro models with a financial sector. My approach is to develop and discuss in detail a unified framework that is suited to address most topics, usually covering a few central topics and the core papers. We then discuss the more recent literature, highlighting how authors combine and expand upon the core ideas. This part of the course usually relies on regular student presentations.

• National Science Foundation Grant, 2021-2023 Description

  “The Anatomy of Firm Exit: Theory and Facts,” co-PI with Laura Castillo-Martinez

Knowledge at Wharton

• How Social Insurance Drives Credit Card Debt, Knowledge at Wharton - 4/15/2024
• How Trade Credit Is a Double-edged Sword, Knowledge at Wharton - 8/15/2023
• How Aging America Is Driving Consumer Inertia, Knowledge at Wharton - 8/30/2022

Wharton Stories

• Get to Know the 20 New Faculty Members Joining Wharton This Year, Wharton Stories - 08/17/2020