Gideon Bornstein

Working Papers

Entry and Profits in an Aging Economy: The Role of Consumer Inertia, December 2025
Accepted for Publication at Review of Economic Studies

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

The Impact of Social Insurance on Household Debt, November 2025 (with Sasha Indarte)
R&R at Review of Economic Studies

The Macroeconomics of Trade Credit, August 2024  (with Luigi Bocola)
R&R at American Economic Review

Publications

Nonlinear Pricing and Misallocation (with Alessandra Peter)
American Economic Review, November 2025

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)

Housing Heterogeneity and the Business Cycle: The Role of Micro and Macro Rigidities (with Sasha Indarte and Emily Williams)

IneQuality (with Alessandra Peter)

Current Courses (Spring 2026)

• 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.

  FNCE1010004 ( Syllabus )

  FNCE1010005 ( Syllabus )

  FNCE1010006 ( Syllabus )

  FNCE1010007 ( Syllabus )

  FNCE1010204 ( Syllabus )

  FNCE1010205 ( Syllabus )

  FNCE1010206 ( Syllabus )

  FNCE1010207 ( 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.

• FNCE8990 - Independent Study

  Independent Study Projects require extensive independent work and a considerable amount of writing. ISP in Finance are intended to give students the opportunity to study a particular topic in Finance in greater depth than is covered in the curriculum. The application for ISP's should outline a plan of study that requires at least as much work as a typical course in the Finance Department that meets twice a week. Applications for FNCE 8990 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. ISP's must be supervised by a Standing Faculty member of the Finance Department.

• 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.

• INSP4997 - Senior Capstone

  This senior-year research course is designed to facilitate the completion of a thesis or project as part of the Huntsman Program's senior capstone experience. Students in the Huntsman Program should consult with the Huntsman Program advisors for more information.

• 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 Labor Market Power Shapes the Impact of Monetary Policy, Knowledge at Wharton - 3/10/2026
• How Nonlinear Pricing Flips the Script on Markups and Efficiency, Knowledge at Wharton - 10/7/2025
• How Tariffs Are Disrupting Retail and Consumer Confidence, Knowledge at Wharton - 6/20/2025
• 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