Research


Publications


On Efficiency in Disagreement Economies 
(with Johan Walden), forthcoming Social Choice and Welfare 
Links: WP

Distortions and Efficiency in Production Economies with Heterogeneous Beliefs
(with Johan Walden), Review of Financial Studies, 2022, 35 (4), 1775-1812.
Links: WP version

Asset Prices and Portfolio Choice with Learning from Experience
(with Paul Ehling and Alessandro Graniero), Review of Economic Studies, 2018, 85 (3), 1752-1780.
Links: SSRN

Disagreement about Inflation and the Yield Curve
(with Paul Ehling, Michael Gallmeyer and Philipp Illeditsch), Journal of Financial Economics, 2018, 127 (3), 459-484
Links: SSRN

Risk Premia and Volatilities in a Non-Linear Term Structure Model
(with Peter Feldhütter and Philipp Illeditsch), Review of Finance, 2018, 22 (1), 337-380.
Links: SSRN

Correlations 
(with Paul Ehling), Management Science, 2017, vol. 63. no 6., 1919-1937.

Complete and Incomplete Financial Markets in Multi-Good Economies
(with Paul Ehling), Journal of Economic Theory 160 (2015) 438-462.
Links: SSRN

Asset Prices and Real Exchange Rates with Deep Habits
Review of Financial Studies, 2014, 27 (11), 3280-3317.
Links: SSRN 

Market Selection and Welfare in a Multi-Asset Economy
(with Yurii Fedyk and Johan Walden), Review of Finance, 2013, 17, 1179-1237
Links: WP version

Working Papers

International Capital Markets and Wealth Transfers
(with Magnus Dahlquist, Anna Pavlova and Julien Penasse)
Links: SSRN

Inflation and the Relative Price Premium
(with Yun Joo An, Fotis Grigoris and Preetesh Kantak)
Links: SSRN

Model Selection by Market Selection
(with Philipp Illeditsch and Johan Walden)
Links: SSRN

Asset Pricing with the Awareness of New Priced Risk
(with Philipp Illeditsch and Petra Sinagl)
Links: SSRN


No Short in Sight
(with Paul Ehling and Zeshu Xu)
Links: SSRN

Factor and stock-specific disagreement and trading flows
(with Fotis Grigoris and Preetesh Kantak)
Links: SSRN

Growth through Diversity in Beliefs 
(with Philipp Illeditsch and Howard Kung)
Links: WP 

The Market View
(with Philipp Illeditsch) 
Links: SSRN

Asset Prices with Wealth Dispersion 
(with Paul Ehling and Junjie Guo)
Links: SSRN

Demand Disagreement
(with Philipp Illeditsch) 
Links: SSRN