The Laboratory for Aggregate Economics and Finance is privileged to have four leading macroeconomists serving in an advisory capacity. The role of the advisors is to identify economic questions, issues or anomalies which may be the subject of conferences and/or workshops sponsored by LAEF, with each advisor bringing his diverse research and professional experience into the decision-making process. Moreover, the advisors may suggest leaders of these events as well as participants who are likely to make the events as fruitful as possible from a scientific standpoint. In its initial year of existence, the advisors’ efforts resulted in two very successful events: a two-day “Macroeconomics of Imperfect Risk Sharing” conference, and a week-long Housing Workshop. Between them, the two events brought thirty world-class macroeconomists to the UCSB campus, interacting professionally with Economics Department professors and graduate students.
Gary HansenGary Hansen is currently Professor and Chair of the Department of Economics at UCLA, and Research Associate at the National Bureau of Economic Research. His past appointments include a position at the University of California, Santa Barbara, and visiting positions at the University of Brasilia (Brazil) and the University of Pennsylvania. He has been at UCLA since 1987.
Professor Hansen received his Ph.D. from the University of Minnesota. His fields of concentration include macroeconomic theory and policy, monetary economics, and aggregate labor economics. He has received numerous honors, awards, and grants during his professional career, including a William Fulbright Award, and several National Science Foundation Grants, among others. His professional service includes current and previous editorships of many academic journals.
Professor Hansen’s seminal work is Indivisible Labor and the Business Cycle, originally printed in the Journal of Monetary Economics in 1985, and reprinted several times since. His most recent publications include Capacity Constraints, Asymmetries, and the Business Cycle, with Edward G. Prescott, published in the Review of Economic Dynamics in 2005, and Why Have Business Cycle Fluctuations Become Less Volatile? with Andre Arias and Lee Ohanian, forthcoming in Economic Theory in 2007.
Per KrusellPer Krusell is Professor of Economics at the Institute for International Economics Studies (IIES) at Stockholm University (with the Savings Banks Foundations and Swedbank Chair in Macroeconomics). He is also a Research Consultant at the Federal Reserve Bank of Richmond. His prior appointments include positions at Princeton University and at the Universities of Rochester and Pennsylvania. He is also currently a part-time Professor at the Institute for International Economics Studies in Sweden, and Research Consultant at the Federal Reserve Bank of Richmond. His prior appointments include positions at the Universities of Rochester and Pennsylvania. He is also Research Affiliate with the National Bureau of Economic Research and the Centro de Altísimos Estudios Ríos-Perez (CAERP).
Professor Krusell received his Ph.D. in Economics from the University of Minnesota. His research interests include macroeconomics, economic growth, political economy, and inequality.
Professor Krusell serves as a member of the Scientific Advisory Boards for The Institute for Advanced Studies, Vienna, and for the Centro de Altísimos Estudios Ríos-Perez CAERP). He is a member of the Royal Swedish Academy of Sciences, an adjunct member of the Prize Committee for The Bank of Sweden Prize of Economic Sciences in Memory of Alfred Nobel, and a Fellow of the Econometric Society. He has received numerous National Science Foundation grants over his professional career, as well as grants and awards from various other prestigious institutions. He is currently editor of BE Journals in Macroeconomics and foreign editor of the Review of Economic Studies. Professor Krusell has supervised many graduate students in the United States, Canada, and Europe.
Professor Krusell’s 1998 article in the Journal of Political Economy, Income and Wealth Heterogeneity in the Macroeconomy (joint with Anthony Smith), was pioneering in the use of heterogeneous-agent models. His other more recent notable work includes Consumption-Savings Decisions with Quasi-Geometric Discounting (Econometrica, 2003), joint with Anthony Smith, and the forthcoming The Dynamics of Government: A Positive Analysis (Journal of Monetary Economics, 2005) joint with John Hassler, Kjetil Storesletten, and Fabrizio Zilibotti.
Víctor Ríos-RullJosé-Víctor Ríos-Rull received his Ph.D. in Economics from the University of Minnesota where he is currently the Carlson Professor of Economics.. Professor Ríos-Rull also served as Senior Economist at the Federal Reserve Bank of Minneapolis, and was Professor of Economics at the University of Pennsylvania. His research interests include macroeconomics with special concerns about heterogeneity and bankruptcy; demographics, specifically, family formation, aging, fertility, and their interplay with macroeconomics; and optimal policy without commitment.
Professor Ríos-Rull has advised graduate students at Carnegie Mellon University, Universidad Carlos III de Madrid, and Universitat Pompeu Fabra, in addition to students at the University of Pennsylvania. He has received numerous grants from the National Science Foundation, among other sources. He was elected a member of the Board of the Spanish Economic Association, and is Research Affiliate of the Center for European Policy Research, and Research Associate of the National Bureau of Economic Research Program on Economic Fluctuations and Growth. He is also a Senior Researcher at the Centro de Análisis y Estudios Ríos Perez, CAERP. His editorial activities include the Review of Economic Studies and the International Economic Review, among others.
Professor Ríos-Rull has had numerous publications in many academic journals. He has been a pioneer in the use of calibrated overlapping generations models for addressing important questions. His most notable publications in this area include Working in the Market, Home Production and the Acquisition of Skills: A General Equilibrium Approach (American Economics Review, 1993), and Vested Interests in a Positive Theory of Stagnation and Growth, joint with Per Krusell (Review of Economic Studies, 1996). His additional important work includes On the Size of the U.S. Government, joint with Per Krusell (American Economics Review, 1999); Capital-Skill Complementarity and Inequality, joint with Per Krusell, Lee Ohanian, and Giovanni L. Violante (Econometrica, 2000); and Accounting for Earnings and Wealth Inequality, joint with Ana Castañeda and Javier Díaz-Giménez (Journal of Political Economy, 2003).
Richard RogersonProfessor of Economics and Public Affairs at Princeton University, Richard Rogerson received his Ph.D. from the University of Minnesota. Prior to joining the Economics faculty at Princeton, Rogerson was Rondthaler Professor of Economics at Arizona State University. Other past academic appointments include positions at the Universities of Pennsylvania, Minnesota and Rochester, as well as Stanford and New York Universities.
Professor Rogerson has received many National Science Foundation grants, the most recent to study The European Employment Problem. His professional activities include organization of meetings and conferences in the United States, Canada and Europe, and current editorial positions at the American Economic Review and the Review of Economic Dynamics.
Professor Rogerson’s teaching and research interests are in the areas of labor economics and macroeconomics. His publications have appeared in many of the most important journals in the Economics profession, including the American Economic Review, the Journal of Political Economy, and the Review of Economic Studies. His publications include papers on business cycle fluctuations, the effects of labor market regulations, financing of public education, and development; most notably, two pioneering works: Indivisible Labor, Lotteries and Equilibrium (Journal of Monetary Economics, 1988), and Homework in Macroeconomics: Household Production and Aggregate Fluctuations, joint with Jess Benhabib and Randall Wright (Journal of Political Economy, 1991). This latter work spawned a large body of literature on the interaction of household and market production.