Skip to main content

About the Author(s)

Ricardo Caballero Profile

Ricardo J. Caballero is the Ford International Professor of Economics at the Massachusetts Institute of Technology and an NBER research associate affiliated with the programs in Economic Fluctuations and Growth, International Finance and Macroeconomics, and Monetary Economics.

Caballero was the chair of MIT’s Economics Department, 2008–11. His teaching and research fields are macroeconomics and finance. He has an extensive list of publications in all major academic journals.

Among Caballero’s awards are the 2002 Frisch Medal of the Econometric Society for “Explaining Investment Dynamics in US Manufacturing: A Generalized (S,s) Approach,” which was joint work with Eduardo Engel; the Smith Breeden Prize of the American Finance Association  for “Collective Risk Management in a Flight to Quality Episode,” with Arvind Krishnamurthy; and the 2014 Brattle Group Prize for distinguished papers for “Fire Sales in a Model of Complexity,” joint with Alp Simsek. Caballero was elected a fellow of the Econometric Society in 1998 and a fellow of the American Academy of Arts and Sciences in April 2010.


Alp Simsek Profile

Alp Simsek is a professor of finance at the Yale University School of Management as of July 2022. Before joining Yale, he was an associate professor of economics at MIT and an assistant professor of economics at Harvard University. He is a research associate at the Centre for Economic Policy Research and at the NBER, where he is affiliated with the programs in Asset Pricing and Corporate Finance.

Simsek’s research focuses on the connections between financial markets and the macroeconomy, with an emphasis on understanding the fluctuations driven by beliefs and speculation. Most recently, he has been analyzing the links between asset prices, monetary policy, and business cycles. He has published extensively in top economics and finance journals. He has been awarded several prizes in research and teaching, including the National Science Foundation CAREER award, the Brattle Group Prize for a distinguished paper in corporate finance, the Western Financial Association NASDAQ award for the best paper in asset pricing, and the best undergraduate and graduate teacher awards at the MIT Economics Department.


1. A Risk-Centric Model of Demand Recessions and Speculation,” Caballero R, Simsek A. NBER Working Paper 23614, revised February 2020, and The Quarterly Journal of Economics 135(3), August 2020, pp. 1493–1566. See also “Prudential Monetary Policy,” Caballero R, Simsek A. NBER Working Paper 25977, revised March 2020. Go to ⤴︎
2. A growing empirical literature provides evidence that housing speculation amplified the Great Recession. See the concluding section of “The Macroeconomics of Financial Speculation,” Simsek A. NBER Working Paper 28426, revised February 2021, and The Annual Review of Economics 13, 2021, pp. 335–369.   Go to ⤴︎
3. A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a ’COVID-19’ Shock,” Caballero R, Simsek A. NBER Working Paper 27044, revised March 2021, and The Review of Financial Studies 34(11), November 2021, pp. 5522–5580. Go to ⤴︎
4. Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect,” Caballero R, Simsek A. NBER Working Paper 27712, revised June 2022. See also “A Note on Temporary Supply Shocks with Aggregate Demand Inertia,” Caballero R, Simsek A. NBER Working Paper 29815, March 2022.   Go to ⤴︎
5. Monetary Policy with Opinionated Markets,” Caballero R, Simsek A. NBER Working Paper 27313, revised June 2022. Forthcoming in American Economic Review.     Go to ⤴︎
6. A Monetary Policy Asset Pricing Model,” Caballero R, Simsek A. NBER Working Paper 30132, June 2022.   Go to ⤴︎

More from NBER

In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Retirement and Disability, the Bulletin on Health, and the Bulletin on Entrepreneurship — as well as online conference reports, video lectures, and interviews.

15th Annual Feldstein Lecture, Mario Draghi, "The Next Flight of the Bumblebee: The Path to Common Fiscal Policy in the Eurozone cover slide
  • Lecture
Dr. Mario Draghi, who served as President of the European Central Bank and Prime Minister of Italy, presented the 2023...
2023 Methods Lectures, Jesse Shapiro and Liyang (Sophie) Sun, "Linear Panel Event Studies" Primary tabs
  • Lecture
Overview: Linear panel event studies are increasingly used to estimate and plot causal effects of changes in policies...
2023, SI Economics of Social Security, Panel Discussion, "Long-Term Dynamics of the Employment-to-Population Ratio" Primary tabs
  • Lecture
Supported by the Alfred P. Sloan Foundation, the National Science Foundation, and the Lynde and Harry Bradley...

© 2023 National Bureau of Economic Research. Periodical content may be reproduced freely with appropriate attribution.