Ricardo J. Caballero
{{Short description|Chilean macroeconomist (born 1959)}}
{{About|the macroeconomist|the singer and television star|Ricardo Caballero Tostado}}
{{Infobox economist
| name = Ricardo J. Caballero
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| birth_date = {{birth date and age|1959|10|20|df=y}}
| birth_place = Santiago, Chile
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| institution = Massachusetts Institute of Technology
Columbia University
| field = Macroeconomics
| alma_mater = Pontificia Universidad Católica de Chile (B.S.)
Pontificia Universidad Católica de Chile (M.A.)
Massachusetts Institute of Technology (Ph.D.)
| doctoral_advisor = Olivier Blanchard{{cite thesis |last= Caballero |first= Ricardo J. |date= 1988 |title= The Stochastic Behavior of Consumption and Savings |type= Ph.D. |publisher= MIT |url= https://dspace.mit.edu/bitstream/handle/1721.1/99793/20002978-MIT.pdf?sequence=1#page=4 |access-date= 17 October 2016 }}
Stanley Fischer
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| doctoral_students= Emmanuel Farhi{{cite thesis |last= Farhi |first= Emmanuel |date= 2006 |title= Three essays in macroeconomics |type= Ph.D. |publisher= MIT |url= https://dspace.mit.edu/bitstream/handle/1721.1/37412/123029488-MIT.pdf?sequence=2 |access-date= 20 Jun 2017 }}
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| awards = [https://www.tse-fr.eu/bdf%20p Bdf-TSE Senior Prize in Monetary Economics and Finance] (2022)
Fellow of the Econometric Society (1998)
Frisch Medal (2002)
Smith Breeden Prize (2008)
Brattle Group Prize (2014)
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Ricardo Jorge Caballero (born 20 October 1959) is a Chilean macroeconomist who is the Ford International Professor of Economics at the Massachusetts Institute of Technology. He also served as the Chairman of MIT's Economic Department from 2008 to 2011. He is a director of the World Economic Laboratory at MIT and an NBER Research Associate. Caballero received his PhD from MIT in 1988,Caballero, Ricardo Jorge (1988), The Stochastic Behavior of Consumption and Savings. Ph.D. dissertation, Massachusetts Institute of Technology. and he taught at Columbia University before returning to the MIT faculty.
Recently, Caballero's work has focused on Risk-Centric Macroeconomics and Safe Assets. He has also studied the aggregate behavior of economies with heterogeneous agents,{{Cite journal |first1=R. |last1=Caballero |first2=E. |last2=Engel |year=1999 |title=Explaining investment dynamics in US manufacturing: a generalized (S,s) approach |journal=Econometrica |volume=67 |issue=4 |pages=783–826 |doi= 10.1111/1468-0262.00053|s2cid=158174490 |url=http://www.nber.org/papers/w4887.pdf }} the macroeconomic effects of irreversible investment in firm-specific assets,{{Cite journal |first1=R. |last1=Caballero |name-list-style=amp |first2=M. |last2=Hammour |year=1998 |title=The macroeconomics of specificity |journal=Journal of Political Economy |volume=106 |issue=4 |pages=724–767 |doi= 10.1086/250028|s2cid=85507019 |url=http://dspace.mit.edu/bitstream/1721.1/63896/1/macroeconomicsof00caba.pdf }} and Schumpeterian theories of technological progress through creative destruction.{{Cite journal |first1=R. |last1=Caballero |name-list-style=amp |first2=M. |last2=Hammour |year=1996 |title=On the timing and efficiency of creative destruction |journal=Quarterly Journal of Economics |volume= 111|issue= 3|pages=805–852 |doi= 10.2307/2946673 |jstor=2946673 |s2cid=17836698 |url=http://www.nber.org/papers/w4768.pdf }}
Awards and fellowships
Caballero is the recipient of the 2022 Banque de France-Toulouse School of Economics Senior Prize{{Cite web |date=2024-06-21 |title=The Banque de France and TSE have awarded prizes to six researchers for their work in monetary economics and finance |url=https://www.tse-fr.eu/banque-de-france-and-tse-have-awarded-prizes-six-researchers-their-work-monetary-economics |access-date=2025-03-21 |website=www.tse-fr.eu |language=en}} in Monetary Economics and Finance.
In 2002, Caballero was awarded the Econometric Society's Frisch Medal with Eduardo Engel for their paper Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S, s) Approach.{{Cite web|url=https://www.econometricsociety.org/society/awards|title=Awards {{!}} The Econometric Society|website=www.econometricsociety.org|access-date=2019-01-19}} He was awarded the Smith Breeden Prize by the American Finance Association for “Collective Risk Management in a Flight to Quality Episode”, Journal of Finance, 63(5), October 2008 (joint with Arvind Krishnamurthy) and the Journal of Finance 2014 Brattle Group Prize for distinguished papers for “Fire Sales in a Model of Complexity,” joint with Alp Simsek.
In April 1998, Caballero was elected a Fellow of the Econometric Society and subsequently of the American Academy of Arts and Sciences in April 2010.
Selected reading
- “Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect,” Journal of Finance, Vol. 79, No. 3, May 2024, pp. 1719-1753, (with Alp Simsek){{Cite journal |last=Caballero |first=Ricardo J. |last2=Simsek |first2=Alp |date=2024 |title=Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect |url=https://onlinelibrary.wiley.com/doi/10.1111/jofi.13343 |journal=The Journal of Finance |language=en |volume=79 |issue=3 |pages=1719–1753 |doi=10.1111/jofi.13343 |issn=1540-6261|hdl=10419/252149 |hdl-access=free }}
- “A Note on Temporary Supply Shocks with Aggregate Demand Inertia,” American Economic Review: Insights,Vol. 5, No. 2, June 2023, pp. 241-258 (with Alp Simsek){{Cite journal |last=Caballero |first=Ricardo J. |last2=Simsek |first2=Alp |date=June 2023 |title=A Note on Temporary Supply Shocks with Aggregate Demand Inertia |url=https://www.aeaweb.org/articles?id=10.1257/aeri.20220109 |journal=American Economic Review: Insights |language=en |volume=5 |issue=2 |pages=241–258 |doi=10.1257/aeri.20220109 |issn=2640-205X|hdl=10419/252120 |hdl-access=free }}
- “Monetary Policy with Opinionated Markets,” American Economic Review, Vol. 112, No. 7, July 2022, pp. 2353-2392 (with Alp Simsek){{Cite journal |last=Caballero |first=Ricardo J. |last2=Simsek |first2=Alp |date=July 2022 |title=Monetary Policy with Opinionated Markets |url=https://www.aeaweb.org/articles?id=10.1257/aer.20210271 |journal=American Economic Review |language=en |volume=112 |issue=7 |pages=2353–2392 |doi=10.1257/aer.20210271 |issn=0002-8282}}
- Global Imbalances and Policy Wars at the Zero Lower Bound (with Emmanuel Farhi and Pierre-Olivier Gourinchas) Review of Economic Studies 88.6 (November 2021): 2570–2621{{cite journal |last1=Caballero |first1=Ricardo J |last2=Farhi |first2=Emmanuel |last3=Gourinchas |first3=Pierre-Olivier |title=Global Imbalances and Policy Wars at the Zero Lower Bound |journal=The Review of Economic Studies |date=15 November 2021 |volume=88 |issue=6 |pages=2570–2621 |doi=10.1093/restud/rdab015|hdl=1721.1/144450 |hdl-access=free }}
- A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a "Covid-19" Shock (with Alp Simsek) The Review of Financial Studies 34.11 (November 2021){{Cite web|title=A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a "Covid-19" Shock|url=http://track.smtpsendmail.com/9032119/c?p=Z0nXms7dblRCNc__7DBD0RnNSuRwFTsOJJV80OEHY9KVIjF-WMfsEAlSZxthc7VWy8J-5WTMIgmlauKGBI232P46PBS9n4hn_CLvOBRhuE2jnoaCaTcsaKPLfsWOwuWZ4UFrSKWnFf_Kulm9ZV1xj2j_WHOyfBuhw9Z64aBa6Egk3I44I8lHJ0X7WnDjEoTiied5vZIR521LOZm8eG0fLgwAuX-5yQkb3utEoNWWZU8EEKkVbKEaq1EMWWi-IE9Q}}{{Dead link|date=August 2024 |bot=InternetArchiveBot |fix-attempted=yes }}
- A Risk-centric Model of Demand Recessions and Speculation (with Alp Simsek) Quarterly Journal of Economics 135.3 (August 2020){{Cite journal|title=A Risk-centric Model of Demand Recessions and Speculation|year = 2020|doi = 10.1093/qje/qjaa008|url=https://academic.oup.com/qje/advance-article/doi/10.1093/qje/qjaa008/5804738?guestAccessKey=3b188c40-fc43-4d31-b5b4-0d2da8033110|last1 = Simsek|first1 = Alp|last2 = Caballero|first2 = Ricardo J.|journal = The Quarterly Journal of Economics|volume = 135|issue = 3|pages = 1493–1566|hdl = 1721.1/144451|hdl-access = free}}
- A Model of Fickle Capital Flows and Retrenchment (with Alp Simsek) Journal of Political Economy 128.6 (April 2020){{Cite journal|title=A Model of Fickle Capital Flows and Retrenchment|year=2020|doi=10.1086/705719|url=https://www.journals.uchicago.edu/doi/pdf/10.1086/705719|last1=Caballero|first1=Ricardo J.|last2=Simsek|first2=Alp|journal=Journal of Political Economy|volume=128|issue=6|pages=2288–2328|s2cid=219037926}}
- Missing Aggregate Dynamics and VAR Approximations of Lumpy Adjustment Models (with David Berger and Eduardo M.R.A. Engel) SSRN (November 2018){{Cite web|title=Missing Aggregate Dynamics and VAR Approximations of Lumpy Adjustment Models|url=https://economics.mit.edu/files/19184|access-date=2021-12-09|archive-date=2020-07-15|archive-url=https://web.archive.org/web/20200715100514/http://economics.mit.edu/files/19184|url-status=dead}}
- Reach for Yield and Fickle Capital Flows (with Alp Simsek) AEA Papers and Proceedings (2018): 493-498{{Citation |last=Caballero |first=Ricardo J. |title=Reach for Yield and Fickle Capital Flows |date=2018 |work=AEA Papers and Proceedings |volume=108 |pages=493–498 |year= |url=https://economics.mit.edu/files/15083 |access-date= |archive-url=https://archive.wikiwix.com/cache/display2.php/attachment.pdf?rev_t=19981130000000&url=http%3A%2F%2Feconomics.mit.edu%2Ffiles%2F15083 |archive-date=November 30, 1998 |url-status=dead |publisher= |doi=10.1257/pandp.20181056 |issn=2574-0776 |last2=Simsek |first2=Alp |author-link= |author2-link=|hdl=1721.1/122789 |hdl-access=free }}.
- Fire Sales in a Model of Complexity (with Alp Simsek) The Journal of Finance 68.6 (December 2013): 2549-2587{{Citation |last= |first= |title=Fire Sales in a Model of Complexity |date=March 27, 2012 |year= |url=https://economics.mit.edu/files/8177 |access-date= |archive-url=https://archive.wikiwix.com/cache/display2.php/attachment.pdf?rev_t=19981130000000&url=http%3A%2F%2Feconomics.mit.edu%2Ffiles%2F8177 |archive-date=November 30, 1998 |publisher= |last2= |first2= |author-link= |author2-link=}}.
- Collective Risk Management in a Flight to Quality Episode (with Arvind Krisnamurthy) Journal of Finance 63.5 (October 2008): 2195-2230{{Citation |last=Caballero |first=Ricardo J. |title=Collective Risk Management in a Flight to Quality Episode |date=2008 |work=The Journal of Finance |volume=LXIII |issue=5 |pages=2195-2230 |year= |url=https://economics.mit.edu/files/3679 |access-date= |archive-url=https://archive.wikiwix.com/cache/display2.php/attachment.pdf?rev_t=19981130000000&url=http%3A%2F%2Feconomics.mit.edu%2Ffiles%2F3679 |archive-date=November 30, 1998 |publisher= |last2=Krishnamurthy |first2=Arvind |author-link= |author2-link=}}.
- “Zombie Lending and Depressed Restructuring in Japan,” American Economic Review, 2008, Vol. 98, No. 5, pp. 1943-1977 (with T. Hoshi and A. Kashyap){{Cite web |title=Zombie lending and depressed restructuring in Japan |url=https://scholar.google.com/citations?view_op=view_citation&hl=en&user=OwFVqIYAAAAJ&citation_for_view=OwFVqIYAAAAJ:KlAtU1dfN6UC |access-date=2025-03-21 |website=scholar.google.com}}
- “An Equilibrium Model of ‘Global Imbalances’ and Low Interest Rates,” American Economic Review, Vol. 98, No. 1, March 2008, pp. 358-393{{Cite web |title=An equilibrium model of “global imbalances” and low interest rates |url=https://scholar.google.com/citations?view_op=view_citation&hl=en&user=OwFVqIYAAAAJ&citation_for_view=OwFVqIYAAAAJ:IRz6iEL74y4C |access-date=2025-03-21 |website=scholar.google.com}}(with E. Farhi and P.O.Gourinchas)
- Explaining Investment Dynamics in U.S. Manufacturing: A Generalized(S,s) Approach (with Eduardo M. R. A. Engel) July 1999, Econometrica 67(4), 783-826.{{Citation |last=Caballero |first=Ricardo J. |title=Explaining investment dynamics in U.S. manufacturing: A generalized (S.s) approach |date=1999 |work=Econometrica |volume=67 |issue=4 |pages=783-826 |year= |url=https://economics.mit.edu/files/12624 |access-date= |archive-url=https://web.archive.org/web/20200125152332/http://economics.mit.edu/files/12624 |archive-date=January 25, 2020 |url-status=dead |publisher= |last2=Engel |first2=Eduardo M. R. A. |author-link= |author2-link=}}.
- “The Cleansing Effect of Recessions” American Economic Review, Vol. 84, No. 5, December 1994, pp. 1350-1368. (with M. Hammour){{Cite web |title=The cleansing effect of recessions |url=https://scholar.google.com/citations?view_op=view_citation&hl=en&user=OwFVqIYAAAAJ&citation_for_view=OwFVqIYAAAAJ:NXb4pA-qfm4C |access-date=2025-03-21 |website=scholar.google.com}}
- “How High are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth,” in NBER Macroeconomics Annual 1993,{{Cite journal |last=Caballero |first=Ricardo J. |last2=Jaffe |first2=Adam B. |date=January 1993 |title=How High Are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth |url=https://www.journals.uchicago.edu/doi/abs/10.1086/654207 |journal=NBER Macroeconomics Annual |volume=8 |pages=15–74 |doi=10.1086/654207 |issn=0889-3365}} Cambridge: The MIT Press, 15-86 (with A. Jaffe)
- “On the Sign of the Investment Uncertainty Relationship,” {{Cite web |title=On the sign of the investment-uncertainty relationship |url=https://scholar.google.com/citations?view_op=view_citation&hl=en&user=OwFVqIYAAAAJ&citation_for_view=OwFVqIYAAAAJ:lmc2jWPfTJgC |access-date=2025-03-21 |website=scholar.google.com}}American Economic Review, Vol. 81, No. 1, March 1991, pp. 279-288
References
{{Reflist}}
External links
- [http://econ-www.mit.edu/faculty/caball/ Ricardo Caballero's homepage at MIT] {{Webarchive|url=https://web.archive.org/web/20120206092133/http://econ-www.mit.edu/faculty/caball/ |date=2012-02-06 }}
- [http://econ-www.mit.edu/ MIT Department of Economics website]
{{Frisch Medal recipients}}
{{Authority control}}
{{DEFAULTSORT:Caballero, Ricardo J.}}
Category:International finance economists
Category:MIT School of Humanities, Arts, and Social Sciences faculty
Category:Columbia University faculty
Category:Fellows of the Econometric Society
Category:Fellows of the American Academy of Arts and Sciences
Category:21st-century Chilean economists
Category:20th-century Chilean economists
Category:MIT School of Humanities, Arts, and Social Sciences alumni