1932

Abstract

Undoubtedly one of the best economists of his generation, Emmanuel Farhi transformed the theories of taxation, macroeconomics, and international finance. This essay describes his itinerary and his research style and attempts to pay tribute to his immense contribution to economics.

Loading

Article metrics loading...

/content/journals/10.1146/annurev-economics-032621-030422
2021-08-05
2024-04-19
Loading full text...

Full text loading...

/deliver/fulltext/economics/13/1/annurev-economics-032621-030422.html?itemId=/content/journals/10.1146/annurev-economics-032621-030422&mimeType=html&fmt=ahah

Literature Cited

  1. Abel A, Mankiw G, Summers L, Zeckhauser R. 1989. Assessing dynamic efficiency: theory and evidence. Rev. Econ. Stud. 56:1–19
    [Google Scholar]
  2. Acemoglu D, Carvalho VM, Ozdaglar A, Tahbaz-Salehi A. 2012. The network origins of aggregate fluctuations. Econometrica 80:51977–2016
    [Google Scholar]
  3. Aguiar M, Amador M, Farhi E, Gopinath G. 2015. Coordination and crisis in monetary unions. Q. J. Econ. 130:41727–79
    [Google Scholar]
  4. Atkeson A, Lucas RE Jr. 1992. On efficient distribution with private information. Rev. Econ. Stud. 59:3427–53
    [Google Scholar]
  5. Atkinson AB, Stiglitz JE. 1976. The design of tax structure: direct versus indirect taxation. J. Public Econ. 6:1–255–75
    [Google Scholar]
  6. Baqaee D, Farhi E. 2018. Macroeconomics with heterogeneous agents and input-output networks NBER Work Pap 24684
  7. Baqaee D, Farhi E. 2019a. Networks, barriers, and trade NBER Work Pap 26108
  8. Baqaee D, Farhi E. 2019b. The macroeconomic impact of microeconomic shocks: beyond Hulten's theorem. Econometrica 87:41155–203
    [Google Scholar]
  9. Baqaee D, Farhi E. 2020a. Productivity and misallocation in general equilibrium. Q. J. Econ. 135:1105–63
    [Google Scholar]
  10. Baqaee D, Farhi E 2020b. The Darwinian returns to scale NBER Work Pap 27139
  11. Barro R. 2006. Rare disasters and asset markets in the twentieth century. Q. J. Econ. 121:3823–66
    [Google Scholar]
  12. Caballero RJ, Farhi E. 2017. The safety trap. Rev. Econ. Stud. 85:1223–74
    [Google Scholar]
  13. Caballero R, Farhi E, Gourinchas P-O. 2008. An equilibrium model of “global imbalances” and low interest rates. Am. Econ. Rev. 98:1358–93
    [Google Scholar]
  14. Caballero RJ, Farhi E, Gourinchas P-O. 2021. Global imbalances and policy wars at the zero lower bound. Rev. Econ. Stud https://doi.org/10.1093/restud/rdab015
    [Crossref] [Google Scholar]
  15. Caballero R, Krishnamurthy A. 2001. International and domestic collateral constraints in a model of emerging market crises. J. Monet. Econ. 48:3513–48
    [Google Scholar]
  16. Calvo GA. 1983. Staggered prices in a utility maximizing framework. J. Monet. Econ. 12:383–98
    [Google Scholar]
  17. Calvo GA. 1988. Servicing the public debt: the role of expectations. Am. Econ. Rev. 78:4647–61
    [Google Scholar]
  18. Cole HL, Kehoe TJ. 2000. Self-fulfilling debt crises. Rev. Econ. Stud. 67:191–116
    [Google Scholar]
  19. Diamond PA, Mirrlees JA. 1977. A model of social insurance with variable retirement Work. Pap. 210 Mass. Inst. Technol. Cambridge:
  20. Eggertsson GB, Woodford M. 2004. Policy options in a liquidity trap. Am. Econ. Rev. 94:276–79
    [Google Scholar]
  21. Farhi E. 2010. Capital taxation and ownership when markets are incomplete. J. Political Econ. 118:5908–48
    [Google Scholar]
  22. Farhi E, Correia I, Nicolini JP, Teles P. 2013a. Unconventional fiscal policy at the zero bound. Am. Econ. Rev. 103:41172–211
    [Google Scholar]
  23. Farhi E, Gabaix X. 2016. Rare disasters and exchange rates. Q. J. Econ. 131:11–52
    [Google Scholar]
  24. Farhi E, Gabaix X. 2020. Optimal taxation with behavioral agents. Am. Econ. Rev. 110:1298–336
    [Google Scholar]
  25. Farhi E, Gopinath G, Itskhoki O. 2014. Fiscal devaluations. Rev. Econ. Stud. 81:2725–60
    [Google Scholar]
  26. Farhi E, Gourinchas P-O, Rey H 2011. Reforming the international monetary system Rep., Cent. Econ. Policy Res. London:
  27. Farhi E, Lerner J, Tirole J. 2013b. Fear of rejection? Tiered certification and transparency. RAND J. Econ. 44:4610–31
    [Google Scholar]
  28. Farhi E, Maggiori M. 2018. A model of the international monetary system. Q. J. Econ. 133:1295–355
    [Google Scholar]
  29. Farhi E, Sleet C, Werning I, Yeltekin S. 2012. Nonlinear capital taxation without commitment. Rev. Econ. Stud. 79:41469–93
    [Google Scholar]
  30. Farhi E, Tirole J. 2012a. Bubbly liquidity. Rev. Econ. Stud. 79:2678–706
    [Google Scholar]
  31. Farhi E, Tirole J. 2012b. Collective moral hazard, maturity mismatch and systemic bailouts. Am. Econ. Rev. 102:160–93
    [Google Scholar]
  32. Farhi E, Tirole J. 2018. Deadly embrace: sovereign and financial balance sheets doom loops. Rev. Econ. Stud. 85:31781–823
    [Google Scholar]
  33. Farhi E, Tirole J. 2020. Shadow banking and the four pillars of traditional financial intermediation. Rev. Econ. Stud https://doi.org/10.1093/restud/rdaa059
    [Crossref] [Google Scholar]
  34. Farhi E, Werning I. 2007. Inequality and social discounting. J. Political Econ. 115:3365–402
    [Google Scholar]
  35. Farhi E, Werning I. 2010. Progressive estate taxation. Q. J. Econ. 125:2635–73
    [Google Scholar]
  36. Farhi E, Werning I. 2012. Capital taxation: quantitative explorations of the inverse Euler equation. J. Political Econ. 120:3398–445
    [Google Scholar]
  37. Farhi E, Werning I. 2014. Dilemma not trilemma? Capital controls and exchange rates with volatile capital flows. IMF Econ. Rev. 62:569–605
    [Google Scholar]
  38. Farhi E, Werning I. 2016. A theory of macroprudential policies in the presence of nominal rigidities. Econometrica 84:51645–704
    [Google Scholar]
  39. Farhi E, Werning I. 2017. Fiscal unions. Am. Econ. Rev. 107:123788–834
    [Google Scholar]
  40. Farhi E, Werning I. 2019. Monetary policy, bounded rationality, and incomplete markets. Am. Econ. Rev. 109:113887–928
    [Google Scholar]
  41. Feldstein M. 2000. Aspects of global economic integration: outlook for the future NBER Work Pap 7899
  42. Gabaix X. 2011. The granular origins of aggregate fluctuations. Econometrica 79:3733–72
    [Google Scholar]
  43. Harberger AC. 1954. Monopoly and resource allocation. Am. Econ. Rev. 44:277–87
    [Google Scholar]
  44. Holmström B, Tirole J. 1998. Private and public supply of liquidity. J. Political Econ. 106:11–40
    [Google Scholar]
  45. Hulten C. 1978. Growth accounting with intermediate inputs. Rev. Econ. Stud. 45:3511–18
    [Google Scholar]
  46. Kenen P 1969. The theory of optimum currency areas: an eclectic view. Monetary Problems of the International Economy RA Mundell, AK Swoboda 41–60 Chicago: Univ. Chicago Press
    [Google Scholar]
  47. Keynes JM. 1931. Essays in Persuasion New York: Macmillan & Co.
  48. Krugman P. 1998. It's baaack: Japan's slump and the return of the liquidity trap. Brook. Pap. Econ. Act. 29:2137–87
    [Google Scholar]
  49. Lorenzoni G. 2008. Inefficient credit booms. Rev. Econ. Stud. 75:3809–33
    [Google Scholar]
  50. Mirrlees JA. 1971. An exploration in the theory of optimum income taxation. Rev. Econ. Stud. 38:2175–208
    [Google Scholar]
  51. Mundell RA. 1961. A theory of optimum currency areas. Am. Econ. Rev. 51:4657–65
    [Google Scholar]
  52. Rietz T. 1988. The equity risk premium: a solution. J. Monet. Econ. 22:1117–31
    [Google Scholar]
  53. Rogerson WP. 1985. Repeated moral hazard. Econometrica 53:169–76
    [Google Scholar]
  54. Solow R. 1957. Technical change and the aggregate production function. Rev. Econ. Stat. 39:3312–20
    [Google Scholar]
  55. Spence AM. 1975. Monopoly, quality, and regulation. Bell J. Econ. 6:2417–29
    [Google Scholar]
  56. Tirole J. 1985. Asset bubbles and overlapping generations. Econometrica 53:51071–100
    [Google Scholar]
  57. Tirole J. 2015. Country solidarity in sovereign crises. Am. Econ. Rev. 105:82333–63
    [Google Scholar]
/content/journals/10.1146/annurev-economics-032621-030422
Loading
  • Article Type: Review Article
This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error