Roc Armenter
Executive Vice President and Economist
Director of Research and of the Consumer Finance InstituteFederal Reserve Bank of Philadelphia
WORKING PAPERS
Rational Inattention via Ignorance Equivalence, with Michele Muller-Itten and Zach Stangebye
Bridges, with Miklos Koren and David Krisztian Nagy Very preliminary
Everything all the time? Entry and exit in U.S. Import Varieties, with Miklós Koren
~ Slides
Understanding Capital Taxation in Ramsey Models, with Stefania Albanesi
Short notes:
A Tractable Model of the Demand for Reserves Under Nonlinear Remuneration Schemes, FRB Philadelphia Working Paper 16-35, December 2016.
On the Use of Market-Based Probabilities for Policy Decisions, FRB Philadelphia Working Paper 15-44, 2015.
On the Timing of Monetary Policy Reform, FRB Philadelphia Working Paper 13-4, 2013.PUBLICATIONS
Geometric Methods for Finite Rational Inattention, with Michele Muller-Itten and Zach Stangebye, Quantitative Economics, 15(1), pp. 115-144, 2024.
~ Codes (solve finite RI models, quickly!)
A Model of the Federal Funds Market: Yesterday,Today, and Tomorrow, with Gara Afonso and Ben Lester, Review of Economic Dynamics, 33, pp. 133-204, 2019.
~ Working paper version, FRB Philadelphia WP 18-10, 2018.
~ Liberty Street Blog
The Perils of Nominal Targets, Review of Economic Studies, 85(1), pp. 50-86, 2018.
~ Older version, Federal Reserve Bank of Philadelphia Working Paper 14-2/R
Taxes and Capital Structure: Understanding Firms' Savings, with Viktoria Hnatkovska, Journal of Monetary Economics, 87, pp. 13-33, 2017.
~ Previous versions: 2013 Federal Reserve Bank of Philadelphia Working Paper 12-1
~ Online Appendix
Excess Reserves and Monetary Policy Implementation, with Ben Lester, Review of Economic Dynamics, 23, pp. 212-235, 2017.
~ Older version: Federal Reserve Bank of Philadelphia Working Paper 15-35, 2015.
A Balls-and-Bins Model of Trade: A Reply, with Miklós Koren, American Economic Review, 106(3), 2016, pp. 852-854.
Sustainable Monetary Policy and Inflation Expectations, B.E. Journal of Macroeconomics, 16 (2), 2016, pp. 301-334.
~ Older version, Federal Reserve Bank of Philadelphia Working Paper 10-20
Economies of Scale and the Size of Exporters, with Miklós Koren, Journal of the European Economic Association, 13(3), 2015, pp. 482-511.
~ Online Appendix
A Balls-and-Bins Model of Trade, with Miklós Koren, American Economic Review, 104(7), 2014, pp. 2127-2151.
~ Online appendix
~ Codes and data links
Fraud Deterrence in Dynamic Mirrleesian Economies, with Thomas M. Mertens, Journal of Monetary Economics, 60(2), 2013, 139-151.
Intertemporal Distortions in the Second Best, with Stefania Albanesi, Review of Economic Studies, 79(4), 2012, 1271-1307.
Accounting for Development through Investment Prices, with Amartya Lahiri, Journal of Monetary Economics, 59(6), 2012, 550-564.
Credible Redistribution Policy and Skilled Migration, with Francesc Ortega, European Economic Review, 55(2), 2011, 228-245.
Credible Redistributive Policies and Migration Across U.S. States, with Francesc Ortega, Review of Economic Dynamics, 13 (2010), pp. 403-423.
Of Nutters and Doves, with Martin Bodenstein, B.E. Journal of Macroeconomics, 9(1), 2009, art. 35.
A Note on Incomplete Factor Taxation, Journal of Public Economics, 92 (2008), pp. 2275-2281.
A General Theory (and Some Evidence) of Expectation Traps in Monetary Policy, Journal of Money, Credit, and Banking, 40 (2008), pp. 867-896.
Can the U.S. Monetary Policy Fall (Again) in an Expectation Trap? with
Martin Bodenstein, Macroeconomic Dynamics, 12 (2008), pp. 664-693.
Time-Consistent Fiscal Policy and Heterogeneous Agents, Review of Economic Dynamics, 10 (2007), pp. 31-54.
Equilibrium
Selection Through Incomplete Information in Coordination Games: An
Experimental Study, (with Antonio Cabrales and Rosemarie Nagel), Experimental Economics, 10 (2007), pp. 221-234.
Other publications
“A Bit of a Miracle No More: The Decline of the Labor Share” FRB Philadelphia Business Review, Third Quarter 2015
“Does the U.S. Trade More Widely Than It Appears?” FRB Philadelphia Business Review, First Quarter 2014
“The Rise of Corporate Savings,” FRB Philadelphia Business Review, Third Quarter 2012
“Output Gaps: Uses and Limitations,” FRB Philadelphia Business Review, First Quarter 2011
LINKS
Federal Reserve Bank of Philadelphia