Ricardo Jorge Caballero (born 20 October 1959) is a

Chile Chile, officially the Republic of Chile, is a country in the western part of South America. It is the southernmost country in the world, and the closest to Antarctica, occupying a long and narrow strip of land between the Andes to the east a ...

macroeconomist Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...

who is the Ford International Professor of Economics at the

Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the ...

. 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, and he taught at

Columbia University Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...

before returning to the

MIT The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the m ...

faculty. Recently, Caballero's work has focused on Risk-Centric Macroeconomics and Safe Assets. He has also studied the

aggregate behavior In economics, aggregate behavior refers to economy-wide sums of individual behavior. It involves relationships between economic aggregates such as national income, government expenditure, and aggregate demand. For example, the consumption function ...

of economies with

heterogeneous agents In economic theory and econometrics, the term heterogeneity refers to differences across the units being studied. For example, a macroeconomic model in which consumers are assumed to differ from one another is said to have heterogeneous agents. U ...

, the

macroeconomic Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...

effects of irreversible investment in firm-specific assets, and Schumpeterian theories of technological progress through

creative destruction Creative destruction (German: ''schöpferische Zerstörung'') is a concept in economics which since the 1950s is the most readily identified with the Austrian-born economist Joseph Schumpeter who derived it from the work of Karl Marx and pop ...

Awards and Fellowships

In 2002, Caballero was awarded the

Econometric Society The Econometric Society is an international society of academic economists interested in applying statistical tools to their field. It is an independent organization with no connections to societies of professional mathematicians or statisticians. ...

Frisch Medal The Frisch Medal is an award in economics given by the Econometric Society. It is awarded every two years for empirical or theoretical applied research published in ''Econometrica'' during the previous five years. The award was named in honor of Ra ...

with

Eduardo Engel Eduardo Engel is the former president and current board member of the think tank Espacio Público and professor at the Department of Economics of the University of Chile. From 2001 to 2012 he was Professor of Economics at the Yale University. He ch ...

for their paper ''Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S, s) Approach''. 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 In the scientific discipline of economics, the Econometric Society is a learned society devoted to the advancement of economics by using mathematical and statistical methods. This article is a list of its (current and in memory) fellows. Fellows ...

and subsequently of the

American Academy of Arts and Sciences The American Academy of Arts and Sciences (abbreviation: AAA&S) is one of the oldest learned societies in the United States. It was founded in 1780 during the American Revolution by John Adams, John Hancock, James Bowdoin, Andrew Oliver, a ...

in April 2010.

Selected Readings

* 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 * 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) * A Risk-centric Model of Demand Recessions and Speculation (with Alp Simsek) ''Quarterly Journal of Economics'' 135.3 (August 2020) * A Model of Fickle Capital Flows and Retrenchment (with Alp Simsek) ''Journal of Political Economy'' 128.6 (April 2020) * Missing Aggregate Dynamics and VAR Approximations of Lumpy Adjustment Models (with David Berger and Eduardo M.R.A. Engel) SSRN (November 2018) * Reach for Yield and Fickle Capital Flows (with Alp Simsek) ''AEA Papers and Proceedings'' (2018): 493-498 * Fire Sales in a Model of Complexity (with Alp Simsek) ''The Journal of Finance'' 68.6 (December 2013): 2549-2587 * Collective Risk Management in a Flight to Quality Episode (with Arvind Krisnamurthy) ''Journal of Finance'' 63.5 (October 2008): 2195-2230 * 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.http://economics.mit.edu/files/12624 * External Vulnerability and Preventive Policies. editor (with C. Calderon and L.F. Cespedes). * Macroeconomic Volatility in Reformed Latin America: Diagnosis and Policy Proposals. Washington, D.C.: Inter-American Development Bank. 2001. * Specificity and the Macroeconomics of Restructuring. MIT Press, Spring 2007 .

References

External links

Ricardo Caballero's homepage at MITMIT Department of Economics website
{{DEFAULTSORT:Caballero, Ricardo J. 1959 births Living people International finance economists MIT School of Humanities, Arts, and Social Sciences faculty Columbia University faculty Fellows of the Econometric Society Fellows of the American Academy of Arts and Sciences 21st-century Chilean economists 20th-century Chilean economists MIT School of Humanities, Arts, and Social Sciences alumni Pontifical Catholic University of Chile alumni