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Marcet Torrens, Albert
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ICREA Research Professor at CSIC - IAE (Institut d'Anàlisi Econòmica). Social & Behavioural Sciences
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Ph. D in Economics U. of Minnesota 1987
Assistant professor, Carnegie Mellon University 1986-1991
Full Professor, Universitat Pompeu Fabra, 1990-2004
Research Professor, IAE-CSIC, 2004-2009
Full Professor, London School of Economics, 2009-2011
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Research Interests
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Recursive Contracts
In social sciences it is common to find models of dynamic stochastic optimization with forward-looking constraints, for example, in models of optimal policy and in optimal contracts. These models are not amenable to a standard Bellman equation. We propose a new way of formulating recursively these optimization problems that has very wide range of applications.
Asset Prices and Learning
Asset prices show huge fluctuations over time that are hard to reconcile with actual fundamentals. We explore agents behave rationally, they have an empirically plausible model of asset prices. We explain very well stock and housing price fluctuations.
Debt Management
As the recent fiscal crisis in Europe highlights the portfolio of bonds issued by governments is a crucial issue in understanding stability of fiscal policy. We analyze the optimal combination of bonds maturities that should be issued over the business cycle.
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KeyWords
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Macroeconomics, Time Series, Models of Learning, Fiscal policy, financial economics
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