Staff Economists


Borys Grochulski

headshot for Borys Grochulski

My research focuses on public finance and optimal contracts. Recent applications include personal bankruptcy regulation and Social Security.


Professional Experience

Borys Grochulski is a senior economist in the Research Department. He joined the Richmond Fed in 2005 after earning his doctorate from the University of Minnesota, where he served as an adjunct instructor.


Ph.D., University of Minnesota, 2005
M.Sc., Catholic University of Leuven (Belgium), 1999
B.A., University of Warsaw (Poland), 1997

Curriculum vitae

"Optimal Risk Sharing and Borrowing Constraints in a Continuous-Time Model with Limited Commitment" (with Yuzhe Zhang). Journal of Economic Theory 146, no. 6 (November 2011): 2356-88.

"Nonseparable Preferences and Optimal Social Security Systems" (with Narayana Kocherlakota). Journal of Economic Theory 145, no. 6 (November 2010): 2055-77.

"Risky Human Capital and Deferred Capital Income Taxation" (with Tomasz Piskorski). Journal of Economic Theory 145, no. 3 (May 2010): 908-43.

"Optimal Personal Bankruptcy Design Under Moral Hazard." Review of Economic Dynamics 13, no. 2 (April 2010): 350-78.

"Comment On: 'Optimal Human Capital Policies’ by Bohacek and Kapicka." Journal of Monetary Economics 55, no. 1 (January 2008): 17-20.

"Allen and Gale on Risk-Taking and Competition in Banking" (with John Kareken). Finance Research Letters 1, no. 4 (December 2004): 236-240.

Essay Title Author(s)
December 2014
Understanding Market Failure in the 2007-08 Crisis Borys Grochulski
Wendy Morrison
July 2009
Systemic Risk Regulation and the "Too Big to Fail" Problem Borys Grochulski
Stephen Slivinski

"Opinion: When Disclosure is Not Enough." Region Focus, Fall 2007, pp. 52.

Contact Us


Borys Grochulski
(804) 697-8779