Professional Experience

Pierre-Daniel Sarte is a senior advisor in the Research Department and has been with the Richmond Fed since 1996. His research focuses on business cycles, urban economics, and political economy. His work has been published in a variety of journals, including the American Economic Review, the Journal of Political Economy, the Journal of Public Economics, and the Journal of Monetary Economics.

Pierre-Daniel holds a Ph.D from the University of Rochester, awarded in 1996, and a B.Sc. from the University of Toronto. He currently serves as an associate editor of the Journal of Monetary Economics and as a co-editor of Economics Letters.

Education

B.Sc. University of Toronto, 1991
M.A. University of Rochester, 1994
Ph.D. University of Rochester, 1996

Curriculum vitae
Meet an Economist video

"When Is Sticky Information More Information?" December 2010. Download Paper. Download Programs (ZIP, 7 MB). Download Slides.

"Sectoral vs. Aggregate Shocks: A Structural Factor Analysis of Industrial Production" (with Andrew Foerster and Mark W. Watson). Journal of Political Economy 119, no 1 (February 2011): 1-38. Download Working Paper Version. Download Appendix. Download Programs (ZIP, 7 MB). Download Slides.

"Housing Externalities" (with Esteban Rossi-Hansberg and Raymond E. Owens). Journal of Political Economy 118, no 3 (June 2010): 485-535. Download Programs (ZIP, 25 MB). Download Slides.

• Related Work: "Economics of Housing Externalities" (with Esteban Rossi-Hansberg) in International Encyclopedia of Housing and Home, edited by S.J. Smith et al., Chapter 102. Oxford: Elsevier (in press).

"Distortionary Taxes and Public Investment when Government Promises are not Enforceable" (with Marina D. Azzimonti and Jorge Soares). Journal of Economic Dynamics and Control 33, no. 9 (September 2009): 1662-1681.

"On the Employment Effects of Productivity Shocks: The Role of Inventories, Demand Elasticity, and Sticky Prices" (with Andreas Hornstein and Yongsung Chang). Journal of Monetary Economics 56, no. 3 (April 2009): 328-343.

"Firm Fragmentation and Urban Patterns" (with Esteban Rossi-Hansberg and Raymond E. Owens). International Economic Review 50, no. 1 (February 2009): 143-186.

"U.S. Consumer Bankruptcy Choice: The Importance of General Equilibrium Effects" (with Wenli Li). Journal of Monetary Economics 53, no. 3 (April 2006): 613-631.

"Progressive Taxation and Long-Run Growth" (with Wenli Li). American Economic Review 94, no. 5 (December 2004): 1705-1716.

"Comment on 'Cities Under Stress', by Esteban Rossi-Hansberg." Journal of Monetary Economics, Proceedings from The Carnegie-Rochester Conference Series on Public Policy, 51, no. 5 (July 2004): 929-933.

"Credit Market Frictions and Their Direct Effects on U.S. Manufacturing Fluctuations" (with Wenli Li). Journal of Economic Dynamics and Control 28, no. 3 (December 2003): 419-443.

"Analyzing Firm Location Decisions: Is Public Intervention Justified?" (with Raymond E. Owens). Journal of Public Economics 86, no. 2 (November 2002): 223.

"Rent-Seeking Bureaucracies and Oversight in a Simple Growth Model." Journal of Economic Dynamics & Control 25, no. 9 (September 2001): 1345.

"Informality and Rent-Seeking Bureaucracies in a Model of Long-Run Growth." Journal of Monetary Economics 46, no. 1 (August 2000): 173-197.

"Inflation Uncertainty and Growth in a Cash-in-Advance Economy" (with Michael Dotsey). Journal of Monetary Economics 45, no. 3 (June 2000): 631-655.

"Progressive Taxation and Income Inequality in Dynamic Competitive Equilibrium." Journal of Public Economics 66, no. 1 (October 1997): 145-171.

Issue	Title	Author(s)
Second Quarter 2011	Sectoral Disturbances and Aggregate Economic Activity	Nadezhda Malysheva Pierre-Daniel G. Sarte
Second Quarter 2010	Changes in Monetary Policy and the Variation in Interest Rate Changes Across Credit Markets	Devin Reilly Pierre-Daniel G. Sarte
Fall 2009	Heterogeneity in Sectoral Employment and the Business Cycle	Nadezhda Malysheva Pierre-Daniel G. Sarte
Winter 2009	Semiparametric Estimation of Land Price Gradients Using Large Data Sets	Kevin A. Bryan Pierre-Daniel G. Sarte
Fall 2007	The Evolution of City Population Density in the United States	Kevin A. Bryan Brian D. Minton Pierre-Daniel G. Sarte
Summer 2007	Barriers to Foreign Direct Investment Under Political Instability	Marina Azzimonti Pierre-Daniel G. Sarte
Fall 2006	Stark Optimal Fiscal Policies and Sovereign Lending	Pierre-Daniel G. Sarte
Fall 2005	How Well Do Diffusion Indexes Capture Business Cycles? A Spectral Analysis	Raymond E. Owens Pierre-Daniel G. Sarte
Fall 2004	Using Manufacturing Surveys to Assess Economic Conditions	Matthew Harris Raymond E. Owens Pierre-Daniel G. Sarte
Winter 2004	Accommodating Rising Population in Rural Areas: The Case of Loudoun County, Virginia	Raymond E. Owens Pierre-Daniel G. Sarte
Winter 2003	Efficient Public Investment in a Model with Transition Dynamics	Pierre-Daniel G. Sarte Jorge Soares
Summer 2001	Consumption, Savings, and the Meaning of the Wealth Effect in General Equilibrium	Carl D. Lantz Pierre-Daniel G. Sarte
Summer 2000	A Study of U.S. Employment Rates with Emphasis on Gender Considerations	Pierre-Daniel G. Sarte Carl D. Lantz
Summer 1999	An Empirical Investigation of Fluctuations in Manufacturing	Pierre-Daniel G. Sarte
Fall 1998	Fisher's Equation and the Inflation Risk Premium in a Simple Endowment Economy	Pierre-Daniel G. Sarte
Summer 1997	On the Identification of Structural Vector Autoregressions	Pierre-Daniel G. Sarte

Paper	Title	Author(s)
10-09 May 2010	Learning About Informational Rigidities from Sectoral Data and Diffusion Indices	Pierre-Daniel G. Sarte
08-7 November 2008	Sectoral vs. Aggregate Shocks: A Structural Factor Analysis of Industrial Production	Andrew Foerster Pierre-Daniel G. Sarte Mark W. Watson
08-3 June 2008	Housing Externalities: Evidence from Spatially Concentrated Urban Revitalization Programs	Esteban Rossi-Hansberg Pierre-Daniel G. Sarte Raymond E. Owens
07-5 September 2007	The Anatomy of U.S. Personal Bankruptcy under Chapter 13	Hülya Eraslan Wenli Li Pierre-Daniel G. Sarte
06-6 August 2006	Understanding How Employment Responds to Productivity Shocks in a Model with Inventories	Yongsung Chang Andreas Hornstein Pierre-Daniel G. Sarte
05-3 June 2005	Firm Fragmentation and Urban Patterns	Esteban Rossi-Hansberg Pierre-Daniel G. Sarte Raymond E. Owens
04-9 December 2004	Productivity, Employment, and Inventories	Pierre-Daniel G. Sarte Andreas Hornstein Yongsung Chang
03-10 August 2003	Optimal Public Investment with and without Government Commitment	Marina Azzimonti Pierre-Daniel G. Sarte Jorge Soares
02-1 September 2002	The Macroeconomics of U.S. Consumer Bankruptcy Choice: Chapter 7 or Chapter 13?	Wenli Li Pierre-Daniel G. Sarte
01-9 November 2001	Growth Effects of Progressive Taxes	Wenli Li Pierre-Daniel G. Sarte
01-6 March 2001	Sticky Prices and Inventories: Production Smoothing Reconsidered	Pierre-Daniel G. Sarte Andreas Hornstein
00-1 July 2000	Investigating Fluctuations in U.S. Manufacturing: What are the Direct Effects of Informational Frictions?	Wenli Li Pierre-Daniel G. Sarte
99-8 June 1999	Analyzing Firm Location Decisions: Is Public Intervention Justified?	Raymond E. Owens Pierre-Daniel G. Sarte
99-7 September 1999	Informality and Rent-Seeking Bureaucracies in a Model of Long-Run Growth	Pierre-Daniel G. Sarte
98-8 December 1998	Staggered Prices and Inventories: Production Smoothing Reconsidered	Pierre-Daniel G. Sarte Andreas Hornstein
98-3 April 1998	Rent-Seeking Bureaucracies and Oversight in a Simple Growth Model	Pierre-Daniel G. Sarte
97-5 May 1997	Inflation Uncertainty and Growth in a Simple Monetary Model	Michael Dotsey Pierre-Daniel G. Sarte

Essay	Title	Author(s)
12-11 November 2012	Are Depression-Era Employment Swings Overstated?	Jonathon Lecznar Jessie Romero Pierre-Daniel G. Sarte
11-08 August 2011	Is Stimulative Fiscal Policy More Effective at the Zero Lower Bound?	Renee Haltom Pierre-Daniel G. Sarte
10-11 November 2010	What Trends Exist in Regional Housing Market Data?	Renee Haltom Pierre-Daniel G. Sarte
09-02 February 2009	Residential Externalities	Pierre-Daniel G. Sarte Kevin A. Bryan