Economists

Staff Economists

 

Pierre-Daniel G. Sarte

headshot of Pierre-Daniel G. Sarte

My research interests include macroeconomics, economic development, political economy and regional economics.

 

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.

Sarte holds a doctorate from the University of Rochester, awarded in 1996, and a Bachelor of Science degree 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

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

Curriculum vitae
Meet an Economist video

"What Inventory Behavior Tells Us About How Business Cycles Have Changed" (with Thomas Lubik and Felipe Schwartzman), March 2014. Download Supplementary Notes. Download Slides.

"The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy" (with Lorenzo Caliendo, Fernando Parro, and Esteban Rossi-Hansberg), Revised June 2014. Download Supplementary Notes.

"The Anatomy of U.S. Personal Bankruptcy Under Chapter 13" (with Hulya Eraslan, Gizem Kozar, and Wenli Li), Revised September 2013.

"When Is Sticky Information More Information?" Journal of Money, Credit, and Banking (forthcoming). Download Working Paper Version. 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.

"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)
Third Quarter 2013 Characterizing the Unusual Path of U.S. Output During and After the Great Recession Jonathon Lecznar
Robert Sharp
Pierre-Daniel G. Sarte
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)
14-06R
March 2014
What Inventory Behavior Tells Us About How Business Cycles Have Changed (Revised August 2014) Thomas A. Lubik
Pierre-Daniel G. Sarte
Felipe Schwartzman
13-14R
September 2013
The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy (Revised June 2014) Pierre-Daniel G. Sarte
Esteban Rossi-Hansberg
Fernando Parro
Lorenzo Caliendo
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
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