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

"Market-Based Incentives" (with Yuzhe Zhang). International Economic Review 58, no. 2 (May 2017): 331–382.

"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.

October 2017, No. 17-11

Optimal Incentive Contracts with Job Destruction Risk

Borys Grochulski, Russell Wong and Yuzhe Zhang

October 2016, No. 16-14R

Optimal Contracts with Reflection (Revised January 2017)

Borys Grochulski and Yuzhe Zhang

September 2015, No. 15-12R

Optimal Liquidity Regulation With Shadow Banking (Revised March 2016)

Borys Grochulski and Yuzhe Zhang

May 2013, No. 13-05R

Market-based Incentives (Revised May 2016)

Borys Grochulski and Yuzhe Zhang

October 2010, No. 10-14

On the Optimality of Ramsey Taxes in Mirrlees Economies

Borys Grochulski

September 2008, No. 08-5

Optimal Personal Bankruptcy Design: A Mirrlees Approach

Borys Grochulski

December 2006, No. 06-13

Risky Human Capital and Deferred Capital Income Taxation

Borys Grochulski and Tomasz Piskorski

December 2005, No. 05-13

Optimal Wealth Taxes with Risky Human Capital

Borys Grochulski and Tomasz Piskorski

December 2014, No. 14-12

Understanding Market Failure in the 2007-08 Crisis

Borys Grochulski and Wendy Morrison

July 2009, No. 09-07

Systemic Risk Regulation and the "Too Big to Fail" Problem

Borys Grochulski and Stephen Slivinski

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

Contact Us

Borys Grochulski
(804) 697-8779