My research interests include macroeconomics and international macroeconomics. Recent papers cover the following topics: (i) understanding the role of asset price bubbles in financial crises, (ii) understanding sovereign debt crises, and (iii) understanding how the interaction of debt and bubbles may affect optimal monetary and macroprudential policies. I am also interested in environmental, growth and development economics.
Toan Phan joined the Research Department as an economist in July 2017. Prior to working at the Richmond Fed, Phan was an assistant professor in economics at the University of North Carolina - Chapel Hill.
Ph.D., Northwestern University, 2012
M.A., Northwestern University, 2007
B.A., Bucknell University, 2006
"Asset Bubbles and Global Imbalances" (with Daisuke Ikeda). American Economic Journal: Macroeconomics (forthcoming).
"Temperature and Growth: A Panel Analysis of the United States" (with Ricardo Colacito and Bridget Hoffman). Journal of Money, Credit and Banking (forthcoming). Download Slides. VoxEU summary article.
"Asset Pledgeability and Endogenously Leveraged Bubbles" (with Julien Bengui). Journal of Economic Theory 117 (September 2018): 280-314.
"Nominal Sovereign Debt." International Economic Review 58 (November 2017): 1303-1316.
"A Model of Sovereign Debt with Private information." Journal of Economic Dynamics and Control 83 (October 2017): 1-17.
"Bubbles, Wage Rigidity, and Persistent Slumps" (with Andrew Hanson). Economic Letters 151 (February 2017): 66-70.
"Sovereign Debt Signals." Journal of International Economics 104 (January 2017): 157-165.
"Information, Insurance and the Sustainability of Sovereign Debt." Review of Economic Dynamics 22 (October 2016): 93-108.
"Toxic Asset Bubbles" (with Daisuke Ikeda). Economic Theory 61, no. 2 (February 2016): 241-271.
"Roots of the Derivative of the Riemann-Zeta Function and of Characteristic Polynomials" (with Eduardo Dueñez, et al). Nonlinearity 23, no. 10 (October 2010): 2599-2622.
"Regressive Welfare Effects of Housing Bubbles" (with Andrew Graczyk).
"Bubbly Recessions" (with Sid Biswas and Andrew Hanson). Download Slides.
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