My research interests include macroeconomics, economic development, political economy and regional economics.
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.
Ph.D. University of Rochester, 1996
M.A. University of Rochester, 1994
B.Sc. University of Toronto, 1991
"The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy" (with Lorenzo Caliendo, Fernando Parro, and Esteban Rossi-Hansberg), Revised July 2016. Download Supplementary Notes. Download Slides.
"Learning About Consumer Uncertainty from Qualitative Surveys: As Uncertain as Ever" (with Santiago Pinto and Robert Sharp), August 2015. Download Slides.
"The Anatomy of U.S. Personal Bankruptcy Under Chapter 13" (with Hulya Eraslan, Gizem Kozar, and Wenli Li), forthcoming in the International Economic Review.
"What Inventory Behavior Tells Us About How Business Cycles Have Changed" (with Thomas Lubik and Felipe Schwartzman). Journal of Monetary Economics 76, no. 6 (November 2015): 264-283. Download Working Paper Version. Download Supplementary Material. 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.
"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.
"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.
"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.