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.


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

Curriculum vitae

"The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy" (with Lorenzo Caliendo, Fernando Parro, and Esteban Rossi-Hansberg), forthcoming in Review of Economic StudiesDownload Working Paper VersionDownload Supplementary NotesDownload Slides.

"The Anatomy of U.S. Personal Bankruptcy Under Chapter 13" (with Hulya Eraslan, Gizem Kozar, and Wenli Li). International Economic Review 58, no. 3 (August 2017): 671-702.

"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 VersionDownload Supplementary MaterialDownload Slides.

"When Is Sticky Information More Information?Journal of Money, Credit, and Banking 46, no. 7 (October 2014): 1345-1379. Download Working Paper VersionDownload 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 VersionDownload AppendixDownload 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.


Third Quarter 2013

Characterizing the Unusual Path of U.S. Output During and After the Great Recession

Pierre-Daniel G. Sarte, Robert Sharp and Jonathon Lecznar

Second Quarter 2011

Sectoral Disturbances and Aggregate Economic Activity

Pierre-Daniel G. Sarte and Nadezhda Malysheva

Second Quarter 2010

Changes in Monetary Policy and the Variation in Interest Rate Changes Across Credit Markets

Pierre-Daniel G. Sarte and Devin Reilly

Fall 2009

Heterogeneity in Sectoral Employment and the Business Cycle

Pierre-Daniel G. Sarte and Nadezhda Malysheva

Winter 2009

Semiparametric Estimation of Land Price Gradients Using Large Data Sets

Pierre-Daniel G. Sarte and Kevin A. Bryan

Fall 2007

The Evolution of City Population Density in the United States

Pierre-Daniel G. Sarte, Brian D. Minton and Kevin A. Bryan

Summer 2007

Barriers to Foreign Direct Investment Under Political Instability

Pierre-Daniel G. Sarte and Marina Azzimonti

Fall 2006

Stark Optimal Fiscal Policies and Sovereign Lending

Pierre-Daniel G. Sarte

Fall 2004

Using Manufacturing Surveys to Assess Economic Conditions

Pierre-Daniel G. Sarte, Raymond E. Owens and Matthew Harris

Winter 2003

Efficient Public Investment in a Model with Transition Dynamics

Pierre-Daniel G. Sarte and Jorge Soares

Summer 2001

Consumption, Savings, and the Meaning of the Wealth Effect in General Equilibrium

Pierre-Daniel G. Sarte and Carl D. Lantz

Summer 2000

A Study of U.S. Employment Rates with Emphasis on Gender Considerations

Pierre-Daniel G. Sarte and Carl D. Lantz

February 2017, No. 17-04

Rethinking Detroit

Pierre-Daniel G. Sarte, Esteban Rossi-Hansberg and Raymond E. Owens

August 2015, No. 15-09

Learning About Consumer Uncertainty from Qualitative Surveys: As Uncertain As Ever

Pierre-Daniel G. Sarte, Santiago Pinto and Robert Sharp

September 2013, No. 13-14R

The Impact of Regional and Sectoral Productivity Changes on the U.S. Economy (Revised July 2017)

Pierre-Daniel G. Sarte, Esteban Rossi-Hansberg, Fernando Parro and Lorenzo Caliendo

November 2008, No. 08-7

Sectoral vs. Aggregate Shocks: A Structural Factor Analysis of Industrial Production

Pierre-Daniel G. Sarte, Andrew Foerster and Mark W. Watson

June 2008, No. 08-3

Housing Externalities: Evidence from Spatially Concentrated Urban Revitalization Programs

Pierre-Daniel G. Sarte, Esteban Rossi-Hansberg and Raymond E. Owens

September 2007, No. 07-5

The Anatomy of U.S. Personal Bankruptcy under Chapter 13

Pierre-Daniel G. Sarte, Wenli Li and Hülya Eraslan

June 2005, No. 05-3

Firm Fragmentation and Urban Patterns

Pierre-Daniel G. Sarte, Esteban Rossi-Hansberg and Raymond E. Owens

December 2004, No. 04-9

Productivity, Employment, and Inventories

Pierre-Daniel G. Sarte, Andreas Hornstein and Yongsung Chang

August 2003, No. 03-10

Optimal Public Investment with and without Government Commitment

Pierre-Daniel G. Sarte, Marina Azzimonti and Jorge Soares

November 2001, No. 01-9

Growth Effects of Progressive Taxes

Pierre-Daniel G. Sarte and Wenli Li

September 1999, No. 99-7

Informality and Rent-Seeking Bureaucracies in a Model of Long-Run Growth

Pierre-Daniel G. Sarte

April 1998, No. 98-3

Rent-Seeking Bureaucracies and Oversight in a Simple Growth Model

Pierre-Daniel G. Sarte

May 1997, No. 97-5

Inflation Uncertainty and Growth in a Simple Monetary Model

Pierre-Daniel G. Sarte and Michael Dotsey

June 2016, No. 16-06

Using Inventories to Help Explain Post-1984 Business Cycles

Pierre-Daniel G. Sarte, Karl Rhodes, Thomas A. Lubik and Felipe F. Schwartzman

January 2015, No. 15-01

Why Does the Fed Study Regional Economics?

Pierre-Daniel G. Sarte, Santiago Pinto, Jessie Romero and Ann Battle Macheras

November 2012, No. 12-11

Are Depression-Era Employment Swings Overstated?

Pierre-Daniel G. Sarte, Jessie Romero and Jonathon Lecznar

August 2011, No. 11-08

Is Stimulative Fiscal Policy More Effective at the Zero Lower Bound?

Pierre-Daniel G. Sarte and Renee Haltom

November 2010, No. 10-11

What Trends Exist in Regional Housing Market Data?

Pierre-Daniel G. Sarte and Renee Haltom

February 2009, No. 09-02

Residential Externalities

Pierre-Daniel G. Sarte and Kevin A. Bryan