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Staff Economists

Nicholas Trachter

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My main research interests include macroeconomics and monetary theory. Recent papers cover the following topics: (i) the exploration of an optimal state dependent monetary policy, (ii) the implication of endogenous human capital accumulation for unemployment insurance, and (iii) the effects of a sluggish customer base on price setting.

Professional Experience

Nicholas Trachter is a senior economist in the Research Department. He joined the Richmond Fed in 2013 after working as an assistant professor of economics at the Einaudi Institute for Economics and Finance, a research institute funded by the Bank of Italy.

Ph.D., University of Chicago, 2010
M.A., University of Chicago, 2007
M.A., Universidad Torcuato Di Tella (Argentina), 2004
B.A., Universidad Torcuato Di Tella (Argentina), 2003

Curriculum vitae

"Learning and Life Cycle Patterns of Occupational Mobility" (with Aspen Gorry and Devon Gorry) International Economic Review (forthcoming).

"Price Dynamics with Customer Markets" (with Luigi Paciello and Andrea Pozzi). International Economic Review (forthcoming).

"Relative Price Dispersion: Evidence and Theory" (with Greg Kaplan, Guido Menzio and Leena Rudanko). American Economic Journal: Microeconomics (forthcoming).

"Equilibrium Price Dispersion Across and Within Stores" (with Guido Menzio). Review of Economic Dynamics 28 (April 2018): 205-220.

"Equilibrium Price Dispersion with Sequential Search" (with Guido Menzio). Journal of Economic Theory 160, part A (December 2015): 188-215.

"Optimal Monetary Policy with Heterogeneous Money Holdings" (with Francesco Lippi and Stefania Ragni). Journal of Economic Theory 159, part A (September 2015): 339-368.

"Stepping Stone and Option Value in a Model of Postsecondary Education." Quantitative Economics 6, no. 1 (March 2015): 223-256.

"Commodity Money with Frequent Search" (with Ezra Oberfield). Journal of Economic Theory 147, no. 6 (November 2012): 2332-2356.

Second Quarter 2016

Price Dispersion When Stores Sell Multiple Goods

Nicholas Trachter

Fourth Quarter 2014

The Dropout Option in a Simple Model of College Education

Nicholas Trachter and Ali K. Ozdagli

October 2017, No. 17-13

Asset Issuance in Over-the-Counter Markets

Nicholas Trachter, Bruno Sultanum and Zachary Bethune

December 2016, No. 16-16

Private Information in Over-the-Counter Markets

Nicholas Trachter, Bruno Sultanum and Zachary Bethune

January 2016, No. 16-02

Relative Price Dispersion: Evidence and Theory

Nicholas Trachter, Guido Menzio, Leena Rudanko and Greg Kaplan

November 2015, No. 15-15

On the Distribution of College Dropouts: Wealth and Uninsurable Idiosyncratic Risk

Nicholas Trachter and Ali K. Ozdagli

January 2015, No. 15-01

Equilibrium Price Dispersion Across and Within Stores

Nicholas Trachter and Guido Menzio

October 2014, No. 14-17

Price Dynamics with Customer Markets

Nicholas Trachter, Andrea Pozzi and Luigi Paciello

August 2014, No. 14-15

Learning and Life Cycle Patterns of Occupational Transitions

Nicholas Trachter, Devon Gorry and Aspen Gorry

March 2014, No. 14-08

Large and Small Sellers: A Theory of Equilibrium Price Dispersion with Sequential Search

Nicholas Trachter and Guido Menzio

October 2013, No. 13-17

State Dependent Monetary Policy

Nicholas Trachter, Francesco Lippi and Stefania Ragni

April 2016, No. 16-04

The Role of Option Value in College Decisions

Nicholas Trachter and Jessie Romero

July 2015, No. 15-07

Buyers' Ability and Willingness to Shop Around: An Explanation for Price Dispersion

Nicholas Trachter and Karl Rhodes

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Nicholas Trachter