Economists

Toan Phan

Toan Phan is a senior economist in the Research Department. His research interests include climate economics, climate finance, macroeconomics and international macroeconomics.

Phan joined the Federal Reserve Bank of Richmond in July 2017 after serving as an assistant professor of economics at the University of North Carolina at Chapel Hill. He earned his doctorate from Northwestern University in 2012 and his bachelor of science in mathematics from Bucknell University in 2006. He is from Hanoi, Vietnam.

Academic Publications
Regressive Welfare Effects of Housing Bubbles

Macroeconomic Dynamics, Vol. 25, December 2021: 2102-2127

Andrew Graczyk and Toan Phan

Previous Version: Working Paper, April 2018, No. 18-10

Bubbly Recessions

American Economic Journal: Macroeconomics, Vol. 12, October 2020: 33–70

Siddhartha Biswas, Andrew Hanson and Toan Phan

Previous Version: Working Paper, February 2018, No. 18-05R

Asset Bubbles and Global Imbalances

American Economic Journal: Macroeconomics, Vol. 11, July 2019

Daisuke Ikeda and Toan Phan

Previous Version: Working Paper, March 2018, No. 18-07
Temperature and Growth: A Panel Analysis of the United States

Journal of Money, Credit and Banking, Vol. 51, March-April 2019: 313-368

Riccardo Colacito, Bridget Hoffmann and Toan Phan

Previous Version: Working Paper, March 2018, No. 18-09

Slides
VoxEU summary article
Asset Pledgeability and Endogenously Leveraged Bubbles

Journal of Economic Theory, Vol. 177, September 2018: 280-314

Julien Bengui and Toan Phan

Previous Version: Working Paper, April 2018, No. 18-11

Nominal Sovereign Debt

International Economic Review, Vol. 58, November 2017: 1303-1316

Toan Phan

A Model of Sovereign Debt with Private information

Journal of Economic Dynamics and Control, Vol. 83, October 2017: 1-17

Toan Phan

Bubbles, Wage Rigidity, and Persistent Slumps

Economics Letters, Vol. 151, February 2017: 66-70

Andrew Hanson and Toan Phan

Sovereign Debt Signals

Journal of International Economics, Vol. 104, January 2017: 157-165

Toan Phan

Information, Insurance and the Sustainability of Sovereign Debt

Review of Economic Dynamics, Vol. 22, October 2016: 93-108

Toan Phan

Toxic Asset Bubbles

Economic Theory, Vol. 61, February 2016: 241-271

Daisuke Ikeda and Toan Phan

Roots of the Derivative of the Riemann-Zeta Function and of Characteristic Polynomials

Nonlinearity, Vol. 23, October 2010: 2599-2622

Eduardo Duenez, David W. Farmer, Sara Froehlich, CP Hughes, Francesco Mezzadri and Toan Phan
Works in Progress

"Climate Defaults and Financial Adaptation" (with Felipe Schwartzman).
"Excess Mortality from Hurricanes: New Evidence from Microdata" (with Laura Bakkensen, Lala Ma and Logan Blair).
"Mortgage Market with Denial of Climate Change Risks: Theory and Evidence" (with Laura Bakkensen and Russell Wong).
"Race and Environmental Worries” (with Ranie Lin and Lala Ma).
"The Role of Information in Climate Migration: Evidence from a Large Randomized Survey Experiment in Vietnam" (with Laura Bakkensen and Paul Schuler).
Bank Publications

Economic Brief, April 2022, No. 22-14

Are Some Homebuyers Strategically Transferring Climate Risks to Lenders?

Evidence highlights the nuanced ways in which participants in the financial markets may be strategically adapting to climate change.

Toan Phan

Economic Brief, December 2021, No. 21-41

Pricing and Mispricing of Climate Risks in U.S. Financial Markets

This survey of climate finance research literature highlights key findings and their policy implications.

Toan Phan

Economic Brief, August 2021, No. 21-27

Climate Change and Financial Stability? Recalling Lessons from the Great Recession

Some argue that damages from climate change aren't large enough to affect the financial system, but what about amplification effects?

Toan Phan

Economic Brief, January 2020, No. 20-01

Asset Bubbles and Global Imbalances

Daisuke Ikeda, Toan Phan and Tim Sablik

Economic Quarterly, Second Quarter 2019

Time-Varying Skewness and Real Business Cycles

Lance Kent and Toan Phan

Economic Brief, August 2018, No. 18-08

The Impact of Higher Temperatures on Economic Growth

Riccardo Colacito, Bridget Hoffmann, Toan Phan and Tim Sablik

Economic Brief, April 2018, No. 18-04

The Roots of ‘Bubbly’ Recessions

Helen Fessenden and Toan Phan
Working Papers

September 2021, No. 21-15

Race and Environmental Worries

Ranie Lin, Lala Ma and Toan Phan

August 2021, No. 21-14

Extreme Weather and the Macroeconomy

Hee Soo Kim, Christian Matthes and Toan Phan

October 2019, No. 19-19

Debt Limits and Credit Bubbles in General Equilibrium

V. Filipe Martins-da-Rocha, Toan Phan and Yiannis Vailakis

April 2018, No. 18-11

Asset Pledgeability and Endogenously Leveraged Bubbles

Julien Bengui and Toan Phan

April 2018, No. 18-10

Regressive Welfare Effects of Housing Bubbles

Andrew Graczyk and Toan Phan

March 2018, No. 18-09

Temperature and Growth: A Panel Analysis of the United States

Riccardo Colacito, Bridget Hoffmann and Toan Phan

March 2018, No. 18-07

Asset Bubbles and Global Imbalances

Daisuke Ikeda and Toan Phan

February 2018, No. 18-05R

Bubbly Recessions (Revised January 2019)

Siddhartha Biswas, Andrew Hanson and Toan Phan

February 2018, No. 18-03

The Transmission of Quasi-Sovereign Default Risk: Evidence from Puerto Rico (Revised September 2018)

Anusha Chari, Ryan Leary and Toan Phan

Contact Us

Toan Phan (804) 697-8212

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Economists

Toan Phan

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