Our Team
Pierre-Daniel G. Sarte
Pierre-Daniel Sarte is a senior advisor in the Research Department and has been with the Richmond Fed since 1996. His research interests include macroeconomics, with a focus on business cycles, and urban and regional economics.
Sarte's work has been published in a variety of journals, including the American Economic Review, the Journal of Political Economy, the Review of Economic Studies, the Journal of Public Economics, and the Journal of Monetary Economics. He has taught at the University of Richmond and the University of Virginia and has served as a visiting scholar at the Reserve Bank of New Zealand and the University of Queensland. He served as an associate editor of the Journal of Monetary Economics (2008-2022) and as a co-editor of Economics Letters (2011-2021).
Sarte holds a doctorate from the University of Rochester, awarded in 1996, and a bachelor's degree from the University of Toronto.
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Work in Progress
"Multilateral Comovement in a New Keynesian World: A Little Trade Goes a Long Way" (with Paul Ho and Felipe Schwartzman), November 2022. (Technical Appendix and Supplementary Material)
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Academic Publications
Cognitive Hubs and Spatial RedistributionAmerican Economic Journal: Macroeconomics, forthcomingPrevious Version: Working Paper, September 2019, No. 19-16Journal of Political Economy, Vol. 132, March 2024: 867–909Previous Version: Working Paper, May 2020, No. 20-05Journal of Political Economy, Vol. 130, December 2022: 3286-3333Previous Version: Working Paper, May 2019, No. 19-11RNBER Macroeconomics Annual, Vol. 35, May 2021: 115-150Previous Version: Working Paper, September 2018, No. 18-15RAEA Papers and Proceedings, Vol. 111, May 2021: 526-531International Journal of Central Banking, Vol. 16, September 2020: 47-100Previous Version: Working Paper, August 2015, No. 15-09American Economic Journal: Economic Policy, Vol. 12, May 2020: 258-305
This paper studies the urban structure of Detroit — one that is clearly not optimal for its size — which features a business district immediately surrounded by largely vacant neighborhoods.
Previous Version: Working Paper, February 2017, No. 17-04Review of Economic Studies, Vol. 85, October 2018: 2042-2096Previous Version: Working Paper, September 2013, No. 13-14RInternational Economic Review, Vol. 58, August 2017: 671-702Previous Version: Working Paper, September 2007, No. 07-5Journal of Monetary Economics, Vol. 76, November 2015: 264-283Previous Version: Working Paper, March 2014, No. 14-06RJournal of Money, Credit and Banking, Vol. 46, October 2014: 1345-1379Journal of Political Economy, Vol. 119, February 2011: 1-38Previous Version: Working Paper, November 2008, No. 08-7- Supplementary material
- Programs (ZIP, 25 MB)
- Slideshow
Journal of Political Economy, Vol. 118, June 2010: 485-535Previous Version: Working Paper, June 2008, No. 08-3- Related Work: "Economics of Housing Externalities" (with Esteban Rossi-Hansberg) in International Encyclopedia of Housing and Home, edited by S.J. Smith et al., 47-50. Oxford: Elsevier, 2012.
- Programs (ZIP, 25 MB)
- Slideshow
Journal of Economic Dynamics and Control, Vol. 33, September 2009: 1662-1681Journal of Monetary Economics, Vol. 56, April 2009: 328-343International Economic Review, Vol. 50, February 2009: 143-186Previous Version: Working Paper, June 2005, No. 05-3Journal of Monetary Economics, Vol. 53, April 2006: 613-631American Economic Review, Vol. 94, December 2004: 1705-1716Journal of Monetary Economics, Proceedings from The Carnegie-Rochester Conference Series on Public Policy, Vol. 51, July 2004: 929-933Population in Rural Areas: The Case of Loudoun County, VirginiaVirginia Economic Journal, Vol. 9, 2004: 41-56Journal of Economic Dynamics and Control, Vol. 28, December 2003: 419-443Journal of Public Economics, Vol. 86, November 2002: 223-242Previous Version: Working Paper, June 1999, No. 99-8Journal of Economic Dynamics and Control, Vol. 25, September 2001: 1345-1365Journal of Monetary Economics, Vol. 46, August 2000: 173-197Journal of Monetary Economics, Vol. 45, June 2000: 631-655Previous Version: Working Paper, May 1997, No. 97-5Journal of Public Economics, Vol. 66, October 1997: 145-171 -
Working Papers
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Bank Publications
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Media Mentions
"What Shapes Productivity Growth?," Speaking of the Economy, April 9, 2025.
"AI and Automation Adoption in the Fifth District and Beyond," Speaking of the Economy, September 18, 2024.
"Hidden Effects of Global Trade," Econ Focus, First Quarter 2023.
"How Long Will Inflation Stick Around?," Speaking of the Economy, November 16, 2022.