Our Team
Nicholas Trachter
Nicholas Trachter is a senior economist and research advisor in the Research Department. Trachter joined the Federal Reserve Bank of Richmond 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.
Trachter's main research interests are monetary economics, financial economics, and the intersection of industrial organization and macroeconomics.
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Academic Publications
Journal of Political Economy, Vol. 132, March 2024: 867–909Previous Version: Working Paper, May 2020, No. 20-05Review of Economic Studies, Vol. 89, October 2022: 2381–2444Previous Version: Working Paper, July 2019, No. 19-12NBER Macroeconomics Annual, Vol. 35, May 2021: 115-150Previous Version: Working Paper, September 2018, No. 18-15RAmerican Economic Journal: Microeconomics, Vol. 11, August 2019: 68-124Previous Version: Working Paper, January 2016, No. 16-02Review of Economic Dynamics, Vol. 33, July 2019: 4-29Previous Version: Working Paper, October 2017, No. 17-13RInternational Economic Review, Vol. 60, May 2019: 905-937
Individuals experience frequent occupational switches during their lifetime, and initial worker characteristics are predictive of future patterns of occupational switching.
International Economic Review, Vol. 60, February 2019: 413-446Previous Version: Working Paper, October 2014, No. 14-17Review of Economic Dynamics, Vol. 28, April 2018: 205-220Previous Version: Working Paper, January 2015, No. 15-01Journal of Economic Theory, Vol. 160, December 2015: 188-215Journal of Economic Theory, Vol. 159, September 2015: 339-368Quantitative Economics, Vol. 6, March 2015: 223-256A theory of education is built and contrasted empirically to find that (i) option value explains a large part of returns to enrollment, (ii) enrollment in academic two-year colleges is driven by the option to transfer up, and (iii) the value of the stepping stone is small.
Previous Version: Working Paper, February 2014, No. 14-03Journal of Economic Theory, Vol. 147, November 2012: 2332-2356 -
Bank Publications
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Working Papers