January 23, 2022

Christopher D. Carroll

Professor of Economics 410–516–7602 (o)
Department of Economics 410–516–7600 (f)
Johns Hopkins University ccarroll@jhu.edu
Baltimore, MD 21218-2685

BA in Economics, magna cum laude, Harvard College, 1986.

Honors: Early selection to Phi Beta Kappa, 1985.
John Harvard Scholarship 1982-1986.

PhD in Economics, Massachusetts Institute of Technology, 1990.

Honors: National Science Foundation Graduate Fellowship
Fields: Macroeconomics, Public Finance
Current Appointments
2016-present National Bureau of Economic Research, Research Associate
2001-present Professor of Economics, Johns Hopkins University
2000-present Member, Conference on Research in Income and Wealth
2006-present Member, Center for Financial Studies, Goethe University, Frankfurt
Previous Appointments and Visiting Positions
2014-2015 Chief Economist and Director, Office of Research, CFPB
2011-2014 National Bureau of Economic Research, Governing Board Member
2001-2013 National Bureau of Economic Research, Research Associate
2010-Fall Visiting Professor, University College, London (2010-10 to 2010-11)
2010-Fall Visiting Professor, Einaudi Institute, Rome (2010-11 to 2010-12)
2009-2010 Senior Economist, President’s Council of Economic Advisers
2002-Fall Visiting Professor, European University Institute, Florence
1999-Fall Visiting Fellow, Center on Social and Economic Dynamics, Brookings Institution
1997-1998 Senior Economist, President’s Council of Economic Advisers
1996-2001 Associate Professor of Economics, Johns Hopkins University
1995-1996 Assistant Professor of Economics, Johns Hopkins University
1995-2001 National Bureau of Economic Research, Faculty Research Fellow
1990-1995 Staff Economist, Board of Governors of the Federal Reserve System
Professional Honors

1998 Paul Samuelson Certificate of Excellence, Research on Lifetime Financial Security

1997 Alfred P. Sloan Early Career Research Fellowship

Distinguished Lectures
Other Professional Activities from July 2010
Refereeing and Kindred Activities

American Economic Review, Quarterly Journal of Economics, Econometrica, Journal of Political Economy, Journal of Economic Literature, Journal of Monetary Economics, Review of Economics and Statistics, Review of Economic Studies, Journal of Business and Economic Statistics, Journal of Macroeconomics, Journal of Development Economics, Journal of Public Finance, Economic Development and Cultural Change, Sloan Foundation, U.K. Financial Conduct Authority, and others.

Panelist for Brookings Papers on Economic Activity, most BPEA meetings since 2006 (except 2009-10 when serving at Council of Economic Advisers and 2014-15 when serving as Chief Economist at the Consumer Financial Protection Bureau)

Grant proposal reviews: National Science Foundation, Sloan Foundation, UK Economic and Social Research Council (equivalent of NSF), Israeli Science Foundation, Smith Richardson Foundation, many others

Graduate Macroeconomic Theory Lecture Notes: Intertemporal Choice
Advanced Topics in Macroeconomics (First year PhD)
Advanced Topics in Macroeconomics II (Second year PhD)
Undergraduate Public Finance
Mathematical Methods for Economics, Part II
Graduate Macroeconomics Seminar
Graduate Lecture Notes Online
University and Departmental Service

JHU Economics PhD Placement Director, 2002-2013; 2016-Present

JHU Faculty Advisory Committee, 2016-Present

Member, Undergraduate Ethics Board (1998-2001)

Dissertation Committees

Chair: Elif Arbatli, Danny Barth, Edmund Crawley, Burcu Duygan, Wendy Dunn, Michael Fratantoni, Johanna Francis, Daniel Garcia, Christopher Geiregat, Joseph Gruber, Farhan Hameed, Kareem Ismail, Shujaat Khan, Kevin Moore, Misuzu Otsuka, Jiri Slacalek, Kiichi Tokuoka, Martin Sommer, Delia Velculescu, Weifeng Wu, Huiyan Lawrence Zhang, Xia Zhou

Second Advisor: Danny Barth, Eugenio Cerutti, Selim Elekdag, Jacques Miniane, Matt Raskin, Matthew White

Peripheral Advisor: Kenji Abe, Witold Czubala, Gergana Danilova-Trainor, Arash Sotoodehnia, Manu De Veirman

*Published and Forthcoming Papers

   “Liquidity constraints and precautionary saving.” Christopher D Carroll, Martin B Holm, and Miles S Kimball. Journal of Economic Theory 195:105276 2021a. Available at llorracc.github.io/LiqConstr

   “Modeling the consumption response to the CARES Act.” Christopher D Carroll, Edmund Crawley, Jiri Slacalek, and Matthew N White. International Journal of Central Banking 67 March 2021b. Available at econ-ark.github.io/Pandemic

   “How has the US coronavirus aid package affected household spending?.” Christopher D Carroll, Edmund Crawley, Jiri Slacalek, Matthew N White, et al. Research Bulletin 75 2020a

   “Sticky Expectations and Consumption Dynamics.” Christopher D. Carroll, Edmund Crawley, Jiri Slacalek, Kiichi Tokuoka, and Matthew N. White. American Economic Journal: Macroeconomics 12(3):40–76 July 2020b

   “The Econ-ARK and HARK: Open Source Tools for Computational Economics.” Christopher D. Carroll, Alexander M. Kaufman, Jacqueline L. Kazil, Nathan M. Palmer, and Matthew N. White. In Fatih Akici, David Lippa, Dillon Niederhut, and M Pacer, editors, Proceedings of the 17th Python in Science Conference pages 25 – 30 2018. doi: 10.5281/zenodo.1001067

   “The Distribution of Wealth and the Marginal Propensity to Consume.” Christopher D. Carroll, Jiri Slacalek, Kiichi Tokuoka, and Matthew N. White. Quantitative Economics 8:977–1020 November 2017. At https://www.econ2.jhu.edu/people/ccarroll/papers/cstwMPC

   “Buffer-Stock Saving in a Krusell–Smith World.” Christopher D Carroll, Jiri Slacalek, and Kiichi Tokuoka. Economics Letters 132:97–100 2015a. At https://www.econ2.jhu.edu/people/ccarroll/papers/cstKS/; extended version available as ECB Working Paper number 1633, https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1633.pdf

   “Representing Consumption and Saving Without a Representative Consumer.” Christopher D. Carroll. In Measuring Economic Sustainability and Progress NBER-CRIW Studies in Income and Wealth. University of Chicago Press 2014. At https://www.econ2.jhu.edu/people/ccarroll/papers/RepresentingWithoutRA/

   “The Distribution of Wealth and the MPC: Implications of New European Data.” Christopher D. Carroll, Jiri Slacalek, and Kiichi Tokuoka. The American Economic Review 104(5):107–111 2014. At https://www.econ2.jhu.edu/people/ccarroll/papers/cstMPCxc

   Improving the Measurement of Consumer Expenditures. Christopher Carroll, Thomas Crossley, and John Sabelhaus, editors volume 74 of NBER-CRIW Series in Income and Wealth. University of Chicago Press 2015b

   “The Benefits of Panel Data in Consumer Expenditure Surveys.” Jonathan A. Parker, Nicholas S. Souleles, and Christopher D. Carroll. In Carroll et al. (2015b). Final version at https://www.econ2.jhu.edu/people/ccarroll/papers/ParkerSoulelesCarroll/

   “International Evidence on Sticky Consumption Growth.” Christopher D. Carroll, Martin Sommer, and Jiri Slacalek. Review of Economics and Statistics 93(4):1135–1145 October 2011. https://www.econ2.jhu.edu/people/ccarroll/papers/cssIntlStickyC/

   “How Large Is the Housing Wealth Effect? A New Approach.” Christopher D. Carroll, Jiri Slacalek, and Misuzu Otsuka. NBER Working Paper Number 12746 December 2006. http://www.nber.org/papers/w12746

   “Precautionary Saving and the Marginal Propensity to Consume Out of Permanent Income.” Christopher D. Carroll. Journal of Monetary Economics 56(6):780–790 September 2009. https://www.econ2.jhu.edu/people/ccarroll/papers/MPCPerm

   “Recent Stock Declines: Panic or the Purge of ‘Irrational Exuberance’?.” Christopher D. Carroll. The Economists’ Voice 5 2008. https://www.econ2.jhu.edu/people/ccarroll/opinion/CampbellShillerReduxFinal.pdf

   “Precautionary Saving and Precautionary Wealth.” Christopher D. Carroll and Miles S. Kimball. Palgrave Dictionary of Economics and Finance, 2nd Ed. 2007. https://www.econ2.jhu.edu/people/ccarroll/papers/PalgravePrecautionary.pdf

   “The Method of Endogenous Gridpoints for Solving Dynamic Stochastic Optimization Problems.” Christopher D. Carroll. Economics Letters 91(3):312–320 September 2006a. https://www.econ2.jhu.edu/people/ccarroll/EndogenousGridpoints.pdf

   “The Epidemiology of Macroeconomic Expectations.” Christopher D. Carroll. In Larry Blume and Steven Durlauf, editors, The Economy as an Evolving Complex System, III. Oxford University Press 2006b. [PDF],[Code]

   “Unemployment Risk and Precautionary Wealth: Evidence from Households’ Balance Sheets.” Christopher D. Carroll, Karen E. Dynan, and Spencer S. Krane. Review of Economics and Statistics 85(3) August 2003. https://www.econ2.jhu.edu/people/ccarroll/krynoll.pdf

   “Macroeconomic Expectations of Households and Professional Forecasters.” Christopher D. Carroll. Quarterly Journal of Economics 118(1):269–298 2003. [PDF],[Code]

   “Portfolios of the Rich.” Christopher D. Carroll. In Household Portfolios: Theory and Evidence. MIT Press Cambridge, MA 2002. https://www.econ2.jhu.edu/people/ccarroll/richportfolios.pdf

   “A Theory of the Consumption Function, With and Without Liquidity Constraints.” Christopher D. Carroll. Journal of Economic Perspectives 15(3):23–46 Summer 2001a. https://www.econ2.jhu.edu/people/ccarroll/ATheoryv3JEP.pdf

   “Death to the Log-Linearized Consumption Euler Equation! (And Very Poor Health to the Second-Order Approximation).” Christopher D. Carroll. Advances in Macroeconomics 1(1):Article 6 2001b

   “Individual Learning About Consumption.” Todd M. Allen and Christopher D. Carroll. Macroeconomic Dynamics 5(4) 2001. https://www.econ2.jhu.edu/people/ccarroll/IndivLearningAboutC.pdf

   “‘Risky Habits’ and the Marginal Propsensity to Consume Out of Permanent Income.” Christopher D. Carroll. International Economic Journal 14(4):1–41 2000a. https://www.econ2.jhu.edu/people/ccarroll/riskyhabits.pdf

   “Solving Consumption Models with Multiplicative Habits.” Christopher D. Carroll. Economics Letters 68(1):67–77 2000b. https://www.econ2.jhu.edu/people/ccarroll/HabitsEconLett.pdf

   “Saving and Growth with Habit Formation.” Christopher D. Carroll, Jody R. Overland, and David N. Weil. American Economic Review 90(3):341–355 June 2000. https://www.econ2.jhu.edu/people/ccarroll/AERHabits.pdf

   “Requiem for the Representative Consumer? Aggregate Implications of Microeconomic Consumption Behavior.” Christopher D. Carroll. American Economic Review 90(2):110–115 May 2000c. At https://www.econ2.jhu.edu/people/ccarroll/RequiemFull.pdf

   “Why Do the Rich Save So Much?.” Christopher D. Carroll. In Joel B. Slemrod, editor, Does Atlas Shrug? The Economic Consequences of Taxing the Rich. Harvard University Press 2000d. https://www.econ2.jhu.edu/people/ccarroll/Why.pdf

   “Does Cultural Origin Affect Saving Behavior? Evidence from Immigrants.” Christopher D. Carroll, Changyong Rhee, and Byungkun Rhee. Economic Development and Cultural Change 48(1):33–50 October 1999. https://www.econ2.jhu.edu/people/ccarroll/censave.pdf

   “How Important Is Precautionary Saving?.” Christopher D. Carroll and Andrew A. Samwick. Review of Economics and Statistics 80(3):410–419 August 1998. https://www.econ2.jhu.edu/people/ccarroll/papers/howbig.pdf

   “Comparison Utility in a Growth Model.” Christopher D. Carroll, Jody R. Overland, and David N. Weil. Journal of Economic Growth 2(4):339–367 December 1997. https://www.econ2.jhu.edu/people/ccarroll/compare.pdf

   “The Nature of Precautionary Wealth.” Christopher D. Carroll and Andrew A. Samwick. Journal of Monetary Economics 40(1):41–71 1997

   “Unemployment Expectations, Jumping (S,s) Triggers, and Household Balance Sheets.” Christopher D. Carroll and Wendy E. Dunn. In Benjamin S. Bernanke and Julio Rotemberg, editors, NBER Macroeconomics Annual, 1997 pages 165–229. MIT Press Cambridge, MA 1997. https://www.econ2.jhu.edu/people/ccarroll/macroann.pdf; Methodological Appendix: https://www.econ2.jhu.edu/people/ccarroll/methods3.pdf; Empirical Results and Simulation Programs: https://www.econ2.jhu.edu/people/ccarroll/cdfiles.html;

   “Buffer Stock Saving and the Life Cycle/Permanent Income Hypothesis.” Christopher D. Carroll. Quarterly Journal of Economics CXII(1):1–56 1997

   “On the Concavity of the Consumption Function.” Christopher D. Carroll and Miles S. Kimball. Econometrica 64(4):981–992 1996. https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf

   “Does Consumer Sentiment Forecast Household Spending? If So, Why?.” Christopher D. Carroll, Jeffrey C. Fuhrer, and David W. Wilcox. American Economic Review 84(5):1397–1408 1994a. https://www.econ2.jhu.edu/people/ccarroll/SentAERCarrollFuhrerWilcox.pdf

   “Saving and Growth: A Reinterpretation.” Christopher D. Carroll and David N. Weil. Carnegie-Rochester Conference Series on Public Policy 40:133–192 June 1994. https://www.econ2.jhu.edu/people/ccarroll/CarrollWeilSavingAndGrowth.pdf

   “Are There Cultural Effects on Saving? Some Cross-Sectional Evidence.” Christopher D. Carroll, Changyong Rhee, and Byungkun Rhee. The Quarterly Journal of Economics CIX(3):685–700 August 1994b. https://www.econ2.jhu.edu/people/ccarroll/crr-culture-qje.pdf

   “How Does Future Income Affect Current Consumption?.” Christopher D. Carroll. The Quarterly Journal of Economics CIX(1):111–148 1994. https://www.econ2.jhu.edu/people/ccarroll/howdoesfuture.pdf

   “The Decline in U.S. Saving.” Christopher D. Carroll. Forum for Applied Research and Public Policy 8(4) 1993

   “The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence.” Christopher D. Carroll. Brookings Papers on Economic Activity 1992(2):61–156 1992. https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf

   “Why is U.S. National Saving So Low?.” Lawrence H. Summers and Christopher D. Carroll. Brookings Papers on Economic Activity 1987(2):607–636 1987. https://www.econ2.jhu.edu/people/ccarroll/NatSavSoLow.pdf

   “Why Have Private Saving Rates in the US and Canada Diverged?.” Christopher D. Carroll and Lawrence H. Summers. Journal of Monetary Economics 20(2):249–279 1987. https://www.econ2.jhu.edu/people/ccarroll/papers/CarrollSummersJME.pdf

    “Consumption Growth Parallels Income Growth: Some New Evidence.” Christopher D. Carroll and Lawrence H. Summers. In B. Douglas Bernheim and John B. Shoven, editors, National Saving and Economic Performance. Chicago University Press Chicago 1991. https://www.econ2.jhu.edu/people/ccarroll/papers/CParallelsY.pdf

*Book Reviews and Published Discussions

   Christopher D. Carroll and Edmund Crawley. “Discussion of ‘When Inequality Matters for Macro and Macro Matters for Inequality’.” Technical report NBER 2017

   “Discussion of ‘The Rise in U.S. Household Indebtedness: Causes and Consequences’.” Christopher D. Carroll. In Christopher Kent, editor, Financial Stability and the Economic System (Proceedings of a Conference at the Reserve Bank of Australia, August 22, 2007) 2007. http://www.rba.gov.au/PublicationsAndResearch/Conferences/2007/Dynan_Kohn_disc.pdf

   “Discussion of ‘Macroeconomic Derivatives: An Initial Analysis of Market-Based Macro Forecasts, Uncertainty, and Risk’ by Gurkaynak and Wolfers.” Christopher D. Carroll. In Jeffrey B. Frankel, editor, NBER International Seminar on Macroeconomics. MIT Press 2005. https://www.econ2.jhu.edu/people/ccarroll/discuss/ISOM/gw/2005-06.zip

   The Economics of Saving and Growth: Theory, Evidence, and Implications for Policy. Klaus Schmidt-Hebbel and Luis Servén, editors. Cambridge University Press for the World Bank 2000. Book Review, Journal of Economic Literature

   “The Adequacy of Retirement Saving.” Eric Engen, William Gale, and Cori Uccello. Brookings Papers on Economic Activity 1999(2) 1999. Published Discussion

   “Global Capital Shortages: Real Threat or Pure Fiction?.” OECD 1997. Book Review

   “International Comparisons of Household Saving.” James M. Poterba 1996. . Book Review

   “The Economics of Saving.” James H. Gapinsky 1994. Book Review

*Unpublished Papers

   “Epidemiological Expectations.” Christopher D. Carroll and Tao Wang. In Handbook of Economic Expectations volume 1. Forthcoming, 2022

   “Theoretical Foundations of Buffer Stock Saving.” Christopher D. Carroll. Submitted 2022

   “Dissecting Saving Dynamics: Measuring Wealth, Precautionary, and Credit Effects.” Christopher D. Carroll, Jiri Slacalek, and Martin Sommer. Manuscript, Johns Hopkins University 2019. https://www.econ2.jhu.edu/people/ccarroll/papers/cssUSSaving/

   “A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds.” Christopher D. Carroll and Olivier Jeanne. NBER Working Paper Number 15228 August 2009. https://www.econ2.jhu.edu/people/ccarroll/papers/cjSOE

   “A Tractable Model of Buffer Stock Saving.” Christopher D. Carroll and Patrick Toche. NBER Working Paper Number 15265 August 2009. https://www.econ2.jhu.edu/people/ccarroll/papers/ctDiscrete