Christopher D. Carroll
 Professor of Economics 410–516–7602 (o)
 Department of Economics 410–516–7600 (f)
 Johns Hopkins University ccarroll(at)jhu.edu
 Baltimore, MD 21218-2685
 http://econ.jhu.edu/people/ccarroll
*

Downloadable Papers (reverse chronological order)

   Published or Forthcoming

   “Representing Consumption and Saving Without a Representative Consumer.” Christopher D. Carroll. In Measuring Economic Sustainability and Progress Studies in Income and Wealth. National Bureau of Economic Research 2014. http://econ.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 2014a. At http://econ.jhu.edu/people/ccarroll/papers/cstMPCxc

   “The Benefits of Panel Data in Consumer Expenditure Surveys.” Jonathan A. Parker, Nicholas S. Souleles, and Christopher D. Carroll. In Christopher D. Carroll, Thomas Crossley, and John Sabelhaus, editors, Improving the Measurement of Consumer Expenditures volume 74. University of Chicago Press Forthcoming 2015. At http://econ.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 2011a. http://econ.jhu.edu/people/ccarroll/papers/cssIntlStickyC/

   “How Large Are Housing and Financial Wealth Effects? A New Approach.” Christopher D. Carroll, Misuzu Otsuka, and Jiri Slacalek. Journal of Money, Credit, and Banking 43(1):55–79 February 2011b. http://econ.jhu.edu/people/ccarroll/papers/cosWealthEffects/

   “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. http://econ.jhu.edu/people/ccarroll/papers/MPCPerm

   “Recent Stock Declines: Panic or the Purge of ‘Irrational Exuberance’?.” Christopher D. Carroll. The Economists’ Voice 5 2008. http://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. http://econ.jhu.edu/people/ccarroll/PalgravePrecautionary.pdf

   “The Method of Endogenous Gridpoints for Solving Dynamic Stochastic Optimization Problems.” Christopher D. Carroll. Economics Letters pages 312–320 September 2006a. http://econ.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. http://econ.jhu.edu/people/ccarroll/epidemiologySFI.pdf

   “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. http://econ.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. http://econ.jhu.edu/people/ccarroll/epidemiologyQJE.pdf

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

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

   “Requiem for the Representative Consumer? Aggregate Implications of Microeconomic Consumption Behavior.” Christopher D. Carroll. American Economic Review, Papers and Proceedings 90 (2):110–115 May 2000c. At http://econ.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. http://econ.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. http://econ.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. http://econ.jhu.edu/people/ccarroll/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. http://econ.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. http://econ.jhu.edu/people/ccarroll/macroann.pdf; Methodological Appendix: http://econ.jhu.edu/people/ccarroll/methods3.pdf; Empirical Results and Simulation Programs: http://econ.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. http://econ.jhu.edu/people/ccarroll/BSLCPIH.zip

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

   Unpublished

   Christopher D. Carroll, Jiri Slacalek, Kiichi Tokuoka, and Matthew N. White. “The Distribution of Wealth and the Marginal Propensity to Consume.” mimeo Johns Hopkins University 2014b. At http://econ.jhu.edu/people/ccarroll/papers/cstwMPC (this is a revision of cstMPC)

   “Implications of Wealth Heterogeneity For Macroeconomics.” Christopher D. Carroll. Johns Hopkins University Department of Economics Working Paper Number 597 May 2012. Paper for Academic Consultants’ Meeting, Board of Governors of the Federal Reserve System, available at http://econ.jhu.edu/people/ccarroll/papers/W-Hetero-Fed.pdf

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

   “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. http://econ.jhu.edu/people/ccarroll/papers/cjSOE

   “Liquidity Constraints and Precautionary Saving.” Christopher D. Carroll and Miles S. Kimball. Manuscript, Johns Hopkins University 2005. http://econ.jhu.edu/people/ccarroll/papers/liquidRevised.pdf

   “Theoretical Foundations of Buffer Stock Saving.” Christopher D. Carroll. Manuscript, Department of Economics, Johns Hopkins University 2011. http://econ.jhu.edu/people/ccarroll/papers/BufferStockTheory

   Christopher D. Carroll. “Housing Wealth and Consumption Expenditure.” mimeo Johns Hopkins University 2004