Fields: macroeconomics, financial economics, labor economics

Short bio

Karl Walentin has been working at the Research Division of Sveriges Riksbank since 2005 and received his Ph.D. from New York University the same year. He has visited the Federal Reserve Board (2008) and the Federal Reserve Bank of San Francisco (2012) for extended periods.

 

His research concerns macroeconomics mainly with a focus on business cycles and their relationship to financial factors. In his recent work he has documented the importance of residential mortgage spreads for the business cycle. As a part of that project he also quantified the macroeconomic effects of mortgage related large scale asset purchases by the Federal Reserve. Karl has also constructed and estimated DSGE models of various kinds, both for research and policy purposes.


CV

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Education

  • Ph.D., Economics, New York University, 2005.
  • M.Sc., Economics, Stockholm School of Economics, 1999

Publications

"Business Cycle Implications of Mortgage Spreads", Journal of Monetary Economics, 2014, forthcoming.

 

"Refining Stylized Facts from Factor Models of Inflation", Journal of Applied Econometrics, 2014, forthcoming (with Ferre de Graeve).

 

"Expectation Driven Business Cycles with Limited Enforcement", Economics Letters, 2014, Vol. 124, pp 300-303.

 

"Housing Collateral and the Monetary Transmission Mechanism", Scandinavian Journal of Economics 2014, Vol. 116(3), pp. 635-668. 

 

"Discussion of "Capital Injection, Monetary Policy, and Financial Accelerators" by Hirakata, Sudo and Ueda, International Journal of Central Banking, 2013, Vol. 9(2), pp. 147-154.

 

"Introducing Financial Frictions and Unemployment into a Small Open Economy Model", Journal of Economic Dynamics and Control, Vol. 35(12), pp. 1999-2041, 2011 (with Lawrence Christiano and Mathias Trabandt). Also available as Sveriges Riksbank Working Paper No. 214
AppendixComputational appendixCode for running model

 

“DSGE Models for Monetary Policy Analysis”, Handbook of Monetary Economics, Vol 3A, 2010, edited by B. M. Friedman and M. Woodford.  (with Lawrence Christiano and Mathias Trabandt).

 

"Earnings Inequality and the Equity Premium" The B.E. Journal of Macroeconomics: Vol. 10 : Iss. 1 (Contributions), Article 36, 2010.

 

"Block Kalman filtering for large-scale DSGE models", Computational Economics, Vol. 33(3), pp. 277-304, 2009 (with Ingvar Strid). Working paper version.

Code, zip


Working Papers

"Business Cycle Implications of Mortgage Spreads", Sveriges Riksbank Working Paper Series No. 275. Appendix Revise and resubmit at Journal of Monetary Economics. March 2014.

 

"Refining Stylized Facts from Factor Models of Inflation", Appendix (with Ferre De Graeve). Sveriges Riksbank Working Paper Series No. 254. March 2014.

 

"Involuntary Unemployment and the Business Cycle", (with Lawrence Christiano and Mathias Trabandt). Sveriges Riksbank Working Paper Series No. 238.
Technical appendix Revise and resubmit at Review of Economic Studies. June 2012.

 

"Expectation Driven Business Cycles with Limited Enforcement". Sveriges Riksbank Working Paper No. 229. November 2013.

 

"Financial Frictions, Investment and Tobin’s q", (with Guido Lorenzoni and Guido Lorenzoni). Sveriges Riksbank Working Paper No. 208. Revise and resubmit at Review of Economic Studies. October 2007. 


Earlier papers

"Asset pricing implications of two financial accelerator models"


Other publications

"Vad bestämmer bankernas utlåningsräntor?" (with Magnus Karlsson and Hovick Shahnazarian), Ekonomisk debatt, 2009, No. 7, (in Swedish).


Refereeing

American Economic Review, Quarterly Journal of Economics, Review of Economics and Statistics, Journal of the European Economic Association, Journal of Monetary Economics, Journal of Economic Theory, AEJ Macroeconomics, Journal of Economic Dynamics and Control, Journal of Financial Stability, Review of Economic Dynamics, Journal of Money, Credit, and Banking, Macroeconomic Dynamics, Journal of Macroeconomics, Economic Inquiry, Scandinavian Journal of Economics, Computational Economics, B.E. Journal of Macroeconomics, Economics Letters, Applied Economics Quarterly, Manchester School.