Alp Simsek

Massachusetts Institute of Technology (MIT) - Department of Economics

Associate Professor of Economics

50 Memorial Drive E52-552

The Morris and Sophie Chang Building

Cambridge, MA 02142

United States

http://https://economics.mit.edu/faculty/asimsek

National Bureau of Economic Research (NBER)

Faculty Research Fellow

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

http://https://economics.mit.edu/faculty/asimsek

Centre for Economic Policy Research (CEPR)

London

United Kingdom

SCHOLARLY PAPERS

20

DOWNLOADS

3,852

SSRN CITATIONS

557

CROSSREF CITATIONS

312

Scholarly Papers (20)

1.
Downloads 1,013 ( 27,867)
Citation 3

Complexity and Financial Panics

MIT Department of Economics Working Paper No. 09-17
Number of pages: 37 Posted: 05 Jun 2009 Last Revised: 13 Dec 2016
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 918 (31,602)
Citation 3

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Financial network, complexity, uncertainty, flight to quality, cascades,crises, information cost, financial panic, credit crunch

Complexity and Financial Panics

NBER Working Paper No. w14997
Number of pages: 37 Posted: 26 May 2009 Last Revised: 25 Jun 2010
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 95 (342,090)

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2.
Downloads 589 ( 58,065)
Citation 16

Should Retail Investors' Leverage Be Limited?

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 63 Posted: 23 Sep 2012 Last Revised: 02 Apr 2018
Rawley Heimer and Alp Simsek
Boston College - Department of Finance and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 564 (60,652)
Citation 11

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Leverage Constraints, Retail Trading, Speculation, Brokerage Sector, Bid-Ask Spreads, Welfare Criterion

Should Retail Investors&Apos; Leverage Be Limited?

NBER Working Paper No. w24176
Number of pages: 58 Posted: 03 Jan 2018 Last Revised: 24 Jul 2021
Rawley Heimer and Alp Simsek
Boston College - Department of Finance and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 25 (624,032)
Citation 6

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3.

A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a 'COVID-19' Shock

Number of pages: 61 Posted: 16 Apr 2020 Last Revised: 26 Mar 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 502 (70,959)
Citation 23

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Risk intolerance, leverage, asset price spirals, aggregate supply and demand, recessions, conventional and unconventional monetary policy, multiple equilibria, LSAPs, asset demand (in)elasticity, COVID-19

A Risk-Centric Model of Demand Recessions and Speculation

MIT Department of Economics Working Paper No. 17-07
Number of pages: 114 Posted: 25 Jul 2017 Last Revised: 12 Feb 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 164 (226,765)
Citation 7

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risk premium shocks, asset prices, aggregate demand, interest rate rigidity, booms and recessions, heterogeneous beliefs, speculation, monetary and macroprudential policy, the Fed put

A Risk-Centric Model of Demand Recessions and Macroprudential Policy

BIS Working Paper No. 733
Number of pages: 64 Posted: 16 Jul 2018
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 83 (372,522)
Citation 3

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Risk premium shocks, asset prices, aggregate demand, interest rate rigidity booms and recessions, heterogeneous beliefs, speculation, monetary and macroprudential policy

A Risk-Centric Model of Demand Recessions and Speculation

NBER Working Paper No. w23614
Number of pages: 115 Posted: 25 Jul 2017 Last Revised: 11 Jul 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 18 (677,584)

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A Risk-Centric Model of Demand Recessions and Speculation

CEPR Discussion Paper No. DP13815
Number of pages: 118 Posted: 30 Jul 2019 Last Revised: 02 Mar 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 1 (828,133)
Citation 20
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aggregate demand, asset prices, belief disagreements, booms and recessions, extrapolation, interest rate rigidity, monetary and macroprudential policy, Speculation, Time-varying risk premium, Uncertainty shocks

5.
Downloads 223 (172,056)
Citation 68

Fire Sales in a Model of Complexity

MIT Department of Economics Working Paper No. 09-28
Number of pages: 43 Posted: 31 Oct 2009 Last Revised: 06 Apr 2011
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 196 (193,867)
Citation 69

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Fire sales, uncertainty, complexity, financial network, cascades, market freezes, crises, financial panic, credit crunch, externality

Fire Sales in a Model of Complexity

NBER Working Paper No. w15479
Number of pages: 35 Posted: 09 Nov 2009 Last Revised: 12 Nov 2009
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 27 (609,858)

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6.
Downloads 207 (184,450)
Citation 68

A Welfare Criterion for Models with Distorted Beliefs

Number of pages: 48 Posted: 15 Mar 2012
Princeton University - Department of Economics, Massachusetts Institute of Technology (MIT) - Department of Economics and Princeton University - Department of Economics
Downloads 174 (215,464)
Citation 5

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A Welfare Criterion for Models with Distorted Beliefs

NBER Working Paper No. w20691
Number of pages: 55 Posted: 24 Nov 2014
Princeton University - Department of Economics, Massachusetts Institute of Technology (MIT) - Department of Economics and Princeton University - Department of Economics
Downloads 33 (571,918)
Citation 16

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Moral Hazard and Efficiency in General Equilibrium with Anonymous Trading

MIT Department of Economics Working Paper No. 10-8
Number of pages: 53 Posted: 02 May 2010 Last Revised: 25 May 2010
Daron Acemoglu and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 176 (213,363)
Citation 9

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competitive equilibrium, double deviations, efficiency, general equilibrium theory, monitoring partition, moral hazard

Moral Hazard and Efficiency in General Equilibrium with Anonymous Trading

CEPR Discussion Paper No. DP7821
Number of pages: 55 Posted: 19 May 2010
Daron Acemoglu and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 3 (804,159)
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competetive equilibrium, double deviations, efficiency, general equilibrium theory, monitoring partition, moral hazard

8.
Downloads 137 (262,339)
Citation 12

A Model of Fickle Capital Flows and Retrenchment

MIT Department of Economics Working Paper No. 16-10
Number of pages: 78 Posted: 12 Nov 2016 Last Revised: 25 Jul 2019
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 123 (285,813)
Citation 4

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gross capital flows, global liquidity, fickleness, retrenchment, asset fire sales, capital controls, policy coordination, scarcity of safe assets, reach-for-safety, reach-for-yield

A Model of Fickle Capital Flows and Retrenchment

NBER Working Paper No. w22751
Number of pages: 79 Posted: 24 Oct 2016 Last Revised: 01 Sep 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 13 (718,486)
Citation 5

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A Model of Fickle Capital Flows and Retrenchment

CEPR Discussion Paper No. DP13819
Number of pages: 81 Posted: 30 Jul 2019
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 1 (828,133)
Citation 6
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asset fire sales, capital controls, fickleness, Global liquidity, Gross capital flows, Policy Coordination, reach-for-safety, reach-for-yield, retrenchment, scarcity of safe assets

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

Number of pages: 75 Posted: 13 Aug 2020 Last Revised: 30 Jul 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 76 (392,594)

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Monetary Policy, Output Gap, Recovery, Asset Prices, Overshooting, Wall/Main Street Disconnect, Inflation, Phillips Curve, Taylor Rules, Market-Bond Portfolio, COVID-19, Macroeconomic News, Qe/LSAPs

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

NBER Working Paper No. w27712
Number of pages: 76 Posted: 25 Aug 2020 Last Revised: 20 Sep 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 41 (528,415)

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Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect

CEPR Discussion Paper No. DP15163
Number of pages: 78 Posted: 18 Aug 2020 Last Revised: 22 Sep 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 1 (828,133)
Citation 1
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asset prices, COVID-19, Macroeconomic news, market-bond portfolio, monetary policy, Output gap, Overshooting, Phillips curve, QE/LSAPs, Wall/Main Street disconnect

10.
Downloads 109 (309,931)
Citation 118

Liquidity Trap and Excessive Leverage

IMF Working Paper No. 14/129
Number of pages: 50 Posted: 14 Aug 2014
Anton Korinek and Alp Simsek
University of Virginia - Department of Economics and Darden School of Business and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 96 (339,756)
Citation 2

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Macroprudential Policy, Monetary policy, Liquidity, Demand, Borrowing, Debt markets, Economic recession, Equilibrium. Econometric models, Leverage, liquidity trap, zero lower bound, aggregate demand externality, efficiency, macroprudential policy, insurance, aggregate demand, inflation, real interest rate, contractionary monetary policy, inflation target, nominal interest rate, monetary policies, real interest rates, optimal monetary policy, aggregate demand effects, monetary fund, nominal interest rates, nominal variables, steady-state inflation, inflation dynamics, financial stability, central bank, inflation targeting

Liquidity Trap and Excessive Leverage

NBER Working Paper No. w19970
Number of pages: 46 Posted: 20 Mar 2014 Last Revised: 26 Jul 2021
Anton Korinek and Alp Simsek
University of Virginia - Department of Economics and Darden School of Business and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 13 (718,486)
Citation 54

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11.
Downloads 96 (337,209)
Citation 3

Prudential Monetary Policy

Number of pages: 58 Posted: 02 Jun 2019 Last Revised: 24 Apr 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 86 (364,443)

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Speculation, leverage, aggregate demand, business cycle, effective lower bound, monetary policy, regulation, macroprudential policies, leaning against the wind

Prudential Monetary Policy

NBER Working Paper No. w25977
Number of pages: 59 Posted: 26 Jun 2019
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 10 (744,003)
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Prudential Monetary Policy

CEPR Discussion Paper No. DP13832
Number of pages: 61 Posted: 30 Jul 2019 Last Revised: 24 Mar 2020
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
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Citation 3
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aggregate demand, Business cycle, effective lower bound, leaning against the wind, leverage, macroprudential policies, monetary policy, regulation, Shadow banks, Speculation

Monetary Policy with Opinionated Markets

Number of pages: 69 Posted: 22 Jun 2020 Last Revised: 16 Feb 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 88 (359,238)

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Monetary policy and shocks, aggregate demand shocks, the Fed's dot plot, the term structure of interest rates, forward curve, confident disagreement, belief shocks, taper tantrum, communication, gradualism.

Monetary Policy with Opinionated Markets

NBER Working Paper No. w27313
Number of pages: 70 Posted: 09 Jun 2020 Last Revised: 19 Aug 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 3 (804,159)
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Monetary Policy with Opinionated Markets

CEPR Discussion Paper No. DP14830
Number of pages: 72 Posted: 03 Jun 2020 Last Revised: 01 Mar 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
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13.
Downloads 63 (429,537)
Citation 1

The Macroeconomics of Financial Speculation

Annual Review of Economics, Vol. 13, pp. 335-369, 2021
Posted: 12 Aug 2021
Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics

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The Macroeconomics of Financial Speculation

Annual Review of Economics, Forthcoming
Number of pages: 60 Posted: 22 Mar 2021
Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 58 (453,958)
Citation 1

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financial speculation, belief disagreements, short selling, leverage, speculative bubbles, rational bubbles, countercyclical risk premium, business cycles, aggregate demand recessions, macroprudential policy

The Macroeconomics of Financial Speculation

NBER Working Paper No. w28426
Number of pages: 62 Posted: 08 Feb 2021 Last Revised: 03 Sep 2021
Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 5 (786,929)
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The Macroeconomics of Financial Speculation

CEPR Discussion Paper No. DP15733
Number of pages: 63 Posted: 11 Feb 2021 Last Revised: 01 Mar 2021
Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 0
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Stock Market Wealth and the Real Economy: A Local Labor Market Approach

Number of pages: 109 Posted: 24 Jun 2019 Last Revised: 13 Feb 2020
Harvard University Department of Economics, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 43 (518,512)

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stock prices, consumption wealth effect, marginal propensity to consume, employment, wages, regional heterogeneity, time-varying risk premium, nominal rigidities, monetary policy

Stock Market Wealth and the Real Economy: A Local Labor Market Approach

NBER Working Paper No. w25959
Number of pages: 55 Posted: 17 Jun 2019 Last Revised: 14 May 2021
Harvard University Department of Economics, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 15 (701,521)

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Stock Market Wealth and the Real Economy: A Local Labor Market Approach

CEPR Discussion Paper No. DP13856
Number of pages: 112 Posted: 30 Jul 2019 Last Revised: 02 Mar 2020
Harvard University Department of Economics, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 0
Citation 15
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consumption wealth effect, employment, marginal propensity to consume, monetary policy, nominal rigidities, regional heterogeneity, Stock Prices, Time-varying risk premium, wages

15.
Downloads 58 (447,287)
Citation 2

Reach for Yield and Fickle Capital Flows

MIT Department of Economics Working Paper No. 18-03
Number of pages: 14 Posted: 09 Mar 2018
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 53 (473,662)

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Reach for Yield and Fickle Capital Flows

NBER Working Paper No. w24400
Number of pages: 13 Posted: 12 Mar 2018 Last Revised: 03 Sep 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 5 (786,929)
Citation 2

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16.
Downloads 47 (490,654)
Citation 5

The Choice Channel of Financial Innovation

Number of pages: 77 Posted: 07 Feb 2020
Felipe Iachan, Plamen Nenov and Alp Simsek
FGV, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 24 (631,449)

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Belief Disagreements, Speculation, Financial Innovation, Savings, Interest Rate, Risk Premium, Customization, Stock Market Participation

The Choice Channel of Financial Innovation

NBER Working Paper No. w21686
Number of pages: 78 Posted: 02 Nov 2015 Last Revised: 16 Apr 2021
Felipe Iachan, Plamen Nenov and Alp Simsek
FGV, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 21 (654,167)

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The Choice Channel of Financial Innovation

CEPR Discussion Paper No. DP14361
Number of pages: 80 Posted: 11 Feb 2020
Felipe Iachan, Plamen Nenov and Alp Simsek
FGV, BI Norwegian Business School and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 2 (814,885)
Citation 2
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belief disagreements, Customization, financial innovation, interest rate, Risk premium, Savings, Speculation, Stock Market Participation

A Model of Endogenous Risk Intolerance and Lsaps: Asset Prices and Aggregate Demand in a “Covid-19” Shock

NBER Working Paper No. w27044
Number of pages: 62 Posted: 28 Apr 2020 Last Revised: 27 Jun 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 40 (533,496)

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A Model of Endogenous Risk Intolerance and Lsaps: Asset Prices and Aggregate Demand in a "Covid-19" Shock

CEPR Discussion Paper No. DP14627
Number of pages: 65 Posted: 08 May 2020 Last Revised: 31 Mar 2021
Ricardo J. Caballero and Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 0
Citation 3
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18.

Speculation and Risk Sharing with New Financial Assets

NBER Working Paper No. w17506
Number of pages: 49 Posted: 14 Oct 2011
Alp Simsek
Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 30 (574,949)
Citation 19

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19.

Investment Hangover and the Great Recession

NBER Working Paper No. w20569
Number of pages: 48 Posted: 14 Oct 2014 Last Revised: 15 Sep 2021
Massachusetts Institute of Technology (MIT) - Department of Economics, Harvard University - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 18 (655,096)
Citation 12

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20.

Durability, Deadline, and Election Effects in Bargaining

NBER Working Paper No. w22284
Number of pages: 58 Posted: 01 Jun 2016 Last Revised: 23 May 2021
Alp Simsek and Muhamet Yildiz
Massachusetts Institute of Technology (MIT) - Department of Economics and Massachusetts Institute of Technology (MIT) - Department of Economics
Downloads 8 (731,808)

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