Francois Gourio

Federal Reserve Bank of Chicago

Senior economist and research advisor

230 South LaSalle Street

Chicago, IL 60604

United States

http://sites.google.com/site/fgourio

SCHOLARLY PAPERS

31

DOWNLOADS
Rank 13,804

SSRN RANKINGS

Top 13,804

in Total Papers Downloads

6,743

SSRN CITATIONS
Rank 1,456

SSRN RANKINGS

Top 1,456

in Total Papers Citations

975

CROSSREF CITATIONS

173

Scholarly Papers (31)

The Cross-Section of Labor Leverage and Equity Returns

Donangelo, Andres, Francois Gourio, Matthias Kehrig, and Miguel Palacios. "The cross-section of labor leverage and equity returns." Journal of Financial Economics 132, no. 2 (2019): 497-518 , DOI: 10.1016/j.jfineco.2018.10.016
Number of pages: 53 Posted: 13 May 2016 Last Revised: 29 Jun 2019
no affiliation, Federal Reserve Bank of Chicago, Duke University and Haskayne School of Business, University of Calgary
Downloads 790 (59,378)
Citation 75

Abstract:

Loading...

Labor Leverage, Capital-Labor Complementarity, Capital-Labor Elasticity of Substitution, Operating Leverage, Labor Share, Expected Returns

The Cross-Section of Labor Leverage and Equity Returns

FRB of Chicago Working Paper No. WP-2017-22
Number of pages: 60 Posted: 10 Nov 2017
no affiliation, Federal Reserve Bank of Chicago, Duke University and Haskayne School of Business, University of Calgary
Downloads 204 (277,317)
Citation 1

Abstract:

Loading...

Labor leverage, labor mobility, labor supply, wage, productivity

2.

Uncertainty and International Capital Flows

Number of pages: 60 Posted: 05 Jul 2015 Last Revised: 09 Oct 2015
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and National Bureau of Economic Research (NBER)Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 780 (61,220)
Citation 31

Abstract:

Loading...

international capital flows, political risk, expropriation, gross flows, volatility, uncertainty

Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms

FRB of New York Staff Report No. 1002
Number of pages: 29 Posted: 16 Feb 2022
Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of Chicago and Federal Reserve Bank of New York
Downloads 578 (88,627)

Abstract:

Loading...

monetary policy, financial stability, credit, leverage, liquidity, asset prices

Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms

FEDS Working Paper No. 2022-5
Number of pages: 29 Posted: 18 Feb 2022
Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of Chicago and Federal Reserve Bank of New York
Downloads 75 (601,147)

Abstract:

Loading...

Monetary policy, Asset prices, Financial stability, Financial crises, Credit, Leverage, Liquidity

Financial Stability Considerations for Monetary Policy: Theoretical Mechanisms

FRB of Chicago Working Paper No. 2022-06
Number of pages: 29 Posted: 16 Feb 2022
Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of Chicago and Federal Reserve Bank of New York
Downloads 22 (971,968)

Abstract:

Loading...

monetary policy, financial stability, financial crises, credit, leverage, liquidity, asset prices

4.

International Risk Cycles

Number of pages: 49 Posted: 03 Sep 2010 Last Revised: 07 Nov 2014
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and National Bureau of Economic Research (NBER)Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 610 (83,808)
Citation 19

Abstract:

Loading...

5.

Financing Investment with Long-Term Debt and Uncertainty Shocks

Number of pages: 39 Posted: 19 Mar 2011 Last Revised: 19 Mar 2012
Michael Michaux and Francois Gourio
University of Southern California - Marshall School of Business and Federal Reserve Bank of Chicago
Downloads 446 (123,075)

Abstract:

Loading...

Q Theory of Investment, Capital Structure, Long Term Debt, Stochastic Volatility

6.

The Effect of Winter Weather on U.S. Economic Activity

Economic Perspectives, Vol. 39, No. 1, 2015
Number of pages: 20 Posted: 26 Apr 2015
Justin Bloesch and Francois Gourio
Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago
Downloads 318 (179,242)
Citation 4

Abstract:

Loading...

weather, climate, snow, precipitation, temperature, employment, economic disruption

Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia

FRB of Chicago Working Paper No. WP-2018-19
Number of pages: 62 Posted: 14 Dec 2018 Last Revised: 29 Apr 2020
Emmanuel Farhi and Francois Gourio
Harvard University - Department of Economics and Federal Reserve Bank of Chicago
Downloads 257 (221,931)
Citation 65

Abstract:

Loading...

investment, equity premium, risk-free rate, profitability, valuation ratios, labor share, competition, markups, safe assets

Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia

NBER Working Paper No. w25282
Number of pages: 63 Posted: 26 Nov 2018 Last Revised: 30 Jan 2022
Emmanuel Farhi and Francois Gourio
Harvard University - Department of Economics and Federal Reserve Bank of Chicago
Downloads 34 (857,389)
Citation 16

Abstract:

Loading...

8.

Disaster Risk and Business Cycles

AFA 2011 Denver Meetings Paper
Number of pages: 49 Posted: 19 Mar 2010
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 291 (196,772)
Citation 146

Abstract:

Loading...

business cycles, investment, production, equity premium, time-varying risk premium, disasters, rare events, jumps

9.

Dynamic Effects of Permanent and Temporary Dividend Tax Policies on Corporate Investment and Financial Policies

Number of pages: 41 Posted: 10 Oct 2007
Francois Gourio and Jianjun Miao
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 276 (207,753)
Citation 6

Abstract:

Loading...

dividend tax policies, investment and financial policies, finance regimes, collateral constraint, intertemporal tax arbitrage

Investment Spikes: New Facts and a General Equilibrium Exploration

Chicago GSB Research Paper No. 7
Number of pages: 48 Posted: 08 Aug 2008
Francois Gourio and Anil K. Kashyap
Federal Reserve Bank of Chicago and University of Chicago, Booth School of Business
Downloads 138 (388,981)
Citation 3

Abstract:

Loading...

adjustment costs, investment, investment tax credit, fixed costs, extensive margin

Investment Spikes: New Facts and a General Equilibrium Exploration

NBER Working Paper No. w13157
Number of pages: 47 Posted: 27 Jun 2007 Last Revised: 15 Dec 2022
Francois Gourio and Anil K. Kashyap
Federal Reserve Bank of Chicago and University of Chicago, Booth School of Business
Downloads 55 (703,362)
Citation 3

Abstract:

Loading...

11.
Downloads 192 (295,000)
Citation 3

Risk Premia at the ZLB: A Macroeconomic Interpretation

FRB of Chicago Working Paper No. WP-2020-01
Number of pages: 49 Posted: 27 Apr 2020
Francois Gourio and Phuong Ngo
Federal Reserve Bank of Chicago and Cleveland State University
Downloads 185 (304,464)
Citation 1

Abstract:

Loading...

zero lower bound, liquidity trap, stock market, inflation premia, term

Risk Premia at the ZLB: A Macroeconomic Interpretation

Number of pages: 48 Posted: 15 Apr 2024
Francois Gourio and Bob Ngo
Federal Reserve Bank of Chicago and Cleveland State University - Monte Ahuja College of Business
Downloads 7 (1,135,783)

Abstract:

Loading...

zero lower bound, liquidity trap, stock market, inflation premia, term premia, risk premia

Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform

Number of pages: 44 Posted: 12 Nov 2006
Francois Gourio and Jianjun Miao
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 142 (380,319)
Citation 11

Abstract:

Loading...

firm heterogeneity, general equilibrium, finance regime, the new and tranditional veiws of dividend taxation

Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform

NBER Working Paper No. w15044
Number of pages: 50 Posted: 08 Jun 2009 Last Revised: 09 Feb 2023
Francois Gourio and Jianjun Miao
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 33 (866,091)
Citation 30

Abstract:

Loading...

Firm Entry and Macroeconomic Dynamics: A State-Level Analysis

FEDS Working Paper No. 2016-43
Number of pages: 9 Posted: 18 May 2016 Last Revised: 21 Sep 2016
Francois Gourio, Todd Messer and Michael Siemer
Federal Reserve Bank of Chicago, Federal Reserve Board and Board of Governors of the Federal Reserve System
Downloads 109 (466,860)
Citation 17

Abstract:

Loading...

Productivity, Business dynamics, Employment, Firm entry, Missing generation, New business formation

Firm Entry and Macroeconomic Dynamics: A State-Level Analysis

FRB of Chicago Working Paper No. WP-2016-1
Number of pages: 14 Posted: 22 Feb 2016
Francois Gourio, Todd Messer and Michael Siemer
Federal Reserve Bank of Chicago, Federal Reserve Board and Board of Governors of the Federal Reserve System
Downloads 51 (728,981)

Abstract:

Loading...

Business cycles, Firms entry, Firms dynamics, Gross Domestic Product, macroeconomics, productivity, population

14.

Stochastic Volatility, Bond Yields, and the Q Theory of Investment

Number of pages: 25 Posted: 21 Mar 2011
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 139 (386,101)
Citation 3

Abstract:

Loading...

Q theory of investment, capital structure, stochastic volatility

15.

Adaptation and the Cost of Rising Temperature for the U.S. Economy

FRB of Chicago Working Paper No. 2020-08
Number of pages: 19 Posted: 04 May 2020
Francois Gourio and Charles Fries
Federal Reserve Bank of Chicago and Columbia University, Law School
Downloads 130 (406,927)
Citation 1

Abstract:

Loading...

16.

Time-Varying Risk of Disaster, Time-Varying Risk Premia, and Macroeconomic Dynamics

Number of pages: 42 Posted: 18 Mar 2009
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 130 (406,927)
Citation 2

Abstract:

Loading...

business cycles, equity premium, term premium, return predictability, disasters, rare events, jumps

17.
Downloads 126 (416,637)
Citation 5

The Tradeoffs in Leaning Against the Wind

FRB of Chicago Working Paper No. WP-2017-21
Number of pages: 52 Posted: 10 Nov 2017
Francois Gourio, Anil K. Kashyap and Jae Sim
Federal Reserve Bank of Chicago, University of Chicago, Booth School of Business and Board of Governors of the Federal Reserve System
Downloads 106 (476,448)

Abstract:

Loading...

Credit risk, financial crisis, monetary policy

The Tradeoffs in Leaning Against the Wind

NBER Working Paper No. w23658
Number of pages: 45 Posted: 11 Aug 2017 Last Revised: 22 Feb 2023
Francois Gourio, Anil K. Kashyap and Jae Sim
Federal Reserve Bank of Chicago, University of Chicago, Booth School of Business and Board of Governors of the Federal Reserve System
Downloads 20 (993,532)

Abstract:

Loading...

18.

Customer Capital

Number of pages: 60 Posted: 22 Mar 2010 Last Revised: 30 Jun 2011
Francois Gourio and Leena Rudanko
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 125 (419,077)
Citation 62

Abstract:

Loading...

Product market search, customer base, firm dynamics, investment

19.

Macroeconomic Implications of Time-Varying Risk Premia

ECB Working Paper No. 1463
Number of pages: 96 Posted: 29 Aug 2012
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 95 (510,094)

Abstract:

Loading...

business cycles, investment, credit spreads, risk premia, rare events

20.

Credit Risk and Disaster Risk

FRB of Chicago Working Paper No. 2012-07
Number of pages: 39 Posted: 28 Nov 2012
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 76 (584,135)
Citation 29

Abstract:

Loading...

fi…nancial frictions, …financial accelerator, systematic risk, asset pricing, credit spread puzzle, time-varying risk premium, disasters, rare events, jumps

21.

Disasters Risk and Business Cycles

NBER Working Paper No. w15399
Number of pages: 50 Posted: 05 Oct 2009 Last Revised: 29 Jan 2023
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 69 (615,869)
Citation 1

Abstract:

Loading...

22.

Risk Management for Monetary Policy Near the Zero Lower Bound

FRB of Chicago Working Paper No. 2015-03
Number of pages: 65 Posted: 03 Jun 2015
Federal Reserve Bank of Chicago - Research Department, Federal Reserve Bank of Chicago - Economic Research Department, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago - Economic Research
Downloads 65 (635,352)
Citation 28

Abstract:

Loading...

monetary policy, risk management, zero lower bound

23.

Customer Capital

NBER Working Paper No. w17191
Number of pages: 61 Posted: 11 Jul 2011 Last Revised: 23 Jun 2023
Francois Gourio and Leena Rudanko
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 53 (700,991)
Citation 76

Abstract:

Loading...

Downward Nominal Rigidities and Bond Premia

FRB of Chicago Working Paper No. 2024-09
Number of pages: 47 Posted: 03 Apr 2024
Francois Gourio and Phuong Ngo
Federal Reserve Bank of Chicago and Cleveland State University
Downloads 34 (857,389)

Abstract:

Loading...

Term Premium, Bond premium, Phillips curve, Inflation, Asymmetry, Skewness

Downward Nominal Rigidities and Bond Premia

Number of pages: 46 Posted: 15 Apr 2024
Francois Gourio and Bob Ngo
Federal Reserve Bank of Chicago and Cleveland State University - Monte Ahuja College of Business
Downloads 18 (1,015,613)

Abstract:

Loading...

Term Premium, Bond premium, Phillips curve, Inflation, Asymmetry, Skewness

25.

Size-Dependent Regulations, Firm Size Distribution, and Reallocation

FRB of Chicago Working Paper No. 2013-11
Number of pages: 55 Posted: 31 Oct 2013 Last Revised: 04 Nov 2013
Francois Gourio, Nicolas Roys and Nicolas Roys
Federal Reserve Bank of Chicago and Federal Reserve Banks - Federal Reserve Bank of St. LouisUniversity of Wisconsin - Madison - Department of Economics
Downloads 48 (732,325)
Citation 3

Abstract:

Loading...

firm size distribution, regulation, threshold effect, reallocation

26.
Downloads 47 (738,773)
Citation 52

Credit Risk and Disaster Risk

NBER Working Paper No. w17026
Number of pages: 47 Posted: 09 May 2011 Last Revised: 10 Jul 2023
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 44 (777,750)
Citation 34

Abstract:

Loading...

Credit Risk and Disaster Risk

CEPR Discussion Paper No. DP8201
Number of pages: 46 Posted: 31 Jan 2011
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 3 (1,173,464)
Citation 3
  • Add to Cart

Abstract:

Loading...

asset pricing, business cycles, credit spread puzzle, disasters, equity premium, financial accelerator, financial frictions, jumps, rare events, systematic risk, time-varying risk premium

27.

International Risk Cycles

NBER Working Paper No. w17277
Number of pages: 50 Posted: 08 Aug 2011 Last Revised: 18 Mar 2023
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and National Bureau of Economic Research (NBER)Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 40 (787,676)
Citation 30

Abstract:

Loading...

28.

Transitional Dynamics of Dividend and Capital Gains Tax Cuts

NBER Working Paper No. w16157
Number of pages: 34 Posted: 12 Jul 2010 Last Revised: 24 Feb 2023
Francois Gourio and Jianjun Miao
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 40 (787,676)
Citation 5

Abstract:

Loading...

29.

Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?

FRB of Chicago Working Paper No. 2014-02
Number of pages: 18 Posted: 22 Feb 2014
Francois Gourio and Leena Rudanko
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 37 (810,160)
Citation 1

Abstract:

Loading...

customer capital, Intangible capital, business cycles, labor wedge

30.

Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?

NBER Working Paper No. w19900
Number of pages: 13 Posted: 16 Feb 2014 Last Revised: 18 May 2023
Francois Gourio and Leena Rudanko
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 37 (810,160)

Abstract:

Loading...

31.

Size-Dependent Regulations, Firm Size Distribution, and Reallocation

NBER Working Paper No. w18657
Number of pages: 50 Posted: 30 Dec 2012 Last Revised: 25 Jun 2023
Francois Gourio, Nicolas Roys and Nicolas Roys
Federal Reserve Bank of Chicago and Federal Reserve Banks - Federal Reserve Bank of St. LouisUniversity of Wisconsin - Madison - Department of Economics
Downloads 33 (842,259)
Citation 29

Abstract:

Loading...