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

28

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3,382

CITATIONS
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Top 2,830

in Total Papers Citations

198

Scholarly Papers (28)

The Cross-Section of Labor Leverage and Equity Returns

Number of pages: 53 Posted: 13 May 2016 Last Revised: 15 Mar 2017
University of Texas at Austin - Department of Finance, Federal Reserve Bank of Chicago, Duke University and Haskayne School of Business, University of Calgary
Downloads 489 (54,963)

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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
University of Texas at Austin - Department of Finance, Federal Reserve Bank of Chicago, Duke University and Haskayne School of Business, University of Calgary
Downloads 71 (323,278)

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

2.

International Risk Cycles

Number of pages: 49 Posted: 03 Sep 2010 Last Revised: 07 Nov 2014
Francois Gourio, Michael Siemer and Adrien Verdelhan
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 539 (49,107)
Citation 10

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3.

Uncertainty and International Capital Flows

Number of pages: 60 Posted: 05 Jul 2015 Last Revised: 09 Oct 2015
Francois Gourio, Michael Siemer and Adrien Verdelhan
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 374 (76,770)

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

4.

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 372 (77,279)
Citation 1

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

5.

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 228 (131,014)
Citation 36

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

6.

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 225 (132,714)
Citation 3

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

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: 01 May 2019
Emmanuel Farhi and Francois Gourio
Harvard University - Department of Economics and Federal Reserve Bank of Chicago
Downloads 138 (205,130)

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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
Emmanuel Farhi and Francois Gourio
Harvard University - Department of Economics and Federal Reserve Bank of Chicago
Downloads 10 (591,628)
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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 105 (252,403)
Citation 6

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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: 11 Aug 2010
Francois Gourio and Jianjun Miao
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 11 (585,088)
Citation 6

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9.

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 104 (252,585)

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

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 71 (323,278)
Citation 17

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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: 09 Jul 2007
Francois Gourio and Anil K. Kashyap
Federal Reserve Bank of Chicago and University of Chicago, Booth School of Business
Downloads 27 (484,745)
Citation 17

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11.

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 95 (268,254)

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

12.

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 80 (298,447)
Citation 10

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Product market search, customer base, firm dynamics, investment

13.

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 76 (307,620)

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Q theory of investment, capital structure, stochastic volatility

14.

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 54 (367,079)

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

Firm Entry and Macroeconomic Dynamics: A State-Level Analysis

FEDS Working Paper No. 2016-043
Number of pages: 9 Posted: 18 May 2016
Francois Gourio, Todd Messer and Michael Siemer
Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System
Downloads 28 (479,254)

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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 Bank of Chicago and Board of Governors of the Federal Reserve System
Downloads 22 (514,711)

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

16.

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 44 (400,255)
Citation 32

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

17.

Disasters Risk and Business Cycles

NBER Working Paper No. w15399
Number of pages: 50 Posted: 05 Oct 2009 Last Revised: 31 Jul 2010
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 37 (426,879)
Citation 30

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18.

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, Federal Reserve Bank of Chicago - Economic Research Department, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago - Economic Research
Downloads 35 (435,004)

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monetary policy, risk management, zero lower bound

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 25 (496,449)

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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
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 7 (611,417)

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20.
Downloads 25 (482,079)
Citation 32

Credit Risk and Disaster Risk

NBER Working Paper No. w17026
Number of pages: 47 Posted: 09 May 2011
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 22 (514,711)
Citation 32

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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 (640,631)
Citation 32
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asset pricing, business cycles, credit spread puzzle, disasters, equity premium, financial accelerator, financial frictions, jumps, rare events, systematic risk, time-varying risk premium

21.

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 and Nicolas Roys
Federal Reserve Bank of Chicago and University of Wisconsin - Madison - Department of Economics
Downloads 21 (504,200)

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firm size distribution, regulation, threshold effect, reallocation

22.

International Risk Cycles

NBER Working Paper No. w17277
Number of pages: 50 Posted: 08 Aug 2011 Last Revised: 18 Aug 2011
Francois Gourio, Michael Siemer and Adrien Verdelhan
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 18 (521,280)
Citation 10

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23.

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 14 (544,156)

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customer capital, Intangible capital, business cycles, labor wedge

24.

Customer Capital

NBER Working Paper No. w17191
Number of pages: 61 Posted: 11 Jul 2011
Francois Gourio and Leena Rudanko
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 12 (555,981)
Citation 10

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25.

Size-Dependent Regulations, Firm Size Distribution, and Reallocation

NBER Working Paper No. w18657
Number of pages: 50 Posted: 30 Dec 2012 Last Revised: 16 Oct 2014
Francois Gourio and Nicolas Roys
Federal Reserve Bank of Chicago and University of Wisconsin - Madison - Department of Economics
Downloads 11 (561,849)

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26.

Transitional Dynamics of Dividend and Capital Gains Tax Cuts

NBER Working Paper No. w16157
Number of pages: 34 Posted: 12 Jul 2010 Last Revised: 05 Nov 2010
Francois Gourio and Jianjun Miao
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 10 (567,802)
Citation 1

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27.

Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?

NBER Working Paper No. w19900
Number of pages: 13 Posted: 16 Feb 2014
Francois Gourio and Leena Rudanko
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 3 (612,117)

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28.

The Trade Offs in Leaning Against the Wind

IMF Economic Review, Vol. 66, Issue 1, 2018
Number of pages: 46 Posted: 24 Apr 2018
Francois Gourio, Jae Sim and Anil K. Kashyap
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and University of Chicago, Booth School of Business
Downloads 1 (633,584)
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