Harold L. Cole

University of Pennsylvania - Department of Economics

3718 Locust Walk

436 McNeil

Philadelphia, PA 19104

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

33

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827

Scholarly Papers (33)

Is the Volatility of the Market Price of Risk Due to Intermittent Portfolio Re-Balancing?

American Economic Review, Vol. 102, No. 6, 2012
Number of pages: 53 Posted: 16 Sep 2009 Last Revised: 11 May 2015
YiLi Chien, Harold L. Cole and Hanno N. Lustig
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Pennsylvania - Department of Economics and Stanford Graduate School of Business
Downloads 553 (73,006)
Citation 1

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Asset Pricing, Household Finance, Risk Sharing, Limited Participation

Is the Volatility of the Market Price of Risk Due to Intermittent Portfolio Re-Balancing?

American Economic Review, Forthcoming
Number of pages: 66 Posted: 18 Feb 2010 Last Revised: 15 Jul 2014
YiLi Chien, Harold L. Cole and Hanno N. Lustig
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Pennsylvania - Department of Economics and Stanford Graduate School of Business
Downloads 226 (196,423)
Citation 27

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Portfolio Rebalancing

2.

A Multiplier Approach to Understanding the Macro Implications of Household Finance

Review of Economic Studies (2011), 78(1)
Number of pages: 44 Posted: 18 Mar 2008 Last Revised: 27 Aug 2012
YiLi Chien, Harold L. Cole and Hanno N. Lustig
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Pennsylvania - Department of Economics and Stanford Graduate School of Business
Downloads 487 (86,284)
Citation 3

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Asset Pricing, Risk Sharing, Limited Participation

Why Doesn't Technology Flow from Rich to Poor Countries?

Number of pages: 88 Posted: 20 Oct 2011 Last Revised: 03 Mar 2016
University of Pennsylvania - Department of Economics, University of Pennsylvania - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of St. LouisFederal Reserve Banks - Federal Reserve Bank of St. Louis
Downloads 437 (97,209)

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Costly cash-flow control; costly state verification; dynamic contract theory; economic development; establishment-size distributions; finance and development; financial intermediation; India, Mexico, and the United States; long- and short-term contracts; monitoring; productivity; retained earnings

Why Doesn't Technology Flow from Rich to Poor Countries?

NBER Working Paper No. w20856
Number of pages: 84 Posted: 20 Jan 2015 Last Revised: 27 Jun 2022
University of Pennsylvania - Department of Economics, University of Pennsylvania - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of St. LouisFederal Reserve Banks - Federal Reserve Bank of St. Louis
Downloads 20 (758,512)
Citation 13

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Why Doesn't Technology Flow from Rich to Poor Countries?

FRB of St. Louis Working Paper No. 2012-040A
Posted: 18 Oct 2012
University of Pennsylvania - Department of Economics, University of Pennsylvania - Department of Economics and Federal Reserve Banks - Federal Reserve Bank of St. LouisFederal Reserve Banks - Federal Reserve Bank of St. Louis

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costly cash-flow control, costly state verification, dynamic contract theory, economic development, establishment-size distributions, financial intermediation, India, Mexico, and the U.S., monitoring, productivity, technology adoption, underwriting, ventures

4.
Downloads 150 (282,712)
Citation 43

Quantitative Models of Sovereign Debt Crises

Number of pages: 67 Posted: 15 Mar 2016 Last Revised: 18 Mar 2016
Princeton University, Federal Reserve Bank of Philadelphia, University of Pennsylvania - Department of Economics and University of Notre Dame
Downloads 135 (306,738)
Citation 3

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debt crises, sovereign debt, default, spreads, self-fulfilling debt crises

Quantitative Models of Sovereign Debt Crises

NBER Working Paper No. w22125
Number of pages: 68 Posted: 04 Apr 2016 Last Revised: 16 Jun 2022
Princeton University, Federal Reserve Bank of Philadelphia, University of Pennsylvania - Department of Economics and University of Notre Dame
Downloads 15 (806,372)
Citation 27

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A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

PIER Working Paper No. 17-015
Number of pages: 59 Posted: 14 Jun 2017 Last Revised: 11 Nov 2017
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 62 (503,427)

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A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

PIER Working Paper No. 17-015
Number of pages: 59 Posted: 11 Nov 2017
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 43 (593,735)

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A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

Number of pages: 67 Posted: 13 Nov 2017 Last Revised: 02 Aug 2018
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 17 (786,819)

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Sovereign Debt, Auctions, Heterogeneous Information, Equilibrium

A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information

NBER Working Paper No. w24890
Number of pages: 68 Posted: 06 Aug 2018 Last Revised: 06 Jul 2022
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 2 (962,023)

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Self-Enforcing Stochastic Monitoring and the Separation of Debt and Equity Claims

PIER Working Paper No. 08-025
Number of pages: 52 Posted: 15 Jul 2008 Last Revised: 31 Jan 2013
Harold L. Cole
University of Pennsylvania - Department of Economics
Downloads 41 (605,123)

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Capital Structure, Monitoring, Incentives, Self-Fulfilling

Self-Enforcing Stochastic Monitoring and the Separation of Debt and Equity Claims

PIER Working Paper No. 08-025
Number of pages: 51 Posted: 03 Nov 2011
Harold L. Cole
University of Pennsylvania - Department of Economics
Downloads 39 (616,945)

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Capital Structure, Monitoring, Incentives, Self-Fulfilling

Self-Enforcing Stochastic Monitoring and the Separation of Debt and Equity Claims

Number of pages: 52 Posted: 25 Jan 2013
Harold L. Cole
University of Pennsylvania - Department of Economics
Downloads 23 (732,082)
Citation 2

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capital structure, monitoring, incentives, self-fulfilling

Self-Enforcing Stochastic Monitoring and the Separation of Debt and Equity Claims

NBER Working Paper No. w14480
Number of pages: 37 Posted: 17 Nov 2008 Last Revised: 27 Jul 2022
Harold L. Cole
University of Pennsylvania - Department of Economics
Downloads 16 (796,425)

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Analyzing the Effects of Insuring Health Risks: On the Trade-Off between Short Run Insurance Benefits vs. Long Run Incentive Costs

PIER Working Paper No. 12-047
Number of pages: 57 Posted: 03 Dec 2012
Harold L. Cole, Soojin Kim and Dirk Krueger
University of Pennsylvania - Department of Economics, University of Pennsylvania and University of Pennsylvania - Department of Economics
Downloads 40 (611,029)
Citation 2

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Health, Insurance, Incentive

Analyzing the Effects of Insuring Health Risks: On the Trade-Off between Short Run Insurance Benefits vs. Long Run Incentive Costs

PIER Working Paper No. 14-023
Number of pages: 59 Posted: 29 Apr 2014 Last Revised: 01 Oct 2016
Harold L. Cole, Soojin Kim and Dirk Krueger
University of Pennsylvania - Department of Economics, Purdue University - Department of Economics and University of Pennsylvania - Department of Economics
Downloads 37 (628,970)
Citation 2

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Health Risks, Social Insurance, Health Effort Choices

Analyzing the Effects of Insuring Health Risks: On the Trade-Off between Short Run Insurance Benefits vs. Long Run Incentive Costs

Netspar Discussion Paper No. 11/2012-043
Number of pages: 57 Posted: 30 Nov 2012
Harold L. Cole, Soojin Kim and Dirk Krueger
University of Pennsylvania - Department of Economics, University of Pennsylvania and University of Pennsylvania - Department of Economics
Downloads 20 (758,512)

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Health, insurance, incentive

Analyzing the Effects of Insuring Health Risks: On the Trade-Off between Short Run Insurance Benefits vs. Long Run Incentive Costs

NBER Working Paper No. w18572
Number of pages: 58 Posted: 01 Dec 2012 Last Revised: 01 Oct 2022
Harold L. Cole, Soojin Kim, Soojin Kim and Dirk Krueger
University of Pennsylvania - Department of Economics, Purdue University - Department of Economics, University of Pennsylvania and University of Pennsylvania - Department of Economics
Downloads 12 (837,964)

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Analyzing the Effects of Insuring Health Risks: On the Trade-Off between Short Run Insurance Benefits vs. Long Run Incentive Costs

CEPR Discussion Paper No. DP9239
Number of pages: 60 Posted: 01 Feb 2013
Harold L. Cole, Soojin Kim and Dirk Krueger
University of Pennsylvania - Department of Economics, University of Pennsylvania and University of Pennsylvania - Department of Economics
Downloads 2 (962,023)
Citation 13
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Health, Incentives, Insurance, No-Prior-Condition-Legislation, Wage Discrimination

8.

A Dynamic Theory of Optimal Capital Structure and Executive Compensation

NBER Working Paper No. w11083
Number of pages: 44 Posted: 23 Feb 2005 Last Revised: 15 Oct 2022
Andrew Atkeson and Harold L. Cole
University of California, Los Angeles (UCLA) - Department of Economics and University of Pennsylvania - Department of Economics
Downloads 96 (387,396)

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9.

Analyzing the Effects of Insuring Health Risks

Number of pages: 60 Posted: 08 Oct 2016
Harold L. Cole, Soojin Kim and Dirk Krueger
University of Pennsylvania - Department of Economics, University of Pennsylvania and University of Pennsylvania - Department of Economics
Downloads 89 (406,204)
Citation 1

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Health Risks, Social Insurance, Health Effort Choices

10.

Commodity Trade and International Risk Sharing: How Much Do Financial Markets Matter?

NBER Working Paper No. w3027
Number of pages: 50 Posted: 21 Dec 2000 Last Revised: 10 Oct 2022
Harold L. Cole and Maurice Obstfeld
University of Pennsylvania - Department of Economics and University of California, Berkeley
Downloads 89 (409,031)
Citation 30

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Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies for the Macroeconomy

Number of pages: 45 Posted: 07 May 2014 Last Revised: 15 Jul 2014
YiLi Chien, Harold L. Cole and Hanno N. Lustig
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Pennsylvania - Department of Economics and Stanford Graduate School of Business
Downloads 54 (538,314)

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asset pricing, equilibrium survival, heterogeneous beliefs, heterogeneous preferences

Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies for the Macroeconomy

FRB of St. Louis Working Paper No. 2014-014A
Number of pages: 46 Posted: 16 Jul 2014
YiLi Chien, Harold L. Cole and Hanno N. Lustig
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Pennsylvania - Department of Economics and Stanford Graduate School of Business
Downloads 17 (786,819)

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asset pricing, equilibrium survival, heterogeneous beliefs, heterogeneous preferences

Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies for the Macroeconomy

NBER Working Paper No. w20328
Number of pages: 47 Posted: 28 Jul 2014 Last Revised: 18 Jul 2022
YiLi Chien, Harold L. Cole and Hanno N. Lustig
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Pennsylvania - Department of Economics and Stanford Graduate School of Business
Downloads 13 (827,218)
Citation 1

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12.

Rating Agencies

NBER Working Paper No. w19972
Number of pages: 27 Posted: 19 Mar 2014 Last Revised: 29 Jul 2022
Harold L. Cole and Thomas F. Cooley
University of Pennsylvania - Department of Economics and New York University - Leonard N. Stern School of Business
Downloads 75 (448,940)

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Self-Fulfilling Debt Crises, Revisited: The Art of the Desperate Deal

Number of pages: 58 Posted: 06 Mar 2017
Princeton University, Federal Reserve Bank of Philadelphia, University of Pennsylvania - Department of Economics and University of Notre Dame
Downloads 45 (582,835)
Citation 7

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Sovereign Debt Crises

Self-Fulfilling Debt Crises, Revisited: The Art of the Desperate Deal

FRB of Philadelphia Working Paper No. 17-7
Number of pages: 61 Posted: 11 Apr 2017
Princeton University, Federal Reserve Bank of Philadelphia, University of Pennsylvania - Department of Economics and University of Notre Dame
Downloads 18 (777,163)

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Debt, Crises, Bonds, Bond Auctions

Self-Fulfilling Debt Crises, Revisited

NBER Working Paper No. w23312
Number of pages: 53 Posted: 10 Apr 2017 Last Revised: 12 Sep 2022
Princeton University, Federal Reserve Bank of Philadelphia, University of Pennsylvania - Department of Economics and University of Notre Dame
Downloads 11 (848,790)
Citation 40

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14.

Latin America in the Rearview Mirror

NBER Working Paper No. w11008
Number of pages: 61 Posted: 28 Dec 2004 Last Revised: 30 Jan 2022
University of Pennsylvania - Department of Economics, University of California, Los Angeles (UCLA) - Department of Economics, Universidad de los Andes, Colombia - Department of Economics and Federal Reserve Bank of Minneapolis
Downloads 71 (462,563)
Citation 3

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Deflation and the International Great Depression: A Productivity Puzzle

NBER Working Paper No. w11237
Number of pages: 58 Posted: 11 May 2005 Last Revised: 16 Sep 2022
Harold L. Cole, Lee E. Ohanian and Ron Leung
University of Pennsylvania - Department of Economics, University of California, Los Angeles (UCLA) - Department of Economics and Universite de Montreal
Downloads 65 (491,240)

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Deflation and the International Great Depression: A Productivity Puzzle

Posted: 24 Jul 2008
Harold L. Cole, Lee E. Ohanian and Ron Leung
University of Pennsylvania - Department of Economics, University of California, Los Angeles (UCLA) - Department of Economics and Universite de Montreal

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Great Depression, Deflation, Productivity Shocks, Monetary Shocks

Recursive Contracts, Lotteries and Weakly Concave Pareto Sets

PIER Working Paper No. 10-038
Number of pages: 33 Posted: 18 Dec 2010 Last Revised: 13 Mar 2012
Harold L. Cole and Felix Kubler
University of Pennsylvania - Department of Economics and University of Zurich
Downloads 45 (582,835)
Citation 3

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Recursive Contracting, Recursive Multipliers, Lotteries

Recursive Contracts, Lotteries and Weakly Concave Pareto Sets

NBER Working Paper No. w17064
Number of pages: 32 Posted: 23 May 2011 Last Revised: 18 Aug 2022
Harold L. Cole and Felix Kubler
University of Pennsylvania - Department of Economics and University of Zurich
Downloads 17 (786,819)
Citation 2

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17.
Downloads 52 (537,828)
Citation 1

Social Capital: A Double-Edged Sword

PIER Working Paper No. 20-002
Number of pages: 70 Posted: 10 Jan 2020 Last Revised: 09 Feb 2021
University of Pennsylvania - Department of Economics, University of Pennsylvania, University of Pennsylvania - Department of Economics and University of Pennsylvania - Department of Economics
Downloads 46 (577,608)
Citation 1

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Financial Coalition, Limited Enforcement, Risk Sharing, Coalition-Proof Equilibrium

Trust in Risk Sharing: A Double-Edged Sword

NBER Working Paper No. w26667
Number of pages: 88 Posted: 22 Jan 2020 Last Revised: 13 Nov 2022
University of Pennsylvania - Department of Economics, University of Pennsylvania, University of Pennsylvania - Department of Economics and University of Rochester - Department of Economics
Downloads 6 (906,794)

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Social Capital: A Double-Edged Sword

CEPR Discussion Paper No. DP14333
Number of pages: 72 Posted: 29 Jan 2020 Last Revised: 11 Feb 2021
Harold L. Cole, Dirk Krueger and George J. Mailath
University of Pennsylvania - Department of Economics, University of Pennsylvania and University of Pennsylvania - Department of Economics
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18.

Information Spillovers in Sovereign Debt Markets

PIER Working Paper No. 21-011
Number of pages: 52 Posted: 01 Apr 2021
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 47 (561,060)
Citation 1

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Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 57 Posted: 15 Mar 2022 Last Revised: 17 Mar 2022
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 37 (628,970)

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Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data

NBER Working Paper No. w28459
Number of pages: 43 Posted: 15 Feb 2021 Last Revised: 06 Oct 2022
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 8 (882,646)

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20.

Rating Agencies

Bank of Korea WP 2013-31
Number of pages: 29 Posted: 27 Mar 2015
Harold L. Cole and Thomas F. Cooley
University of Pennsylvania - Department of Economics and New York University - Leonard N. Stern School of Business
Downloads 42 (586,529)

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Ratings Agencies, Mortgaged-Backed Securities, Great Recession

21.

Reputation Spillover Across Relationships with Enduring and Transient Beliefs: Reviving Reputation Models of Debt

NBER Working Paper No. w5486
Number of pages: 25 Posted: 29 Apr 1998 Last Revised: 30 Jun 2022
Harold L. Cole and Patrick J. Kehoe
University of Pennsylvania - Department of Economics and Federal Reserve Bank of Minneapolis - Research Department
Downloads 42 (586,529)

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22.

Self-Fulfilling Debt Crises, Revisited

Number of pages: 53 Posted: 21 Jan 2020 Last Revised: 31 Dec 2020
Princeton University, Federal Reserve Bank of Philadelphia, University of Pennsylvania - Department of Economics and University of Notre Dame
Downloads 30 (664,543)
Citation 10

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self-fulfilling debt crises, rollover crises

23.

Is the Volatility of the Market Price of Risk Due to Intermittent Portfolio Re-Balancing?

NBER Working Paper No. w15382
Number of pages: 54 Posted: 28 Sep 2009 Last Revised: 14 Jul 2022
YiLi Chien, Harold L. Cole and Hanno N. Lustig
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Pennsylvania - Department of Economics and Stanford Graduate School of Business
Downloads 29 (664,543)

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24.

The Impact of Cartelization, Money, and Productivity Shocks on the International Great Depression

NBER Working Paper No. w18823
Number of pages: 39 Posted: 22 Feb 2013 Last Revised: 08 Jun 2022
Harold L. Cole and Lee E. Ohanian
University of Pennsylvania - Department of Economics and University of California, Los Angeles (UCLA) - Department of Economics
Downloads 27 (678,733)
Citation 1

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25.

A Multiplier Approach to Understanding the Macro Implications of Household Finance

NBER Working Paper No. w13555
Number of pages: 45 Posted: 05 Nov 2007 Last Revised: 17 Jul 2022
YiLi Chien, Hanno N. Lustig and Harold L. Cole
Federal Reserve Banks - Federal Reserve Bank of St. Louis, Stanford Graduate School of Business and University of Pennsylvania - Department of Economics
Downloads 25 (693,829)
Citation 11

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26.

Specialization, Transactions Technologies, and Money Growth

NBER Working Paper No. w2724
Number of pages: 33 Posted: 13 Dec 2010 Last Revised: 13 Jun 2021
Harold L. Cole and Alan C. Stockman
University of Pennsylvania - Department of Economics and University of Rochester - Department of Economics
Downloads 17 (768,981)

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27.

Information Spillovers in Sovereign Debt Markets

NBER Working Paper No. w22330
Number of pages: 52 Posted: 13 Jun 2016 Last Revised: 08 Jul 2022
Harold L. Cole, Daniel Neuhann and Guillermo Ordoñez
University of Pennsylvania - Department of Economics, University of Texas at Austin, McCombs School of Business and University of Pennsylvania - Department of Economics
Downloads 14 (787,852)

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28.

Information Spillovers and Sovereign Debt: Theory Meets the Eurozone Crisis

NBER Working Paper No. w30216
Number of pages: 69 Posted: 04 Jul 2022 Last Revised: 11 Jul 2022
Harold L. Cole, Guillermo Ordoñez and Daniel Neuhann
University of Pennsylvania - Department of Economics, University of Pennsylvania - Department of Economics and University of Texas at Austin, McCombs School of Business
Downloads 3 (908,394)
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29.

Reputation Spillover across Relationships: Reviving Reputation Models of Debt

Posted: 25 Sep 2008
Patrick J. Kehoe and Harold L. Cole
Federal Reserve Bank of Minneapolis - Research Department and University of Pennsylvania - Department of Economics

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Default, Borrowing and lending, Lending crises, Reputation, Soverign Debt

30.

The Demand for Money and the Nonneutrality of Money

Posted: 19 Aug 2008
Harold L. Cole and Lee E. Ohanian
University of Pennsylvania - Department of Economics and University of California, Los Angeles (UCLA) - Department of Economics

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Velocity, Money Shocks, Liquidity, Sticky Prices

31.

Efficient Non-Contractible Investments

Posted: 19 Aug 2008
University of Pennsylvania - Department of Economics, University of Pennsylvania - Department of Economics and University of Pennsylvania - Department of Economics

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Matching Models, Investment, Hold-up Problems, Contracting

32.

New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis

Posted: 08 Jul 2004
Harold L. Cole and Lee E. Ohanian
University of Pennsylvania - Department of Economics and University of California, Los Angeles (UCLA) - Department of Economics

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33.

Self-Fulfilling Debt Crises

Posted: 14 Aug 2000
Timothy J. Kehoe and Harold L. Cole
University of Minnesota - Twin Cities - Department of Economics and University of Pennsylvania - Department of Economics

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