Xavier Gabaix

Harvard University - Department of Economics

Prof. of economics

Littauer Center

Cambridge, MA 02138

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

Centre for Economic Policy Research (CEPR)

London

United Kingdom

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

  • Harvard University - Department of Economics

SCHOLARLY PAPERS

51

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Rank 206

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Top 206

in Total Papers Downloads

110,124

TOTAL CITATIONS
Rank 37

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Top 37

in Total Papers Citations

2,582

Scholarly Papers (51)

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1.

In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis

Downloads 26,348 ( 216)
Citation 32

In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis


Number of pages: 109 Posted: 23 Oct 2020 Last Revised: 10 Aug 2024
Xavier Gabaix and Ralph S. J. Koijen
Harvard University - Department of Economics and University of Chicago - Booth School of Business
Downloads 26,126 (212)
Citation 18

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In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis

NBER Working Paper No. w28967
Number of pages: 54 Posted: 28 Jun 2021 Last Revised: 24 Feb 2023
Xavier Gabaix and Ralph S. J. Koijen
Harvard University - Department of Economics and University of Chicago - Booth School of Business
Downloads 215 (295,389)
Citation 1

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In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis

CEPR Discussion Paper No. DP16290
Number of pages: 124 Posted: 14 Jul 2021
Xavier Gabaix and Ralph S. J. Koijen
Harvard University - Department of Economics and University of Chicago - Booth School of Business
Downloads 7 (1,310,924)
Citation 13
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2.

Institutional Investors and Stock Market Volatility

Downloads 12,316 ( 836)
Citation 88

Institutional Investors and Stock Market Volatility

MIT Department of Economics Working Paper No. 03-30
Number of pages: 51 Posted: 11 Sep 2003 Last Revised: 01 Jun 2010
Xavier Gabaix, Parameswaran Gopikrishnan, Vasiliki Plerou and H. Eugene Stanley
Harvard University - Department of Economics, Boston University - Center for Polymer Studies, Boston University - Center for Polymer Studies and Boston University - Center for Polymer Studies
Downloads 12,018 (869)
Citation 65

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stock market crashes, power law, tail behavior, Levy distribution, market microstructure, behavioral finance, scaling, volume, excess volatility, price pressure

Institutional Investors and Stock Market Volatility

NBER Working Paper No. w11722
Number of pages: 52 Posted: 18 Jan 2006 Last Revised: 14 Jul 2022
Xavier Gabaix, Parameswaran Gopikrishnan, Vasiliki Plerou and H. Eugene Stanley
Harvard University - Department of Economics, Boston University - Center for Polymer Studies, Boston University - Center for Polymer Studies and Boston University - Center for Polymer Studies
Downloads 298 (212,663)
Citation 23

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3.

Granular Instrumental Variables

Downloads 7,552 ( 1,904)
Citation 47

Granular Instrumental Variables

Journal of Political Economy (forthcoming)
Number of pages: 104 Posted: 15 Apr 2019 Last Revised: 14 Nov 2023
Xavier Gabaix and Ralph S. J. Koijen
Harvard University - Department of Economics and University of Chicago - Booth School of Business
Downloads 7,440 (1,941)
Citation 17

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Granular Instrumental Variables

NBER Working Paper No. w28204
Number of pages: 97 Posted: 21 Dec 2020 Last Revised: 26 Jul 2023
Xavier Gabaix and Ralph S. J. Koijen
Harvard University - Department of Economics and University of Chicago - Booth School of Business
Downloads 110 (524,664)
Citation 1

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Granular Instrumental Variables

CEPR Discussion Paper No. DP15531
Number of pages: 100 Posted: 23 Dec 2020
Xavier Gabaix and Ralph S. J. Koijen
Harvard University - Department of Economics and University of Chicago - Booth School of Business
Downloads 2 (1,351,333)
Citation 29
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4.

The Age of Reason: Financial Decisions over the Life-Cycle with Implications for Regulation

Downloads 6,632 ( 2,389)
Citation 62

The Age of Reason: Financial Decisions over the Life-Cycle with Implications for Regulation

Number of pages: 76 Posted: 29 Mar 2008 Last Revised: 22 Oct 2009
Sumit Agarwal, John C. Driscoll, Xavier Gabaix and David Laibson
National University of Singapore, Board of Governors of the Federal Reserve System, Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 6,354 (2,540)
Citation 59

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Household finance, aging, financial sophistication, shrouding, credit cards, fees, mortgages, regulation

The Age of Reason: Financial Decisions Over the Lifecycle

NYU Working Paper No. FIN-07-005
Number of pages: 51 Posted: 03 Nov 2008
Sumit Agarwal, John C. Driscoll, Xavier Gabaix and David Laibson
National University of Singapore, Board of Governors of the Federal Reserve System, Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 194 (325,622)

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Household finance, behavioral finance, behavioral industrial organization, aging, shrouding, auto loans, credit cards, fees, home equity, home equity

The Age of Reason: Financial Decisions Over the Lifecycle

NBER Working Paper No. w13191
Number of pages: 51 Posted: 03 Jul 2007 Last Revised: 18 Jul 2022
Sumit Agarwal, John C. Driscoll, Xavier Gabaix and David Laibson
National University of Singapore, Board of Governors of the Federal Reserve System, Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 84 (630,429)
Citation 3

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5.

Power Laws in Economics and Finance

Downloads 5,492 ( 3,310)
Citation 230

Power Laws in Economics and Finance

Number of pages: 61 Posted: 27 Aug 2008 Last Revised: 03 Apr 2009
Xavier Gabaix
Harvard University - Department of Economics
Downloads 5,338 (3,451)
Citation 104

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scaling, fat tails, superstars, crashes

Power Laws in Economics and Finance

NBER Working Paper No. w14299
Number of pages: 62 Posted: 08 Sep 2008 Last Revised: 29 Jul 2022
Xavier Gabaix
Harvard University - Department of Economics
Downloads 154 (400,559)
Citation 126

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Power Laws in Economics and Finance

Posted: 04 Jun 2010
Xavier Gabaix
Harvard University - Department of Economics

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Power Laws in Economics and Finance

Annual Review of Economics, Vol. 1, pp. 255-294, 2009
Posted: 31 Aug 2011
Xavier Gabaix
Harvard University - Department of Economics

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6.

Asset Embeddings

Number of pages: 52 Posted: 20 Jul 2023 Last Revised: 25 Sep 2024
Xavier Gabaix, Ralph S. J. Koijen, Robert Richmond and Motohiro Yogo
Harvard University - Department of Economics, University of Chicago - Booth School of Business, New York University (NYU) - Department of Finance and Princeton University - Department of Economics
Downloads 5,419 (3,408)

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Asset embeddings, transformer models, artificial intelligence, machine learning

7.

Executive Compensation: A Survey of Theory and Evidence

Downloads 4,732 ( 4,335)
Citation 48

Executive Compensation: A Survey of Theory and Evidence

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 514/2016
Number of pages: 173 Posted: 26 Jun 2017 Last Revised: 30 Jun 2021
Alex Edmans, Xavier Gabaix and Dirk Jenter
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 3,668 (6,440)
Citation 24

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Executive compensation, contracts, principal-agent problem, rent extraction

Executive Compensation: A Survey of Theory and Evidence

CESifo Working Paper Series No. 6585
Number of pages: 169 Posted: 24 Aug 2017
Alex Edmans, Xavier Gabaix and Dirk Jenter
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 927 (52,957)
Citation 16

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executive compensation, CEO compensation, managerial incentives, pay-for-performance, corporate governance

Executive Compensation: A Survey of Theory and Evidence

NBER Working Paper No. w23596
Number of pages: 168 Posted: 17 Jul 2017 Last Revised: 23 Jun 2023
Alex Edmans, Xavier Gabaix and Dirk Jenter
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 134 (448,857)

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Executive Compensation: A Survey of Theory and Evidence

CEPR Discussion Paper No. DP12148
Number of pages: 170 Posted: 18 Jul 2017
Alex Edmans, Xavier Gabaix and Dirk Jenter
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 3 (1,344,009)
Citation 8
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8.

Why Has CEO Pay Increased so Much?

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Citation 62

Why Has CEO Pay Increased so Much?

MIT Department of Economics Working Paper No. 06-13
Number of pages: 39 Posted: 16 May 2006
Xavier Gabaix and Augustin Landier
Harvard University - Department of Economics and HEC
Downloads 2,777 (9,990)
Citation 8

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Executive compensation, wage distribution, pay performance sensitivity, extreme value, theory, superstars, calibratable corporate finance

Why Has CEO Pay Increased so Much?

MIT Department of Economics Working Paper No. 06-13, AFA 2007 Chicago Meetings Paper
Number of pages: 30 Posted: 17 May 2006
Xavier Gabaix and Augustin Landier
Harvard University - Department of Economics and HEC
Downloads 753 (70,177)
Citation 12

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Executive compensation, wage distribution, Pareto distribution, wage inequality, assignment, incentives, pay performance sensitivity, human capital

Why Has CEO Pay Increased so Much?

NYU Working Paper No. CLB-06-011
Number of pages: 47 Posted: 31 Oct 2008
Xavier Gabaix and Augustin Landier
Harvard University - Department of Economics and HEC
Downloads 161 (385,281)
Citation 1

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Executive compensation, wage distribution, corporate governance, Roberts law, Zipf s law, scaling, extreme value theory, superstars, calibratable corporate finance

Why Has CEO Pay Increased so Much?

NBER Working Paper No. w12365
Number of pages: 48 Posted: 24 Jul 2006 Last Revised: 02 Jan 2023
Xavier Gabaix and Augustin Landier
Harvard University - Department of Economics and HEC
Downloads 74 (678,671)
Citation 41

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9.

Dynamic CEO Compensation

Downloads 3,718 ( 6,411)
Citation 26

Dynamic CEO Compensation

Journal of Finance 67(5), 1603-1647, October 2012
Number of pages: 63 Posted: 18 Mar 2009 Last Revised: 20 Dec 2013
Alex Edmans, Xavier Gabaix, Tomasz Sadzik and Yuliy Sannikov
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics, New York University (NYU) and University of California, Berkeley - Department of Economics
Downloads 3,579 (6,698)
Citation 26

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Contract theory, executive compensation, incentives, principal-agent problem, private saving, manipulation, vesting

Dynamic Incentive Accounts

NBER Working Paper No. w15324
Number of pages: 43 Posted: 08 Sep 2009 Last Revised: 17 May 2023
Alex Edmans, Xavier Gabaix, Tomasz Sadzik and Yuliy Sannikov
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics, New York University (NYU) and University of California, Berkeley - Department of Economics
Downloads 128 (465,899)

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Dynamic Incentive Accounts

CEPR Discussion Paper No. DP7497
Number of pages: 45 Posted: 17 Nov 2009
Alex Edmans, Xavier Gabaix, Tomasz Sadzik and Yuliy Sannikov
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics, New York University (NYU) and University of California, Berkeley - Department of Economics
Downloads 11 (1,263,990)
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Contract theory, executive compensation, incentives, manipulation, principal-agent problem, private saving, vesting

10.

Asset Demand of U.S. Households

Downloads 3,356 ( 7,572)
Citation 1

Asset Demand of U.S. Households

Number of pages: 62 Posted: 20 Oct 2022 Last Revised: 04 Sep 2024
Xavier Gabaix, Ralph S. J. Koijen, Federico Mainardi, Sangmin Oh and Motohiro Yogo
Harvard University - Department of Economics, University of Chicago - Booth School of Business, University of Chicago - Booth School of Business, Columbia University - Columbia Business School, Finance and Princeton University - Department of Economics
Downloads 3,336 (7,516)
Citation 1

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Asset Demand of U.S. Households

NBER Working Paper No. w32001
Number of pages: 63 Posted: 02 Jan 2024
Xavier Gabaix, Ralph S. J. Koijen, Federico Mainardi, Simon Oh and Motohiro Yogo
Harvard University - Department of Economics, University of Chicago - Booth School of Business, University of Chicago - Booth School of Business, University of Chicago and Princeton University
Downloads 20 (1,140,378)
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11.

Executive Compensation: A Modern Primer

Downloads 3,315 ( 7,729)
Citation 68

Executive Compensation: A Modern Primer

Journal of Economic Literature 54(4), 1232-1287, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 450/2015
Number of pages: 79 Posted: 13 Mar 2015 Last Revised: 10 Feb 2020
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 3,216 (7,954)
Citation 68

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Executive compensation, contract theory, principal-agent problem, rent extraction, optimal contracting

Executive Compensation: A Modern Primer

NBER Working Paper No. w21131
Number of pages: 70 Posted: 04 May 2015 Last Revised: 29 Mar 2023
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 96 (579,064)

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Executive Compensation: A Modern Primer

CEPR Discussion Paper No. DP10566
Number of pages: 71 Posted: 05 May 2015
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 3 (1,344,009)
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contract theory, executive compensation, optimal contracting, principal-agent problem, rent extraction

12.

Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets

Downloads 2,649 (10,978)
Citation 272

Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets

MIT Department of Economics Working Paper No. 05-18
Number of pages: 37 Posted: 24 May 2005
Xavier Gabaix and David Laibson
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 2,543 (11,495)
Citation 20

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behavioral economics, bounded rationality, consumer protection, information

Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets

NBER Working Paper No. w11755
Number of pages: 37 Posted: 06 Feb 2006 Last Revised: 15 Aug 2022
Xavier Gabaix and David Laibson
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 106 (539,597)
Citation 252

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13.

Crash Risk in Currency Markets

Downloads 2,585 (11,430)
Citation 10

Crash Risk in Currency Markets

NYU Working Paper No. FIN-09-007
Number of pages: 68 Posted: 07 May 2009 Last Revised: 13 Mar 2015
Emmanuel Farhi, Samuel P. Fraiberger, Xavier Gabaix, Romain G. Rancière, Adrien Verdelhan and Adrien Verdelhan
Harvard University - Department of Economics, Computer Science, Harvard University - Department of Economics, University of Southern California and National Bureau of Economic Research (NBER)Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 2,460 (12,087)
Citation 4

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Exchange Rates, Disaster Risk, Currency Options

Crash Risk in Currency Markets

NBER Working Paper No. w15062
Number of pages: 94 Posted: 08 Jun 2009 Last Revised: 27 Feb 2022
Emmanuel Farhi, Samuel P. Fraiberger, Xavier Gabaix, Romain G. Rancière, Adrien Verdelhan and Adrien Verdelhan
Harvard University - Department of Economics, Computer Science, Harvard University - Department of Economics, University of Southern California and National Bureau of Economic Research (NBER)Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 122 (484,177)
Citation 6

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Crash Risk in Currency Markets

CEPR Discussion Paper No. DP7322
Number of pages: 83 Posted: 15 Jul 2009
Emmanuel Farhi, Samuel P. Fraiberger, Xavier Gabaix, Romain G. Rancière, Adrien Verdelhan and Adrien Verdelhan
Harvard University - Department of Economics, Computer Science, Harvard University - Department of Economics, University of Southern California and National Bureau of Economic Research (NBER)Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 3 (1,344,009)
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carry trade, currency crisis, currency options, disaster risk, exchange rate, financial crisis

14.

Learning in the Credit Card Market

Downloads 2,004 (17,170)
Citation 11

Learning in the Credit Card Market

Number of pages: 44 Posted: 06 Apr 2008 Last Revised: 26 Apr 2013
Sumit Agarwal, John C. Driscoll, Xavier Gabaix and David Laibson
National University of Singapore, Board of Governors of the Federal Reserve System, Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 1,809 (19,829)
Citation 11

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household finance, consumer finance, credit cards, feedback, learning, learning-by-doing, recency

Learning in the Credit Card Market

NBER Working Paper No. w13822
Number of pages: 37 Posted: 15 Feb 2008 Last Revised: 09 Oct 2022
Sumit Agarwal, John C. Driscoll, Xavier Gabaix and David Laibson
National University of Singapore, Board of Governors of the Federal Reserve System, Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 195 (324,082)

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15.

Is CEO Pay Really Inefficient? A Survey of New Optimal Contracting Theories

Downloads 1,970 (17,660)
Citation 8

Is CEO Pay Really Inefficient? A Survey of New Optimal Contracting Theories

Europen Financial Management, Vol. 15, No. 3, pp. 486-496, June 2009
Number of pages: 13 Posted: 24 Sep 2008 Last Revised: 07 Dec 2011
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 1,697 (21,891)
Citation 2

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Executive compensation, pay-performance sensitivity, rent extraction, optimal contracting

Is CEO Pay Really Inefficient? A Survey of New Optimal Contracting Theories

NYU Working Paper No. FIN-08-026
Number of pages: 13 Posted: 09 Mar 2009 Last Revised: 07 Dec 2011
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 273 (233,025)
Citation 6

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16.

The Complexity of Economic Decisions

Downloads 1,891 (18,876)
Citation 3

The Complexity of Economic Decisions

Number of pages: 93 Posted: 17 Jul 2023 Last Revised: 24 Oct 2024
Xavier Gabaix and Thomas Graeber
Harvard University - Department of Economics and Harvard Business School
Downloads 1,875 (18,799)
Citation 1

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Complexity, behavioral theory, inattention, bounded rationality, dampening, consumer theory, understanding of general equilibrium

The Complexity of Economic Decisions

NBER Working Paper No. w33109
Number of pages: 94 Posted: 05 Nov 2024
Xavier Gabaix and Thomas Graeber
Harvard University - Department of Economics and Harvard Business School
Downloads 16 (1,195,193)
Citation 2
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17.

A Unified Theory of Ten Financial Puzzles

9th Annual Texas Finance Festival
Number of pages: 38 Posted: 01 Apr 2007
Xavier Gabaix
Harvard University - Department of Economics
Downloads 1,518 (26,384)

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Rare Disasters, Stochastic Discount Factor, Linearity-generating process, Long term risk, Interest rate processes, Yield curve, Bond pricing, Equity Premium, Value Premium, Risk-free rate puzzle, Excess volatility, Forward premium puzzle, Uncovered interest rate parity puzzle

18.

The Allocation of Attention: Theory and Evidence

MIT Department of Economics Working Paper No. 03-31
Number of pages: 45 Posted: 16 Sep 2003
Xavier Gabaix, David Laibson, Guillermo Moloche and Stephen Ernest Weinberg
Harvard University - Department of Economics, Harvard University - Department of Economics, University of Chicago - Department of Economics and Harvard University
Downloads 1,497 (26,956)
Citation 28

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attention, satisficing, Mouselab, bounded rationality, behavioral economics, experimental economics, cognitive modeling

19.

A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium

Downloads 1,352 (31,321)
Citation 82

A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium

Review of Financial Studies, Vol. 22, No. 12, pp. 4881-4917, December 2009, EFA 2008 Athens Meetings Paper
Number of pages: 42 Posted: 19 Mar 2008 Last Revised: 07 Dec 2011
Alex Edmans, Xavier Gabaix and Augustin Landier
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics and HEC
Downloads 1,352 (30,772)
Citation 82

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Executive compensation, multiplicative preferences, pay-performance sensitivity, incentives, perks, optimal contracting, calibration

A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium

The Review of Financial Studies, Vol. 22, Issue 12, pp. 4881-4917, 2009
Posted: 24 Nov 2009
Alex Edmans, Xavier Gabaix and Augustin Landier
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics and HEC

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D2, D3, G34, J3

20.

The Effect of Risk on the CEO Market

Downloads 1,239 (35,571)
Citation 26

The Effect of Risk on the CEO Market

Review of Financial Studies 24(8), 2822-2863, August 2011
Number of pages: 44 Posted: 31 Dec 2009 Last Revised: 20 Dec 2013
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 1,147 (39,178)
Citation 22

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Executive compensation, incentives, talent, market equilibrium, risk, assignment

Risk and the CEO Market: Why Do Some Large Firms Hire Highly-Paid, Low-Talent CEOS?

NBER Working Paper No. w15987
Number of pages: 43 Posted: 17 May 2010 Last Revised: 09 Mar 2023
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 85 (625,956)
Citation 3

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Risk and the CEO Market: Why Do Some Large Firms Hire Highly-Paid, Low-Talent CEOs?

CEPR Discussion Paper No. DP7836
Number of pages: 45 Posted: 19 Jul 2010
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 7 (1,310,924)
Citation 1
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assignment, executive compensation, incentives, market equilibrium, risk, talent

21.

Rank-1/2: A Simple Way to Improve the OLS Estimation of Tail Exponents

Downloads 1,084 (43,281)
Citation 78

Rank-1/2: A Simple Way to Improve the OLS Estimation of Tail Exponents

Harvard Institute of Economic Research Discussion Paper No. 2106
Number of pages: 34 Posted: 07 Feb 2006 Last Revised: 19 Jun 2009
Xavier Gabaix and Rustam Ibragimov
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 1,002 (47,547)
Citation 44

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power law, heavy-tailedness, OLS log-log rank-size regression, bias, standard errors, Zipf's law

Rank-1/2: A Simple Way to Improve the Ols Estimation of Tail Exponents

NBER Working Paper No. t0342
Number of pages: 37 Posted: 14 Sep 2007 Last Revised: 10 Jun 2023
Rustam Ibragimov and Xavier Gabaix
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 82 (639,669)
Citation 34

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22.

Limits of Arbitrage: Theory and Evidence from the Mortgage-Backed Securities Market

Downloads 1,070 (44,086)
Citation 72

Limits of Arbitrage: Theory and Evidence from the Mortgage-Backed Securities Market

EFA 2004 Maastricht Meetings Paper No. 4940, Fifteenth Annual Utah Winter Finance Conference
Number of pages: 44 Posted: 11 Jun 2004
Xavier Gabaix, Arvind Krishnamurthy and Olivier Vigneron
Harvard University - Department of Economics, Northwestern University - Kellogg School of Management and UBM
Downloads 974 (49,486)
Citation 4

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Market segmentation, prepayment risk, liquidity, limited capital, hedge funds, limits to arbitrage.

Limits of Arbitrage: Theory and Evidence from the Mortgage-Backed Securities Market

NBER Working Paper No. w11851
Number of pages: 47 Posted: 08 Mar 2006 Last Revised: 20 Nov 2022
Xavier Gabaix, Arvind Krishnamurthy and Olivier Vigneron
Harvard University - Department of Economics, Northwestern University - Kellogg School of Management and UBM
Downloads 96 (579,064)
Citation 68

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23.

International Liquidity and Exchange Rate Dynamics

Downloads 821 (63,546)
Citation 306

International Liquidity and Exchange Rate Dynamics

Number of pages: 67 Posted: 07 Dec 2013 Last Revised: 21 Jul 2015
Xavier Gabaix and Matteo Maggiori
Harvard University - Department of Economics and Harvard University
Downloads 750 (70,520)
Citation 2

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Exchange Rate Disconnect, Capital Flows, FX Intervention, Limits of Arbitrage

International Liquidity and Exchange Rate Dynamics

NBER Working Paper No. w19854
Number of pages: 68 Posted: 25 Jan 2014 Last Revised: 02 Apr 2023
Xavier Gabaix and Matteo Maggiori
Harvard University - Department of Economics and Harvard University
Downloads 68 (711,125)
Citation 224

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International Liquidity and Exchange Rate Dynamics

CEPR Discussion Paper No. DP9842
Number of pages: 66 Posted: 02 Jun 2014
Xavier Gabaix and Matteo Maggiori
Harvard University - Department of Economics and Harvard University
Downloads 3 (1,344,009)
Citation 80
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Capital Flows, Exchange Rate Disconnect, Foreign Exchange Intervention, Limits of Arbitrage

24.

The Granular Origins of Aggregate Fluctuations

Downloads 773 (68,799)
Citation 103

The Granular Origins of Aggregate Fluctuations

Number of pages: 44 Posted: 23 Mar 2008 Last Revised: 18 Aug 2009
Xavier Gabaix
Harvard University - Department of Economics
Downloads 687 (79,000)
Citation 93

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Business cycle, idiosyncratic shocks, productivity, Solow residual, granular residual, comovement

The Granular Origins of Aggregate Fluctuations

NBER Working Paper No. w15286
Number of pages: 45 Posted: 25 Aug 2009 Last Revised: 09 Apr 2023
Xavier Gabaix
Harvard University - Department of Economics
Downloads 86 (621,440)
Citation 10

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25.

Rare Disasters and Exchange Rates

Downloads 627 (69,054)
Citation 46

Rare Disasters and Exchange Rates

Paris December 2007 Finance International Meeting AFFI-EUROFIDAI Paper
Number of pages: 70 Posted: 13 Dec 2007 Last Revised: 15 Oct 2014
Emmanuel Farhi and Xavier Gabaix
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 491 (120,652)
Citation 8

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Disaster risk, forward premium puzzle, uncovered interest rate parity, risk-reversals, international macro-finance puzzles

Rare Disasters and Exchange Rates

NBER Working Paper No. w13805
Number of pages: 47 Posted: 13 Feb 2008 Last Revised: 22 Sep 2022
Emmanuel Farhi and Xavier Gabaix
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 136 (443,457)
Citation 15

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Rare Disasters and Exchange Rates

CEPR Discussion Paper No. DP10334
Number of pages: 72 Posted: 23 Jan 2015
Emmanuel Farhi and Xavier Gabaix
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 0
Citation 23
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disaster risk, forward premium puzzle, international macro-finance puzzles, risk-reversals, uncovered interest rate parity

26.

Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance

Downloads 728 (74,503)
Citation 152

Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance

AFA 2009 San Francisco Meetings Paper
Number of pages: 44 Posted: 18 Mar 2008
Xavier Gabaix
Harvard University - Department of Economics
Downloads 524 (111,528)
Citation 55

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Rare disasters, Asset Pricing Puzzles, Return predictability, Crash risk, Equilibrium asset pricing

Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance

NYU Working Paper No. 2451/28349
Number of pages: 44 Posted: 08 Dec 2009
Xavier Gabaix
Harvard University - Department of Economics
Downloads 112 (517,535)
Citation 97

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Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance

NBER Working Paper No. w13724
Number of pages: 45 Posted: 11 Jan 2008 Last Revised: 03 Jul 2022
Xavier Gabaix
Harvard University - Department of Economics
Downloads 92 (595,308)

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27.

Linearity-Generating Processes, Unspanned Stochastic Volatility, and Interest-Rate Option Pricing

Number of pages: 51 Posted: 19 Mar 2011
Peter Carr, Xavier Gabaix and Liuren Wu
New York University Finance and Risk Engineering, Harvard University - Department of Economics and City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 640 (87,769)
Citation 10

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28.

Propagation of Shocks in Networks: Identification and Applications

Number of pages: 103 Posted: 11 Jul 2024 Last Revised: 19 Mar 2025
Gabriel Chodorow-Reich, Xavier Gabaix and Davide Viviano
Harvard University Department of Economics, Harvard University - Department of Economics and Harvard University, Department of Economics
Downloads 609 (93,541)

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29.

The 6d Bias and the Equity Premium Puzzle

Downloads 555 (105,128)
Citation 56

The 6d Bias and the Equity Premium Puzzle

Harvard Institute of Economic Research Paper No. 1947; MIT Department of Economics Working Paper No. 02-01
Number of pages: 47 Posted: 17 Jan 2002
Xavier Gabaix and David Laibson
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 555 (103,776)
Citation 56

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6D, bounded rationality, decision costs, delayed adjustment, equity premium puzzle

The 6d Bias and the Equity Premium Puzzle

Posted: 08 Feb 2002
Xavier Gabaix and David Laibson
Harvard University - Department of Economics and Harvard University - Department of Economics

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6D, bounded rationality, decision costs, delayed adjustment, equity premium puzzle

30.

Tractability in Incentive Contracting

Downloads 474 (127,442)
Citation 8

Tractability in Incentive Contracting

Review of Financial Studies, Forthcoming
Number of pages: 31 Posted: 22 Jul 2008 Last Revised: 07 Dec 2011
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 410 (149,718)
Citation 1

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Contract theory, executive compensation, incentives, principal-agent problem, closed forms, multiperiod contracts, multiperiod games.

Tractability in Incentive Contracting

NBER Working Paper No. w15545
Number of pages: 67 Posted: 01 Dec 2009 Last Revised: 24 Jun 2023
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 59 (765,783)
Citation 3

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Tractability in Incentive Contracting

CEPR Discussion Paper No. DP7578
Number of pages: 69 Posted: 11 Jan 2010
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 5 (1,329,175)
Citation 4
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closed forms, contract theory, dispersive order, executive compensation, incentives, principal-agent problem, subderivative

31.

A Sparsity-Based Model of Bounded Rationality

Downloads 370 (169,697)
Citation 86

A Sparsity-Based Model of Bounded Rationality

AFA 2013 San Diego Meetings Paper
Number of pages: 52 Posted: 08 Mar 2011 Last Revised: 18 Mar 2012
Xavier Gabaix
Harvard University - Department of Economics
Downloads 303 (209,026)
Citation 22

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anchoring and adjustment, inattention, boundedly rational dynamic programming, price rigidity, hedging demand, sparse representations, L1 minimization, dictionaries

A Sparsity-Based Model of Bounded Rationality

NBER Working Paper No. w16911
Number of pages: 41 Posted: 04 Apr 2011 Last Revised: 18 Mar 2023
Xavier Gabaix
Harvard University - Department of Economics
Downloads 67 (716,847)
Citation 64

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32.

Upgrading Credit Pricing and Risk Assessment through Embeddings

Number of pages: 52 Posted: 10 Mar 2025
Xavier Gabaix, Ralph S. J. Koijen, Robert Richmond and Motohiro Yogo
Harvard University - Department of Economics, University of Chicago - Booth School of Business, New York University (NYU) - Department of Finance and Princeton University - Department of Economics
Downloads 321 (197,897)

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Artificial intelligence, Asset pricing, Credit rating, Credit spread, Machine learning, Risk-based capital regulation

33.

A Primer on Tractable Incentive Contracts

Number of pages: 8 Posted: 24 Jun 2011 Last Revised: 07 Dec 2011
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 318 (199,912)

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Contract theory, executive compensation, incentives, principal-agent problem, closed forms, multiperiod contracts

34.

A Calibratable Model of Optimal CEO Incentives in Market Equilibrium

Downloads 308 (206,992)
Citation 1

A Calibratable Model of Optimal CEO Incentives in Market Equilibrium

NYU Working Paper No. FIN-07-022
Number of pages: 50 Posted: 03 Nov 2008
Alex Edmans, Xavier Gabaix and Augustin Landier
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics and HEC
Downloads 180 (349,106)

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A Calibratable Model of Optimal CEO Incentives in Market Equilibrium

NBER Working Paper No. w13372
Number of pages: 51 Posted: 10 Sep 2007 Last Revised: 17 Jul 2022
Alex Edmans, Xavier Gabaix and Augustin Landier
London Business School - Institute of Finance and Accounting, Harvard University - Department of Economics and HEC
Downloads 128 (465,899)
Citation 1

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35.

Limited Risk Transfer Between Investors: A New Benchmark for Macro-Finance Models

Downloads 285 (224,560)

Limited Risk Transfer Between Investors: A New Benchmark for Macro-Finance Models

Number of pages: 77 Posted: 03 Jan 2025
Xavier Gabaix, Ralph S. J. Koijen, Federico Mainardi, Sangmin Oh and Motohiro Yogo
Harvard University - Department of Economics, University of Chicago - Booth School of Business, University of Chicago - Booth School of Business, Columbia University - Columbia Business School, Finance and Princeton University - Department of Economics
Downloads 282 (225,432)

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Limited Risk Transfer between Investors: A New Benchmark for Macro-Finance Models

NBER Working Paper No. w33336
Number of pages: 78 Posted: 07 Jan 2025
Xavier Gabaix, Ralph S. J. Koijen, Federico Mainardi, Sangmin Simon Oh and Motohiro Yogo
Harvard University - Department of Economics, University of Chicago - Booth School of Business, University of Chicago - Booth School of Business, Columbia University - Columbia Business School and Princeton University
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36.

Trade Patterns, Trade Balances and Idiosyncratic Shocks

Banco de España Research Paper No. WP-0721, "la Caixa" Working Paper No. 02/2007
Number of pages: 45 Posted: 03 Jul 2007 Last Revised: 30 Apr 2008
Claudia Canals, Xavier Gabaix, Josep M. Vilarrubia and David E. Weinstein
La Caixa, Harvard University - Department of Economics, Banco de España and Columbia University - Graduate School of Arts and Sciences - Department of Economics
Downloads 200 (317,667)
Citation 60

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trade balance, trade concentration, firms, empirical

37.

Linearity-Generating Processes: A Modelling Tool Yielding Closed Forms for Asset Prices

Downloads 192 (329,815)
Citation 1

Linearity-Generating Processes: A Modelling Tool Yielding Closed Forms for Asset Prices

NYU Working Paper No. FIN-07-006
Number of pages: 44 Posted: 03 Nov 2008
Xavier Gabaix
Harvard University - Department of Economics
Downloads 105 (543,484)

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Modified Gordon growth model, Stochastic Discount Factor, Long term risk, Interest rate processes, Bond premia, Equity Premium

Linearity-Generating Processes: A Modelling Tool Yielding Closed Forms for Asset Prices

NBER Working Paper No. w13430
Number of pages: 53 Posted: 26 Sep 2007 Last Revised: 12 Sep 2022
Xavier Gabaix
Harvard University - Department of Economics
Downloads 87 (616,830)
Citation 1

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38.

Behavioral Inattention

Downloads 186 (339,605)
Citation 52

Behavioral Inattention

NBER Working Paper No. w24096
Number of pages: 96 Posted: 16 Dec 2017
Xavier Gabaix
Harvard University - Department of Economics
Downloads 184 (342,178)
Citation 52

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Behavioral Inattention

CEPR Discussion Paper No. DP13268
Number of pages: 98 Posted: 22 Oct 2018
Xavier Gabaix
Harvard University - Department of Economics
Downloads 2 (1,351,333)
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39.

The Tractable 'Quadratic' Class of Growth and Interest Rate Processes

MIT Department of Economics Working Paper No. 06-17
Number of pages: 31 Posted: 13 Jun 2006
Xavier Gabaix
Harvard University - Department of Economics
Downloads 161 (385,483)

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Long term risk, Growth rate risk, Perpetuity, Modified Gordon growth model, Yield curve, Interest rate processes, Stochastic Discount Factor, Quadratic processes

40.

Behavioral Macroeconomics via Sparse Dynamic Programming

Downloads 157 (393,936)
Citation 2

Behavioral Macroeconomics via Sparse Dynamic Programming

Number of pages: 135 Posted: 20 Dec 2015
Xavier Gabaix
Harvard University - Department of Economics
Downloads 100 (563,227)
Citation 1

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Bounded rationality, inattention

Behavioral Macroeconomics Via Sparse Dynamic Programming

NBER Working Paper No. w21848
Number of pages: 55 Posted: 12 Jan 2016 Last Revised: 13 Mar 2023
Xavier Gabaix
Harvard University - Department of Economics
Downloads 56 (785,936)
Citation 1

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Behavioral Macroeconomics Via Sparse Dynamic Programming

CEPR Discussion Paper No. DP11026
Number of pages: 56 Posted: 12 Jan 2016
Xavier Gabaix
Harvard University - Department of Economics
Downloads 1 (1,360,132)
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Bounded rationality, inattention, simplification

41.

Tractability and Detail-Neutrality in Incentive Contracting

NYU Working Paper No. FIN-08-019
Number of pages: 46 Posted: 09 Mar 2009
Alex Edmans and Xavier Gabaix
London Business School - Institute of Finance and Accounting and Harvard University - Department of Economics
Downloads 113 (510,707)

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42.

The Great Diversification and its Undoing

Number of pages: 50 Posted: 30 Sep 2010
Vasco M. Carvalho and Xavier Gabaix
Universitat Pompeu Fabra/CREI and Harvard University - Department of Economics
Downloads 103 (546,630)
Citation 4

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shocks, origins of the business cycle, great moderation, structural change, granularity

43.

A Behavioral New Keynesian Model

Downloads 94 (581,037)
Citation 117

A Behavioral New Keynesian Model

NBER Working Paper No. w22954
Number of pages: 60 Posted: 19 Dec 2016 Last Revised: 22 Mar 2023
Xavier Gabaix
Harvard University - Department of Economics
Downloads 93 (591,294)
Citation 117

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A Behavioral New Keynesian Model

CEPR Discussion Paper No. DP11729
Number of pages: 71 Posted: 03 Jan 2017
Xavier Gabaix
Harvard University - Department of Economics
Downloads 1 (1,360,132)
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behavioral macroeconomics, bounded rationality, forward guidance, price level targetting, zero lower bound

44.

CEO Pay and Firm Size: An Update after the Crisis

Downloads 94 (581,037)
Citation 15

CEO Pay and Firm Size: An Update after the Crisis

NBER Working Paper No. w19078
Number of pages: 38 Posted: 31 May 2013 Last Revised: 17 Feb 2023
Xavier Gabaix, Augustin Landier and Julien Sauvagnat
Harvard University - Department of Economics, HEC and Bocconi University
Downloads 92 (595,308)
Citation 12

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CEO Pay and Firm Size: An Update after the Crisis

CEPR Discussion Paper No. DP9498
Number of pages: 40 Posted: 06 Jun 2013
Xavier Gabaix, Augustin Landier and Julien Sauvagnat
Harvard University - Department of Economics, HEC and Bocconi University
Downloads 2 (1,351,333)
Citation 3
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assignment models, economics of superstars, Executive pay, inequality, matching.

45.

Optimal Taxation with Behavioral Agents

NBER Working Paper No. w21524
Number of pages: 54 Posted: 08 Sep 2015 Last Revised: 24 Apr 2023
Emmanuel Farhi and Xavier Gabaix
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 93 (585,038)
Citation 106

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46.

Myopia and Discounting

Downloads 83 (626,725)
Citation 2

Myopia and Discounting

NBER Working Paper No. w23254
Number of pages: 51 Posted: 20 Mar 2017 Last Revised: 15 Jan 2023
Xavier Gabaix and David Laibson
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 82 (639,669)
Citation 2

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Myopia and Discounting

CEPR Discussion Paper No. DP11914
Number of pages: 40 Posted: 20 Mar 2017
Xavier Gabaix and David Laibson
Harvard University - Department of Economics and Harvard University - Department of Economics
Downloads 1 (1,360,132)
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Behavioral economics, discounting, myopia

47.

The Dynamics of Inequality

Downloads 80 (640,097)
Citation 89

The Dynamics of Inequality

NBER Working Paper No. w21363
Number of pages: 46 Posted: 20 Jul 2015 Last Revised: 17 May 2023
Xavier Gabaix, Jean-Michel Lasry, Pierre-Louis Lions and Benjamin Moll
Harvard University - Department of Economics, BNP Paribas, Université Paris Dauphine - CEREMADE and Princeton University - Department of Economics
Downloads 76 (668,473)
Citation 61

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The Dynamics of Inequality

CEPR Discussion Paper No. DP11028
Number of pages: 39 Posted: 12 Jan 2016
Xavier Gabaix, Jean-Michel Lasry, Pierre-Louis Lions and Benjamin Moll
Harvard University - Department of Economics, BNP Paribas, Université Paris Dauphine - CEREMADE and Princeton University - Department of Economics
Downloads 4 (1,336,869)
Citation 28
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inequality, operator methods, Pareto distribution, speed of transition, superstars

48.

The Area and Population of Cities: New Insights from a Different Perspective on Cities

NBER Working Paper No. w15409
Number of pages: 28 Posted: 13 Oct 2009 Last Revised: 08 Feb 2023
Hernán Rozenfeld, Diego Rybski, Xavier Gabaix and Hernan Makse
City College of New York, City College of New York, Harvard University - Department of Economics and City College of New York
Downloads 73 (673,229)
Citation 26

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49.

The Great Diversification and its Undoing

Downloads 60 (744,591)
Citation 85

The Great Diversification and its Undoing

NBER Working Paper No. w16424
Number of pages: 51 Posted: 04 Oct 2010 Last Revised: 19 May 2023
Vasco M. Carvalho and Xavier Gabaix
Universitat Pompeu Fabra/CREI and Harvard University - Department of Economics
Downloads 56 (785,936)
Citation 68

Abstract:

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The Great Diversification and its Undoing

CEPR Discussion Paper No. DP8044
Number of pages: 53 Posted: 22 Nov 2010
Vasco M. Carvalho and Xavier Gabaix
Universitat Pompeu Fabra/CREI and Harvard University - Department of Economics
Downloads 4 (1,336,869)
Citation 17
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granularity, great moderation, origins of the business cycle, shocks, structural change

50.

Boundedly Rational Dynamic Programming: Some Preliminary Results

Downloads 55 (776,416)

Boundedly Rational Dynamic Programming: Some Preliminary Results

NBER Working Paper No. w17783
Number of pages: 12 Posted: 25 Feb 2012 Last Revised: 03 Feb 2023
Xavier Gabaix
Harvard University - Department of Economics
Downloads 55 (792,861)

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Boundedly Rational Dynamic Programming: Some Preliminary Results

CEPR Discussion Paper No. DP8813
Posted: 01 Mar 2012
Xavier Gabaix
Harvard University - Department of Economics

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behavioral economics, bounded rationality, inattention, intertemporal elasticity of substitution

51.

A Theory of Complexity Aversion

Number of pages: 51 Last Revised: 20 Mar 2025
Xavier Gabaix
Harvard University - Department of Economics
Downloads 47

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