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CHICAGO - University of Chicago Department of Economics

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5330 S. Blackstone Av. Apt.311<br />

<strong>Chicago</strong>, IL 60615<br />

773-273-0127<br />

PEDRO GETE<br />

pgete@uchicago.edu<br />

http://home.uchicago.edu/~pgete<br />

Education Ph.D. in <strong>Economics</strong> <strong>University</strong> <strong>of</strong> <strong>Chicago</strong> Expected June 2009<br />

M.A. in <strong>Economics</strong> <strong>University</strong> <strong>of</strong> <strong>Chicago</strong> June 2004<br />

J.D. Universidad Carlos III, Madrid, Spain June 2002<br />

B.A. in <strong>Economics</strong> Universidad Carlos III, Madrid, Spain June 2002<br />

Fields<br />

Job market<br />

paper<br />

Working paper<br />

Macroeconomics, International Finance, Monetary economics<br />

“Housing Markets and Current Account Dynamics”<br />

I model global imbalances as arising from changes in preferences for housing relative to tradable goods. The key<br />

ingredients in the model are labor reallocation across sectors and consumption smoothing between housing and<br />

tradable goods. Countries import goods during periods when more domestic labor is devoted to housing<br />

construction. Housing booms are larger and more persistent in countries that can run trade deficits. This occurs<br />

despite the absence <strong>of</strong> wealth effects, and even if trade is not primarily concentrated in capital goods. I provide<br />

several types <strong>of</strong> evidence to support the theory: First, over the last decade housing variables have decoupled from<br />

the business cycle while consumption and consumer durables have not. Second, for the same period there is a<br />

strong cross country correlation between housing variables and current account dynamics. Third, a parameterized<br />

version <strong>of</strong> the model generates cross section correlation between the labor share employed in construction (or<br />

value added from the construction sector) and the trade balance which is consistent with recent global imbalances.<br />

Fourth, I use sign restrictions implied by the model to estimate a vector autoregression and identify the effects <strong>of</strong><br />

housing specific shocks on the U.S. trade deficit. The results imply that housing shocks are an important driving<br />

force <strong>of</strong> current account dynamics.<br />

“Savings, Investment and Endogenous Fertility under Uncertainty” (work in progress)<br />

Presentations Macro/International Workshop, <strong>University</strong> <strong>of</strong> <strong>Chicago</strong>-GSB. October 2008<br />

Board <strong>of</strong> Governors <strong>of</strong> the Federal Reserve. Washington D.C. July 2008<br />

Economic Dynamics, Capital Theory Working groups, The <strong>University</strong> <strong>of</strong> <strong>Chicago</strong>. 2006, 2007, 2008<br />

Research<br />

experience<br />

Teaching<br />

experience<br />

Dissertation Internship. Board <strong>of</strong> Governors <strong>of</strong> the Federal Reserve. Summer 2008<br />

Internship. Bank <strong>of</strong> Spain. Madrid, Spain. Summer 2006<br />

Research Assistant for Anil Kashyap, The <strong>University</strong> <strong>of</strong> <strong>Chicago</strong>. 2006, 2007 and 2008<br />

Research Assistant for Monika Piazzesi, The <strong>University</strong> <strong>of</strong> <strong>Chicago</strong>. 2005 and 2006<br />

MBA courses at <strong>University</strong> <strong>of</strong> <strong>Chicago</strong> Graduate School <strong>of</strong> Business:<br />

Understanding Central Banking (Assistant for Anil Kashyap). Spring 2006 and 2008, Fall 2007<br />

Macroeconomics (Assistant for Veronica Guerrieri). Winter 2008<br />

College Courses at Universidad Carlos III de Madrid, Spain:<br />

Macroeconomics I and II (Assistant for Silvio Rendon and Juan Ruiz). 2002- 2003<br />

Microeconomics (Assistant for Pedro Albarran). 2002- 2003<br />

Awards Harper Dissertation Fellowship. Social Sciences Division. <strong>University</strong> <strong>of</strong> <strong>Chicago</strong>. 2008-09<br />

Margaret Reid Dissertation Fellowship. <strong>Department</strong> <strong>of</strong> <strong>Economics</strong>. <strong>University</strong> <strong>of</strong> <strong>Chicago</strong>. 2007-08<br />

NBER Summer Institute Monetary <strong>Economics</strong>, invited graduate student (Doolittle grant). 2007<br />

Bank <strong>of</strong> Spain Fellowship. 2005-2007<br />

La Caixa Foundation Fellowship. 2003-2005<br />

Middlebury College French School Fellowship. Summer 1999<br />

Languages and<br />

Computer skills<br />

Spanish (native language), English and French (fluent)<br />

AMPL, Dynare, E-Views, Matlab, Stata<br />

References Anil Kashyap (Co-chair), <strong>University</strong> <strong>of</strong> <strong>Chicago</strong>-GSB 773 702 1235<br />

Monika Piazzesi (Co-chair), Stanford <strong>University</strong> 650 723 9289<br />

Samuel Kortum, <strong>University</strong> <strong>of</strong> <strong>Chicago</strong> 773 702 8251<br />

anil.kashyap@chicagogsb.edu<br />

piazzesi@stanford.edu<br />

kortum@uchicago.edu

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