I am an associate professor in the department of economics at the University of Wisconsin-Madison.
Research Interests: Macroeconomics, Public Finance, International Economics
CV: [pdf]
Email: rishabh.kirpalani@wisc.edu
Published/Accepted Papers:
US Public Debt and Safe Asset Market Power, with Jason Choi and Diego Perez [draft, April 2024] Accepted, Journal of Political Economy
Exorbitant Privilege and the Sustainability of US Public Debt, with Jason Choi, Duong Dang, and Diego Perez [paper] AEA Papers and Proceedings, May 2024
The Secular Decrease in UK Safe Asset Market Power, with Jason Choi, Duong Dang, and Diego Perez [paper] AEA Papers and Proceedings, May 2023
Strategic Investment Evaluation, with Erik Madsen [paper] Theoretical Economics, July 2023
Currency Choice in Contracts, with Andres Drenik and Diego Perez [paper] Review of Economic Studies October 2022
Reputation, Bailouts, and Interest Rate Spread Dynamics, with Alessandro Dovis [paper, appendix] AEJ: Macroeconomics, July 2022
Rules without Commitment: Reputation and Incentives, with Alessandro Dovis [paper] Review of Economic Studies, November 2021
The Hammer and the Scalpel, with V. V. Chari and Christopher Phelan [paper] Review of Economic Dynamics, October 2021
Fiscal Rules, Bailouts, and Reputation in Federal Governments, with Alessandro Dovis [paper] American Economic Review, March 2020
Working Papers:
On the Optimal Allocation of Policy-Making, with Alessandro Dovis and Guillaume Sublet [draft, September 2024] R&R, Review of Economic Studies
Bond Market Views of the Fed, with Luigi Bocola, Alessandro Dovis, and Kasper Jørgensen [draft, October 2024] R&R, Journal of Political Economy
Unique Implementation with Market-Based Interventions, with Alessandro Dovis [draft, January 2025] R&R, Journal of Economic Theory
On the Efficiency of Competitive Equilibria with Pandemics, with V. V. Chari and Luis Perez [draft, March 2023]
Data Sharing and Market Power with Two-Sided Platforms, with Thomas Philippon [draft, April 2021]
Efficiency and Policy in Models with Incomplete Markets and Borrowing Constraints [draft, February 2017]
Endogenously Incomplete Markets with Equilibrium Default [draft, August 2016]
Work in Progress:
On the Design of a Robust Lender of Last Resort, with Alessandro Dovis
Accounting for Credibility: Monetary-Fiscal Interactions and the Credibility of Central Bank Mandates, with Luigi Bocola, Gaston Chaumont, and Alessandro Dovis
Monetary Policy without an Anchor, with Luigi Bocola, Alessandro Dovis, and Kasper Jørgensen
Efficiency and Policy in Models with Equilibrium Default
Older Papers:
Sophisticated Policies in Models with Endogenous Debt Constraints [draft, March 2015]
Multiplicity of Equilibria in Environments with Limited Commitment [draft, November 2014]
Heterogeneous Beliefs and State Space Dimensionality [draft]