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Pablo Kurlat

Faculty member · University of Southern California

Faculty member at the University of Southern California and NBER Faculty Research Fellow in the Economic Fluctuations and Growth program. Co-author of the Zero-Beta Interest Rate paper with Di Tella, Hébert and Wang.

2 papers tracked 1 classics ⌁ Follow this author

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Aggregation, Liquidity, and Asset Prices with Incomplete Markets

Sebastian Di Tella · Benjamin Hébert · Pablo Kurlat

Building on the Kaplan-Violante two-account incomplete-markets model, this manuscript shows that once idiosyncratic risk is assumed to rise when asset valuations fall, the aggregate value of each …

Risk Premia Safe Assets Convenience Yield Free Read ↗

Published Journal of Political Economy Online 30 Apr 2026 Published Jul 2026

The Zero-Beta Interest Rate

Sebastian Di Tella · Benjamin Hébert · Pablo Kurlat · Qitong Wang

This paper proposes and measures the zero-beta rate — the expected return on a portfolio of stocks with zero market beta, constructed to be orthogonal to the SDF innovations spanned by standard …

Risk Premia Natural Rate of Interest