Thomas Winberry

Thomas Winberry

A method for solving heterogeneous-agent models with aggregate shocks that replaces the infinite-dimensional distribution with a flexible parametric family, treats that family's moments as endogenous …

Pablo Ottonello · Thomas Winberry

Combining high-frequency-identified monetary shocks with Compustat data, the paper shows that low-default-risk firms -- those with lower leverage and higher distance to default -- are substantially …

Thomas Winberry · Adrien Auclert · Matthew Rognlie · Ludwig Straub

Winberry, Auclert, Rognlie, and Straub extend the Heterogeneous-Agent New Keynesian framework from households to firms, building a canonical heterogeneous-firm model with financial frictions in which …

Erik G. Hurst · Patrick Kehoe · Elena Pastorino · Thomas Winberry

This paper builds a dynamic macroeconomic model with rich worker heterogeneity, firm monopsony power and putty-clay adjustment frictions in order to trace the time path of the effects of the federal …

SeHyoun Ahn · Greg Kaplan · Benjamin Moll · Thomas Winberry · Christian Wolf

This paper develops a continuous-time method for solving heterogeneous-agent models with aggregate shocks by linearizing around a nonlinearly computed stationary equilibrium (extending Reiter's …