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The Rise of Niche Consumption

By Brent Neiman and Joseph Vavra

American Economic Journal: Macroeconomics, July 2023

Over the last 15 years, individual households have concentrated their spending on a few preferred products. However, this is not driven by "superstar" products capturing larger market shares. Instead, households increasingly purchase different products fr...

The Macroeconomics of the Greek Depression

By Gabriel Chodorow-Reich, Loukas Karabarbounis, and Rohan Kekre

American Economic Review, September 2023

Greece experienced a boom until 2007, followed by a collapse of unprecedented magnitude and persistence. We assess the sources of the boom and the bust, using a rich estimated dynamic general equilibrium model. External demand and government consumption f...