Philip Howard
I am a Ph.D. student in Finance at the 
University of North Carolina at Chapel Hill's Kenan Flagler Business School. I hold Masters and Bachelors of Science degrees in Statistics and Operations Research from the Department of Statistics and Operations Research at UNC-Chapel Hill. My area of research is theoretical international macroeconomics and finance. In addition to pursuing my academic interests, I have taught 'Introduction to Statistics' at UNC-Chapel Hill and am currently the GMAT preparation instructor for the Executive MBA program at KFBS.
Links:   CV   SSRN   Email   LinkedIn 
  
 
Working Papers:
 

Abstract: We characterize an international production economy in which (1) agents have Epstein and Zin (1989) preferences, (2) international productivity frontiers are exposed to both short- and long-run shocks, and (3) consumption features a larger degree of home bias relative to investment. Under our recursive risk-sharing scheme, good long-run news for domestic productivity creates a net outflow of domestic investments. This response accounts for the Backus, Kehoe and Kydland (1994) anomaly concerning the lower degree of correlation of international consumption relative to output. We document that our model is strongly consistent with novel empirical evidence on both international quantities and prices.


International Equity Term Structures and Current Account
with Hengjie Ai, Max Croce, and Anthony Diercks (2014)

Abstract: We propose a novel production-based general equilibrium model to study the link between current account dynamics and international risk premia over different maturity horizons. Our model reproduces key features of both international investment flows and excess returns. Additionally, our economy rationalizes the international co-movements observed among macroeconomic quantities (Backus et al. 1994) and equity yields (Binsbergen et al. 2012).


Asset Prices and Fiscal Multipliers
with Anthony Diercks (2014)

Abstract: Previous studies of the fiscal multiplier exhibit counterfactual asset pricing implications with a low intertemporal elasticity of substitution (IES) that is well below one. A substantial literature suggests the IES is greater than one. This study is the first to quantitatively evaluate the fiscal multiplier in a general equilibrium model with an IES > 1 while also matching asset pricing statistics such as the low risk free rate and high equity premium. We find that in the simple RBC setting, the fiscal multiplier is 30% greater. In addition, this paper is the first to use a news decomposition to estimate the impact of fiscal policy shocks.
​​​