Lorenz Kueng

Assistant Professor of Finance
Kellogg School of Management
Northwestern University
2211 Campus Drive, Evanston, IL 60208
Suite 4394
e-mail: l-kueng@northwestern.edu

National Bureau of Economic Research (NBER)
Faculty Research Fellow, Public Economics program

Centre for Economic Policy Research (CEPR)
Research Affiliate, Public Economics programme

Research interests
Household Finance, Public Finance,
Macroeconomic Implications of Consumer Behavior

Kellogg bio
Curriculum vitae
Google Scholar Page
Swiss Economists Abroad

Published and Forthcoming

4. Excess Sensitivity of High-Income Consumers, forthcoming in the Quarterly Journal of Economics. First version, entitled Explaining Consumption Excess Sensitivity with Near-Rationality: Evidence from Large Predetermined Payments: July 2015.
[Abstract], [Slides], [Online Appendix], [Public Version], [Code and Data], [Media Coverage].

Companion paper to [4]:
4b. Revisiting the Response of Household Spending to the Alaska Permanent Fund Dividend using CE Data, July 2015.
[Abstract], [Code and Data].

3. Complementarity of Performance Pay and Task Allocation (with Bryan Hong and Mu-Jeung Yang), forthcoming in Management Science. First version: January 2015.
[Abstract], [Online Appendix], [Public Version].

2. Propagation and Risk Spreading in Alternative Social Security Systems (with Alan Auerbach, Ronald Lee, and Yury Yatsynovich), forthcoming in the Journal of Public Economics. First version: April 2011.
[Abstract], [Public Version], [Non-Technical Version], [Code], [Old Fortran77 Code].

1. Innocent Bystanders? Monetary Policy and Inequality in the U.S. (with Olivier Coibion, Yuriy Gorodnichenko and John Silvia), Journal of Monetary Economics, Vol. 88 (2017): 70-89. First version: May 2012.
[Abstract], [Public Version], [Code and Data], [Media Coverage].


Working Papers

7. Measurement Error in Imputed Consumption (with Scott Baker, Michaela Pagel, and Steffen Meyer), May 2018.
[Abstract], [Slides].

6. Elasticity of Household Retailer Choice (with Brian Baugh and Scott Baker), March 2018.
[Abstract], [Slides].

5. Shopping for Lower Sales Tax Rates (with Scott Baker and Stephanie Johnson), April 2018, submitted.
[Abstract], [Slides], [Online Appendix], [Media Coverage].

4. The Long-Run Effects of a Public Policy on Alcohol Tastes and Mortality (with Evgeny Yakovlev), July 2018, submitted.
[Abstract], [Slides], [Online Appendix], [Media Coverage].

Companion paper to [4]:
4b. Habits and Multiple Equilibria (with Evgeny Yakovlev), February 2018.
[Abstract].

3. Tax News Shocks and Consumption, August 2018, submitted.
[Abstract], [Old Slides], [Online Appendix], [NBER executive summary], [Movie].

Note: This video shows the evolution of the path of market-based expected tax rates from the beginning of the Carter administration in January 1977 through the first year of the Reagan administration. With a forecast horizon of 1 to 15 years, the movie shows when markets begin to anticipate the Reagan tax cuts, and how persistent they expect these tax shocks to be. The paths of expected tax rates are calculated from the term structure of yield spreads between Treasury and municipal bonds between 1/1977 and 8/1982. The time series of the actual effective top 1% tax rate (i.e., the perfect foresight tax rate) is based on Saez (2004). [Note: If you cannot see the movie you can download the file here.]

Companion paper to [3]:
3b. The Taxation of Bonds: A Short Primer, October 2011.
[Abstract]

2. The Impact of Emerging Market Competition on Innovation and Business Strategy (with Nick Li and Mu-Jeung Yang), November 2016, submitted.
[Abstract], [Media Coverage].

1. Sources of Firm Life-Cycle Dynamics: Size vs. Age Effects (with Bryan Hong and Mu-Jeung Yang), January 2017.
[Abstract].


Work in Progress

- Do Household Finances Constrain Unconventional Fiscal Policy? (with Scott Baker, Leslie McGranahan, and Brian Melzer).
[Abstract].

- Risk and Housing Tenure Choice (with Scott Baker, Lee Lockwood and Pinchuan Ong).
[Abstract].

- Dynamic Pricing: Evidence from Sales Tax Changes and Retailer-Customer Linked Panel Data (with Stephanie Johnson and Scott Baker).
[Abstract].


Other Writings

- The Note Issue Paradox: Free Banking in Switzerland 1872-1881, March 2007. (This was my 1st-year economic history paper in graduate school. Brad DeLong thought it was worth publishing so I am making it public here.)
[Abstract].

- The Impact of Immigration on Swiss Wages: A Fixed Effects Two Stage Least Squares Analysis, February 2005. (This was a term paper in my last year of undergraduate studies. It still gets some citations so I am posting it here for reference.)
[Abstract].

- Evaluation wirtschaftspolitischer Programme, May 2005. (English title: Evaluation of Regional Economic Promotion Policies; this was my Master's thesis.)


Discussions

- Discussion of Jeehoon Han, Bruce Meyer, and James Sullivan, "Inequality in the Joint Distribution of Consumption and Time Use," National Bureau of Economic Research (NBER) Trans-Atlantic Public Economics Seminar (TAPES), London UK, June 2018.

- Discussion of Damon Jones and Ioana Marinescu, "The Labor Market Impacts of Universal and Permanent Cash Transfers: Evidence from the Alaska Permanent Fund," American Economic Association (AEA) Annual Meeting, Philadelphia PA, January 2018.

- Discussion of Deniz Aydin, "The Marginal Propensity to Consume out of Credit: Evidence from Random Assignment of 54,522 Credit Lines," The Society for Financial Studies (SFS) Finance Cavalcade Conference, Vanderbilt University, Nashville TN, May 2017.

- Discussion of Tania Babina, Chotibhak Jotikasthira, Christian Lundblad and Tarun Ramadorai, "Heterogenous Taxes and Limited Risk Sharing: Evidence from Municipal Bonds," American Finance Association (AFA) Annual Meeting, San Francisco CA, January 2016.

- Discussion of Karel Mertens, "Marginal Tax Rates and Income: New Time Series Evidence," CIREQ Macroeconomics Conference, Montreal Canada, April 2014.