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

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

Companion paper to [3]:

3b. Revisiting the Response of Household Spending to the Alaska Permanent Fund Dividend using CE Data [Abstract], [Code and Data], July 2015.

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

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

Working Papers

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

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

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

5. Long-Run Consequences of Public Policies: Tastes and Mortality [Abstract], [Slides], [Online Appendix], [Media Coverage], May 2018 (with Evgeny Yakovlev) (submitted)

Companion paper to [5]:

5b. Habits and Multiple Equilibria [Abstract], February 2018.

4. Tax News: The Response of Household Spending to Changes in Expected Taxes [Abstract], [Old Slides], [Online Appendix], [NBER executive summary], [Movie], August 2016.

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 [4]:

4b. The Taxation of Bonds: A Short Primer [Abstract], October 2011.

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

2. Complementarity of Performance Pay and Task Allocation [Abstract], [Online Appendix], January 2016 (with Bryan Hong and Mu-Jeung Yang). (resubmitted to Management Science)

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

Work in Progress

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

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

- Household Borrowing Response to Large Anticipated Income Shocks: Evidence from the Alaska Permanent Fund (with Andreas Fuster and Brian Melzer).

Other Writings

- The Note Issue Paradox: Free Banking in Switzerland 1872-1881 [Abstract], Working Paper, 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.)

- The Impact of Immigration on Swiss Wages: A Fixed Effects Two Stage Least Squares Analysis [Abstract], Working Paper, 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.)

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


- 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.