Erik Hurst

University of Chicago                                                                                 email:      erik.hurst@ChicagoBooth.edu

Booth School of Business                                                                          Office Phone:               (773) 834 - 4073

5807 S. Woodlawn Ave                                                                             Updated:                        March 2013

Chicago, IL 60637                                                                                                                                                    

http://www.chicagobooth.edu/faculty/bio.aspx?person_id=12825092096

 

Education       

Ph.D., Economics:  University of Michigan (March 1999).

M.A., Economics:   University of Michigan (1995).

    B.S., Economics/Finance:  Clarkson University - Potsdam, New York (1993).

 

Employment

University of Chicago, Booth School of Business, V. Duane Rath Professor of Economics  (July 2008 – present).

Harvard University, Visiting Professor of Economics (September 2010 - May 2011).

University of Chicago, Graduate School of Business, Professor of Economics (July 2006 – June 2008).

University of Chicago, Graduate School of Business, Associate Professor of Economics (July 2003 – June 2006).

    University of Chicago, Graduate School of Business, Assistant Professor  (July 1999 – June 2003).        

 

Journal Publications

“Deconstructing Lifecycle Expenditure” (with Mark Aguiar), Journal of Political Economy, forthcoming.

    "Time Use During the Great Recession" (with Mark Aguiar and Loukas Karabarbounis), American             Economic Review, forthcoming.

    "Are Household Surveys Like Tax Forms:  Evidence from Income Underreporting of the Self Employed"                (with Geng Li and Ben Pugsley), Review of Economics and Statistics, forthcoming.

    "Endogenous Gentrification and Housing Price Dynamics" (with Veronica Guerrieri and Dan Hartley),      Journal of Public Economics, forthcoming.

    "The Life-Cycle Profile of Time Spent on Job Search" (with Mark Aguiar and Loukas Karabarbounis),     American Economic Review Papers and Proceedings, forthcoming.

   “Parental Wealth and Marriage” (with Kerwin Charles and Alexandra Killewald), 2012, Demography,       forthcoming.

    "Recent Developments in the Economics of Time Use" (with Mark Aguiar and Loukas Karabarbounis),   2012,  Annual Review of Economics, Volume 4, 373-98.

   "Within-City Variation in Urban Decline:  The Case of Detroit" (with Veronica Guerrieri and Dan                Hartley), 2012,  American Economic Review Papers and Proceedings, 102(3), 120-26.

   "What Do Small Businesses Do" (with Ben Pugsley), 2012, Brookings Papers on Economic Activity,          forthcoming.

“The Importance of Business Owners in Assessing the Size of Precautionary Savings” (with Anna Lusardi, Arthur Kennickell, and Francisco Torralba), 2010, Review of Economics and Statistics, 92(1), 61-9.

 “Conspicuous Consumption and Race” (with Kerwin Charles and Nick Roussanov), May 2009.  Quarterly Journal of Economics, 124(2), 42-67.

“A Summary of Trends in U.S. Time Use: 1965-2005” (with Mark Aguiar), 2009, Social Indicators Research, 93(1), 57-64.

 “Parental Time Spent with Children and Parental Education” (with Jon Guryan and Melissa Kearney), 2008,  Journal of Economic Perspectives, 22(3), 23-46.

 “Rates for Vehicle Loans:  Race and Loan Source” (with Kerwin Charles and Mel Stephens), 2008, American Economic Review Papers and Proceedings, 98(2), 315-20.

“Lifecycle Production and Prices” (with Mark Aguiar), American Economic Review, December 2007, 97(5), 1533-59.

“Measuring Trends in Leisure:  The Allocation of Time Over Five Decades” (with Mark Aguiar).  Quarterly Journal of Economics, August 2007, 122(3). 969-1006.

 “Social Security and Unsecured Debt” (with Paul Willen), Journal of Public Economics, August 2007, 91(7-8), 1273-1297.

 Do Welfare Asset Limits Affect Household Saving?  Evidence from Welfare Reform” (with Jim Ziliak)   Journal of Human Resources, Winter 2006, 41(1), 46-71. 

“Consumption vs Expenditure” (with Mark Aguiar).  Journal of Political Economy, October 2005, 113(5), 919-948.

“Home is Where the Equity is:  Mortgage Refinancing and Household Consumption” (with Frank  Stafford).   Journal of Money, Credit and Banking, December 2004, 36(6), 985-1014.

"Liquidity Constraints, Wealth Accumulation, and Entrepreneurship" (with Anna Lusardi).  Journal of Political Economy, April 2004, 112(2), 319-347.

"The Correlation of Wealth Across Generations" (with Kerwin Charles).  Journal of Political Economy, December 2003, 111(6), 1155-1182.

"The Consumer Bankruptcy Decision" (with Scott Fay and Michelle White).  American Economic Review, June 2002, 92(3), 706-718.

 “The Transition to Home Ownership and the Black/White Wealth Gap” (with Kerwin Charles).  Review of Economics and Statistics, May 2002, 84(2), 281-297.

 “Testing the (S,s) Model” (with Christopher Foote and John Leahy).  American Economic Review Papers and Proceedings.  May 2000, 90(2), 116-119.

“Wealth Dynamics of American Families:  1984 - 1994” (with Frank Stafford and Ming-Ching Luoh). Brookings Papers on Economic Activity 1: 1998.

 

Book Entries, Conference Volumes and Published Discussions

  

"The Evolution of Income, Consumption, and Leisure Inequality in the U.S., 1980-2010" (with Orazio Attanasio and Luigi Pistaferri), in Improving the Measurement of Consumer Expenditures (eds., Chris Carroll, Thomas Crossley, and John Sabelhaus), forthcoming.

Discussion of “The Increase in Income Cyclicality of High-Income Households and its Relation to the Rise in Top Income Shares” by Jonathan Parker and Annette Vissing-Jorgensen in Brooking Papers on Economic Activity, Fall 2010, ed. David Romer and Justin Wolfers, Brookings Institution Press.

Discussion of “The Rug Rat Race” by Garey Ramey and Valerie Ramey in Brooking Papers on Economic Activity, Spring 2010, ed. David Romer and Justin Wolfers, Brookings Institution Press.

The Increase in Leisure Inequality: 1965-2005 (with Mark Aguiar), American Enterprise Institute for Public Policy Research, Washington, DC, 2009.

“Understanding Consumption in Retirement:  Recent Developments”, in Recalibrating Retirement Spending and Saving (eds, John Ameriks and Olivia Mitchell), Oxford University Press, September 2008.

“The Permanent Income Hypothesis” (with Mark Aguiar), in New Palgrave Dictionary of Economics (2nd Edition) (eds. Steven Durlauf and Lawrence Blume), Palgrave Macmillan, 2008.

Liquidity Constraints and Entrepreneurship. Household Wealth, Parental Wealth, and the Transition In and Out of Entrepreneurship” (with Annamaria Lusardi), in Overcoming Barriers to Entrepreneurship in the United States (ed. Diana Furchtgott-Roth), Lexington Books, 2008

“Limits to Fed Policy:  Household Mortgage Collateral Constraints - Ex Ante and Ex Post” (with Frank Stafford).  The Economic Outlook for 1997.  44th Annual Conference on the Economic Outlook, Ann Arbor, MI: November 1996.

 

Completed Working Papers

    "The Allocation of Talent and U.S. Economic Growth" (with Chang-Tai Hsieh, Chad Jones, and Pete        Klenow)

    "Manufacturing Decline, Housing Booms, and Non-Employment (with Kerwin Charles and Matt               Notowidigdo)

 

Work in Progress

 The Evolution of Labor Supply Across Groups and Over Time" (with Mark Aguiar and Loukas Karabarbounis).

"Spatial Variation in Interest Rates" (with Ben Keys and Amit Seru).

"Regional Shocks and Monetary Policy" (with Martin Beraja and Juan Jose Ospina)

 

Professional Affiliations/Editorships

National Bureau of Economic Research:  Economic Fluctuations Group (starting Spring 2003), Aging Group (starting Spring 2003),  Public Economics Group (starting Spring 2003)

Associate Editor, American Economic Journal – Macroeconomics (2008-present)

Associate Editor, Quarterly Journal of Economics (2011 - present)

Associate Editor, Journal of Monetary Economics (2010 - 2013)

 

Research Awards

Recipient of the 2012 Ewing Marion Kauffman Prize Medal for Distinguished Research in Entrepreneurship awarded to a scholar under the age of 40 whose research made a significant contribution to the entrepreneurship literature.

John E. Jeuck Faculty Fellow, University of Chicago, Booth School of Business (2011-present)

Neubauer Family Faculty Fellow, University of Chicago, Booth School of Business (2009-2011)

Recipient of the 2007 TIAA-CREF Paul Samuelson Award for best paper on lifelong financial security for “Consumption vs. Expenditure” (with Mark Aguiar).

Neubauer Faculty Fellow, University of Chicago, Booth School of Business (2006-2008).

John Huizinga Faculty Fellow (2005-2006), University of Chicago, Graduate School of Business.  (Inaugural recipient).   

Charles E. Merrill Scholar (2005-2006). Given to University of Chicago, GSB faculty who conduct promising research in the area of policy studies.

William Ladany Research Award (2001-2002).  Given to University of Chicago, GSB junior faculty with promising research potential.

 

Teaching Awards

Recipient of the University of Chicago, Booth School of Business, 2010 Emory Williams Award for Teaching Excellence.  Award is bestowed by the students to one faculty member each year.

Recipient of the University of Chicago, Booth School of Business, 2008 Emory Williams Award for Teaching Excellence.  Award is bestowed by the students to one faculty member each year.

 

Grants Received

“Consumption over the Lifecycle”. (with Mark Aguiar). Michigan Retirement Research Center, October 2007 -  September 2008.

 

     “Household Planning for Retirement:  A Lifecycle Analysis”.  Michigan Retirement Research Center.      Grant  No.  10-P-98362-5-01.  October 2003 – September 2004.

 

“Welfare Reform and Household Saving” (with James Ziliak).  Department of Health and Human Services Grant No.  00ASPE355A.  October 2000 - October 2001.