I am a 4th year PhD student at UCLA, with a previous history as a research assistant at Swedish House of Finance at Stockholm School of Economics and the Riksbank (the Swedish Central Bank).
My research interests lie in empirical macroeconomics in general, and I am pursuing studies of micro-level heterogeneity and its effects on transmission channels and aggregate outcomes. I have many years of experience using household data in empirical micro, and I am currently exploring questions of monetary policy using these skills. I also do work in financial macroeconomics.
Further down the road, I wish to take micro-proven facts and incorporate them into quantitative macro models. The goal is to better understand the interaction of frictions, macro-level shocks, and credit markets in the aggregated economy.
You can reach me at jesperbojeryd (at) ucla.edu
The Housing Wealth Effect: Quasi-Experimental Evidence, with Dany Kessel, Björn Tyrefors, and Roine Vestman
We exploit a quasi-experiment to provide new evidence on the magnitude of the housing wealth effect. We estimate an immediate shock of approximately –15% to house prices close to one of Stockholm’s airports after its operations were unexpectedly continued. This source of price variation is ideal for identifying housing wealth effects since it is unrelated to macroeconomic conditions. We estimate a micro elasticity of 0.45 among purchasers of new cars. The implied aggregate MPC on cars is however only 0.13 cents per dollar. The response is entirely concentrated to homeowners with a loan-to-value ratio between 0.6 and 0.8.
New draft to come soon, with new outcome variables, a broader sample, and including renters and co-op apartment owners.
Car purchases, indebtedness and monetary policy
Using the universe of car transactions matched to annual census data in Sweden, I study how the cash-flow channel of monetary policy affects households’ decisions to buy cars. Draft to come soon.
Heterogeneous effects of QE on corporate bonds and firm outcomes, with Adam Baybutt
Does lowering corporate bond rates by QE in itself stimulate firm investment and other real outcomes? By an event-time approach with TRACE data, we try to disentangle channels of large-scale asset purchases to the firm side of the U.S. economy.