Print Overview

Jonathan A. Parker holds the Donald C. Clark/HSBC Chaired Professorship in Consumer Finance at the Kellogg School of Management at Northwestern University and is a Faculty Research Fellow at the National Bureau of Economic Research (NBER).  Dr. Parker received his Ph.D. in economics from the Massachusetts Institute of Technology where he was awarded the Robert Solow Endowment Prize for excellence in research and teaching. Prior to his present position at Northwestern, Dr. Parker has held faculty positions at the Princeton University department of economics, where he was affiliated with the Bendheim Center for Finance and the Woodrow Wilson School of Public and International Affairs, at the department of economics at the University of Wisconsin, where he was the Maude P. and Milton J. Shoemaker Fellow, and at the University of Michigan Business School, where he was a Society of Scholars Fellow.  Professor Parker has been named an Alfred P. Sloan research fellow and a National Bureau of Economics Aging and Health Economics Fellow, and his research has received support from the National Science Foundation and the Sloan Foundation.   

Professor Parker currently serves on the Academic Advisory Panel of the Federal Reserve Bank of Chicago, the Board of Editors of the
 American Economic Review, the American Economic Association’s Committee on Economic Statistics, and edits the NBER Macroeconomics Annual.  During 2009, he worked as a Special Adviser on Financial Stability for the Office of Financial Stability in the U.S. Department of the Treasury.

Professor Parker teaches macroeconomics and finance, and his research focuses on: macroeconomic risks and stock returns, fiscal stabilization policy, national saving, the exposure of income and consumption to economic fluctuations, and psychology and economics.

 



Areas of Expertise
Asset Pricing (Equity Markets/Stock Market, Investments and Portfolio Choice)
Equity Markets (Stock Market) (Includes: Asset Pricing, Investments and Portfolio Choice)
Investments and Portfolio Choice (Includes: Asset Pricing, Equity Markets/Stock Market)
Monetary Policy (Monetary Economics, Federal Reserve, Interest Rates)
Print Vita
Education
PhD, 1996, Massachusetts Institute of Technology
BA, 1988, Economics, Mathematics, Yale University

Academic Positions
Professor of Finance, Kellogg School of Management, Northwestern University, 2007-present
Associate Professor of Economics and Public Affairs, Woodrow Wilson School of Public and International Affairs and Bendheim Center for Finance, Princeton University, 2006-2007
Assistant Professor of Economics and Public Affairs, Woodrow Wilson School of Public and International Affairs, Princeton University, 1999-2006
Assistant Professor, University of Wisconsin Madison, 1997-1999
Visiting Assistant Professor and Research Fellow, Stephen M. Ross School of Business, University of Michigan, 1996-1997

Other Professional Experience
Research Associate, National Bureau of Economic Research, 2006-present
Visiting Scholar, Cowles Foundation, Yale University, 2012-2012
Special Adviser on Financial Stability, U.S. Department of Treasury, 2009-2009
Visiting Scholar, Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis, 2002-2002
Visiting Scholar, Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis, 2002-2002

Grants and Awards
Preliminary Estimates of the Impact of the 2008 Economic Stimulus Payments on Consumption Demand, The Board of Governors of the Federal Reserve System, May 2010
Smith Richardson Foundation Grant, Smith Richardson Foundation, 2008 - 2010
National Science Foundation Research Grant, National Science Foundation, 1999 - 2003
Research Grant, Office of Tax Policy Research, Ross School of Business, University of Michigan, Office of Tax Policy Research, Ross School of Business, University of Michigan, 1996
Robert Solow Endowment Prize, MIT Department of Economics, MIT Department of Economics, 1996
Alfred P. Sloan Research Fellow, 2001-2005

Editorial Positions
Board of Editors, American Economic Review (formerly American Journal of Macroeconomics), 2011-present
Editor, NBER Macroeconomics Annual, 2011-present
Associate Editor, Journal of Money Credit and Banking, 2001-present
Board of Editors, American Economic Journal of Macroeconomics, 2007-2011

Service
American Economic Association, Committee on Economic Statistics
Federal Reserve Bank of Chicago, Academic Advisory Council

Conference Presentations
American Economic Association Annual Meetings, Denver, CO, "Improving the Measurement of Household-Level Spending and Income" (with Orazio Attanasio, Christopher Carroll, Thomas Crossley, and John Sabelhaus) January 2011
NBER Initiative: Systemic Risk and Macro Modeling, "Measuring Systemic Risks in the Household Sector" April 2011
NBER Summer Institute, "The Economic Stimulus Payments of 2008 and the Aggregate Demand for Consumption" July 2011
Yale University, University of Texas at Austin, Stanford University, North American Winter Meetings of the Econometric Society, "Valuation, Adverse Selection, and Market Collapses" Jan. 2011-April 2012
Boston University, Columbia University, Society for Economic Dynamics Annual Meeting (Ghent, Belgium), University of California at Berkeley, Stanford University, "Consumer Spending and the Economic Stimulus Payments of 2008" February 2011-March 2012

Consulting
Consultant, Federal Reserve Bank of Chicago, 2008 - present
Long-Term Modelling Advisory Group, Congressional Budget Office, 2002-2004  
Print Research
Research Interests
Asset pricing, macroeconomics, behavioral economics, public economics

Articles
Parker, Jonathan. 2011. On Measuring the Effects of Fiscal Policy in Recessions. Journal of Economic Literature. 49(3): 703-718.
Parker, Jonathan and Annette Vissing-Jorgensen. 2010. The Increase in Income Cyclicality of High-Income Households and its Relation to the Rise in Top Income Shares. Brookings Papers on Economic Activity . 41(2): 1-55.
Palumbo, Michael G. and Jonathan Parker. May 2009. The Integrated Financial and Real System of National Accounts for the United States: Does it Presage the Financial Crisis? . American Economic Review. 99(2): 80-86.
Parker, Jonathan and Annette Vissing-Jorgensen. 2009. Who Bears Aggregate Fluctuations and How?. American Economic Review, Papers and Proceedings. 99(2): 399-405.
Brunnermeier, Markus, Christian Gollier and Jonathan Parker. 2007. Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns. American Economic Review: Papers and Proceedings. 97(2): 159-165.
Hsieh, Chang-Tai and Jonathan Parker. 2007. Taxes and Growth in a Financially Underdeveloped Country: Evidence from the Chilean Investment Boom. Economia. 8(1): 121-60.
Johnson, David, Jonathan Parker and Nicholas Souleles. 2006. Household Expenditure and the Income Tax Rebates of 2001. American Economic Review. 96(5): 1589-1610.
Parker, Jonathan and Bruce Preston. 2005. Precautionary Saving and Consumption Fluctuations. American Economic Review. 95(4): 1119-1143.
Brunnermeier, Markus and Jonathan Parker. 2005. Optimal Expectation. American Economic Review. 95(4): 1092-1118.
Parker, Jonathan and Christian Julliard. 2005. Consumption Risk and the Cross-Section of Expected Returns. Journal of Political Economy. 113(1): 185-222.
Ait-Sahalia, Yacine, Jonathan Parker and Motohiro Yogo. 2004. Luxury Goods and the Equity Premium. Journal of Finance. 59(6): 2959-3004.
Parker, Jonathan. 2004. Comment on "Federal Government Debt and Interest Rates" by Eric M. Engen and Glen R. Hubbarb. NBER Macroeconomics Annual. 19: 139-147.
Parker, Jonathan. 2003. Consumption Risk and Expected Stock Returns. American Economic Review. 93(2): 376-382.
Gourinchas, Pierre-Olivier and Jonathan Parker. 2002. Consumption Over the Life Cycle. Econometrica. 70(1): 47-89.
Parker, Jonathan. 2002. Discussion of: Athanasios Orphanides and John Williams "Robust Monetary Policy Rules with Unknown Natural Rates". Brookings Papers on Economic Activity. 33(2): 119-145.
Parker, Jonathan. 2001. The Consumption Risk of the Stock Market. Brookings Papers on Economic Activity. 32(2): 279-348.
Gourinchas, Pierre-Olivier and Jonathan Parker. 2001. The Empirical Importance of Precautionary Saving. American Economic Review. 91(2): 406-412.
Parker, Jonathan. 2000. Discussion of: "Real Estate and the Macroeconomy". Brookings Papers on Economic Activity. 31(2): 150-158.
Parker, Jonathan. 1999. The Reaction of Household Consumption to Predictable Changes in Social Security Taxes. American Economic Review. 89(4): 959-973.
Christian, Charles, Rebecca London, Jonathan Parker and Joel Slemrod. 1997. April 15 Syndrome. Economic Inquiry. 35(4): 695-709.
Solon, Gary, Robert Barsky and Jonathan Parker. 1994. Measuring the Cyclicality of Real Wages: How Important is the Composition Bias?. Quarterly Journal of Economics. 109(1): 1-25.
Working Papers
Johnson, David, Robert McClelland, Jonathan Parker and Nicholas Souleles. 2011. Consumer Spending and the Economic Stimulus Payments of 2008.
Fishman, Michael J. and Jonathan Parker. 2010. Valuation, Adverse Selection, and Market Collapses.
Broda, Christian and Jonathan Parker. 2010. The Economic Stimulus Payments of 2008 and the Aggregate Demand for Consumption.
Johnson, David, Jonathan Parker and Nicholas Souleles. 2009. The Response of Consumer Spending to Rebates During an Expansion: Evidence from the 2003 Child Tax Credit.
Brunnermeier, Markus, Filippos Papakonstantinou and Jonathan Parker. 2008. An Economic Model of the Planning Fallacy.
Parker, Jonathan. 1999. The Consumption Function Re-Estimated.
Parker, Jonathan. 1997. The Timing of Purchases, Market Power, and Economic Fluctuations.
Book Chapters
Parker, Jonathan. "LEADS on Macroeconomic Risks to and from the Household Sector." In Systemic Risk and Macro Modeling, edited by M. Brunnermeier and A. Krishnamurthy, University of Chicago Press.
Parker, Jonathan. 2008. "Euler Equations." In New Palgrave Dictionary of Economics, edited by Lawrence Blume and Steven N. Durlauf, London, UK: Palgrave MacMillan, 2nd edition.
Parker, Jonathan. 2000. "Spendthrift in America? On two decades of decline of the U.S. saving rate." In NBER Macroeconomics Annual 1999, edited by B. Bernanke and J. Rotemberg, vol. 14, 317-370.