See Fernando Alvarez

Fernando Alvarez

Fernando Enrique Alvarez is an Argentine macroeconomist. He is a professor of economics at the University of Chicago. He received his B.A. in Economics at Universidad Nacional de La Plata in 1989 and his Ph.D. from the University of Minnesota in 1994...

 for the American

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 jockey

Jockey

A jockey is an athlete who rides horses in horse racing or steeplechase racing, primarily as a profession. The word also applies to camel riders in camel racing.-Etymology:...

.

Fernando Enrique Alvarez is an Argentine

Argentina

Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...

 macroeconomist. He is a professor of economics

Economics

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...

 at the University of Chicago

University of Chicago

The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...

. He received his B.A. in Economics at Universidad Nacional de La Plata

Universidad Nacional de La Plata

The National University of La Plata is one of the most important Argentine national universities and the biggest one situated in the city of La Plata, capital of Buenos Aires Province...

 in 1989 and his Ph.D. from the University of Minnesota

University of Minnesota

The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...

 in 1994. He was elected a Fellow of the Econometric Society

Econometric Society

The Econometric Society is an international society for the advancement of economic theory in its relation with statistics and mathematics. It was founded on December 29, 1930 at the Stalton Hotel in Cleveland, Ohio....

 in 2008.

Fernando Alvarez's most influential contribution seems to be his work with Urban Jermann (Wharton) on endogenously incomplete markets. They show how the limited commitment model of Kehoe and David Levine

David Levine

David Levine was an American artist and illustrator best known for his caricatures in The New York Review of Books. Jules Feiffer has called him "the greatest caricaturist of the last half of the 20th Century".-Early life and education:Levine was born in Brooklyn, where his father Harry ran a...

 and also of Narayana Kocherlakota

Narayana Kocherlakota

Narayana Kocherlakota is an American economist and is the 12th and current president of the Federal Reserve Bank of Minneapolis.- Early life and education :...

can be decentralized with certain borrowing constraints. They also showed how this model could explain some feature of asset prices, such as the equity premium. Several papers have used their model later on to explain other macroeconomic phenomena.

Fernando Alvarez has also presented a new estimate of the welfare cost of business cycles, based on observed asset prices (with Urban Jermann). His other work includes models of monetary economies with segmented markets, and search models with incomplete markets.

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