About

Emmanuel Farhi was a Professor of Economics whose research focused on macroeconomics, finance, international economics, and public finance. His work was published in leading journals including the American Economic Review, the Journal of Political Economy, the Quarterly Journal of Economics, the Review of Economic Studies, and the Journal of Financial Economics. He was a member of the French Economic Analysis Council to the French Prime Minister, a research associate at the National Bureau of Economic Research, the Center for Economic Policy Research, and the International Growth Centre. Additionally, he was a fellow of the Toulouse School of Economics and served as an associate editor of the American Economic Review. Farhi grew up in France, attended the École Normale Supérieure and the Corps des Mines, and was awarded his Ph.D. by the Massachusetts Institute of Technology (MIT) in 2006. Throughout his career, he received several honors including a Sloan Research Fellowship in 2010, the Bernacèr Prize in 2009 for the best European economist under the age of 40, and was named a Young Leader of the French American Foundation in 2010.

Research topics

• Computer Security
• Economics
• Computer Science
• Monetary economics
• Business
• Finance
• International economics
• Financial economics
• Macroeconomics

Selected publications

• OPUS: an easy way to push the limits of SANS instruments towards USANS

  Journal of Applied Crystallography · 2022-12-01 · 3 citations

  article

  Chemistry and physics have made major advances in recent years, yielding much more complex systems with high hierarchical order across multiple length scales. Accordingly, characterization tools are required that can elucidate the structure of such new materials over all length scales. Simultaneous small-angle neutron scattering (SANS) and ultra-small-angle neutron scattering (USANS) measurements are a unique tool to study such complexity and can be applied to very different fields of science. The OPUS (Option USANS) project is the study of a USANS option for SANS instruments, designed to be very versatile and easy to implement. The main idea is to provide the opportunity to study at the same time, and under the same experimental conditions, complex systems such as polymers, bio-systems, complex fibres and self-assembling systems. More specifically, this work presents the design of an option that could be applied to the suite of SANS instruments at the European Spallation Source (ESS) which will allow exploration of a Q range with a minimum Q down to one order of magnitude lower than the value attainable with the standard SANS instrument at the ESS. The proposed setup, based on the SAMBA (small-angle multi-beam analysis) approach, is very easy and fast to implement on a conventional SANS instrument and constitutes a multi-beam approach involving two multi-slits and a set of lenses near the sample position. This contribution describes all the focusing elements necessary to attain the proposed configuration and a detailed study using McStas simulations to optimize all the parameters involved for two SANS instruments: the future LoKI at the ESS and the present D11 at the Institut Laue–Langevin, the latter used as a benchmark for the model. Simulations performed without taking into account gravity effects show that the multi-beam approach allows extending the Q ranges to 9 × 10 −5 –7 × 10 −4 Å −1 and 5 × 10 −5 –3 × 10 −4 Å −1 for LoKI and D11, respectively.

  PublisherDOI

• Price Theory for Incomplete Markets

  National Bureau of Economic Research · 2022-05-01 · 7 citations

  reportOpen access1st authorCorresponding

  We provide a price theory for incomplete markets that extends the traditional Walrasian analysis. We derive formulas expressing the consumption response to current and future changes in interest rates and income. Our analysis provides a natural decomposition of these responses into substitution and income effects with structural interpretation, emphasizing statistics such as the marginal propensity to save and local measures of prudence in utility. We handle general uncertainty in a compact and intuitive manner by adjusting probability distributions: a risk-adjusted probability, commonly used in finance, and a novel prudence-adjusted probability, specifically useful for incomplete markets. Our formulas reveal various cross-restrictions implied by the theory on consumer behavior. Numerical explorations show that the new statistics we identify matter significantly to understand aggregate demand in incomplete markets, beyond the impact of heterogeneous marginal propensities to consume or binding borrowing constraints.

  PublisherDOI

• Global Imbalances and Policy Wars at the Zero Lower Bound

  The Review of Economic Studies · 2021 · 49 citations

  • Economics
  • Monetary economics
  • International economics

  Abstract This article explores the consequences of extremely low real interest rates in a world with integrated but heterogeneous capital markets, nominal rigidities, and an effective lower bound [a zero lower bound (ZLB) for simplicity]. We establish four main results: (1) At the ZLB, creditor countries export their recession abroad, which we illustrate with a new Metzler diagram in quantities; (2) Beggar-thy-neighbour currency and trade wars provide stimulus to the undertaking country at the expense of other countries; (3) (Safe) public debt issuances and increases in government spending anywhere are expansionary everywhere; and (4) When there is a scarcity of safe assets, net issuers of these assets import the recession from abroad.

  PublisherOA PDFDOI

• Temperature-dependent dynamic structure factors for liquid water inferred from inelastic neutron scattering measurements

  The Journal of Chemical Physics · 2021-07-09 · 12 citations

  articleOpen access

  Temperature-dependent dynamic structure factors S(Q, ω) for liquid water have been calculated using a composite model, which is based on the decoupling approximation of the mean square displacement of the water molecules into diffusion and solid-like vibrational parts. The solid-like vibrational part Svib(Q, ω) is calculated with the phonon expansion method established in the framework of the incoherent Gaussian approximation. The diffusion part Sdiff(Q, ω) relies on the Egelstaff–Schofield translational diffusion model corrected for jump diffusions and rotational diffusions with the Singwi–Sjölander random model and Sears expansion, respectively. Systematics of the model parameters as a function of temperature were deduced from quasi-elastic neutron scattering data analysis reported in the literature and from molecular dynamics (MD) simulations relying on the TIP4P/2005f model. The resulting S(Q, ω) values are confronted by means of Monte Carlo simulations to inelastic neutron scattering data measured with IN4, IN5, and IN6 time-of-flight spectrometers of the Institut Laue-Langevin (ILL) (Grenoble, France). A modest range of temperatures (283–494 K) has been investigated with neutron wavelengths corresponding to incident neutron energies ranging from 0.57 to 67.6 meV. The neutron-weighted multiphonon spectra deduced from the ILL data indicate a slight overestimation by the MD simulations of the frequency shift and broadening of the librational band. The descriptive power of the composite model was suited for improving the comparison to experiments via Bayesian updating of prior model parameters inferred from MD simulations. The reported posterior temperature-dependent densities of state of hydrogen in H2O would represent valuable insights for studying the collective coupling interactions in the water molecule between the inter- and intramolecular degrees of freedom.

  PublisherOA PDFDOI

• Measurement of the double-differential neutron cross section of UO₂ from room temperature to hot full power conditions

  EPJ Web of Conferences · 2020-01-01 · 1 citations

  articleOpen access

  Experimental phonon densities of states of UO 2 have been deduced from double-differential neutron scattering data measured at 300 K, 600 K and 900 K using the IN6 time-of-flight spectrometer of the Institute Laue-langevin (ILL). The comparison with ab intio phonon spectra obtained at the North Caroline South University from first-principle calculations confirms that harmonic vibrations of the atoms cannot accurately reproduce the phonon broadening related to the oxygen atoms.

  PublisherOA PDFDOI

• Combining density functional theory and Monte Carlo neutron transport calculations to study the phonon density of states of <mml:math xmlns:mml="http://www.w3.org/1998/Math/MathML"><mml:mrow><mml:mi mathvariant="normal">U</mml:mi><mml:msub><mml:mi mathvariant="normal">O</mml:mi><mml:mn>2</mml:mn></mml:msub></mml:mrow></mml:math> up to 1675 K by inelastic neutron scattering

  Physical review. B./Physical review. B · 2020-10-30 · 7 citations

  articleOpen access

  Significant advances in the use of atomistic simulation techniques, such as ab initio density functional theory and the molecular dynamics method, made it possible to predictively calculate properties of materials. In parallel, low-energy neutron scattering instruments and data analysis tools available in different institutes become mature for providing high-quality data for experimental validation purposes. Despite such experimental and theoretical improvements, the accurate modeling of experimental neutron-weighted multiphonon spectra for $\mathrm{U}{\mathrm{O}}_{2}$ over a broad temperature range still remains an issue. Combining prior phonon density of states (PDOS) from density functional theory and Monte Carlo inelastic neutron scattering calculations in a Bayesian fitting procedure is a valuable alternative approach to assess the partial PDOS of uranium and oxygen in $\mathrm{U}{\mathrm{O}}_{2}$ from 294 to 1675 K for improving the comparison to experiment and exploring the first-principles calculation hypothesis.

  PublisherOA PDFDOI

• Agir face aux dérèglements du monde

  Odile Jacob eBooks · 2020-06-24

  book-chapter1st authorCorresponding
  PublisherDOI

• Review Article: Perspectives on the Future of Asset Pricing

  Review of Financial Studies · 2020 · 103 citations

  • Computer Science
  • Business
  • Computer Security
  PublisherOA PDFDOI

• What is driving the return spread between “safe” and “risky” assets?

  Chicago Fed Letter · 2019-01-01 · 27 citations

  articleOpen access1st authorCorresponding

  Real interest rates on U.S. government bonds have declined persistently since the 1980s. U.S. government bonds are backed by the full faith and credit of the federal government and, hence, are considered one of the safest assets because the risk of default is extremely low. More broadly, interest rates on other safe assets, such as highly rated corporations, have also declined.

  PublisherOA PDFDOI

• China versus the United States: IMS Meets IPS

  AEA Papers and Proceedings · 2019-05-01 · 16 citations

  article1st authorCorresponding

  Currently both the International Monetary System (IMS) and the International Price Systems (IPS) are dominated by the United States. The emergence of China, both as reserve currency and as a currency of invoicing, is likely to disrupt this status quo. We provide a framework to understand the forces that will shape this transition and identify sources of instability. We highlight the risk of an abrupt shift triggered by a run on the dollar.

  PublisherDOI

Frequent coauthors

• Ricardo J. Caballero

  81 shared

• Iván Werning

  79 shared

• Pierre‐Olivier Gourinchas

  51 shared

• Corinne Rivasseau

  CEA Paris-Saclay

  30 shared

• Gita Gopinath

  27 shared

• Philippe Aghion

  Collège de France

  22 shared

• Peter Kjær Willendrup

  Scherrer (Switzerland)

  19 shared

• Matteo Maggiori

  18 shared

Education

• Ph.D., Economics

  Harvard University

  1999

• M.A., Economics

  Harvard University

  1995

• B.A., Economics

  University of Paris I Panthéon-Sorbonne

  1992

Awards & honors

• 2010 Sloan Research Fellowship
• 2009 Bernacèr Prize for the best European economist under th…
• 2010 Young Leader of the French American Foundation