Francois Gourio

Federal Reserve Bank of Chicago

Senior economist and research advisor

230 South LaSalle Street

Chicago, IL 60604

United States

http://sites.google.com/site/fgourio

SCHOLARLY PAPERS

30

DOWNLOADS
Rank 14,100

SSRN RANKINGS

Top 14,100

in Total Papers Downloads

4,174

SSRN CITATIONS
Rank 1,944

SSRN RANKINGS

Top 1,944

in Total Papers Citations

484

CROSSREF CITATIONS

176

Scholarly Papers (30)

1.
Downloads 754 ( 39,785)
Citation 25

The Cross-Section of Labor Leverage and Equity Returns

Donangelo, Andres, Francois Gourio, Matthias Kehrig, and Miguel Palacios. "The cross-section of labor leverage and equity returns." Journal of Financial Economics 132, no. 2 (2019): 497-518 , DOI: 10.1016/j.jfineco.2018.10.016
Number of pages: 53 Posted: 13 May 2016 Last Revised: 29 Jun 2019
University of Texas at Austin - Department of Finance, Federal Reserve Bank of Chicago, Duke University and Haskayne School of Business, University of Calgary
Downloads 628 (50,139)
Citation 23

Abstract:

Loading...

Labor Leverage, Capital-Labor Complementarity, Capital-Labor Elasticity of Substitution, Operating Leverage, Labor Share, Expected Returns

The Cross-Section of Labor Leverage and Equity Returns

FRB of Chicago Working Paper No. WP-2017-22
Number of pages: 60 Posted: 10 Nov 2017
University of Texas at Austin - Department of Finance, Federal Reserve Bank of Chicago, Duke University and Haskayne School of Business, University of Calgary
Downloads 126 (268,426)
Citation 1

Abstract:

Loading...

Labor leverage, labor mobility, labor supply, wage, productivity

2.

International Risk Cycles

Number of pages: 49 Posted: 03 Sep 2010 Last Revised: 07 Nov 2014
Francois Gourio, Michael Siemer and Adrien Verdelhan
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 561 (58,547)
Citation 34

Abstract:

Loading...

3.

Uncertainty and International Capital Flows

Number of pages: 60 Posted: 05 Jul 2015 Last Revised: 09 Oct 2015
Francois Gourio, Michael Siemer and Adrien Verdelhan
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 490 (69,409)
Citation 31

Abstract:

Loading...

international capital flows, political risk, expropriation, gross flows, volatility, uncertainty

4.

Financing Investment with Long-Term Debt and Uncertainty Shocks

Number of pages: 39 Posted: 19 Mar 2011 Last Revised: 19 Mar 2012
Michael Michaux and Francois Gourio
University of Southern California - Marshall School of Business and Federal Reserve Bank of Chicago
Downloads 391 (90,719)

Abstract:

Loading...

Q Theory of Investment, Capital Structure, Long Term Debt, Stochastic Volatility

5.

Disaster Risk and Business Cycles

AFA 2011 Denver Meetings Paper
Number of pages: 49 Posted: 19 Mar 2010
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 244 (150,611)
Citation 146

Abstract:

Loading...

business cycles, investment, production, equity premium, time-varying risk premium, disasters, rare events, jumps

Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia

FRB of Chicago Working Paper No. WP-2018-19
Number of pages: 62 Posted: 14 Dec 2018 Last Revised: 29 Apr 2020
Emmanuel Farhi and Francois Gourio
Harvard University - Department of Economics and Federal Reserve Bank of Chicago
Downloads 218 (167,395)
Citation 13

Abstract:

Loading...

investment, equity premium, risk-free rate, profitability, valuation ratios, labor share, competition, markups, safe assets

Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia

NBER Working Paper No. w25282
Number of pages: 63 Posted: 26 Nov 2018 Last Revised: 07 Feb 2021
Emmanuel Farhi and Francois Gourio
Harvard University - Department of Economics and Federal Reserve Bank of Chicago
Downloads 18 (649,102)
Citation 16

Abstract:

Loading...

7.

Dynamic Effects of Permanent and Temporary Dividend Tax Policies on Corporate Investment and Financial Policies

Number of pages: 41 Posted: 10 Oct 2007
Francois Gourio and Jianjun Miao
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 236 (155,495)
Citation 6

Abstract:

Loading...

dividend tax policies, investment and financial policies, finance regimes, collateral constraint, intertemporal tax arbitrage

8.

The Effect of Winter Weather on U.S. Economic Activity

Economic Perspectives, Vol. 39, No. 1, 2015
Number of pages: 20 Posted: 26 Apr 2015
Justin Bloesch and Francois Gourio
Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago
Downloads 166 (214,195)
Citation 2

Abstract:

Loading...

weather, climate, snow, precipitation, temperature, employment, economic disruption

Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform

Number of pages: 44 Posted: 12 Nov 2006
Francois Gourio and Jianjun Miao
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 115 (287,259)
Citation 11

Abstract:

Loading...

firm heterogeneity, general equilibrium, finance regime, the new and tranditional veiws of dividend taxation

Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform

NBER Working Paper No. w15044
Number of pages: 50 Posted: 08 Jun 2009 Last Revised: 08 Feb 2021
Francois Gourio and Jianjun Miao
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 15 (672,238)
Citation 7

Abstract:

Loading...

Investment Spikes: New Facts and a General Equilibrium Exploration

Chicago GSB Research Paper No. 7
Number of pages: 48 Posted: 08 Aug 2008
Francois Gourio and Anil K. Kashyap
Federal Reserve Bank of Chicago and University of Chicago, Booth School of Business
Downloads 76 (376,033)
Citation 6

Abstract:

Loading...

adjustment costs, investment, investment tax credit, fixed costs, extensive margin

Investment Spikes: New Facts and a General Equilibrium Exploration

NBER Working Paper No. w13157
Number of pages: 47 Posted: 27 Jun 2007 Last Revised: 09 Jul 2007
Francois Gourio and Anil K. Kashyap
Federal Reserve Bank of Chicago and University of Chicago, Booth School of Business
Downloads 35 (536,743)
Citation 3

Abstract:

Loading...

11.

Time-Varying Risk of Disaster, Time-Varying Risk Premia, and Macroeconomic Dynamics

Number of pages: 42 Posted: 18 Mar 2009
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 105 (304,483)
Citation 2

Abstract:

Loading...

business cycles, equity premium, term premium, return predictability, disasters, rare events, jumps

12.

Stochastic Volatility, Bond Yields, and the Q Theory of Investment

Number of pages: 25 Posted: 21 Mar 2011
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 91 (334,054)
Citation 4

Abstract:

Loading...

Q theory of investment, capital structure, stochastic volatility

13.

Customer Capital

Number of pages: 60 Posted: 22 Mar 2010 Last Revised: 30 Jun 2011
Francois Gourio and Leena Rudanko
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 84 (350,865)
Citation 62

Abstract:

Loading...

Product market search, customer base, firm dynamics, investment

Firm Entry and Macroeconomic Dynamics: A State-Level Analysis

FEDS Working Paper No. 2016-043
Number of pages: 9 Posted: 18 May 2016
Francois Gourio, Todd Messer and Michael Siemer
Federal Reserve Bank of Chicago, University of California, Berkeley and Board of Governors of the Federal Reserve System
Downloads 41 (506,394)
Citation 11

Abstract:

Loading...

Productivity, Business dynamics, Employment, Firm entry, Missing generation, New business formation

Firm Entry and Macroeconomic Dynamics: A State-Level Analysis

FRB of Chicago Working Paper No. WP-2016-1
Number of pages: 14 Posted: 22 Feb 2016
Francois Gourio, Todd Messer and Michael Siemer
Federal Reserve Bank of Chicago, University of California, Berkeley and Board of Governors of the Federal Reserve System
Downloads 39 (516,141)

Abstract:

Loading...

Business cycles, Firms entry, Firms dynamics, Gross Domestic Product, macroeconomics, productivity, population

15.
Downloads 74 (377,761)
Citation 3

The Tradeoffs in Leaning Against the Wind

FRB of Chicago Working Paper No. WP-2017-21
Number of pages: 52 Posted: 10 Nov 2017
Francois Gourio, Anil K. Kashyap and Jae Sim
Federal Reserve Bank of Chicago, University of Chicago, Booth School of Business and Board of Governors of the Federal Reserve System
Downloads 63 (417,050)

Abstract:

Loading...

Credit risk, financial crisis, monetary policy

The Tradeoffs in Leaning Against the Wind

NBER Working Paper No. w23658
Number of pages: 45 Posted: 11 Aug 2017
Francois Gourio, Anil K. Kashyap and Jae Sim
Federal Reserve Bank of Chicago, University of Chicago, Booth School of Business and Board of Governors of the Federal Reserve System
Downloads 11 (704,482)

Abstract:

Loading...

16.

Macroeconomic Implications of Time-Varying Risk Premia

ECB Working Paper No. 1463
Number of pages: 96 Posted: 29 Aug 2012
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 60 (421,536)

Abstract:

Loading...

business cycles, investment, credit spreads, risk premia, rare events

17.

Risk Premia at the ZLB: A Macroeconomic Interpretation

FRB of Chicago Working Paper No. WP-2020-01
Number of pages: 49 Posted: 27 Apr 2020
Francois Gourio and Phuong Ngo
Federal Reserve Bank of Chicago and Cleveland State University
Downloads 51 (454,135)
Citation 1

Abstract:

Loading...

zero lower bound, liquidity trap, stock market, inflation premia, term

18.

Credit Risk and Disaster Risk

FRB of Chicago Working Paper No. 2012-07
Number of pages: 39 Posted: 28 Nov 2012
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 49 (462,058)
Citation 29

Abstract:

Loading...

fi…nancial frictions, …financial accelerator, systematic risk, asset pricing, credit spread puzzle, time-varying risk premium, disasters, rare events, jumps

19.

Disasters Risk and Business Cycles

NBER Working Paper No. w15399
Number of pages: 50 Posted: 05 Oct 2009 Last Revised: 29 Jan 2021
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 44 (482,917)

Abstract:

Loading...

20.

Risk Management for Monetary Policy Near the Zero Lower Bound

FRB of Chicago Working Paper No. 2015-03
Number of pages: 65 Posted: 03 Jun 2015
Federal Reserve Bank of Chicago - Research Department, Federal Reserve Bank of Chicago - Economic Research Department, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago - Economic Research
Downloads 40 (500,585)
Citation 28

Abstract:

Loading...

monetary policy, risk management, zero lower bound

21.
Downloads 29 (556,273)
Citation 25

Credit Risk and Disaster Risk

NBER Working Paper No. w17026
Number of pages: 47 Posted: 09 May 2011
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 26 (591,005)

Abstract:

Loading...

Credit Risk and Disaster Risk

CEPR Discussion Paper No. DP8201
Number of pages: 46 Posted: 31 Jan 2011
Francois Gourio
Federal Reserve Bank of Chicago
Downloads 3 (771,860)
Citation 3
  • Add to Cart

Abstract:

Loading...

asset pricing, business cycles, credit spread puzzle, disasters, equity premium, financial accelerator, financial frictions, jumps, rare events, systematic risk, time-varying risk premium

22.

Adaptation and the Cost of Rising Temperature for the U.S. Economy

FRB of Chicago Working Paper No. 2020-08
Number of pages: 19 Posted: 04 May 2020
Francois Gourio and Charles Fries
Federal Reserve Bank of Chicago and Columbia University, Law School
Downloads 26 (574,317)

Abstract:

Loading...

23.

Size-Dependent Regulations, Firm Size Distribution, and Reallocation

FRB of Chicago Working Paper No. 2013-11
Number of pages: 55 Posted: 31 Oct 2013 Last Revised: 04 Nov 2013
Francois Gourio and Nicolas Roys
Federal Reserve Bank of Chicago and University of Wisconsin - Madison - Department of Economics
Downloads 26 (574,317)
Citation 3

Abstract:

Loading...

firm size distribution, regulation, threshold effect, reallocation

24.

Customer Capital

NBER Working Paper No. w17191
Number of pages: 61 Posted: 11 Jul 2011
Francois Gourio and Leena Rudanko
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 22 (600,207)

Abstract:

Loading...

25.

International Risk Cycles

NBER Working Paper No. w17277
Number of pages: 50 Posted: 08 Aug 2011 Last Revised: 18 Mar 2021
Francois Gourio, Michael Siemer and Adrien Verdelhan
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 21 (606,939)
Citation 3

Abstract:

Loading...

26.

Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?

FRB of Chicago Working Paper No. 2014-02
Number of pages: 18 Posted: 22 Feb 2014
Francois Gourio and Leena Rudanko
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 18 (627,220)
Citation 1

Abstract:

Loading...

customer capital, Intangible capital, business cycles, labor wedge

27.

Transitional Dynamics of Dividend and Capital Gains Tax Cuts

NBER Working Paper No. w16157
Number of pages: 34 Posted: 12 Jul 2010 Last Revised: 24 Feb 2021
Francois Gourio and Jianjun Miao
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 15 (648,256)
Citation 5

Abstract:

Loading...

28.

Size-Dependent Regulations, Firm Size Distribution, and Reallocation

NBER Working Paper No. w18657
Number of pages: 50 Posted: 30 Dec 2012 Last Revised: 16 Oct 2014
Francois Gourio and Nicolas Roys
Federal Reserve Bank of Chicago and University of Wisconsin - Madison - Department of Economics
Downloads 14 (655,455)
Citation 12

Abstract:

Loading...

29.

Can Intangible Capital Explain Cyclical Movements in the Labor Wedge?

NBER Working Paper No. w19900
Number of pages: 13 Posted: 16 Feb 2014
Francois Gourio and Leena Rudanko
Federal Reserve Bank of Chicago and Boston University - Department of Economics
Downloads 5 (723,141)

Abstract:

Loading...

30.

The Trade Offs in Leaning Against the Wind

IMF Economic Review, Vol. 66, Issue 1, 2018
Number of pages: 46 Posted: 24 Apr 2018
Francois Gourio, Jae Sim and Anil K. Kashyap
Federal Reserve Bank of Chicago, Board of Governors of the Federal Reserve System and University of Chicago, Booth School of Business
Downloads 1 (761,665)
Citation 11
  • Add to Cart

Abstract:

Loading...