Joao B. Duarte

Joao B. Duarte
Universidade NOVA de Lisboa | NOVA · Nova School of Business and Economics (SBE)

Doctor of Philosophy Economics

About

20
Publications
9,493
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131
Citations
Introduction
João Duarte is an Assistant Professor at Nova School of Business and Economics in Lisbon. He received his Ph.D. in Economics from University of Illinois at Urbana-Champaign. Before joining NovaSBE, Joao was a research associate at the University of Cambridge. His research focus on two main areas: housing and structural transformation. In housing, he incorporates micro-founded features of the housing market into macroeconomic models to study how monetary policy affects the housing market and vice-versa. In structural transformation, he studies how labor reallocation across different industries can explain the slowdown in aggregate labor productivity growth.
Additional affiliations
September 2017 - May 2020
Universidade NOVA de Lisboa
Position
  • Professor (Assistant)
May 2016 - May 2018
University of Cambridge
Position
  • Research Associate
Education
September 2010 - May 2016
March 2006 - March 2010
Federal University of Pernambuco
Field of study
  • Economics

Publications

Publications (20)
Preprint
Full-text available
Since 1980 there has been a steady increase in earnings inequality alongside rapid technological growth in the U.S. economy. To what extent does technological change explain the observed increase in earnings dispersion? How does it affect the optimal progressivity of the tax system? To answer these questions we develop an incomplete markets model w...
Article
We show that monetary policy affects homeownership decisions and argue that this effect is an important and overlooked channel of monetary policy transmission. We first document that monetary policy shocks are a substantial driver of fluctuations in the U.S. homeownership rate and that monetary policy affects households' housing tenure choices. We...
Preprint
Full-text available
We investigate the labor productivity growth gap in services between Europe and the U.S. through the lenses of a structural transformation theory that allows for an arbitrary number of sectors and long-run income and price effects. We disaggregate services into several subsectors comparable between the U.S. and Europe to account for differences wit...
Article
Full-text available
We study the interplay between monetary policy and housing tenure decisions and how this channel affects monetary policy transmission in the business cycle. We show that monetary policy shocks are an important driver of fluctuations in the aggregate rate of homeownership in the United States, accounting for as much as 35% of its long-run variation....
Article
We measure labor demand and supply shocks at the sector level around the COVID-19 outbreak by estimating a Bayesian structural vector autoregression on monthly statistics of hours worked and real wages. Most sectors were subject to large negative labor supply and demand shocks in March and April, with substantial heterogeneity in the size of shocks...
Article
We study heterogeneity in the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. Deploying a novel methodology to assess the degree of heterogeneity, we find it to be low in financial variables and output but significant in consumption, consumer prices, and variables related to...
Preprint
Full-text available
We measure labor demand and supply shocks at the sector level around the COVID-19 outbreak by estimating a Bayesian structural vector autoregression on monthly statistics of hours worked and real wages. Our estimates suggest that two-thirds of the 16.24 percentage point drop in the growth rate of hours worked in April 2020 are attributable to suppl...
Article
Full-text available
We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption, consumer prices, and variables related to local housing and...
Article
Full-text available
We measure labor demand and supply shocks at the sector level around the COVID-19 outbreak by estimating a Bayesian structural vector autoregression on monthly statistics of hours worked and real wages. Our estimates suggest that two-thirds of the 16.24 percentage point drop in the growth rate of hours worked in April 2020 are attributable to suppl...
Article
Full-text available
In this paper we study the effect of monetary policy shocks on housing rents. Our main finding is that, in contrast to house prices, housing rents increase in response to contractionary monetary policy shocks. We also find that, after a contractionary monetary policy shock, rental vacancies and the homeownership rate decline. This combination of re...
Article
In this paper we study the effect of monetary policy shocks on housing rents. Our main finding is that, in contrast to house prices, housing rents increase in response to contractionary monetary policy shocks. We also find that, after a contractionary monetary policy shock, rental vacancies and the homeownership rate decline. This combination of re...
Preprint
Full-text available
We reconsider the effects of common monetary policy shocks across countries in the euro area, using a data-rich factor model and identifying shocks with high-frequency surprises around policy announcements. We show that the degree of heterogeneity in the response to shocks, while being low in financial variables and output, is significant in consum...
Article
Full-text available
We explain labor productivity differences between Europe and the U.S. using a structural transformation model that decomposes the service sector into 11 industries. The calibrated model explains the observed labor reallocation across sectors as well as the observed time paths of aggregate labor productivity. We identify wholesale and retail trade,...
Article
Full-text available
In this paper we provide an alternative explanation for the price puzzle (Sims 1992) based on the effect of monetary policy on housing tenure choice and the weight of the shelter component in overall CPI. In the presence of nominal or financial frictions, when interest rates increase, the real cost of owning a house increases, and this increase may...
Research
Full-text available
In this paper we unveil a feedback loop between monetary policy, housing tenure choice (own vs rent) and measured inflation and quantify its consequences. This feedback loop is explained in three parts: i) Housing rents respond positively to contractionary monetary policy shocks; ii) This effect of interest rates on housing rents gives rise to an i...
Conference Paper
Full-text available
In this paper we provide an alternative explanation for the price puzzle (Sims 1992) based on the effect of monetary policy on housing tenure choice and the weight of the shelter component in overall CPI. In the presence of nominal or financial frictions, when interest rates increase, the real cost of owning a house increases, which may make some p...
Article
This paper documents some of the recent economic history of Portugal, since its accession to the EEC, to the adoption of the Euro and more recently to the financial and economic crisis. In the first part of the paper we show the economic performance of Portugal during the last 25 years till now, from the fast growth of the late 1980s and early 1990...

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Projects

Projects (2)
Project
We aim at explaining how macro policies such as fiscal policy and monetary policy affect the housing market. We are also interested in how then housing market outcomes shape macro policies. In particular, we are interested in finding the mechanisms of transmission under which macro policies shocks affect the housing market.