{"id":55,"date":"2023-01-30T23:35:31","date_gmt":"2023-01-30T23:35:31","guid":{"rendered":"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/?page_id=55"},"modified":"2026-03-24T14:23:12","modified_gmt":"2026-03-24T14:23:12","slug":"research","status":"publish","type":"page","link":"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/research\/","title":{"rendered":"Research"},"content":{"rendered":"\n<h1 class=\"wp-block-heading has-text-align-center\">RESEARCH<\/h1>\n\n\n\n<h2 class=\"wp-block-heading\">Working Paper<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">-Under review<\/h3>\n\n\n<ol>\n<li>AI and Asset Prices (with <a href=\"https:\/\/sites.google.com\/view\/mmmihai\/home\">Marius Mihai <\/a>) (<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5277572\">SSRN <\/a><span style=\"color: initial\">)<\/span><\/li>\n<li>A Heterogeneous-Agent Model for the Latin American Financial Market (with <a href=\"https:\/\/www.esan.edu.pe\/directorio\/carlos-aguirre\">Carlos Aguirre <\/a>)\u00a0(<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4806711\" target=\"_blank\" rel=\"noopener\">SSRN <\/a>)<\/li>\n<\/ol>\n\n\n<h3 class=\"wp-block-heading\">-Complete draft<\/h3>\n\n\n<ol>\n<li>Disagreement About Monetary Policy and the Equity Term Structure (with <a href=\"https:\/\/sites.google.com\/site\/isakinm\/home\">Maksim Isakin <\/a> and <a href=\"https:\/\/academic.csuohio.edu\/ngo-phuong\/\">Phuong Ngo<\/a>) (<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5760024\">SSRN <\/a>)<\/li>\n<li>Beliefs Heterogeneity and the Equity Term Structure (with <a href=\"https:\/\/yuchengzhou.com\/\">Yucheng Zhou <\/a>) (<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5311496\">SSRN <\/a>)<\/li>\n<\/ol>\n<ol class=\"n8H08c UVNKR\">\n<li style=\"list-style-type: none\">\n<ul class=\"n8H08c UVNKR\">\n<li>Presentations: NA Cavalcade 2025.<\/li>\n<\/ul>\n<\/li>\n<li class=\"TYR86d zfr3Q\" dir=\"ltr\">Preferences Heterogeneity in Asset Pricing Models: Inspecting the Mechanism (<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4579435\">SSRN <\/a>)<\/li>\n<li dir=\"ltr\">Heterogeneous Households in Asset Pricing: A Review and Future Research Agenda (<a href=\"https:\/\/www.dropbox.com\/s\/9xm516tqn5sn5gf\/HA_Survey.pdf?dl=0\" target=\"_blank\" rel=\"noopener\">PDF <\/a>)<\/li>\n<li dir=\"ltr\">Informality and Wealth Distribution: A Heterogeneous Agent Model (with Alan Ledesma, Luis Yepez, &amp; Cesar Salinas) (<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4740142\">SSRN <\/a>)<\/li>\n<li>Huggett Meets Epstein-Zin in Continuous Time (with <a href=\"https:\/\/yuchengzhou.com\/\">Yucheng Zhou <\/a> and <a href=\"https:\/\/jihuang.weebly.com\/\">Ji Huang <\/a>) (<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5311555\">SSRN <\/a>)\u00a0<\/li>\n<li>The Role of Leverage and Habit Consumption in Latin American Financial Markets (with Carlos Aguirre) (SSRN)<\/li>\n<\/ol>\n\n\n<h3 class=\"wp-block-heading\">-In progress<\/h3>\n\n\n<ol class=\"n8H08c UVNKR\">\n<li>The Implications of Limited Commitment on the Equity Term Structure (with <a href=\"https:\/\/www.clevelandfed.org\/people\/profiles\/p\/phelan-tom\">Tom Phelan <\/a>) (expected draft: April 2026)<\/li>\n<li>Asset Pricing with Heterogeneous and Skewed Preferences\u00a0(<em>expected draft: March 2026<\/em>)<\/li>\n<li>An Asset Pricing Theory for Emerging Economies\u00a0(<em>expected draft: May 2026<\/em>)<\/li>\n<li>Why is the Interest Rate Spread Between Dollar and Domestic Currency Deposits Negative? <span data-olk-copy-source=\"MessageBody\">(with <a href=\"https:\/\/www.liumendoza.com\/research\/work-in-progress\">Liu Mendoza Perez <\/a>)<\/span> (<em>expected draft: June 2026<\/em>)<\/li>\n<li>Asset Pricing with Beliefs and Investment Horizon Heterogeneity<\/li>\n<li>Beliefs on Recession Probability and Term Structure of Equity Returns\u00a0<\/li>\n<li>The Equity Term Structure in an OLG Asset Pricing Framework<\/li>\n<\/ol>\n\n\n<h2 class=\"wp-block-heading\">R&amp;R<\/h2>\n\n\n<ol>\n<li>How Do Heterogeneous Beliefs About Rare Disaster Probability Affect the Equity Term Structure? (<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5135324\">SSRN <\/a>) (<a href=\"https:\/\/www.dropbox.com\/scl\/fi\/e6r4m41aee74ct8b0n38s\/OnlineAppendixA.pdf?rlkey=x2al0238lftrgs70n2ccdq148&amp;st=yomc36yh&amp;dl=0\">OnlineAppendix <\/a>), <span data-olk-copy-source=\"MessageBody\"><span style=\"color: #0000ff\"><em>Journal of Banking &amp; Finance<\/em><\/span><\/span>\n<ul>\n<li>Presentations: Southern Finance Association (SFA) 2025<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n<h2 class=\"wp-block-heading\">Publications<\/h2>\n\n\n<ul class=\"n8H08c UVNKR\">\n<li><span style=\"color: #000000\"><strong>[12] Risk Aversion Heterogeneity and the Equity Term Structure<\/strong><\/span>\n<ul class=\"n8H08c UVNKR\">\n<li><span style=\"color: #0000ff\"><em>International Review of Economics and Finance, <span style=\"color: #000000\"><strong>2026<\/strong><\/span>\u00a0<\/em><\/span>(<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4828417\">SSRN <\/a>)(<a href=\"https:\/\/doi.org\/10.1016\/j.iref.2026.105118\">JournalLink <\/a>)<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000\"><strong>[11]\u00a0<\/strong><\/span><span data-olk-copy-source=\"MessageBody\"><span style=\"color: #000000\"><strong>Dollarization hysteresis, inflation jumps, and fear of inflation<\/strong><\/span> (with <a href=\"https:\/\/www.liumendoza.com\/research\/work-in-progress\">Liu Mendoza Perez <\/a>).<\/span>\n<ul class=\"n8H08c UVNKR\">\n<li><span data-olk-copy-source=\"MessageBody\"> <span style=\"color: #0000ff\"><em>Journal of Economic Dynamics and Control, <span style=\"color: #000000\"><strong>2025 <\/strong><\/span><\/em>(<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5267305\">SSRN <\/a>) (<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0165188925001605\">JournalLink <\/a>)<\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000\"><strong>[10] The Role of External Habits and Preference Heterogeneity in the Equity Term Structure<\/strong><\/span>.\n<ul class=\"n8H08c UVNKR\">\n<li><span style=\"color: #0000ff\"><em>Journal of Economic Dynamics and Control, <strong><span style=\"color: #000000\">2025<\/span> <\/strong><\/em><\/span>(<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4864070\">SSRN <\/a>)(<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S016518892500123X?dgcid=author\">JournalLink <\/a>)<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000\"><strong>[9] Heterogeneous Agents Models in Asset Pricing: The Dynamic Programming Approach and the Finite Difference Method.<\/strong><\/span>\n<ul class=\"n8H08c UVNKR\">\n<li><span style=\"color: #666666;font-family: 'Lucida Grande', 'Lucida Sans Unicode', 'Lucida Sans', Geneva, Verdana, sans-serif;font-size: revert\"><span style=\"color: #666666;font-family: 'Lucida Grande', 'Lucida Sans Unicode', 'Lucida Sans', Geneva, Verdana, sans-serif;font-size: revert\"><span style=\"color: #0000ff\"><em><span class=\"anchor-text\">The B.E. Journal of Theoretical Economics<span style=\"color: #000000\">, <strong>2025<\/strong>. <\/span><\/span><\/em><\/span><\/span><\/span>(<a style=\"font-family: 'Lucida Grande', 'Lucida Sans Unicode', 'Lucida Sans', Geneva, Verdana, sans-serif;font-size: revert\" href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4543597\" target=\"_blank\" rel=\"noopener\">SSRN <\/a><span style=\"color: #666666;font-family: 'Lucida Grande', 'Lucida Sans Unicode', 'Lucida Sans', Geneva, Verdana, sans-serif;font-size: revert\"><span style=\"color: #666666;font-family: 'Lucida Grande', 'Lucida Sans Unicode', 'Lucida Sans', Geneva, Verdana, sans-serif;font-size: revert\">)(<a href=\"https:\/\/www.degruyterbrill.com\/document\/doi\/10.1515\/bejte-2024-0065\/html\">JournalLink <\/a>)<\/span><\/span><\/li>\n<li>(<a href=\"https:\/\/github.com\/hamiltongg\/DynamicProgramming-FiniteDifference\">Codes in GitHub <\/a>)<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000\"><strong>[8] How to Build and Solve Continuous-time Heterogeneous Agents Models in Asset Pricing? The Martingale Approach and the Finite Difference Method.<\/strong><\/span>\n<ul class=\"n8H08c UVNKR\">\n<li><span style=\"color: #0000ff\"><em><span class=\"anchor-text\">Journal of Mathematical Economics<span style=\"color: #000000\">, <\/span><\/span><\/em><\/span><span style=\"color: #000000\"><strong><em><span class=\"anchor-text\">2024<\/span><\/em><\/strong><\/span><span style=\"color: #0000ff\"><em><span class=\"anchor-text\"><span style=\"color: #000000\">. <\/span><\/span><\/em><\/span>(<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4543577\" target=\"_blank\" rel=\"noopener\">SSRN <\/a>) <span style=\"color: #0000ff\"><span style=\"color: #000000\">(<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0304406824001381?via%3Dihub\">JournalLink <\/a>)<\/span><\/span><\/li>\n<li>\u00a0<a href=\"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/codes\/\">(Codes: m-files)<\/a> (<a href=\"https:\/\/github.com\/hamiltongg\/Martingale-FiniteDifference\">Codes in GitHub <\/a>)<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000\"><strong>[7] An ETF-Based Measure of Stock Price Fragility<\/strong><\/span> (with Renato Lazo-Paz).\n<ul class=\"n8H08c UVNKR\">\n<li><span style=\"color: #0000ff\"><em>The Journal of Financial Markets<\/em><span style=\"color: #000000\">, <strong>2024. <\/strong>(<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4714658\">SSRN <\/a>) (<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S1386418124000648?via%3Dihub\">JournalLink <\/a>).<\/span><\/span><\/li>\n<\/ul>\n<\/li>\n<li><strong><span style=\"color: #000000\">[6] Is the Working Capital Channel of the Monetary Policy Quantitatively Relevant? A Structural Estimation Approach<\/span>. <\/strong>\n<ul class=\"n8H08c UVNKR\">\n<li><span style=\"color: #0000ff\"><em>Macroeconomic Dynamics, <strong><span style=\"color: #000000\">2024.<\/span><\/strong>\u00a0<\/em><\/span>(<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3781175\" target=\"_blank\" rel=\"noopener\">SSRN <\/a>) (<a href=\"https:\/\/www.cambridge.org\/core\/journals\/macroeconomic-dynamics\/article\/is-the-working-capital-channel-of-the-monetary-policy-quantitatively-relevant-a-structural-estimation-approach\/BEA493ED6031DD5B74ECC90ECF3CBD86\">JournalLink <\/a>).<\/li>\n<li><span style=\"font-size: revert\"><strong>Presentations:<\/strong> American Finance Association (AFA) 2021, SFS Cavalcade NA 2020, Macro-Finance Research Program Summer Session for Young Scholars (University of Chicago) 2020, MIT Finance Student Workshop, Chicago Booth Finance Brownbag, Arizona State University, Cleveland State University, and Rochester Institute of Technology. <\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000\"><strong>[5] A DSGE Model with Government-owned Banks<\/strong><\/span> (with Alexis Montecinos).\n<ul class=\"n8H08c UVNKR\">\n<li><span style=\"color: #0000ff\"><em>The B.E. Journal of Macroeconomics<span style=\"color: #000000\">, <strong>2024<\/strong><\/span><\/em><\/span>.\u00a0 (<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4371887\" target=\"_blank\" rel=\"noopener\">SSRN <\/a>) (<a href=\"https:\/\/www.degruyter.com\/document\/doi\/10.1515\/bejm-2023-0099\/html\">JournalLink <\/a>)<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000\"><strong>[4] Leverage and Capital Utilization<\/strong><\/span> (with Diogo Duarte &amp; Alexis Montecinos).\n<ul class=\"n8H08c UVNKR\">\n<li><em style=\"font-size: revert\"><span style=\"color: #0000ff\">The European Journal of Finance<\/span>, <span style=\"color: #000000\"><strong>2022<\/strong><\/span><\/em><span style=\"font-size: revert\">. (<a href=\"https:\/\/www.tandfonline.com\/doi\/full\/10.1080\/1351847X.2021.1924215\">JournalLink <\/a>). <\/span><\/li>\n<li><span style=\"font-size: revert\"><strong>Presentations:<\/strong> Arizona State University Brownbag 2018 and Southwestern Finance Association 2019 Annual Meeting.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><strong><span style=\"color: #000000\">[3] What Kind of Firm is More Responsive to the Unconventional Monetary Policy?<\/span> <\/strong>\n<ul class=\"n8H08c UVNKR\">\n<li><span style=\"color: #0000ff\"><em style=\"font-size: revert\">The Quarterly Review of Economics and Finance<\/em><\/span><span style=\"font-size: revert\">, <\/span><em style=\"font-size: revert\"><span style=\"color: #000000\"><strong>2021<\/strong><\/span>. <\/em>(<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S106297692100106X\">JournalLink <\/a>).<\/li>\n<li><span style=\"font-size: revert\"><strong>Presentations:<\/strong> Arizona State University Brownbag 2020 and Ph.D. Seminar at Chicago Booth 2020.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><strong><span style=\"color: #000000\">[2] The Importance of Large Shocks to Return Predictabilit<\/span>y<\/strong> (with Diaz, J., Duarte, D., Montecinos, A., Truffa, S.).\n<ul class=\"n8H08c UVNKR\">\n<li><em><span style=\"color: #0000ff\">Pacific Basin Finance Journal<\/span><\/em>, <span style=\"color: #000000\"><em><strong>2021<\/strong><\/em><\/span>. (<a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0927538X21000251\">JournalLink <\/a>)<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000\"><strong>[1] The effects of Risk Aversion and Money Illusion on The Endogenous Dividend Growth Rate<\/strong><\/span> (with Diogo Duarte &amp; Alexis Montecinos).\n<ul class=\"n8H08c UVNKR\">\n<li><em style=\"font-size: revert\"><span style=\"color: #0000ff\">The European Journal of Finance<\/span>, <span style=\"color: #000000\"><strong>2020<\/strong><\/span>. <\/em>(<a href=\"https:\/\/www.tandfonline.com\/doi\/abs\/10.1080\/1351847X.2019.1687098\">JournalLink <\/a>)<\/li>\n<\/ul>\n<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>RESEARCH Working Paper -Under review AI and Asset Prices (with Marius Mihai ) (SSRN ) A Heterogeneous-Agent Model for the Latin American Financial Market (with Carlos Aguirre )\u00a0(SSRN ) -Complete draft Disagreement About Monetary Policy and the Equity Term Structure (with Maksim Isakin and Phuong Ngo) (SSRN ) Beliefs Heterogeneity and the Equity Term Structure&mldr;<\/p>\n","protected":false},"author":57,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"class_list":["post-55","page","type-page","status-publish","hentry"],"featured_image_src":null,"_links":{"self":[{"href":"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/wp-json\/wp\/v2\/pages\/55","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/wp-json\/wp\/v2\/comments?post=55"}],"version-history":[{"count":113,"href":"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/wp-json\/wp\/v2\/pages\/55\/revisions"}],"predecessor-version":[{"id":550,"href":"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/wp-json\/wp\/v2\/pages\/55\/revisions\/550"}],"wp:attachment":[{"href":"https:\/\/academic.csuohio.edu\/galindogil-hamilton\/wp-json\/wp\/v2\/media?parent=55"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}