David Backus

Stern School of Business
44 West 4th Street
New York, NY 10012-1126
Tel: 212/998-0873
Fax: 212/995-4221

Institutional Affiliation: New York University

NBER Working Papers and Publications

April 2016Term Structures of Asset Prices and Returns
with Nina Boyarchenko, Mikhail Chernov: w22162

Published: David Backus & Nina Boyarchenko & Mikhail Chernov, 2018. "Term structures of asset prices and returns," Journal of Financial Economics, . citation courtesy of

December 2015Pareto Weights as Wedges in Two-Country Models
with Chase Coleman, Axelle Ferriere, Spencer Lyon: w21773

Published: David Backus & Chase Coleman & Axelle Ferriere & Spencer Lyon, 2016. "Pareto weights as wedges in two-country models," Journal of Economic Dynamics and Control, . citation courtesy of

July 2014Risk and Ambiguity in Models of Business Cycles
with Axelle Ferriere, Stanley Zin: w20319

Published: Backus, David & Ferriere, Axelle & Zin, Stanley, 2015. "Risk and ambiguity in models of business cycles," Journal of Monetary Economics, Elsevier, vol. 69(C), pages 42-63. citation courtesy of

September 2013Demography and Low Frequency Capital Flows
with Thomas Cooley, Espen Henriksen: w19465

Published: Journal of International Economics Volume 92, Supplement 1, April 2014, Pages S2–S21 36th Annual NBER International Seminar on Macroeconomics Cover image Measuring the effect of the zero lower bound on yields and exchange rates in the U.K. and Germany ☆ Eric T. Swanson, , E-mail the corresponding author, John C. Williams1,

August 2013Identifying monetary policy in macro-finance models
with Mikhail Chernov, Stanley E. Zin, Irina Zviadadze: w19360
June 2013Demography and Low-Frequency Capital Flows
with Thomas Cooley, Espen Henriksen
in NBER International Seminar on Macroeconomics 2013, Richard Clarida, Gita Gopinath, and Lucrezia Reichlin, organizers
July 2011Sources of Entropy in Representative Agent Models
with Mikhail Chernov, Stanley E. Zin: w17219

Published: \Sources of entropy in representative agent models," with M. Chernov and S. Zin, 2014, Journal of Finance 69, 51-99. citation courtesy of

July 2010Monetary Policy and the Uncovered Interest Parity Puzzle
with Federico Gavazzoni, Christopher Telmer, Stanley E. Zin: w16218
November 2009Current Account Fact and Fiction
with Espen Henriksen, Frederic Lambert, Christopher Telmer: w15525
August 2009Disasters implied by equity index options
with Mikhail Chernov, Ian Martin: w15240

Published: David Backus & Mikhail Chernov & Ian Martin, 2011. "Disasters Implied by Equity Index Options," Journal of Finance, American Finance Association, vol. 66(6), pages 1969-2012, December. citation courtesy of

November 2007Taxes and the Global Allocation of Capital
with Espen Henriksen, Kjetil Storesletten: w13624

Published: Backus, David & Henriksen, Espen & Storesletten, Kjetil, 2008. "Taxes and the global allocation of capital," Journal of Monetary Economics, Elsevier, vol. 55(1), pages 48-61, January. citation courtesy of

September 2007Cracking the Conundrum
with Jonathan H. Wright: w13419

Published: David K. Backus & Jonathan H. Wright, 2007. "Cracking the Conundrum," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 38(2007-1), pages 293-329. citation courtesy of

April 2005Exotic Preferences for Macroeconomists
with Bryan R. Routledge, Stanley E. Zin
in NBER Macroeconomics Annual 2004, Volume 19, Mark Gertler and Kenneth Rogoff, editors
June 2004Exotic Preferences for Macroeconomists
with Bryan Routledge, Stanley Zin: w10597
September 1998Discrete-Time Models of Bond Pricing
with Silverio Foresi, Chris Telmer: w6736

Published: Jegadeesh, N. and B. Tuckman (eds.) Advanced Fixed Income Valuation Tools. Wiley, 2000.

August 1998Oil Prices and the Terms of Trade
with Mario J. Crucini: w6697

Published: Journal of International Economics, (1999). citation courtesy of

January 1998Predictable Changes in Yields and Forward Rates
with Silverio Foresi, Abon Mozumdar, Liuren Wu: w6379

Published: Journal of Financial Economics, Volume: 59 Issue: 3 (March 2001) Pages: 281-311 citation courtesy of

June 1996Affine Models of Currency Pricing
with Silverio Foresi, Chris Telmer: w5623

Published: Journal of Finance, Volume 56: Issue 1 February 2001

Arbitrage Opportunities in Arbitrage-Free Models of Bond Pricing
with Silverio Foresi, Stanley Zin: w5638

Published: Backus, David, Silverio Foresi and Stanley Zin. "Arbitrage Opportunities In Arbitrage-Free Models On Bond Pricing," Journal of Business and Economic Statistics, 1998, v16(1,Jan), 13-26. citation courtesy of

March 1994Reverse Engineering the Yield Curve
with Stanley E. Zin: w4676
November 1993The Japanese Trade Balance: Recent History and Future Prospects

Published: Japan and the World Economy 10, (1998): 409-420.

October 1993International Business Cycles: Theory and Evidence
with Patrick J. Kehoe, Finn E. Kydland: w4493


  • Quarterly Review of the Federal Reserve Bank of Minneapolis, Fall 1993
  • T. Cooley, ed.: Frontiers in Business Cycle Research. Princeton University Press 1995

March 1993Long-memory Inflation Uncertainty: Evidence from the Term Structure of Interest Rates
with Stanley E. Zin: t0133

Published: Journal of Money, Credit and Banking, 25 (August 1993, Part 2) pp681-700.

December 1992Dynamics of the Trade Balance and the Terms of Trade: The S-Curve
with Patrick J. Kehoe, Finn E. Kydland: w4242

Published: "Dynamics of the Trade Balance and the Terms of Trade: the J Curve?" American Economic Review, 84 (March 1994) pp 84-103. citation courtesy of

Relative Price Movements in Dynamic General Equilibrium Models of International Trade
with Patrick J. Kehoe, Finn E. Kydland: w4243

Published: R. van der Ploeg ed.: Handbook of International Macroeconomics(Blackwell 1994)

1988A Positive Theory of Fiscal Policy in Open Economies
with Michael B. Devereux, Douglas Purvis
in International Aspects of Fiscal Policies, Jacob A. Frenkel, editor
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