TIMOTHY MORELAND

ABOUT ME

Welcome to my webpage! I am a Ph.D. candidate in Economics at Michigan State University. I am available for interviews for the 2020-2021 job market.

My research interest is macroeconomics with an emphasis on monetary policy, financial markets, and firm heterogeneity.

EDUCATION

2016-2021 (Expected) PhD & MA in Economics, Michigan State University
Field: Macroeconomics
2014-2016 Master of Public Policy (MPP), University of Minnesota
2006-2009 BS in Economics & Political Science, University of Pittsburgh
Minor: Applied Statistics

RESEARCH

Monetary Policy and Firm Heterogeneity: The Role of Leverage Since the Financial Crisis
      Revise and Resubmit at Review of Economics and Statistics
      (Joint with Aeimit Lakdawala, working paper)
The International Spillover Effects of US Monetary Policy Uncertainty
      Revise and Resubmit at Journal of International Economics
      (Joint with Aeimit Lakdawala and Matthew Schaffer, working paper)
Financial Consolidation and the Cyclicality of Corporate Financing
      (Joint with Raoul Minetti, Job market paper)

PRESENTATIONS

2019 Workshop on Empirical Monetary Economics (Paris, France)
Midwest Macroeconomics Meetings (East Lansing, MI)
Computing in Economics and Finance (Ottawa, Canada)
AEA Summer Program Fellows Brown Bag (East Lansing, MI)
Red Cedar Conference (East Lansing, MI)
Michigan State University Theory Brown Bag (East Lansing, MI)
2018 Michigan State University SWiM (East Lansing, MI)

TEACHING EXPERIENCE

Undergraduate
Course Instructor
Intro to Macroeconomics (Summer 2018)
Undergraduate
Teaching Assistant
Honors Macroeconomics & Public Policy (Spring 2018, 2019, 2020)
Money, Banking, and Financial Markets (Spring 2018)
Intermediate Macroeconomics (Fall 2019, Spring 2020)
Intro to Macroeconomics (Fall 2017, Fall 2018)
AEA Summer Program
Research Fellow
Advanced Level Research Methods (Summer 2019)

RESEARCH EXPERIENCE

2019 Research Assistant to Aeimit Lakdawala
Department of Economics, Michigan State University
2017 Research Assistant to Leah Lakdawala
Department of Economics, Michigan State University
2014-2016 Research Assistant to Katie Genadek
Minnesota Population Center
2012-2014 Technical Research Assistant
MDRC, New York, NY
2011-2012 Marketing Research Analyst
Management Science Associates, Pittsburgh, PA

FELLOWSHIPS AND HONORS

2016 Michigan State University Distinguished Fellowship (2016-2021)
2009 Brackenridge Summer Research Fellowship (Honors College)
Finalist in “Europe: East and West” Undergraduate Research Symposium
Graduated Summa Cum Laude with Honors in Economics

COMPUTER SKILLS

Proficient in MATLAB, Stata, SAS, and LATEX
Introductory knowledge of SQL, R, and SPSS

REFERENCES

Raoul Minetti (chair)
Professor
Michigan State University
minetti@msu.edu
Luis Araujo
Professor
Michigan State University
araujolu@msu.edu
Aeimit Lakdawala
Assistant Professor
Wake Forest University
lakdawa@wfu.edu

JOB MARKET PAPER

Financial Consolidation and the Cyclicality of Corporate Financing (with Raoul Minetti) [PDF]

Abstract: This paper finds that the financing behavior of US firms along the business cycle changed from the late 1990s. While debt issuance remained procyclical for firms of all sizes, equity issuance and liquidity accumulation switched from countercyclical to procyclical for small and medium-sized publicly-traded firms. Using matched firm-bank data, we provide evidence that the consolidation in the US financial sector contributed to this change. We then verify this mechanism by building a general equilibrium business cycle model and simulating financial consolidation: decreasing firms’ bargaining power vis-à-vis lenders and diluting lenders’ ties to customary borrowers. The change in corporate financing behavior induced by financial consolidation significantly increased the sensitivity of firms’ investment and employment to aggregate shocks.


WORKING PAPERS

Monetary Policy and Firm Heterogeneity: The Role of Leverage Since the Financial Crisis (with Aeimit Lakdawala) [PDF]
Revise and Resubmit at Review of Economics and Statistics

Abstract: We study how leverage determines firm-level responses to monetary policy. Using both high-frequency financial market and quarterly investment data, we find that the role of leverage in monetary transmission changed around the financial crisis of 2007-09. Firms with high leverage were less responsive to monetary policy shocks in the pre-crisis period but have become more responsive since the crisis. The higher responsiveness is driven by firms whose leverage is more dependent on long-term debt, suggesting an outsize role for monetary policy affecting long-term funding conditions since the crisis. We also find suggestive evidence for transmission through changes in monetary policy uncertainty.


The International Spillover Effects of US Monetary Policy Uncertainty (with Aeimit Lakdawala and Matthew Schaffer) [PDF]
Revise and Resubmit at Journal of International Economics

Abstract: An extensive literature studies the international transmission of US monetary policy surprises (shifts in expected path of the policy rate). In this paper we show that changes in uncertainty around the expected path constitute an important additional dimension of spillover effects to global bond yields. In advanced countries, it is the term premium component of yields that responds to uncertainty. We find that this can be explained by an international portfolio balance mechanism. In contrast, for emerging countries it is the expected component of yields that reacts to uncertainty. This can be rationalized from a flight to safety channel. We find heterogeneity in the country-level response to uncertainty only in emerging economies and it is driven by the degree of financial openness. Finally, equity markets in both advanced and emerging countries also respond to US monetary policy uncertainty, but only since the financial crisis.


PROJECTS IN PROGRESS

Fiscal-Monetary Interaction and Inequality (with Giacomo Romanini)

CONFERENCE PRESENTATIONS

Workshop on Empirical Monetary Economics - December 2019 (Paris, France)
Midwest Macroeconomics Meetings - November 2019 (East Lansing, Michigan)
Computing in Economics and Finance - June 2019 (Ottawa, Canada)

Instructor, Michigan State University
EC 202 Introduction to Macroeconomics (Summer 2018)

Teaching Assistant, Michigan State University
EC 252 Honors Macroeconomics and Public Policy (Spring 2018, Spring 2019, Spring 2020)
EC 330 Money, Banking, and Financial Markets (Spring 2018)
EC 302 Intermediate Macroeconomics (Fall 2019, Spring 2020)
EC 202 Introduction to Macroeconomics (Fall 2017, Fall 2018)

Research Fellow, AEA Summer Program
ECSP 891 Advanced Level Research Methods (Summer 2019)

Cumulative Teaching Ratings (Average rating on 1-5 scale, 1 = highest)
Introduction to Macroeconomics: 1.7
Advanced Level Research Methods: 1.8

Get in Touch

724-996-1325
East Lansing, MI