TIMOTHY MORELAND

TIMOTHY MORELAND

Assistant Professor in Economics

ABOUT ME

I am an Assistant Professor of Economics at The University of North Carolina – Greensboro.

I conduct research within the field of macroeconomics with a focus on monetary policy, financial markets and firm heterogeneity. At UNC Greensboro, I teach courses at the undergraduate and PhD level on macroeconomics, money and banking and business statistics.

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CV

CURRENT POSITION

2021-present Assistant Professor, University of North Carolina - Greensboro, Department of Economics

PAST POSITIONS

2014-2016 Research Assistant, Minnesota Population Center, Minneapolis, MN
2012-2014 Technical Research Assistant, MDRC, New York, NY
2011-2012 Market Research Analyst, Management Science Associates, Pittsburgh, PA

EDUCATION

2016-2021 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

WORKING PAPERS

Monetary Policy and Firm Heterogeneity: The Role of Leverage Since the Financial Crisis
      with Aeimit Lakdawala
      Revise and Resubmit at Management Science
Financial Consolidation, Corporate Finance and Firm Investment in the Business Cycle
      with Sotirios Kokas and Raoul Minetti
Monetary Policy and Distributional Inflation: New Evidence on Age and Racial Heterogeneity
      with Aeimit Lakdawala

PUBLICATIONS

Firm-Level Uncertainty and the Transmission of Monetary Policy
      with Aeimit Lakdawala
      Forthcoming at The Review of Economics and Statistics

The Effect of Monetary Policy on Firm-Level Uncertainty
      with Aeimit Lakdawala
      Economics Letters, Vol 232, 111319, November 2023

The International Spillover Effects of US Monetary Policy Uncertainty
      with Aeimit Lakdawala and Matthew Schaffer
      Journal of International Economics, Vol 133, 103525, November 2021

WORK IN PROGRESS

Household Behavior in a High-Inflation Era
      with Nir Eilam
The Distributional Impact of Frictions in Financial and Labor Markets
      with Aeimit Lakdawala

PRESENTATIONS

2023 Wake Forest Empirical Macroeconomics Workshop (Winston-Salem, NC)
2022 The Society for Economic Measurement (Calgary, Canada)
International Association for Applied Econometrics (London, UK)
Computing in Economics and Finance (Dallas, TX)
I-85 Macroeconomics Workshop (Columbia, SC)
2021 Southern Economic Association Meetings (Houston, TX)
Rotterdam School of Management’s Corporate Finance Day, Virtual
RCEA Money, Macro and Finance Conference, Virtual
Federal Deposit Insurance Corporation, Virtual
UNC - Greensboro, Virtual
UNC - Wilmington, Virtual
2019 Workshop on Empirical Monetary Economics (Paris, France)
Midwest Macroeconomics Meetings (East Lansing, MI)
Computing in Economics and Finance (Ottawa, Canada)
Red Cedar Conference, Michigan State University (East Lansing, MI)
2018 SWiM, Michigan State University (East Lansing, MI)

TEACHING

University of North Carolina - Greensboro
      ECO 250 Economics and Business Statistics I
      ECO 327 Money and Economic Activity
      ECO 498 Seminar in Macroeconomics
      ECO 702 Macroeconomics I (PhD)
Michigan State University
      EC 202 Intro to Macroeconomics

FELLOWSHIPS AND HONORS

2023 Junior Faculty Teaching Excellence Award (Bryan School of Business)
2016-2021 Michigan State University Distinguished Fellowship
2009 Brackenridge Fellowship (University of Pittsburgh Honors College)

REFEREE

European Financial Management, Journal of Multinational Financial Management, Oxford Economic Papers, Research in International Business and Finance, Review of International Economics


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RESEARCH

PUBLICATIONS

Firm-Level Uncertainty and the Transmission of Monetary Policy (with Aeimit Lakdawala) [PDF]
Forthcoming at The Review of Economics and Statistics

The Effect of Monetary Policy on Firm-Level Uncertainty (with Aeimit Lakdawala) [Working Paper]
Economics Letters, Vol 232, 111319, November 2023

The International Spillover Effects of US Monetary Policy Uncertainty (with Aeimit Lakdawala and Matthew Schaffer) [Working Paper] [Code] [Online Appendix]
Journal of International Economics, Vol 133, 103525, November 2021



WORKING PAPERS

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

Abstract: We show that the role of leverage in explaining firm-level responses to monetary policy changed around the financial crisis of 2007-09. Stock prices of firms with high leverage were less responsive to monetary policy shocks in the pre-crisis period but have become more responsive since the crisis. Using expected volatility measures from firm-level options, we further document that financial markets have been aware of this change. The use of unconventional monetary policy tools by the Federal Reserve since the crisis played an important role in driving our results; but, we also find evidence for changing transmission of conventional tools.

Financial Consolidation, Corporate Finance and Firm Investment in the Business Cycle (with Sotirios Kokas and Raoul Minetti) [PDF]
Currently Under Review

Abstract: We study the influence of financial consolidation on the cyclical behavior of firms’ financing and investment. Using matched US firm-bank data, we find that bank consolidation raises the procyclicality of equity issuance and liquidity accumulation for small and medium-sized publicly traded firms, heightening investment sensitivity to shocks. In a model calibrated to US data, after bank consolidation the weakening in firms’ bargaining power enhances precautionary liquidity accumulation and equity issuance following positive productivity shocks, increasing investment procyclicality. The model suggests that bank consolidation contributed to a switch in smaller US firms’ equity issuance and liquidity accumulation from countercyclical to procyclical.

Monetary Policy and Distributional Inflation: New Evidence on Age and Racial Heterogeneity (with Aeimit Lakdawala) [PDF]

Abstract: This paper investigates the heterogeneous effects of monetary policy on inflation across demographic groups, focusing on age and race. Using newly developed distributional Consumer Price Indices we find significant variation in how monetary policy shocks affect different segments of the population. Young people and Black and Native Americans experience larger declines in their group-specific CPIs following contractionary monetary policy shocks compared to other groups. We also document non-linear effects across income percentiles. These findings highlight the importance of considering inflation heterogeneity in monetary policy analysis and adds to the growing literature that finds that central bank actions can have unintended distributional consequences.

PROJECTS IN PROGRESS

Household Behavior in a High-Inflation Era
       with Nir Eilam

The Distributional Impact of Frictions in Financial and Labor Markets
      with Aeimit Lakdawala

CONFERENCE PRESENTATIONS

Wake Forest Empirical Macroeconomics Workshop - March 2023 (Winston-Salem, NC)
The Society for Economic Measurement - August 2022 (Calgary, Canada)
International Association for Applied Econometrics - June 2022 (London, UK)
Computing in Economics and Finance - June 2022 (Dallas, TX)
I-85 Macroeconomics Workshop - April 2022 (Columbia, SC)
Southern Economic Association Meetings - November 2021 (Houston, TX)
Rotterdam School of Management's Corporate Finance Day - October 2021
RCEA Money, Macro and Finance Conference - July 2021
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)

TEACHING

FALL 2024

ECO 702 Macroeconomics I (PhD)
ECO 250 Economics and Business Statistics I

PREVIOUS

ECO 250 Economics and Business Statistics I
ECO 327 Money and Economic Activity
ECO 498 Macro Seminar in Economics
Intro to Macroeconomics

AWARDS

2023 Junior Faculty Teaching Excellence Award (Bryan School of Business and Economics)

STUDENT EVALUATION SUMMARY

Average Instructor Evaluation (Overall): 4.5 (out of 5)
Average Instructor Evaluation (In-Person Courses): 4.7 (out of 5)


SELECT COMMENTS FROM STUDENT EVALUATIONS:
"He was professional, engaging and thoughtful. I could not be more pleased with this course. I believe that Dr. Moreland is such a phenomenal asset to the Bryan School."
"Overall I can see Professor Moreland cares about his students and is always available for them when they need help."
"Dr. Moreland has been awesome since before day one of our course. Dr. Moreland has always been open, honest, and very encouraging."
"Great class and lots of teacher interaction."

CONTACT

Get in Touch

trmoreland@uncg.edu