For a complete list of publications, please see my Curriculum Vitae.

For publication citation statistics, please see Google Scholar or REPEC Profile.

Job Market Paper

  • “Leverage and Rate of Return Heterogeneity among U.S. Households”

This paper examines the constitution of heterogeneity in returns to wealth of U.S. households. Returns are evaluated for the entire household portfolio as well as for five asset classes: risk-free assets, primary and secondary real estate, private businesses, and public equities. There are several original findings.  1) Permanent heterogeneity in returns is observed between households for total household wealth and for all asset classes. 2) Leverage on wealth explains 67% of the permanent heterogeneity in the returns to total wealth between U.S. households. 3) Returns to wealth are declining in total household wealth due to lower leverage of wealthy households. 4) Higher values of permanent heterogeneity in returns are associated with higher risk. 5) Heterogeneity in returns not associated with risk arise from entrepreneurial ability and the regressivity of after-tax mortgage rates. These insights hold important implications for the study of portfolio allocation, wealth inequality, social mobility, and corresponding policies.

Refereed Publications

Coenen, G., C. de Resende, C. Erceg, C. Freedman, D. Furceri, J. in’t Veld, M. Kumhof, R. Lalonde, D. Laxton, J. Linde, A. Mourougane, D. Muir, S. Mursula, J. Roberts, W. Roeger, S. Snudden, and M. Trabant, 2012. “Effects of Fiscal Stimulus in Structural Models.” American Economic Journal: Macroeconomics, vol. 4(1): 22–68.

Beaton, K., R. Lalonde, and S. Snudden. 2014. “The Propagation of U.S. Shocks to Canada: Understanding the Role of Real-Financial Linkages.” Canadian Journal of Economics, vol. 47(2): 466-497.

Andersen, D., B. Hunt, and S. Snudden. 2014. “Fiscal Consolidation in the Euro Area: How Much Pain can Structural Reforms Ease?” Journal of Policy Modeling, vol. 36(5): 785–799.

Snudden S., 2016. “Cyclical Fiscal Rules for Oil-Exporting Countries.” Economic Modelling, vol. 59: 473–483.

Snudden S., 2018. “Targeted Growth Rates for Long-Horizon Crude Oil Price Forecasts.”  International Journal of Forecasting, vol. 34: 1–16.

Snudden S., 2018. “International Remittances, Migration, and Primary Commodities.” The World Economy, DOI link.

Work in Progress

“Return Risk and Partial Consumption Insurance”

“Intergenerational Transmission of Wealth and Risk Preferences”

“Idiosyncratic Wage and Rate of Return Risk”

Working Papers

Commodities and Price Level Targeting” (with D. Coletti, R. Lalonde, P. Masson, and D. Muir), revise and resubmit: Journal of Policy Modeling.

Contagion Risk from the GCC to Developing Countries


Duttagupta, R., J, Bluedorn, A. Pescatori, and S. Snudden . “Commodity Price Cycles and Commodity Exporters,” Chapter 4 in the World Economic Outlook, April 2012. International Monetary Fund: Washington D.C.

Anderson, D., M. Badia, E. Ruiz, S. Snudden and F. Vitek, 2015. “Fiscal Consolidation under the SGP: Some Illustrative Simulations,” Chapter 7 in Mechanics of a Strong Euro Area, by M. Pradhan, and P. K. Brooks (eds), International Monetary Fund: Washington D.C.

Other Papers


Klyuev, V. and S. Snudden, 2011. “Effects of Fiscal Consolidation in the Czech Republic.” The Czech Journal of Economics and Finance, vol. 61(4): 306-326.

de Resende, C., R. Lalonde, and S. Snudden, “The Power of Many: Assessing the Economic Impact of the Global Fiscal Stimulus,” Bank of Canada Discussion Paper 2010-1.

de Resende, C., K. Beaton, R. Lalonde, and S. Snudden, 2010. “Prospects for Global Current Account Rebalancing,” Bank of Canada Discussion Paper 2010-4.

Andersen, D., B. Hunt, M. Kortelainen, M. Kumhof, D. Laxton, D. Muir, S. Mursula, and S. Snudden, 2013. “Getting to Know GIMF: The Simulation Properties of the Global Integrated Monetary and Fiscal Model,” IMF Working Paper No. 2013-55.

Andrle, M., P. Blagrave, P. Espaillat, K. Honjo, B. Hunt, M. Kortelainen, R. Lalonde, D. Laxton, E. Mavroeidi, D. Muir, S. Mursula, and S. Snudden, 2015. “The Flexible System of Global Models – FSGM,” IMF Working Paper No. 2015-64.

Snudden S., forthcoming. “Labor and Behavior Determinants of Remittances in Saudi ArabiaEconomic Notes, Special issue on Migrant Remittances.


A Better Way to Forecast Crude Oil Prices,” Economics and Policy Blog, The John Deutsch Institute for the Study of Economic Policy, Queen’s University, October 24, 2016.

Oil Exporters Should NOT Price Level Target,” Economics and Policy Blog, The John Deutsch Institute for the Study of Economic Policy, Queen’s University, March 31, 2017.

How we decided on 2% fiscal stimulus during the Great Recession,” Economics and Policy Blog, The John Deutsch Institute for the Study of Economic Policy, Queen’s University, June 21, 2017.