Anthony Landry

WORKING PAPERS & WORK IN PROGRESS

• IKEA: A Model for Multinational Pricing, 2017
• International Trade and the Business Cycle Anatomy, with Madeline Hanson, 2021
• Has the Canadian Phillips Curve flattened? Evidence from VARs, with Rodrigo Sekkel, 2022
• The Small Open-Economy Phillips Curve, with Rodrigo Sekkel, 2021

PUBLICATIONS

• “On What States do Prices Depend? Answers from Ecuador,” with Craig Benedict and Mario Crucini, Journal of Money, Credit, and Banking, vol. 52(8), pp. 1909-1935, December 2020
• “Accounting for Real Exchange Rates using Micro-Data,” with Mario Crucini, Journal of International Money and Finance, vol. 91, pp. 86-100, March 2019
• “IKEA: Product, Pricing, and Pass-through,” with Marianne Baxter, Research in Economics, vol. 71(3), pp. 507-520, September 2017
• “Borders and Big Macs,” Economics Letters, vol. 120, pp. 318-322, August 2013
• “State-Dependent Pricing, Local-Currency Pricing, and Exchange Rate Pass-Through,” Journal of Economic Dynamics and Control, vol. 34(10), pp. 1859-1871, October 2010
• “The Quantitative Role of Capital-Goods Imports in U.S. Growth,” with Michele Cavallo, American Economic Review, vol. 100(2), pp. 78-82, May 2010
• “Expectations and Exchange Rate Dynamics: A State-Dependent Pricing Approach,” Journal of International Economics, vol. 78(1), pp. 60-71, June 2009

FEDERAL RESERVE AND BANK OF CANADA PUBLICATIONS

• “Estimating the Impact of Tariff Changes: Two Illustrative Scenarios,” with Karyne Charbonneau, Bank of Canada Staff Analytical Note 2018-29, September 2018
• “The Trade War in Numbers,” with Karyne Charbonneau, Bank of Canada Staff Working Paper 2018-57, November 2018
• “Capital-Goods Imports and U.S. Growth,” with Michele Cavallo, Bank of Canada Staff Working Paper 2018-1, January 2018
• “Economic Rebounds in U.S. and Euro Zone: Deceivingly Similar, Strikingly Different,” with Carlos Zarazaga, Economic Letter, Federal Reserve Bank of Dallas, vol.7(3), February 2012
• “How the U.S. Tax System Stacks Up against other G-7 Economies,” Economic Letter, Federal Reserve Bank of Dallas, vol. 6(12), November 2011
• “The Globalization of Ideas,” Economic Letter, Federal Reserve Bank of Dallas, vol. 5(11), November 2010
• “The Big Mac: A Global-to-Local look at Pricing,” Economic Letter, Federal Reserve Bank of Dallas, vol. 3(9), September 2008. Recommended for further reading by the Journal of Economic Perspectives 23(1), Winter 2009

• Anthony Landry (2020), On What States do Prices Depend? Answers from Ecuador, Journal of Money, Credit, and Banking, 52 (8), pp. 1909-1935. Abstract

  The frequency of retail price adjustment differs across goods, both in low inflationary environments, such has the United States, and in high inflationary environments typical of less developed countries. We develop a multishock menu cost model in which retailers intermediate trade between producers and consumers. Since the cost share of intermediate inputs varies across goods, the model produces a cross-sectional distribution of frequency of price adjustment even though firms face a common menu cost. The model is evaluated using a rich micropanel of retail prices in Ecuador in a period spanning a financial crisis and subsequent dollarization.

Current Courses

• FNCE6230 - Macroeconomics And The Global Economic Environment (half Cu)

  This half-semester course in Macroeconomics is intended for non-finance majors. The goal of this course is to provide the foundation needed to recognize and understand broad economic and financial movements in the global economy. Key topics include national income accounting, production and economic growth, employment, business cycles, monetary and fiscal policy, and international finance. By the end of this course, students will be able to evaluate and discuss the global economic environment in which business and financial decisions are made.

  FNCE6230001 ( Syllabus )

  FNCE6230003 ( Syllabus )

  FNCE6230005 ( Syllabus )

  FNCE6230007 ( Syllabus )

Past Courses

• FNCE1010 - Monetary Econ & Glob Eco

  This is an intermediate-level course in macroeconomics and the global economy, including topics in monetary and international economics. The goal is to provide a unified framework for understanding macroeconomic events and policy, which govern the global economic environment of business. The course analyzes the determinants and behavior of employment, production, demand and profits; inflation, interest rates, asset prices, and wages; exchange rates and international flows of goods and assets; including the interaction of the real economy with monetary policy and the financial system. The analysis is applied to current events, both in the US and abroad. Students cannot receive credit for taking both FNCE 1010 and ECON 2200. Wharton students are required to take FNCE 1010.

• FNCE6130 - Macroecn & Global Econom

  This course is required for all students except those who, having prior training in macroeconomics, money and banking, and stabilization policy at an intermediate or advanced level, can obtain a waiver by passing an examination. The purpose of the course is to train students to think systematically about the current state of the economy and macroeconomic policy, and to be able to evaluate the economic environment within which business and financial decisions are made. The course emphasizes the use of economic theory to understand the workings of financial markets and the operation and impact of government policies. We will study the determinants of the level of national income, employment, investment, interest rates, the supply of money, inflation, exchange rates, and the formulation and operation of stabilization policies.

• FNCE6230 - Macroeconomics (Half CU)

  This half-semester course in Macroeconomics is intended for non-finance majors. The goal of this course is to provide the foundation needed to recognize and understand broad economic and financial movements in the global economy. Key topics include national income accounting, production and economic growth, employment, business cycles, monetary and fiscal policy, and international finance. By the end of this course, students will be able to evaluate and discuss the global economic environment in which business and financial decisions are made.

• FNCE8990 - Independent Study

  Independent Study Projects require extensive independent work and a considerable amount of writing. ISP in Finance are intended to give students the opportunity to study a particular topic in Finance in greater depth than is covered in the curriculum. The application for ISP's should outline a plan of study that requires at least as much work as a typical course in the Finance Department that meets twice a week. Applications for FNCE 8990 ISP's will not be accepted after the THIRD WEEK OF THE SEMESTER. ISP's must be supervised by a Standing Faculty member of the Finance Department.

• MGMT6560 - Global Immersion Program

  The Global Immersion Program is a pass/fail, 0.5 credit course that is designed to provide students with an in-depth exposure to international business practices and first-hand insights into a foreign culture. In past years, programs were offered in India, the Middle East, China, South America, Southeast, Asia, and Africa. The program offers students the opportunity to learn about a foreign business environment by way of academic lectures and a multi-week study tour, allowing students to visit with corporate and government officials, network with alumni, and take cultural excursions.

Wharton Teaching Excellence Award, MBA for executives, 2021-2022

Wharton Teaching Excellence Award, MBA program, 2019-2020

Fernand Braudel Senior Fellow, European University Institute, 2011

Federal Reserve Board Dissertation Internship, Federal Reserve Board, 2005

Knowledge @ Wharton

• College Football Playoffs with Bill Connelly, Knowledge @ Wharton - 01/08/2025
• The Real Estate Market Survived Until 2025. What’s Next?, Knowledge @ Wharton - 01/07/2025
• AI in 2025: What Challenges Lie Ahead?, Knowledge @ Wharton - 01/07/2025
• Jeremy Siegel: 2025 Outlook for Stocks and the Economy, Knowledge @ Wharton - 01/07/2025
• What’s Ahead for Real Estate in 2025?, Knowledge @ Wharton - 01/07/2025
• Confidence in Cryptocurrency | David Reibstein and John Zhang (Part 1), Knowledge @ Wharton - 01/07/2025
• What’s Ahead for the Economy in 2025, Knowledge @ Wharton - 01/06/2025
• How Did AI Grow in 2024 and What’s in Store for 2025?, Knowledge @ Wharton - 01/02/2025
• NFL Data Science with Tom Bliss, Knowledge @ Wharton - 12/25/2024
• Overwhelmed by Too Many Choices When Shopping? Wharton Retail Expert Weighs In, Knowledge @ Wharton - 12/19/2024