A theorist, macroeconomist, and development economist, Townsend analyzes the role and impact of economic organization and financial systems through applied general equilibrium models, contract theory and the use of micro data.
He is known for his seminal work on costly state verification, the revRobert M. Townsend is the Elizabeth & James Killian Professor of Economics at Massachusetts Institute of Technology.
A theorist, macroeconomist, and development economist, Townsend analyzes the role and impact of economic organization and financial systems through applied general equilibrium models, contract theory and the use of micro data.
He is known for his seminal work on costly state verification, the revelation principle, optimal multi-period contracts, decentralization of economies with private information, models of money with spatially separated agents, forecasting the forecasts of others and insurance and credit in developing countries. ...more