Gonzalo Paz-Pardo

I am a Senior Economist at DG Research in the European Central Bank. I hold an Economics PhD from University College London.

I am interested in macroeconomics, household finance, and labor economics, with a particular focus on earnings dynamics and inequality.

My latest CV is available here.


Working papers

Homeownership and Portfolio Choice over the Generations (new version, October 2020)

Earnings are riskier and more unequal for households born in the 1960s and 1980s than for those born in the 1940s. Despite the improvements in financial conditions, younger generations are less likely to be living in their own homes than older generations at the same age. By using a life-cycle model with housing and portfolio choice that includes flexible earnings risk and aggregate asset price risk, I show that changes in earnings dynamics account for a large part of the reduction in homeownership across generations. Lower-income households find it harder to buy housing, and as a result accumulate less wealth.

Family and Government Insurance: Wage, Earnings, and Income Risks in the Netherlands and the U.S. (joint with Mariacristina De Nardi, Giulio Fella, Marike Knoef, and Raun van Ooijen), NBER working paper no. 25832 (2019). Updated December 2019. Under revision.

Published papers

De Nardi, Fella and Paz-Pardo (2020), “Nonlinear household earnings dynamics, self-insurance, and welfare", Journal of the European Economic Association, volume 18, issue 2, pages 890-926. DOI https://doi.org/10.1093/jeea/jvz010 . An earlier, different version of the paper was circulated as “The Implications of Richer Earnings Dynamics for Consumption and Wealth", NBER working paper no. 21917 (2016).

Work in progress

Household Earnings Risk, Government Policy, and Welfare in the UK (joint with Mariacristina de Nardi and Giulio Fella)

How much wealth inequality with preference heterogeneity?


I'm a proud winner of an UCL Education Award for my teaching work.

I have taught Economics 1001 at University College London for three years, as part of the CORE Project. Here they interviewed me about my experience teaching the material to first year students and introducing it to new teachers. I have also collaborated with the translation to Spanish of the book as an academic reviewer.

I have also taught Advanced Macroeconomics in the UCL MSc Economics (2018-2019) and Microeconomics for Policy in the UCL MSc Economic Policy (2014-2015).

I have also run a panel data course in A Coruña University for four years.