Cosmin L. Ilut

Cosmin L. Ilut

Associate Professor of Economics

External Address: 
238 Social Sciences, Box 90097, Durham, NC 27708
Internal Office Address: 
Box 90097, Durham, NC 27708-0097
(919) 660-1817

Professor Ilut’s major fields of interest are macroeconomics, international finance, asset pricing, and economics of information. Specifically, he focuses on the role of expectations and how agents incorporate information. He is currently focusing on settings in which agents face model uncertainty. Based on decision theoretical foundations (ambiguity aversion), he studies the role of such uncertainties for understanding macroeconomic issues like business cycle fluctuations, asset pricing and optimal policy.


  • Ph.D., Northwestern University 2009
  • M.A., Northwestern University 2005

Ilut, C., M. Kehrig, and M. Schneider. “Slow to hire, quick to fire: Employment dynamics with asymmetric responses to news.” Journal of Political Economy 126, no. 5 (October 1, 2018): 2011–71. Full Text Open Access Copy

Ilut, C. L., and P. Benczur. “Evidence for Relational Contracts in Sovereign Bank Lending.” Journal of the European Economic Association 13, no. 2 (September 29, 2015).

Ilut, C. L., and M. Schneider. “Ambiguous Business Cycles.” American Economic Review 104, no. 8 (August 2014): 2368–99. Full Text Open Access Copy

Bianchi, Francesco, Cosmin L. Ilut, and Martin Schneider. “Uncertainty Shocks, Asset Supply and Pricing Over the Business Cycle,” April 2017.

Ilut, Cosmin L., Rosen Valchev, and Nicolas Vincent. “Paralyzed by Fear: Rigid and Discrete Pricing Under Demand Uncertainty,” August 2016.

Christiano, Lawrence J., Cosmin L. Ilut, Roberto Motto, and Massimo Rostagno. “Monetary Policy and Stock Market Booms,” September 24, 2010.

Bianchi, F., and C. L. Ilut. “Monetary/Fiscal Policy Mix and Agents’ Beliefs.” Economic Research Initiatives at Duke (Erid) Working Paper, May 1, 2014.

Selected Grants

Cognitively Costly Decision Making by Economic Agents: Micro and Macro Implications awarded by National Science Foundation (Principal Investigator). 2018 to 2021

Ambiguity, Business Cycle Dynamics and Optimal Policy awarded by National Science Foundation (Principal Investigator). 2013 to 2015