Aaron HedlundVisiting Senior Fellow / Acting Director of Academic Outreach
    Aaron Hedlund
    Visiting Senior Fellow / Acting Director of Academic Outreach

    University of Missouri
    Department of Economics

    Assistant Professor


    Aaron Hedlund, Visiting Senior Fellow and Acting Director of Academic Outreach at the Center for Growth and Opportunity at Utah State University, is an assistant professor of economics at the University of Missouri, where he teaches macroeconomics at both the undergraduate and PhD levels. He is also a visiting scholar at the Federal Reserve Bank of St Louis.

    Hedlund specializes in research that provides guidance on issues related to the consequences of debt for economic performance, particularly regarding the recent housing and student loan crises. He has also written and spoken extensively on tax reform, health care reform, and criminal justice reform.

    In addition to appearing in peer-reviewed academic journals, Hedlund’s work has been featured in the Wall Street Journal, National Review, used as expert testimony in state-level policy initiatives, and presented at numerous think tanks, academic institutions, and central banks around the world.

    Prior to his current positions, Hedlund was an assistant professor in the Hankamer School of Business at Baylor University and spent time at both the International Trade Commission and the Heritage Foundation. Hedlund received his PhD in economics from the University of Pennsylvania and his BS in economics and mathematics from Duke University.

    • PhD, Economics, University of Pennsylvania, 2012
    • BS, Economics and Mathematics, Duke University, 2006
    Research Interests

    Quantitative Macroeconomics Household Finance
    Real Estate Higher Education
    Labor Tax Policy

    Externally-Published Research

    Failure to Launch: Housing, Debt Overhang, and the Inflation Option

    A decade after the 2007-2008 financial crisis, US unemployment has receded to near historic lows, economic growth has returned, and house prices are approaching their previous heights. However, in the shadow of the slow recovery, policymakers are left wondering what could have been done differently to accelerate the return to economic health and avoid years of misery and dislocation. This paper examines various outside-the-box policy interventions that could have prevented or mitigated much of the damage incurred during the worst economic disruption since the Great Depression.

    Selected Academic Publications

    The Cyclical Dynamics of Illiquid Housing, Debt, and Foreclosures. Quantitative Economics, 2016, Vol. 7(1), 289 – 328

    Illiquidity and its Discontents: Trading Delays and Foreclosures in the Housing Market. Journal of Monetary Economics, 2016, Vol. 83, 1 – 13

    Estate Taxation and Human Capital with Information Externalities. Forthcoming, Macroeconomic Dynamics

    Accounting for the Rise in College Tuition (with Grey Gordon). Forthcoming, NBER Volume: Education, Skills, and Technical Change: Implications for Future U.S. GDP Growth

    Failure to Launch: Housing, Debt Overhang, and the Inflation Option. Forthcoming, American Economic Journal: Macroeconomics


    Aaron Hedlund
    Visiting Senior Fellow / Acting Director of Academic Outreach