Research interests
Macro Theory: Expectations and Learning
Money and the Credit Market 


Working papers

[1] Learning from Prices: Amplification and Business Fluctuations (with R. Chahrour)

Expectations-driven aggregate fluctuations may originate with small productivity shocks when agents learn from competitive prices. [slides]

[2] Price Dispersion, Private Uncertainty and Endogenous Nominal Rigidities   
 => 2nd R&R at The Review of Economic Studies

When agents learn from prices, the introduction of vanishingly small dispersion in fundamentals can lead to price rigidity as an equilibrium outcome. [slides]

[3] Breaking the Spell with Credit-Easing. Self-Confirming Credit Crises in Competitive Search Economies. (with R. Marimon) 

We introduce Self-Confirming Equilibria in competitive search economies as potential explanation of credit freezes and the success of credit-easing policies. [slides]

[4] Forward Guidance and Heterogeneous Beliefs (with P. Andrade, E. Mengus and B. Mojon)

We analyze the effects of forward guidance policy when agents have heterogeneous beliefs about its macroeconomic impact.