Senior Economist, Banque de France
Affiliate Professor, Paris School of Economics
Research Affiliate, CEPR
Macro Theory: Expectations and Learning
Money and the Credit Market
Information helps individuals to deal with fluctuations (the good face), but it also increases market fluctuations (the bad face).
Expectations-driven aggregate fluctuations may originate with small productivity shocks when agents learn from competitive prices. [slides]
We introduce Self-Confirming Equilibria in competitive search economies as potential explanation of credit freezes and the success of credit-easing policies. [slides]
An extensive policy note on the effects of communication on market uncertainty.
Banque de France
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