Associate Professor, HEC Paris
(on leave, Banque de France)
Research Affiliate, CEPR

Research interests

Macro Theory: Expectations and Learning
Money and the Credit Market 


Working papers

[1] Spending Allocation under Nominal Uncertainty: A Model of Effective Price Rigidity (with L. Paciello) [Slides]

Turning upside down NK logic: Inflation in posted prices stimulates consumers' search, making paid prices underreact to monetary shocks.

[2] The Two Faces of Information (withf G. Ordoñez)

[New NBER version] Information helps individuals to deal with fluctuations (the good face), but it also increases market fluctuations (the bad face).

[3] Time-consistent Fiscal Guarantee for Monetary Stability (with E. Mengus) [Slides]

Under which conditions may the optimal pursuit of short-term fiscal objectives sustain long-term monetary stability?

 [4] Asset Purchases and Heterogeneous Beliefs on Default Risk (with C. Galli) [slides]

How central bank asset purchases affect market heterogeneous beliefs on defaultable nominal debt? In search for an optimal policy of asset purchases.