Position
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] 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).

[2] 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?

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

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