Research
Primary fields: Macroeconomics, and Monetary Economics.
Secondary fields: Applied Econometrics, Quantitative Methods, and Experimental Economics.
Working Papers
Households' Preferences for Inflation and Monetary Policy Tradeoffs (with Fabian Winkler), Apr. 2024
Inflation and Deflationary Biases in the Distribution of Inflation Expectations: Theory and Empirical Evidence from 9 Countries (with Michael Lamla and Lea Rendell), Feb. 2024
Endogenous Labor Supply in an Estimated New-Keynesian Model: Nominal versus Real Rigidities (with Isabel Cairo, Hess Chung, Francesco Ferrante, Cristina Fuentes-Albero, and Camilo Morales-Jimenez), Sept. 2023, Appendix.
The Multiplier Effect of Education Expenditure (with Julio Brandao-Roll, Maarten De Ridder and Simona Hannon), Mar. 2024
The Hidden Heterogeneity of Inflation and Interest Rate Expectations: The Role of Preferences (with Lena Dräger and Michael Lamla), Feb. 2023
Duration dependence in business cycles of U.S. states (with Travis J. Berge), Aug. 2020
Policy Shocks and Wage Rigidities: Empirical Evidence from Regional Effects of National Shocks (with Maarten De Ridder), April 2017.
Publications
How to Limit the Spillover from an Inflation Surge to Inflation Expectations? (with Lena Dräger and Michael Lamla), forthcoming Journal of Monetary Economics, 144, May 2024, wp version, Online Appendix.
The Role of Expectations in Changed Inflation Dynamics (with John M. Roberts), International Journal of Central Banking, 18, 2022, pp. 199-238. wp version, Appendix.
When is the Fiscal Multiplier High? A Comparison of Four Business Cycle Phases (with Travis J. Berge and Maarten De Ridder), European Economic Review, 138, 2021, pp. 103852. wp version. Online Appendix.
Latent Variables Analysis in Structural Models: A New Decomposition of the Kalman Smoother (with Hess Chung, Cristina Fuentes-Albero, and Matthias Paustian), Journal of Economic Dynamics and Control, 125, 2021, pp. 104097. wp version
Frictions in an experimental dynamic stochastic general equilibrium economy (with Charles Noussair and Janos Zsiros), Journal of Money, Credit and Banking, 53, 2021, pp. 555-587. wp version.
Inflation Expectations and Monetary Policy Design: Evidence from the Laboratory (with Blaz Zakelj), Macroeconomic Dynamics, 22, 2018, pp. 1035-1075. wp version.
Consumers' Attitudes and Their Inflation Expectations (with Michael Ehrmann and Emiliano Santoro), International Journal of Central Banking, 13, 2017, pp. 225-259. wp version.
Uncertainty in Forecasting Inflation and Monetary Policy Design: Evidence from the Laboratory (with Blaz Zakelj), International Journal of Forecasting, 32, 2016, pp. 849-864. Previous wp version that includes results on disagreement.
Are Survey Expectations Theory-Consistent? The Role of Central Bank Communication and News (with Lena Dräger and Michael Lamla), European Economic Review, 85, 2016, pp. 84-111. wp version.
Pricing decisions in an experimental dynamic stochastic general equilibrium economy (with Charles Noussair and Janos Zsiros), Journal of Economic Behavior & Organization, 109, 2015, pp. 188-202. wp version. Supplementary material.
Loss Aversion and the Asymmetric Transmission of Monetary Policy (with Emiliano Santoro, Ivan Petrella and Edoardo Gaffeo), Journal of Monetary Economics, 68, 2014, pp. 19-36. Supplementary material.
Persistence of shocks in an experimental dynamic stochastic general equilibrium economy (with Charles Noussair and Janos Zsiros), in Experiments in Macroeconomics, John Duffy (ed.), Research in Experimental Economics, vol. 17, 2014, pp. 71-108.
Credit Frictions, Collateral and the Cyclical Behavior of the Finance Premium (with Pierre-Richard Agénor and George Bratsiotis), Macroeconomic Dynamics, 18(5), 2014, pp. 985-997. wp version.
Experimental Evidence on Inflation Expectation Formation (with Blaz Zakelj), Journal of Economic Dynamics and Control, 44, 2014, pp. 147-168. Supplementary material.
The Role of Financial Intermediaries in Monetary Policy Transmission (with Thorsten Beck and Andrea Colciago), Journal of Economic Dynamics and Control, 43, 2014, pp. 1-11. wp version.
Credit Market Distortions, Asset Prices and Monetary Policy (with Emiliano Santoro), Macroeconomic Dynamics, 18(3), 2014, pp. 631-650. wp version.
News on Inflation and the Epidemiology of Inflation Expectations (with Emiliano Santoro), Journal of Money, Credit and Banking, 45(6), 2013, pp. 1045-1067. wp version.
Formation of Rationally Heterogeneous Expectations, Journal of Economic Dynamics and Control, 37(8), 2013, pp. 1432-1452.
Are Alternative Currencies a Substitute or a Complement to Fiat Money? Evidence from Cross-Country Data (with Giovanni Sgro and Wolf Wagner), International Journal of Community Currency Research, 16(D), 2012, pp. 45-56.
Determinacy, Stock Market Dynamics and Monetary Policy Inertia (with Emiliano Santoro), Economics Letters, 112(1), 2011, pp. 7-10.
Heterogeneity, Learning and Information Stickiness in Inflation Expectations (with Emiliano Santoro), Journal of Economic Behavior & Organization, 75(3), 2010, pp. 426-444.
Older Working Papers
Asymmetries in Inflation Expectations across Sociodemographic Groups (with Emiliano Santoro), Nov. 2009.
Adaptive Learning Toolbox
Available Here
Toolbox Manual for Multivariate Reduced Forms (with Chryssi Giannitsarou and Eva Carceles-Poveda)