Work in progress and completed working papers

• Flattening the curve and the flight of the rich: Pandemic-induced shifts in US and European housing markets, joint with Giovanni Dell'Ariccia (CEPR working paper, VoxEU column)

• Differential Effects of Macroprudential Policy, joint with Sophia Chen 

• Housing Affordability: A New Dataset, joint with Chenxu Fu and Deniz Igan (BIS working paper, CEPR working paper, SUERF Policy Brief, VoxEU column)

• Optimal Mortgage Regulation and Income Inequality, joint with Alexandros Vardoulakis (in progress)

• Optimal Macroprudential Policy in Presence of Asset Price Bubbles, joint with Lucyna Gornicka and Alexandros Vardoulakis, IMF working paper WP/19/184 (under revision)

Journal articles

• Sudden Stops and Optimal Policy in a Two-agent Economy, joint with Alexandros Vardoulakis (accepted at Journal of International Economics)

• Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty joint with Francesco Grigoli and Martina Hengge, Review of International Economics, 2021 (journal version)

• Capital Taxation with Heterogeneous Discounting and Collateralized Borrowing, joint with Alexandros Vardoulakis, Journal of Macroeconomics, 2019 (journal version) 

• Control Thyself: Self-control Failure and Household Wealth, joint with Spyros Palligkinis, Journal of Banking and Finance, 2018 (journal version)

• Optimal Policy in Collateral Constrained Economies, Macroeconomic Dynamics, 2017 (journal version)

Policy work, papers, and book chapters

• Feeling the Pinch? Tracing the Effects of Monetary Policy through Housing Markets, April 2024 WEO Chapter 2

  • Housing is One Reason Not All Countries Feel Same Pinch of Higher Interest Rates, IMF Blog 

• SUERF BAFFI Bocconi workshop: Real estate markets – outlook, risks, scenarios, policies, discussion of BIS | CGFS report on "Macroprudential Policies to Mitigate Housing Markts Risks"

• A New Dataset on Housing Affordability, joint with Chenxu Fu and D. Igan, SUERF Policy Brief,  No 768, January 2024

• Residential Property Price Developments and (Mis)alignments in Cyprus, 2023 Cyprus Article IV Consultations Selected Issues (joint with Robert Beyer)

• House Prices: Coming Off the Boil, Box 1.1 in April 2023 WEO Chapter 1

  • IMF Blog: How Falling Home Prices Could Strain Financial Markets as Interest Rates Rise

• Macroprudential Policy Effects: Evidence and Open Questions, joint with S. Chen, G. Gelos, D. Igan, M. Martinez Peria, E. Nier, and F. Valencia, IMF Departmental Paper

• Housing prices continue to soar in many countries around the world, IMF Blog Chart of the Week

• House prices and consumer price inflation, joint with Deniz Igan and Chenxu Fu, Box 1.1 in Oct 2021 IMF WEO Chapter 1: Recovery During a Pandemic 

• Research Department Covid-19 Note: Bringing down the house: Real estate markets during the Covid-19 pandemic, joint with Deniz Igan

• Research Department Covid-19 Note: Policies to mitigate the financial amplification of pandemics 

• Financial Amplification of Labor Supply Shocks, joint with Alexandros Vardoulakis, IMF working paper WP/20/189 

  • Also featured in the Fall/Winter 2020 Issue of IMF Research Perspectives

• Policies to Mitigate the Pandemic Fallout, Fall/Winter 2020, IMF Research Perspectives

• Prioritization of Structural Reforms in Brazil, joint with Damiano Sandri, IMF working paper WP/18/224 and 2018 Brazil Article IV Consultations Selected Issues

• EMBI Spreads: External Factors and the Impact of Fiscal Consolidation, 2018 Ecuador Article IV Consultations Selected Issues

• The Impact of Fiscal Consolidation on Real Interest Rates in Emerging Market Economies, 2017 Brazil Article IV Consultations Selected Issues

  • IMF Blog: Fiscal Discipline and Real Interest Rates in Brazil  

• Testing Shock Transmission Channels to Low Income Developing Countries, joint with Alexis Meyer-Cirkel, IMF working paper WP/16/102