Publications

Neutral Rate of Interest in a Small Open Economy: The Case of Canada, with Martin Kuncl 

Canadian Journal of Economics, accepted

Uses a small open economy model with overlapping generations to evaluate secular dynamics of the neutral rate in Canada from 1980 to 2018.

Tariffs and the Exchange Rate: Evidence from Twitter, with Francisco Ruge-Murcia

IMF Economic Review, Vol. 72, pp. 1185–1211, September 2024 | WP version

Examines the conjecture that in a flexible exchange rate regime, an increase in tariffs on foreign goods leads to the appreciation of the local currency.

Media: CATO Institute

The Central Bank Strikes Back! Credibility of Monetary Policy under Fiscal Influence, with Antoine Camous

Economic Journal, Vol. 133, pp. 1–29, January 2023 | WP version 

Should independent central banks react if pressured by fiscal policymakers?

Media: Central Banking, SUERF

Time-Consistent Management of a Liquidity Trap with Government Debt

Journal of Money, Credit, and Banking, Vol. 53, pp. 2129–2165, December 2021 | WP version

Shows that debt maturity considerations affect the optimal conduct of monetary and fiscal policy in the presence of episodes with binding lower bound on nominal interest rates.

Furor over the Fed: A President's Tweets and Central Bank Independence, with Antoine Camous

CESifo Economic Studies, Vol. 67, pp. 106–127, March 2021 | WP version

Studies how markets perceived attempts of the president to influence monetary policy in the US.

Media: Bloomberg, Financial Post

Do Survey Expectations of Stock Returns Reflect Risk-Adjustments? with Klaus Adam and Stefan Nagel

Journal of Monetary Economics, Vol. 117, pp. 723–740, January 2021

Uses survey data to test the empirical plausibility of the ideas that stock market investors interviewed in surveys report risk-neutral or pessimistically-tilted forecasts.