Research

Academic Publications

• A Fiscal Theory of Persistent Inflation, 2023, Quarterly Journal of Economics, accepted, with Francesco Bianchi and Leonardo Melosi.

• Dissecting Climate Risks: Are They Priced in the US Stock Market?, 2023, Journal of Banking and Finance, accepted. Click here for a non-technical analysis or for  the updated data of the estimated climate factors. You can also watch a webinar here. 

• Job-to-Job Mobility and Inflation 2023, with Leonardo Melosi, Review of Economics and Statistics, accepted.

• The Importance of Hiring Frictions in Business Cycles, 2022, Quantitative Economics, July, Vol.13, pp.1101-1143,    with Eran Yashiv.

• Pigouvian Cycles, 2022, American Economic Journal: Macroeconomics, Vol.14 No.2, pp.281-318, joint with Leonardo Melosi.

• News Uncertainty in Brexit United Kingdom, 2021, American Economic Review: Insights, Vol.3 No.2, pp.149-64, joint with Edoardo Palombo

• A New Predictor of Real Economic Activity: the S&P500 Option Implied Risk Aversion, 2019, Management Science, Vol.65(9), pp.4927-4949.  

Paper nominated for the EFMA 2017 Conference Best Paper Award on Global Association of Risk Professionals (GARP) Risk Management. Joint with E.Kostantinidi, G.Skyadopoulos, and S.Sarantopoulou Chiourea. 

Media coverage: Forbes;  Wall Street Journal; Market watch (Dow Jones);  Morningstar

• International fiscal spillovers, 2016,  Journal of International Economics, Vol.99, pp.31-45, March, with Haroon Mumtaz and Paolo Surico.

• Reassessing labour market reforms: temporary contracts as a screening device, 2014, Economic Journal, Volume 124, Issue 575, pp.167-200, March.  

• Wage rigidities in an estimated model of the UK labour market, 2013, The Manchester School, Volume 81, Issue S1, pp. 66-99, with Stephen Millard and Francesco Zanetti.

• Deep habits and the cyclical behaviour of equilibrium unemployment and vacancies, 2012, Journal of Economic Dynamics and Control, 36(2), pp. 183-200, with Federico Di Pace.  

• Labor market volatility in the search and matching model: the role of investment-specific technology shocks, 2010, Journal of Economic Dynamics and Control, 34 (8), pp. 1509-1527, with Salvador Ortigueira.

Policy Publications

• Looking Beyond the Impact of Energy Prices: What Drives Trend Inflation in Denmark, 2022, with P. Borgensgaard.

• The Effects of the Great Resignation on Labor Market Slack and Inflation, 2022, Chicago Fed Letter, with L. Melosi and R. Miles.

 Media Coverage: Reuters, US News

• Are Climate Change Risks Priced in the U.S. Stock Market?  , 2021, with R. Matin, Danmarks Nationalbank Analysis.

• Changes in output, employment and wages during recessions in the United Kingdom, 2010 Bank of England Quarterly Bullettin.

Work in progress

• The Response of Danish Households to Negative Interest Rates, with Christian Hoeck and Mariassunta Giannetti, draft coming soon.

• Financial Frictions: Micro vs Macro Volatility, with Seungcheol Lee, Ralph Luettike, Morten Ravn and Tobias Renkin.

• Income Risk, Asset Prices and Labor Market Cyclicality, 2018, with Pontus Rendahl.

 Working papers

• Unemployment volatility and labour market institutions: evidence from OECD countries, 2011 with Chiara Rosazza-Bondibene

• Unemployment and within-group wage inequality: can information explain the trade-off?, 2007, EUI WP 2007/14.

 Discussions

• Changing Business Cycles: the Role of Women's Employment, 2019 by Stefania Albanesi

• Aging and deflation: Japanese experience, 2015, by Shigeru Fujita and Ippei Fujiwara.

• Aggregation and labor supply elasticities, 2014, by Alois Kneip, Monika Merz and Lidia Storjohann.

• The determinants of the cycles and trends in U.S. unemployment, 2012 by Regis Barnichon and Andrew Figura.