Textbook: Macroeconomic Fluctuations and Policies, MIT Press, 2019 [Slides for Chap. 1 | Additional teaching material | French version | Greek version]

Research papers: 

• Optimal job retention (with A. Ruland), in progress

• Inequality and optimal monetary policy in the open economy [Appendix | slides], Journal of International Economics, 155, 2025 (with S. Acharya)

• On natural interest rate volatility [codes], European Economic Review, 167, 2024 (with M. Matvieiev),

• Optimal monetary policy according to HANK [online appendix | slides | codes | VoxEU], American Economic Review, 113(7), 2023 (with S. Acharya and K. Dogra)

• Uninsured unemployment risk and optimal monetary policy in a zero-liquidity economy [slides][codes], American Economic Journal: Macroeconomics, 12(2), 2020

• The welfare cost of inflation risk under imperfect insurance, Annals of Economics and Statistics (with Y. Algan, O. Allais and X. Ragot), 138, 2020

• Institutional quality and capital inflows: Theory and evidence, Journal of International Money and Finance, 96, 2019 (with J.I. Lopez and E. Mengus)

• Market microstructure, information aggregation and equilibrium uniqueness in a global game, European Economic Review, 102, 2018  (with E. Chretien)

• Precautionary saving and aggregate demand [technical appendix], Quantitative Economics, 8(2), 2017  (with J. Matheron, X. Ragot and J. Rubio-Ramirez)

• Precautionary saving over the business cycle [technical appendix], Economic Journal, 126 (590), 2016 (with X. Ragot)
  (Also in The Economic Journal Virtual Issue on "The Economics of Income and Wealth Distribution")

• Board independence and operating performance, Applied Economics, 48(52), 2016 (with S. Cavaco, P. Crifo, A. Rebérioux and G. Roudaut)

• Market composition and price informativeness in a large market with endogenous order types, Journal of Economic Theory, 158, 2015 (with E. Chrétien)

• Stock prices and monetary policy shocks: a general equilibrium approach, Journal of Economic Dynamics and Control, 40, 2014 (with C. Giannitsarou)

• Incomplete markets, liquidation risk, and the term structure of interest rates, Journal of Economic Theory, 148(6), 2013 (with F. Le Grand and X. Ragot)

• Equilibrium risk shifting and interest rate in an opaque financial system, European Economic Review, 63, 2013, 117-133 (with B. Mojon and X. Ragot)

• Produce or speculate? Asset bubbles, occupational choice and efficiency, International Economic Review, 53(4), 2012 (with P. Cahuc)

• Fiscal policy in a tractable liquidity-constrained economy, Economic Journal, 121(551), 2011 (with X. Ragot)

• Incomplete markets and the output-inflation tradeoff, Economic Theory, 46(1), 2011 (with Y. Algan and X. Ragot)

• Bubbles and self-fulfilling crises, BE Journal of Macroeconomics, 11(1), 2011 (with X. Ragot)

• Aggregate consumption in times of crisis: The role of financial frictions, CESifo Economic Studies, 56(4) - Conference proceedings, 2010 (with X. Ragot)

• Endogenous participation risk in speculative markets, Journal of Economic Dynamics and Control, 32(7), 2008

• Sunspots and predictable asset returns, Journal of Economic Theory, 115(1), 2004

In French:

• Epargne de précaution, fluctuations macroéconomiques et politique monétaire, Revue Française d'Economie, 35, 2020

• France-Allemagne: Retour au travail, Revue de l'OFCE, 158, 2018 (avec X. Ragot)

• L'étude des fluctuations macroéconomiques est-elle "scientifique" ?, Revue de l'OFCE, 153, 2018

• Multiplicité d'équilibres, dynamique transitionnelle et bien-être dans le modèle de croissance AK, Revue Economique, 56(3), 2005

• Psychologie de marché et anomalies financières. Le rôle des prophéties auto-réalisatrices, Revue d'Economie Politique, 115, 2005

• Une décomposition du cycle boursier, Revue Economique, 55(3), 2004

• Equilibres multiples et volatilité boursière, Revue d'Economie Financière, 74, 2004

Discussions (since 2017):

• Monetary transmission through the housing channel, by D. Albuquerque et al. (London, September 2025)

• Greed? Profit, inflation, and aggregate demand,  by F.O. Bilbiie and D. Känzig (Bonn, November 2024)

• Monetary-fiscal interactions in the US, by P. Bouscasse and S. Hong (Lecce, July 2024)

• Stabilization vs. redistribution: The optimal monetary-fiscal mix, by F.O. Bilbiie et al. (Paris, September 2023)

• The regional Keynesian cross, by M. Bellifemine et al. (Florence, May 2023)

• Exchange rate and inflation under weak monetary policy: Turkey verifies theory, by R. Gürkaynak et al. (Economic Policy Panel, Berlin, October 2022) [commentary]

• Some like it hot: a distributional analysis of average inflation targeting, by F. Alves & G. Violante (Paris, June 2022)

• Risky business cycles, by S. Basu et al. (Paris, May 2022)

• How China lends?, by A. Gelpern et al. (Economic Policy Panel,  Paris, April 2022) [commentary]

• What kind of EU fiscal capacity?, by R. Beetsma et al. (Economic Policy Panel, October 2021) [commentary]

• Why does capital flow from equal to unequal countries?, by S. de Ferra et al. (Konstanz, September 2021)

• Financial frictions: Macro vs micro volatility, by S. Lee et al. (Marseille, July 2021)

• The long-run effects of monetary policy, by O. Jordà et al. (Ottawa, June 2021)

• Can the Covid bailouts save the economy?, by V. Elenev et al. (Economic Policy Panel, April 2021) [commentary]

• Shocks, frictions and inequalities in U.S. business cycles, by C. Bayer et al. (Oslo, September 2019)

• Collateral booms and information depletion, by V. Asryan et al. (Galatina, August 2019)

• Learning from prices: Amplification and business fluctuations , by R. Chahrour and G. Gaballo (Paris, July 2019) 

• A large central bank balance sheet?  Floor vs corridor system in a New Keynesian environment, by O. Arce et al. (Tarragona, May 2019)

• Income inequality and the current account, by M. Kumhof et al. (Paris, April 2019)

• The optimal inflation rate with discount rate heterogeneity, by. A. Lepetit (Nuremberg, March 2019) 

• Monetary policy and inequality under labor market frictions and capital-skill complementarity, by J. Dolado et al. (Florence, October 2018) 

• Efficient bubbles?, by V. Haddad et al. (Paris, July 2018) 

• Resolving the missing deflation puzzle, by J. Lindé & M. Trabandt (Rennes, June 2018)

• Real Keynesian models and sticky prices, by P. Beaudry & F. Portier (Konstanz, May 2018)

• The transmission of monetary policy through redistributions and durables purchases, by. V. Sterk & S. Tenreyro (Milan, June 2017) 

• Optimal monetary policy with heterogenous agents, by G. Nuno & C. Thomas (London, May 2017) 

• Macroeconomic fluctuations with HANK & SAM: An analytical approach, by M. Ravn & V. Sterk (Paris, May 2017)