Professor, Paris School of Economics
Senior Researcher, CNRS
Research Fellow, CEPR
Associate Editor, European Economic Review
CV with contact | Google Scholar
Conferences:
16-17 Dec. 2025: 2nd workshop on Macroeconomic Policies with Heterogeneous Agents
18-19 June 2026: PSE-CEPR Policy Forum (programme available soon)
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, 138, 2020 (with Y. Algan, O. Allais and X. Ragot)
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")
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)