Research

Google Scholar  Ideas/repec

Publications

1. Honoring Sovereign Debt or Bailing out Domestic Residents? Limits to Bailouts, Journal of International Economics, 114 (2018), 14-24.

Published version. Working paper

2. The Signaling Effect of Raising Inflation (with  J. Barthélemy), Journal of Economic Theory, 178 (2018), 488-516. 

Published version Working paper  Slides 

3. Institutional Quality and Capital Inflows: Theory and Evidence (with E. Challe and J. I. Lopez), Journal of International Money and Finance, 96 (2019), 168-191.

Published version Working Paper Slides (previously: Southern Europe's Institutional Decline: Old version)

Non-technical summary available at La Silla Vacia (in Spanish).

4. Forward Guidance and Heterogeneous Beliefs (with P. Andrade, G. Gaballo and B. Mojon), American Economic Journal Macroeconomics, 11 (3) , 1-29, July 2019.

Published version Working Paper Slides Coverage: Centralbanking, Reuters, Le Cercle/Les Echos. 

Non-technical summary: ECB Research Bulletin. 

5. Endogeneous Partial Insurance and Inequality, (with R. Pancrazi), Journal of European Economic Association, 18(5), 2270-2314, October 2020.

Published version Working paper (previously: the Inequality Accelerator)

6. Asset Purchase Bailouts and Endogenous Implicit Guarantees, Journal of International Economics, 142, 103737, May 2023.

 Published version  Working Paper Old version (Online appendix) Coverage: Centralbanking. 

Non-technical summary: Knowledge@HEC 

7. Myopic Fiscal Objectives and Long-Run Monetary Efficiency (with  G. Gaballo), Journal of Monetary Economics, 136, 1-17, May 2023.

Published version  Working paper Local file Slides

8. What Matters in Households' Inflation Expectations? (with Philippe Andrade and Erwan Gautier), Journal of Monetary Economics, 138, 50-68, September 2023. 

Published version  Working Paper Local pdf Slides Non-technical summary available on VoxEU and Knowledge@HEC

9. Time-Consistent Implementation in Macroeconomic Games (with J. Barthélemy) - Theoretical Economics, forthcoming.

Link to the paper  Working paper 

Working papers

• The Central Bank, the Treasury,  or the Market: Which one Determines the Price Level? (with J. Barthélemy and G. Plantin) - CEPR discussion paper 16679, July 2023.  CEPR DP   NEW VERSION   Slides 

Non-technical summary available on VoxEU. Coverage: NY Times  La Tribune (French) 

• Labor market polarization and the Great Divergence: Theory and Evidence (with Donald R. Davis and Tomasz Michalski) - CEPR discussion paper 14623 and NBER working paper 26955, July 2023. NBER WP  CEPR DP

Non-technical summary available on Knowledge@hec VoxEU LinkedIn Op-ed: Les Echos.  Coverage: L'Opinion

• Knowledge Workers and Firm Capabilities (with Tomasz Michalski) - CEPR discussion paper 18863, February 2024. CEPR DP  Working paper 

• Households' Beliefs about Fiscal Dominance (with Philippe Andrade, Erwan Gautier, Emanuel Mönch and Tobias Schmidt), draft coming soon. 

Old mimeos

• Foreign Debt and Ricardian Equivalence, november 2013 - available upon request.

• Do Investment shocks explain business cycle fluctuations? (with Jean Barthélemy), January 2015 - available upon request.

• A Tight Sufficient Condition for Recursive Formulation of Dynamic Implementation Problems (with George Lukyanov) - available upon request.

• Monetary Rules, Determinacy and Limited Enforcement (with Jean Barthélemy) - available upon request.

• Public Liquidity Demand and Central Bank Independence (with J. Barthélemy and G. Plantin) - CEPR discussion paper 14160, November 2019, revised June 2020.  Working Paper -- Non-technical summary available on VoxEU .