1.  Monetary Neutrality with Sticky Prices and Free Entry, May 2017, CEPR DP

2.  The New Keynesian Cross: Understanding Monetary Policy with Hand-to-Mouth Households  CEPR DP 11989, April 2017 (first draft April 2016)

3. Inequality, Liquidity, and Optimal Monetary Policywith X. Ragot, March 2017 (first draft Feb. 2016); previously circulated as "Monetary Policy and Inequality when Aggregate Demand depends on Liquidity"

4. Optimal Forward Guidance -- April 2016; CEPR DP.

5. Is Government Spending at the Zero Lower Bound Desirable?, with Tommaso Monacelli and Roberto Perotti, older version NBER WP 20687; Substantially revised version 

6. Monopoly Power and Endogenous Product Variety: Distortions and Remedies - with Fabio Ghironi and Marc Melitz, NBER WP w14383 -- Substantially revised version

7. Tax Cuts vs. Spending Increases: Welfare at the Zero Lower Boundwith Tommaso Monacelli and Roberto Perotti - First draft December 2011; Revised coming up


1. Endogenous Entry, Product Variety and Business Cycles, with Fabio Ghironi and Marc Melitz, Journal of Political Economy, 2012, vol. 120(2), 304-345
2. Limited Asset Market Participation, Monetary Policy and (Inverted) Aggregate Demand Logic, Journal of Economic Theory, 2008, vol. 140(1), pages 162-196. First version 2004 (first chapter of my Phd thesis). Early version ECB Working Paper 2004
3. Optimal Monetary Policy with Endogenous Product Variety - with Fabio Ghironi and Ippei Fujiwara, Journal of Monetary Economics, 2014, vol. 64, pp. 1-20, Lead Article
4. Asset Market Participation, Monetary Policy Rules and the Great Inflation’, with Roland Straub, Review of Economics and Statistics. 2013, vol. 95(2), pp 377-392 
5. Public Debt and Redistribution with Borrowing Constraints, with Tommaso Monacelli and Roberto Perotti, The Economic Journal, 2013, vol. 0, pages F64-F98, 02
6. Monetary Policy and Business Cycles with Endogenous Entry and Product Variety, with Fabio Ghironi and Marc Melitz, NBER Macroeconomics Annual, v. 22, 2007, p 299-353
7. What Accounts for the Change in U.S. Fiscal Policy Transmission?, with Gernot Mueller and Andre Meier, Journal of Money, Credit and Banking, 2008, vol. 40(7), p 1439-1470
8. Non-Separable Preferences, Fiscal Policy Puzzles and Inferior Goods, Journal of Money, Credit and Banking, 2009, vol. 41(2-3), pages 443-450.
9. Non-Separable Preferences, Frisch Labor Supply and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle, Journal of Money, Credit and Banking, 2011, 43(1), 221-251
10. Delegating Optimal Monetary Policy InertiaJournal of Economic Dynamics and Control , 2014, vol. 48, pp 63-78
11. Changes in the Output Euler Equation and Asset Markets Participation with Roland StraubJournal of Economic Dynamics and Control, 2012, vol. 36(11), pages 1659-1672
12. The Time Inconsistency of Delegation-Based Time Inconsistency Solutions in Monetary PolicyJournal of Optimization Theory and Applications, 2011, vol 150(3), 657-74
13. Designing Domestic Institutions for International Monetary Policy Cooperation: A Utopia?’, Journal of International Money and Finance, 2011, 30(3), 393-409 Lead Article Very early (2002) version entitled: The utopia of implementing international monetary policy cooperation through domestic institutions

Dormant projects

‘Incomplete Fiscal Rules with Imperfect Enforcement’, with David Stasavage Working Paper, Nuffield College, University of Oxford, WP2005-10

‘Fiscal Contracts for a Monetary Union’, Working Paper, Nuffield College, University of Oxford, WP2005-11.


Florin Bilbiie,
Apr 23, 2017, 1:18 PM
Florin Bilbiie,
May 16, 2017, 2:50 AM