Florin O. Bilbiie's Research



1.  NEW! Monetary Policy and Inequality when Aggregate Demand depends on Liquiditywith Xavier Ragot -- this draft Jan 2017 (first preliminary underground draft Feb. 2016) 

2. Optimal Forward Guidance -- April 2016; CEPR Discussion Paper.

3. Money, Inflation, and Redistribution: A Case for Helicopter Drops:  -- with Xavier Ragot, in progress, coming soon

4. Is Government Spending at the Zero Lower Bound Desirable?, with Tommaso Monacelli and Roberto Perotti, NBER Working Paper -- Substantially revised version coming soon

5. Monopoly Power and Endogenous Product Variety: Distortions and Remedies - with Fabio Ghironi and Marc Melitz, NBER Working Paper w14383 -- Substantially revised version!

6. 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

The Aggregate Supply Channel, Monetary Policy and Multiple Equilibria, with Jess Benhabib 

‘Incomplete Fiscal Rules with Imperfect Enforcement’, (submitted), 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.