1.  The Puzzle, the Power, and the Dark Side: Forward Guidance Redux, August 2017 (first draft April 2016), CEPR DP 12231

2. Monetary Neutrality with Sticky Prices and Free Entry, May 2017, CEPR DP 12068

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

4. Optimal Monetary Policy and Liquidity with Heterogeneous Householdswith X. Ragot, July 2017 (first draft Feb. 2016); previously circulated as "Monetary Policy and Inequality when Aggregate Demand depends on Liquidity", and then "Inequality, Liquidity, and Optimal Monetary Policy"

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

6. Is Government Spending at the Zero Lower Bound Desirable?, with T. Monacelli and R. Perotti, R&R 2nd round American Economic Journal: Macroeconomics older NBER WP 20687 

7. Monopoly Power and Endogenous Product Variety: Distortions and Remedies - with F. Ghironi and M. Melitz, R&R American Economic Journal: Macroeconomics older NBER WP w14383

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


1. Endogenous Entry, Product Variety and Business Cycles, with F. Ghironi and M. 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 F. Ghironi and I. 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 R. Straub, Review of Economics and Statistics. 2013, vol. 95(2), pp 377-392 
5. Public Debt and Redistribution with Borrowing Constraints, with T. Monacelli and R. Perotti, The Economic Journal, 2013, vol. 0, pages F64-F98, 02
6. Monetary Policy and Business Cycles with Endogenous Entry and Product Variety, with F. Ghironi and M. Melitz, NBER Macroeconomics Annual, v. 22, 2007, p 299-353
7. What Accounts for the Change in U.S. Fiscal Policy Transmission?, with G. Mueller and A. 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 R. 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