Published Papers
"Monetary Asymmetries without (and with) Price Stickiness" International Economic Review.
In the Eurozone, monetary policy is more effective in times of credit crunches, when bank lending rates are higher than usual.
"Optimal Monetary Policy in an Estimated SIR Model", joint with Ghassane Benmir and Gauthier Vermandel, European Economic Review.
When the contagion externality is properly addressed by lockdown policies, monetary policy can concentrate on its price stability mandate.
"Structural Asymmetries and Financial Imbalances in the Eurozone", with F. Smets, Review of Economic Dynamics.
Why net capital inflows are procyclical in the South of Europe and how it affects welfare.
"Asset Pricing and the Propagation of Macroeconomic Shocks", Journal of the European Economic Association.
How the subprime shock propagated to the Eurozone economy. A short-lived shock that destroys a small fraction the economy's safe asset stock generates a deep recession, a stock market crash as well as a flight-to-liquidity effect.
"Contrasting Financial and Business Cycles: Stylized Facts and Candidate Explanations", with Yves Schüler and Paul Hiebert, Journal of Financial Stability.
Why we need to complement monetary policy with a macro prudential (or fiscal) instrument.
"Asset Returns and Labor Supply in a Production Economy", Journal of Money Credit and Banking.
How to resolve asset pricing puzzles in a real business cycle model with endogenous labor supply.
"Asset Pricing and Housing Supply in a Production Economy", The B.E. Journal of Macroeconomics (Contributions).
A real business cycle model of the equity and housing risk premiums.