- “On the Mechanics of New-Keynesian Models,” with Peter Rupert, Journal of Monetary Economics, vol. 102, pages 53-69, 2019. (article)
- "Mortgages and Monetary Policy," with Carlos Garriga and Finn E. Kydland, Review of Financial Studies, vol. 30 (10), pages 3337-3375, 2017, lead article. (article)
- Supplementary material
- Oxford University Press Virtual Issue on Monetary Policy
- VoxEU column "The costs of interest rate liftoff for homeowners: Why central bankers should focus on inflation"
- A short version for Catalan magazine Mon Empresarial " La connexió entre la política monetària i les hipoteques"
- VoxEU column Persistently low rates and monetary transmission
- "Housing Dynamics over the Business Cycle," with Finn E. Kydland and Peter Rupert, International Economic Review, vol. 57(4), pages 1149-1177, 2016. (article)
- "Globally correlated nominal fluctuations," with Espen Henriksen and Finn E. Kydland, Journal of Monetary Economics, vol. 60(6), pages 613-631, 2013. (article)
- VoxEU.org column "Independent Monetary Policies, Synchronised Outcomes"
- "Plant-level nonconvex output adjustment and aggregate fluctuations," Journal of Monetary Economics, vol. 58(4), pages 400-414, 2011. (article)
- "Monetary Business Cycle Accounting," Review of Economic Dynamics, vol. 14(4), pages 592-612, October, 2011. (article)
- "Monetary aggregates and the business cycle," Journal of Monetary Economics, vol. 57(4), pages 451-465, May, 2010. (article)
Earlier WP versions of published papers are available here.
- "MoNK: Mortgages in a New-Keynesian Model" with Carlos Garriga and Finn Kydland (Draft, 13 April 2020)
- Supplementary material (here)
Work in progress
- "The macroeconomic effects of FOMC surprises: term premia vs. expected interest rates" with Iryna Kaminska and Haroon Mumtaz (draft coming soon)
- "Turning Japanese: Housing and Demographics" with Morris Davis and Carlos Garriga (draft coming soon)
- "Housing Market Wedges" with Morris Davis and Carlos Garriga (draft coming soon)
Old and dormant papers
- "Time to Produce and the Puzzling Behavior of Labor Productivity (draft)
- "Limited Participation and Inflation Determinacy" (draft)
SOME RANDOM MACRO ANALYSIS
Courses I teach or have taught in the past few years
- Macro A: Recursive Methods. First-year PhD course at Queen Mary. It covers the basics of recursive methods: Markov processes, dynamic programming, and the recursive competitive equilibrium. In each topic it discusses the issues of existence, uniqueness and convergence and problems with both continuous and discrete variables. These concepts are demonstrated at the backdrop of three examples: the neoclassical growth model, household consumption-saving decisions, and firm profit maximization problems in the presence of adjustment costs. Each part of the course is accompanied by computational exercises. The course is preceded by a crash course on the basics of programming and numerical methods.
- Business Cycles. Third-year undergraduate course at Queen Mary. Using two- or three- period OLG models with simple functional forms, in order to avoid the burden of complicated dynamic optimization, the course introduces students to modern dynamic general equilibrium macroeconomics. After covering the basics of the OLG framework (the planner's problem and a decentralized monetary equilibrium) the course focuses on the real business cycle theory and recent research on housing in macroeconomics. Students are also introduced to the way modern models are parameterized (calibration/GMM estimation). The implications of the models are confronted with the standard business cycle statistics as well as the recent boom-bust in the housing market. Depending on the year, the course also covers government debt sustainability, bank runs, and the macroeconomic implications of within-cohort wealth inequality.
- Macro and Housing. Second-year PhD macro topics course taught at the London School of Economics. The aim is to get students quickly to the frontier of research on the macroeconomic aspects of housing. The course covers three areas, focusing on the main research questions, tools, data, and some recent papers: i) housing and the business cycle, ii) tenure, mortgage, and portfolio choice, and iii) housing and monetary policy.
- Monetary Economics. MSc level course taught at the London School of Economics. Starts with a basic RBC model and in a one-thing-at-a-time fashion introduces inflation and the nominal interest rate, commodity prices, taxes, sticky prices, sticky wages, and a banking sector with inside and outside money. Concludes with the basics of consumption-based dynamic asset pricing theory and affine models of the term structure. The aim is to provide an insight into the equilibrium effects of the various features of typical DSGE models without requiring any knowledge of computational methods.
Links to research centres I am affiliated with or frequently visit