Working Papers and Work in Progress

  • “Differences in Euro-Area Household Finances and their Relevance for Monetary-Policy Transmission,” with Thomas Hintermaier, CESifo Working Paper No. 7088, University of St.Gallen SEPS Working Paper No. 2018-06. Short video on the broader project “Towards Understanding Differences in European Household Finances.”
  • “Home Ownership and Monetary Policy Transmission,” with Marc-Antoine Ramelet, CESifo Working Paper No. 7361, CFS Working Paper No. 615, IZA Discussion Paper No. 11950, University of St.Gallen SEPS Working Paper No. 2018-14.
  • “Buffer-Stock Saving and Households' Response to Income Shocks,” with Giulio Fella and Serafin Frache, CESifo Working Paper No. 6144, IZA Discussion Paper No. 10311, University of St.Gallen SEPS Working Paper No. 2016-17.
  • “Public and Private Insurance with Costly Transactions,” with Giuseppe Bertola, CEPR Discussion Paper No. 8062, IZA Discussion Paper No. 5201. [An accompanying non-technical essay for Vox, and for Ökonomenstimme (in German)]
  • “Opportunity and Inequality across Generations,” with Carlo Zanella.


  • ”Household Debt and Crises of Confidence,” with Thomas Hintermaier, Quantitative Economics, vol. 9, 1489-1542, 2018.
    An accompanying non-technical essay for Vox]
  • “Human Capital and Optimal Redistribution,” with Julien Prat, Review of Economic Dynamics, vol. 27, 1-26, 2018.
  • “Debt Portfolios and Homestead Exemptions,” with Thomas Hintermaier, American Economic Journal: Macroeconomics, vol. 8 (4), 103-141, 2016.
  • “Hidden Insurance in a Moral-Hazard Economy,” with Giuseppe Bertola, RAND Journal of Economics, vol. 46 (4), 777-790, 2015.
  • “On the Validity of the First-Order Approach with Moral Hazard and Hidden Assets,” with Giuseppe Bertola, Economics Letters, vol. 124 (3), 402-405, 2014.
  • “On the Evolution of the US Consumer Wealth Distribution,” with Thomas Hintermaier, Review of Economic Dynamics, vol. 14 (2), 317-338, 2011.
  • “The Method of Endogenous Gridpoints with Occasionally Binding Constraints among Endogenous Variables,” with Thomas Hintermaier, Journal of Economic Dynamics & Control, vol. 34 (10), 2074-2088, 2010.
  • “Redistributive Taxation and Personal Bankruptcy in US States,” with Charles Grant, Journal of Law & Economics, vol. 52 (3), 445-467, 2009. Web Appendix.
  • “Consumption Smoothing and Income Redistribution,” with Giuseppe Bertola, European Economic Review, vol. 51 (8), 1941-1958, 2007.
  • “On the Role of Market Insurance in a Dynamic Model,” with Helge Braun, The Geneva Risk and Insurance Review, vol. 32 (1), 61-90, 2007.
  • “Employment Protection, Product Market Regulation and Firm Selection,” with Julien Prat, Economic Journal, vol. 117 (521), F302-F332, 2007.
    [An accompanying non-technical essay on EPL and labor-market turnover for Vox]
  • “Openness, Wage Floors and Technology Change,” The B.E. Journal of Macroeconomics, Contributions, vol. 7 (1), Article 5, 2007.
  • “Capital Deepening and Wage Differentials: Germany vs. US,” with Marco Leonardi, Economic Policy, vol. 22 (49), 71-116, 2007.
  • “Labor Market Institutions and Wage Differentials,” with Marco Leonardi and Luca Nunziata, Industrial & Labor Relations Review, vol. 60(3), 340-356, 2007.
  • “On the Use of Substitutability as a Measure of Competition,” with Omar Licandro, The B.E. Journal of Macroeconomics, Topics, vol. 6(1), Article 2, 2006.
  • “Uncertainty and Debt-Maturity in Emerging Markets,” with Matthieu Bussière and Marcel Fratzscher, The B.E. Journal of Macroeconomics, Topics, vol. 6(1), Article 5, 2006.
  • “Dismissal Costs and Innovation,” Economics Letters, vol. 88 (1), 79-84, 2005.
  • “Dealer Pricing of Consumer Credit,” with Giuseppe Bertola and Stefan Hochgürtel, International Economic Review, vol. 46 (4), 1103-1142, 2005.
  • “Labor Income Risk and Car Insurance in the UK,” The Geneva Papers on Risk and Insurance Theory, vol. 29 (1), 55-74, 2004.