Working papers

[1] Asset Purchases and Heterogeneous Beliefs (with C. Galli) [slides]

How central bank asset purchases affect market heterogeneous beliefs on defaultable nominal debt? In search for an optimal policy of asset purchases.  

[2] Information Technologies and Safe Assets (with G. Ordoñez)

Although safe assets - in the form of perfectly diversified portfolios - are insensitive to information, their quantity is not because more information discourages selling the risky assets that serve as a base for diversification.

[3] Faster Markets, Slower Growth (with J. Boccanfuso)

A model of consumers' rational inattention and inefficient R&D competition explains higher market concentration, increased markups, reduced turnover, and slower growth, even alongside more dynamic market shares and higher R&D spending.  

Publications

Spending Allocation under Nominal Uncertainty: A Model of Effective Price Rigidity
Journal of the European Economic Association, forthcoming; with Luigi Paciello.

Journal of Monetary Economics,  Vol. 136, May 2023, pages 1-17; with Eric Mengus

The Review of Economic Studies, Vol. 88, July 2021, pages 1720–1759; with Ryan Chahrour.

Journal of Monetary Economics, Vol. 119, April 2021, pages 1-20; with Ramon Marimon

Journal of Monetary Economics, Vol. 108, December 2019, pages 93-112; with Michael Ehrmann, Peter Hoffmann and Georg Strasser.

American Economic Journal: Macroeconomics, Vol. 11, No. 3, July 2019, pages 1-29, with Philippe Andrade, Eric Mengus and Benoit Mojon

The Review of Economic Studies, Vol. 85, Issue 2, April 2018, pages 1070–1110.

Journal of Monetary Economics, Vol. 81, July 2016, pages 70-85, with Ariel Zetlin-Jones.

American Economic Journal: Macroeconomics, Vol. 8, Issue 1, January 2016, pages 42-97. [AEA research highlight]

Journal of Economic Dynamics and Control, Vol. 44, Issue 7, July 2014, pages 270-279.

Journal of Economic Dynamics and Control, Vol. 37, Issue 12, December 2013, pages 2755–2770.

Economics Letters, Vol. 120, Issue 3, September 2013, pages 401–404.

Other

Banque de France Eco Notepad, January 2019.

VOX e-Book, February 2018. with Günter Coenen, Michael Ehrmann, Peter Hoffmann, Anton Nakov, Stefano Nardelli, Eric Persson, Georg Strasser.

ECB Research Bulletin, vol.61, 2019.

ECB Disussion paper. 2080/2017. with Günter Coenen, Michael Ehrmann, Peter Hoffmann, Anton Nakov, Stefano Nardelli, Eric Persson, Georg Strasser. 

ECB Research Bulletin, no. 34 , 2017.