Publications and Working Papers

Deficits and Inflation: HANK meets FTPL [slides]
with Chen Lian and Christian Wolf

Can Deficits Finance Themselves? [slides] [online appendix]
Econometrica, forthcoming, with Chen Lian and Christian Wolf

Inattentive Economies [slides] [online appendix]
Journal of Political Economy, forthcoming, with Karthik Sastry

Deaterminacy without the Taylor Principle [slides]
Journal of Political Economy 131:8 (2023), with Chen Lian

Public Debt as Private Liquidity: Optimal Policy [paper + appendix]
Journal of Political Economy 131:11 (2023), with Fabrice Collard and Harris Dellas

Wall Street and Silicon Valley: a Delicate Interaction
Review of Economic Studies 90:3 (2023), with Guido Lorenzoni and Alessandro Pavan

Dampening General Equilibrium: Incomplete Information and Bounded Rationality
Handbook of Economic Expectations, ch. 20 (2022), with Chen Lian

Confidence and the Propagation of Demand Shocks [slides]
Review of Economic Studies 89:3  (2022), with Chen Lian

Managing Expectations: Instruments vs Targets [slides] [online appendix]
Quarterly Journal of Economics 136:4 (2021), with Karthik Sastry

Myopia and Anchoring [slides] [online appendix] [replication files]
American Economic Review 111:4 (2021), with Zhen Huo

Imperfect Macroeconomic Expectations: Evidence and Theory [slides] [replication files]
NBER Macroeconomics Annual vol. 35 (2020), with Zhen Huo and Karthik Sastry

Business Cycle Anatomy [slides] [online appendices] [replication files] [shocks]
American Economic Review 110:10 (2020), with Fabrice Collard and Harris Dellas

Learning over the Business Cycle: Policy Implications
Journal of Economic Theory 190 (2020); with Luigi Iovino and Jennifer La’O

Discussion of “Communication and the Beliefs of Economic Agents” by Candia, Coibion and Gorodnichenko
Proceedings of the 2020 Jackson Hole Symposium on Economic Policy

Optimal Monetary Policy with Informational Frictions [slides] [online appendix]
Journal of Political Economy, 128:3 (2020), with Jennifer La’O

Quantifying Confidence
Econometrica 86:5 (2018), with Fabrice Collard and Harris Dellas

Forward Guidance without Common Knowledge [slides] [online appendix]
American Economic Review 108:9 (2018), with Chen Lian

Frictional Coordination
Journal of the European Economic Association 16:3 (2018)

Incomplete Information in Macroeconomics: Accomodating Frictions in Coordination
Handbook of Macroeconomics, Vol. 2 (2016), with Chen Lian

Real Rigidity, Nominal Rigidity, and the Social Value of Information
American Economic Review 106:1 (2016), with Luigi Iovino and Jennifer La’O

Sentiments
Econometrica 81:2 (2013), with Jennifer La’O

Selection-Free Predictions in Global Games with Endogenous Information and Multiple Equilibria
Theoretical Economics 8 (2013), with Alessandro Pavan

Fairness and Redistribution: Reply
American Economic Review 103:1 (2013), with Alberto Alesina and Guido Cozzi

Financial Integration, Entrepreneurial Risk and Global Dynamics
Journal of Economic Theory 146:3 (2011), with Vasia Panousi

Volatility and Growth: Credit Constraints and the Composition of Investment
Journal of Monetary Economics 57:3 (2010), with Philippe Aghion, Abhijit Banerjee and Kalina Manova

Noisy Business Cycles
NBER Macroeconomics Annual vol. 24 (2009), with Jennifer La’O

Incomplete Information, Higher-Order Beliefs, and Price Inertia
Journal of Monetary Economics 56:S1 (2009), with Jennifer La’O

Policy with Dispersed Information
Journal of the European Economic Association 7:1 (2009), with Alessandro Pavan

Revisiting the Supply-Side Effects of Government Spending
Journal of Monetary Economics 56:2 (2009), with Vasia Panousi

Efficient Use of Information and Social Value of Information
Econometrica 75:4 (2007), with Alessandro Pavan
Supplementary Material

Dynamic Global Games of Regime Change: Learning, Multiplicity and Timing of Attacks
Econometrica 75:3 (2007), with Christian Hellwig and Alessandro Pavan
Supplementary Material

Socially Optimal Coordination: Characterization and Policy Implications
Journal of the European Economic Association 5:2-3 (2007), with Alessandro Pavan

Uninsured Idiosyncratic Investment Risk and Aggregate Saving
Review of Economic Dynamics 10:1 (2007)

Signaling in a Global Game: Coordination and Policy Traps
Journal of Political Economy 114:3 (2006), with Christian Hellwig and Alessandro Pavan
Supplementary Material

Crises and Prices: Information Aggregation, Multiplicity, and Volatility
American Economic Review 96:5 (2006), with Ivan Werning

Idiosyncratic Production Risk, Growth and the Business Cycle
Journal of Monetary Economics 53:6 (2006), with Laurent Calvet

Commitment vs Flexibility
Econometrica 74:2 (2006), Manuel Amador and Ivan Werning

Corruption, Inequality and Fairness
Journal of Monetary Economics 52:7 (2005), with Alberto Alesina

Fairness and Redistribution
American Economic Review 95:4 (2005), with Alberto Alesina

Incomplete Market Dynamics in a Neoclassical Production Economy
Journal of Mathematical Economics 41:4 (2005), with Laurent Calvet

Transparency of Information and Coordination in Economies with Investment Complementarities
American Economic Review 94:2 (2004, AEA P&P), with Alessandro Pavan

Comment on “Optimal Fiscal and Monetary Policy” by Benigno and Woodford
NBER Macroeconomics Annual 2003 (2003)

Fiscal Policy with Non-Contingent Debt and the Optimal Maturity Structure
Quarterly Journal of Economics 117:2 (2002)

The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation
Journal of Economic Perspectives 15:3 (2001), with D. Laibson, J. Tobacman, A. Repetto and S. Weinberg