Research Statement (August 2024)
Working Papers
Optimal Long-Run Fiscal Policy with Heterogeneous Agents (with Adrien Auclert, Michael Cai, and Ludwig Straub) [slides]
Latest draft September 2024
Fiscal and Monetary Policy with Heterogeneous Agents (with Adrien Auclert and Ludwig Straub)
Latest draft September 2024
Prepared for the Annual Review of Economics
[Code at GitHub]
Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel (with Adrien Auclert, Martin Souchier, and Ludwig Straub)
Latest draft August 2024 (revise and resubmit, American Economic Review)
Demographics, Wealth, and Global Imbalances in the Twenty-First Century (with Adrien Auclert, Hannes Malmberg, and Frédéric Martenet)
Latest draft November 2021 (revise and resubmit, Review of Economic Studies)
Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model (with Adrien Auclert and Ludwig Straub)
Latest draft January 2020 (revise and resubmit, American Economic Review)
Inequality and Aggregate Demand (with Adrien Auclert)
Latest draft January 2020
[Computational Appendix] [January 2018 version] [November 2016 version]
What Lower Bound? Monetary Policy with Negative Interest Rates
Latest draft July 2016
Work in Progress
Inelastic Asset Markets and Aggregate Demand (with Adrien Auclert, Ludwig Straub, and Lingxuan Wu)
Thinking Big: Determinacy and Large-Scale Solutions in the Sequence Space (with Adrien Auclert, Evan Magic, and Ludwig Straub)
When Do Endogenous Portfolios Matter for HANK? (with Adrien Auclert, Ludwig Straub, and Tomáš Ťapák) [preliminary draft] [slides]
Capital Heterogeneity and Investment Prices: How Much Are Investment Prices Declining? (with François Gourio and Tom Holden) [slides]
Publications
The Intertemporal Keynesian Cross (with Adrien Auclert and Ludwig Straub)
Journal of Political Economy, forthcoming
[Companion paper: Determinacy and Existence in the Sequence Space] [August 2018 version]
Managing an Energy Shock: Fiscal and Monetary Policy (with Adrien Auclert, Hugo Monnery, and Ludwig Straub)
Proceedings of the XXV Annual Conference of the Central Bank of Chile, forthcoming
New Pricing Models, Same Old Phillips Curves? (with Adrien Auclert, Rodolfo Rigato, and Ludwig Straub)
Quarterly Journal of Economics, 139(1), pp. 121–186, February 2024
The Trickling Up of Excess Savings (with Adrien Auclert and Ludwig Straub)
American Economic Association Papers and Proceedings 113, pp. 70–75, May 2023
[Published version] [Code at GitHub]
MPCs, MPEs, and Multipliers: A Trilemma for New Keynesian Models (with Adrien Auclert and Bence Bardóczy)
Review of Economics and Statistics 105(3), pp. 700–712, May 2023
[Published version] [August 2017 version titled A Note on Multipliers in NK Models with GHH Preferences]
Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies (with Rishabh Aggarwal, Adrien Auclert, and Ludwig Straub)
NBER Macroeconomics Annual 2022, 37, pp. 325–412
[Published version]
Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models (with Adrien Auclert, Bence Bardóczy, and Ludwig Straub)
Econometrica 89(5), pp. 2375–2408, September 2021
[Published version]
[code and notebooks available at GitHub] [June 2019 version] [November 2020 version]
Investment Hangover and the Great Recession (with Andrei Shleifer and Alp Simsek)
American Economic Journal: Macroeconomics 10 (2), pp. 113–153, April 2018
[Published version]
Aggregate Demand and the Top 1 Percent (with Adrien Auclert)
American Economic Review: Papers & Proceedings 107 (5), pp. 588–592, May 2017
[Published version]
Unique Equilibrium in the Eaton-Gersovitz Model of Sovereign Debt (with Adrien Auclert)
Journal of Monetary Economics 84, pp. 134–146, December 2016
[Published version]
Deciphering the Fall and Rise in the Net Capital Share: Accumulation or Scarcity?
Brookings Papers on Economic Activity 46 (1), pp. 1–69, Spring 2015
[Published version with comments and discussion]
Comments
Comment on ‘Heterogeneity and Aggregate Fluctuations: Insights from TANK Models,’ by Davide Debortoli and Jordi Galí
NBER Macroeconomics Annual 2024, forthcoming
[Code at GitHub]
Comment on ‘Economic Impact Payments and Household Spending During the Pandemic,’ by Jonathan Parker, Jake Schild, Laura Erhard, and David Johnson
Brookings Papers on Economic Activity, Fall 2022
Comment on ‘Optimal Inflation and the Identification of the Phillips Curve,’ by Michael McLeay and Silvana Tenreyro
NBER Macroeconomics Annual 2019, 34, pp. 267–279
Comment on ‘Accounting for Factorless Income,’ by Loukas Karabarbounis and Brent Neiman
NBER Macroeconomics Annual 2018, 33, pp. 235–248
Older Notes and Working Papers
Monetary Union Begets Fiscal Union (with Adrien Auclert)
August 2014