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Working Papers

MPCs, MPEs, and Multipliers: A Trilemma for New Keynesian Models (with Adrien Auclert and Bence Bardóczy)
Latest draft June 2020 (revise and resubmit, Review of Economics and Statistics)
[August 2017 version titled A Note on Multipliers in NK Models with GHH Preferences]

Demographics, Wealth, and Global Imbalances in the Twenty-First Century (with Adrien Auclert, Hannes Malmberg, and Frédéric Martenet)
Latest draft May 2020

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]

Using the Sequence-Space Jacobian to Solve and Estimate Heterogeneous-Agent Models (with Adrien Auclert, Bence Bardóczy, and Ludwig Straub)
Latest draft June 2019 (revise and resubmit, Econometrica)
[code and notebooks available at GitHub]

The Intertemporal Keynesian Cross (with Adrien Auclert and Ludwig Straub)
Latest draft August 2018 (revise and resubmit, Journal of Political Economy)

What Lower Bound? Monetary Policy with Negative Interest Rates
Latest draft July 2016

Work in Progress

Capital Heterogeneity and Investment Prices: How Much Are Investment Prices Declining? (with François Gourio) [slides]


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]


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

A Note on Piketty and Diminishing Returns
June 2014