Working Papers
(New!) Anatomy of the Phillips Curve: Micro Evidence and Macro Implications, with M. Gertler, S. Lenzu, J. Tielens
| November 2023 | Abstract We develop a bottom-up approach to estimating the slope of the primitive form of the New Keynesian Phillips curve, which features marginal cost as the relevant real activity variable. Using quarterly microdata on prices, costs, and output from the Belgian manufacturing sector, we estimate dynamic…
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(New!) Liquidity and Fundamental Risks in a Search Economy
| October 2023 | Abstract This paper studies the interplay between liquidity and fundamental risks in an asset pricing framework with a frictional, decentralized secondary market and endogenous trading decisions. In this setting, the liquidity value of assets decreases in the riskiness of the underlying. For a sufficiently large deterioration…
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Oil Prices, Monetary Policy and Inflation Surges, with M. Gertler
| September 2023 | Abstract We develop a simple quantitative New Keynesian model aimed at accounting for the recent sudden and persistent rise in inflation, with emphasis on the role of oil shocks and accommodative monetary policy. The model features oil as a complementary good for households and as a…
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Optimal Public Communication
| June 2022 | Abstract A benevolent planner chooses optimally whether and how to disclose publicly a private forecast of fundamentals to a large number of informed small agents. These agents interact in economic environments with information frictions, strategic complementarity or substitutability in actions, and a rich set of externalities…
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