2022 (updated, December 2023)
The Euro Area Government Spending Multiplier in Demand- and Supply-Driven Recessions
(w/ Mario Di Serio, Matteo Fragetta and Giovanni Melina)
Euro Area government spending multipliers in a demand-driven recession are 2-3 times larger than in a supply-driven recession.
2018 (updated, December 2023)
Endogenously (Non-)Ricardian Beliefs
(w/ William Branch)
A paper on multiple equilibria featuring both Ricardian and non-Ricardian outcomes impact inflation dynamics. Bayesian model estimates suggest: 1970’s and 2021-22 are periods of non-Ricardian beliefs and inflation. Disinflation is a self-fulfilling and temporary escape from a non-Ricardian belief equilibrium.
2023 (June)
If automation capital requires more electricity than traditional capital, an electricity tax serves the same purpose as a robot tax.
2011
Heterogeneous Expectations, Taylor Rules and the Merit of Monetary Policy Inertia
The paper shows that policy inertia is an effective tool to safeguard the economy against local explosiveness in a model with heterogeneous expectations.