Selected working papers

2022 (updated, December 2023)

The Euro Area Government Spending Multiplier in Demand- and Supply-Driven Recessions
(with 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
(with 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.

News
April 12th, 2024 Publication The paper by Sergio Destefanis, Matteo Fragetta and myself on the inflation output variability tradeoff in the Euro Area has been accepted for publication in Empirical Economics.
February 21st, 2024 Revision There is another update to the paper (joint work with Sergio Destefanis and Matteo Fragetta) on the inflation output variability tradeoff in the Euro Area.
December 18th, 2023 Revision There is another update to the paper (joint work with Mario Di Serio, Matteo Fragetta and Giovanni Melina) on the state-dependence of the Euro Area government spending multiplier.
December 12th, 2023 Revision There is an update to the paper (joint work with William Branch) 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.
July 6th, 2023 Workshop The preliminary program for the conference on Expectations in Dynamic Macroeconomic Models on August 30th – September 1st, 2023 at TU Wien is now online.
July 4th, 2023 Revision There is an update to the paper (joint work with Mario Di Serio, Matteo Fragetta and Giovanni Melina) on the state-dependence of the Euro Area government spending multiplier.
May 16th, 2023 Publication The paper by Alex Grimaud and myself that shows how firms' time-varying price setting frequency explains Phillips curve shifts and improves the New Keynesian model's fit to macro and micro data has been conditionally accepted for publication in the European Economic Review.
April 11th, 2023 Workshop William Branch, Alex Grimaud, and myself are organizing an edition of the conference on Expectations in Dynamic Macroeconomic Models on August 30th – September 1st, 2023 at TU Wien. Submit your paper until May 21st, 2023 via the brand new website.
February 16th, 2023 Recruiting Late, but hopefully not too late: we offer a position as Assistant Professor in Macroeconomics (6 years, Non-Tenure Track) for our team. Application deadline: March 30th 2023.
February 16th, 2023 Workshop Some colleagues and me are organizing the 5th edition of the Behavioral Macroeconomics Workshop on June 29th – July 1st, 2023 at the University of Bamberg. Submit your paper until March 31, 2022 via the brand new website.
December 19th, 2022 Revision There is an update to the paper (joint work with Alex Grimaud) that shows how firms' time-varying price setting frequency explains Phillips curve shifts and improves the New Keynesian model's fit to macro and micro data.
October 25th, 2022 Revision There is an update to the paper (joint work with William Branch) on multiple equilibria featuring both Ricardian and non-Ricardian outcomes that impact inflation dynamics.
April 1st, 2022 Project There is a new project website for our OeNB Anniversary Fund project (ID: 18611).
March 31st, 2022 New paper There is a new paper (joint work with Mario Di Serio, Matteo Fragetta and Giovanni Melina) on the state-dependence of the Euro Area government spending multiplier.
February 25th, 2022 Workshop Some colleagues and me are organizing the 4th edition of the Behavioral Macroeconomics Workshop on June 27th – 29th, 2022 at the University of Bamberg. Submit your paper until March 31, 2022 via the brand new website.
December 13th, 2021 Revision There is another update to the paper (joint work with Alex Grimaud) that shows how firms' time-varying price setting frequency explains Phillips curve shifts and improves the New Keynesian model's fit to macro and micro data.
October 27th, 2021 Award The paper by Klaus Prettner and myself on the possibility of automation-induced stagnation and the implications of a robot tax has received the Best Paper Award 2020 of the Faculty of Mathematics and Geoinformation at TU Wien.
July 10th, 2021 Publication My paper that shows how incorporating heterogeneous expectations in both the design and implementation of optimal monetary policy reduces central bank losses has been accepted for publication in the Journal of Economic Behavior and Organization.
May 21st, 2021 Workshop Some colleagues and me are organizing the (virtual) 3rd edition of the Behavioral Macroeconomics Workshop (cancelled in 2020 b/c of COVID-19) at the University of Bamberg. The program is now online.
April 21st, 2021 Revision There is an update to the paper that shows that incorporating heterogeneous expectations in both the design and implementation of optimal monetary policy reduces central bank losses.
February 1st, 2021 Job opening We are looking for a doctoral student/research assistant for our OeNB Anniversary Fund project (ID: 18646) "On the optimal design of tax-transfer policies for low-income households".
January 4th, 2021 Project The OeNB Anniversary Fund has kindly decided to fund our project (ID: 18611) "Should central banks modify their inflation targeting framework when agents are boundedly rational?".
December 7th, 2020 Revision There is an update to the paper (joint work with Alex Grimaud) that shows how firms' time-varying price setting frequency explains Phillips curve shifts and improves the New Keynesian model's fit to macro and micro data.
November 17th, 2020 Project Preliminary results of my AU-MEI project (a Monthly Economic Index for Measuring Real Activity in Austria) are available.
August 11th, 2020 Revision There is an update to the paper (joint work with William Branch) on multiple equilibria featuring both Ricardian and non-Ricardian outcomes that impact inflation dynamics.
August 7th, 2020 Revision There is an update to the paper (joint work with Sergio Destefanis and Matteo Fragetta) on the macroeconomic performance of the Euro Area.
May 4th, 2020 Publication The paper Mario Di Serio, Matteo Fragetta and me wrote on the government spending multiplier at the zero lower bound has been accepted for publication in the Oxford Bulletin of Economics and Statistics.
March 26th, 2020 New paper There is a new paper (joint work with Alex Grimaud) on time-varying price setting frequency and the implications for the Phillips curve.
March 1st, 2020 Publication The paper Klaus Prettner and me wrote on the possibility of automation-induced stagnation and the implications of a robot tax has been accepted for publication in Macroeconomic Dynamics.
January 14th, 2020 Workshop Some colleagues and me are organizing the 3rd edition of the Behavioral Macroeconomics Workshop: Heterogeneity and Expectations in Macroeconomics and Finance at the University of Bamberg. More information can be found here.
January 7th, 2019 New Job Starting in January, I am Assistant Professor in Economics at the Institute of Statistics and Mathematical Methods in Economics at TU Wien.
January 7th, 2019 Workshop Some colleagues and me are organizing the 2nd edition of the Behavioral Macroeconomics Workshop: Heterogeneity and Expectations in Macroeconomics and Finance at the University of Bamberg. More information can be found here.
April 27th, 2018 New paper There is a new paper (joint work with William Branch) on multiple equilibria featuring both Ricardian and non-Ricardian outcomes that impact inflation dynamics.
April 26th, 2018 New paper There is a new paper (joint work with Sergio Destefanis and Matteo Fragetta) on the macroeconomic performance of the Euro Area, which is also part of the EABCN conference on `Measuring the Effects of Unconventional Monetary Policy in the Data: What Have We Learned?'.
February 15th, 2018 Visiting Scholar I'll be again a visiting scholar at the Department of Economics of the University of California, Irvine this spring.
January 31st, 2018 Workshop Some colleagues and me are organizing a workshop on behavioral macroeconomics at the University of Bamberg. More information can be found here.
July 26th, 2017 New paper There is a new paper on optimal monetary policy in a New Keynesian model with heterogeneous expectations and aggregate uncertainty.
June 16th, 2017 Revision There is an update to the paper on the possibility of automation-induced stagnation.
February 24th, 2017 New paper A new paper (joint work with Klaus Prettner) on the possibility of automation-induced stagnation is available.
February 13th, 2017 Visiting Scholar I'll be visiting scholar at the Department of Economics of the University of California, Irvine this spring and summer.
October 12th, 2016 New procedure From now on the recognition of credits for outgoing Erasmus students will be exclusively handled via this form and the process described therein. See also the menu of this website.
August 9th, 2016 Publication The paper I wrote on monetary and fiscal policy interaction under heterogeneous expectations has been accepted for publication in Macroeconomic Dynamics.
May 28th, 2016 Revision There is a revised version of the paper I wrote on monetary and fiscal policy interaction under heterogeneous expectations.
October 20th, 2015 Course overview The macroeconomists now prowide an overview on the courses offered in current and the following two terms, which can be found here.
October 15th, 2015 New Job Starting in fall, I am Juniorprofessor of Macroeconomics at the School of Business & Economics at Freie Universität Berlin.
August 18th, 2015 Revision There is a revised version of the paper I wrote on monetary and fiscal policy interaction under heterogeneous expectations.
May 15th, 2014 Publication The paper I wrote on optimal monetary policy under heterogeneous expectations has been accepted for publication in the Journal of Money, Credit and Banking.
March 19th, 2014 Visiting position I'll be visiting Narodowy Bank Polski this summer.
January 23rd, 2014 Job opening We are hiring a postdoc for our research project.
November 19th, 2013 Funding Fundação para a Ciência e a Tecnologia's Social Sciences and the Humanities Evaluation Panel has kindly recommended funding for the exploratory research project proposal on currency competition by Alexandra Ferreira Lopes and me.
November 8th, 2013 Publication The paper Shoujian and me wrote on the effects of anticipated fiscal policy changes has been accepted for publication in the Journal of Economic Dynamics and Control.
September 18th, 2013 New affiliation I have recently been invited to join the Centre for Dynamic Macroeconomic Analysis (CDMA) at the University of St Andrews as a Research Affiliate.
September 18th, 2013 New paper A new paper on optimal monetary policy under heterogeneous expectations is available.