Senior Economist, Banque de France
Affiliate Professor, Paris School of Economics
Research Affiliate, CEPR

Research interests

Macro Theory: Expectations and Learning
Money and the Credit Market 


Working papers

[1] The Two Faces of Information (with G. Ordoñez)

Information helps individuals to deal with fluctuations (the good face), but it also increases market fluctuations (the bad face).

[2] Implicit Fiscal Guarantee for Monetary Stability (with E. Mengus)

An authority can credibly sustain the real value of fiat money only if agents trust that the authority will resist the temptation to raise seignorage once they buy money.

[3] Learning from Prices: Amplification and Business Fluctuations (with R. Chahrour)

Expectations-driven aggregate fluctuations may originate with small productivity shocks when agents learn from competitive prices. [slides]

[4] Breaking the Spell with Credit-Easing. Self-Confirming Credit Crises in Competitive Search Economies. (with R. Marimon) 

We introduce Self-Confirming Equilibria in competitive search economies as potential explanation of credit freezes and the success of credit-easing policies. [slides]

[5] Communication of monetary policy in unconventional times. (with G. Coenen, M. Ehrmann, P. Hoffmann, A. Nakov, S. Nardelli, E. Persson, G. Strasser) 

An extensive policy note on the effects of communication on market uncertainty. 

[6] Forward Guidance and Heterogeneous Beliefs (with P. Andrade, E. Mengus and B. Mojon)

FG can signal future accomodative stance - which is good - or expected weak fundamentals - which is bad: an empirical and theoretical anlysis of this trade-off.