Associate Professor, HEC Paris
(on leave, Banque de France)
Research Affiliate, CEPR
Macro Theory: Expectations and Learning
Money and the Credit Market
Under which conditions may the optimal pursuit of short-term fiscal objectives sustain long-term monetary stability?
Learning about local growth from local house prices may lead to expectations-driven aggregate fluctuations even with arbitrary small productivity shocks.
 Breaking the Spell with Credit-Easing. Self-Confirming Credit Crises in Competitive Search Economies. (with R. Marimon) Accept with major revisions, JME
We introduce Self-Confirming Equilibria in competitive search economies as potential explanation of credit freezes and the success of credit-easing policies.
 Learning by Shopping: Consumers' Expectations and Monetary Shocks (with L. Paciello) [work in progress]
Turning upside down NK logic: Inflation in posted prices stimulates consumers' search, making paid prices underreact to monetary shocks.
EESC HEC Paris
Department of Economics and Decision Sciences
1, rue de la Liberation
78350 Jouy en Josas FRANCE
Phone: +33 (0)1 3967 7395