Associate Professor, HEC Paris
(on leave, Banque de France)
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] NEW! Time-consistent Fiscal Guarantee for Monetary Stability (with E. Mengus) [Slides]

Under which conditions may the optimal pursuit of short-term fiscal objectives sustain long-term monetary stability?

[3] NEW! Learning from House Prices: Amplification and Business Fluctuations (with R. Chahrour) 2nd R&R, REStud

Learning about local growth from local house prices may lead to expectations-driven aggregate fluctuations even with arbitrary small productivity shocks.

[4] 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.

[5] 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.