Research Papers
Research Papers
Workers, Capitalists, and the Government: Fiscal Policy and Income (Re)Distribution, with C. Cantore (October 2020)
Accepted at Journal of Monetary Economics
Volatile Hiring: Uncertainty in Search and Matching Models, with P. Rendahl and W. den Haan (substantially revised version, December 2020)
Resubmitted to Journal of Monetary Economics
Unexpected Effects: Uncertainty, Unemployment, and Inflation, with P. Rendahl (January 2021)
Abstract. This paper studies the role of uncertainty in a search-and-matching framework with risk-averse households. Heightened uncertainty about future productivity reduces current economic activity even in the absence of nominal rigidities, although the effect is reinforced by the latter. The reason is that a more uncertain future increases households’ precautionary behavior, causing demand to contract. At the same time, future asset prices become more volatile and covary positively with aggregate consumption, which increases the risk premium, puts negative pressure on asset values, and contracts supply. Compared to negative demand shocks, uncertainty shocks are less deflationary and render a flatter Phillips curve.
Work in Progress
Work in Progress
Job Market Paper
...should hopefully appear here sometime in 2022 ;)
Discussions
Discussions
"Household Portfolio Choices and Nonlinear Income Risk," by J. Galvez