Last version: December 2023

We study the macroeconomic impact of the new monetary policy framework of the Fed ("lower for longer") in an economy where running the economy hot for longer as the labor market recovers from a recession is especially beneficial to low-wage workers. 

Last version: October 2023

The recent inflation surge in the Euro Area resembles an age-dependent tax, with the elderly losing up to 20%, and roughly half of 25–44 year-olds winning from it. There is substantial heterogeneity across countries. 

Last version: November 2023

We study how the equilibrium of a frictional labor market responds to an aggregate shock that increases the value of non-pecuniary job amenities to workers. We show that this shock is useful to understand the post-pandemic US labor market dynamics. 

Last version: August 2023

The fiscal theory of the price level with heterogeneous households and incomplete markets. 

My talk at the Nobel Symposium on Inequality 2022.

Last version: January 2020

We merge QCEW and JOLTS microdata to study the recruiting intensity of firms in the cross section and over time. Through the lens of standard theory, we aggregate firm-level decisions into an easily computable index of aggregate recruiting intensity.

Last version: September 2020

The choice governments face when designing the policy response to the pandemic is not just between lives and livelihoods, as is often emphasized, but also over who will bear the burden of the economic costs. We offer a quantitative framework to evaluate both trade-offs.

Last version: December 2012

How should welfare programs be designed when both search-based and work-based activities are contemplated by the policymaker? A recursive-contract approach to this question.

Last version: September 2007

Investment-specific productivity shocks can amplify fluctuations of unemployment and vacancies relative to the standard matching model with TFP shocks.