Optimal Public Debt Management and Liquidity Provision (with F. Collard, H. Dellas and B. Diba)
We revisit the Ramsey policy problem when public debt facilitates private liquidity, in the sense of servicing as collateral or otherwise alleviating a financial friction in the private sector. [slides]
Optimal Monetary Policy with Informational Frictions (with J. La'O)
We develop a notion of constrained efficiency and study optimal monetary policy in a class of economies in which informational frictions are the source of both nominal and real rigidity. [slides]
Sentiments, forthcoming in Econometrica (with J. La'O)
Extrinsic flucuations in market beliefs, and forces akin to animal spirits, are reconciled with the class of unique-equilibrium, rational-expectations economies that rest at the core of the neoclassical paradigm. [slides]
Selection-Free Predictions in Global Games with Endogenous Information and Multiple Equilibria, forthcoming in Theoretical Economics (with A. Pavan)
Global games may retain significant predictive power relative to their common-knowledge counterparts even when the endogeneity of information breaks equilibrium uniqueness.
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