Temporary sales and cyclicality
by Flora Budianto
The paper provides novel evidence from micro price data that temporary sales are used strategically to implement regular price changes over the business cycle.
Social learning expectations: micro-foundations and a Dynare toolbox
by Alex Grimaud, Isabelle Salle and Gauthier Vermandel
This paper introduces (i) a micro-founded New Keynesian model with social learning expectations and (ii) a general solution method that we implement in a Dynare toolbox that solves any linear state-space model with social learning expectations.
Unemployment risk and temporary UI benefits increases
by Alex Grimaud
The welfare implications of increasing government spending in general, and UI transfers in particular, are very dependent on the state of the labor market.
The Euro Area government spending multiplier in demand- and supply-driven recessions
by Mario Di Serio, Matteo Fragetta, Emanuel Gasteiger and Giovanni Melina
2022 (updated, July 2023)
Euro Area government spending multipliers in a demand-driven recession are 2-3 times larger than in a supply-driven recession.
Precautionary saving and un-anchored expectations
by Alex Grimaud
2020 (updated, December 2021)
In a monetary policy model with idiosyncratic shocks and bounded rational expectations, output stabilization is essential.
Endogenously (non-)Ricardian beliefs
by Emanuel Gasteiger and William Branch
2018 (updated, October 2022)
A paper on multiple equilibria featuring both Ricardian and non-Ricardian outcomes that impact inflation dynamics.
2023. Journal of Money, Credit and Banking, forthoming.
Price setting frequency and the Phillips curve
by Emanuel Gasteiger and Alex Grimaud
2023. European Economic Review, 158(C):104535.
Average inflation targeting and the interest rate lower bound
by Flora Budianto, Taisuke Nakata, and Sebastian Schmidt
2023. European Economic Review, 152(C):104384.
Optimal constrained interest-rate rules under heterogeneous expectations
by Emanuel Gasteiger
2021. Journal of Economic Behavior and Organization, 190:287-325.