Working papers

Unemployment risk and temporary UI benefits increases
by Alex Grimaud


2022 (June)
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, September 2022)
Euro Area government spending multipliers in a demand-driven recession are 2-3 times larger than in a supply-driven recession.

Price setting frequency and the Phillips curve
by Emanuel Gasteiger and Alex Grimaud


2020 (updated, December 2022)
Firms’ time-varying price setting frequency explains Phillips curve shifts and improves the New Keynesian model’s fit to macro and micro data.

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.

Journal articles

Average inflation targeting and the interest rate lower bound
by Flora Budianto, Taisuke Nakata and Sebastian Schmidt

2023. European Economic Review, forthcoming.

Optimal Constrained Interest-Rate Rules under Heterogeneous Expectations
by Emanuel Gasteiger

2021. Journal of Economic Behavior and Organization, 190:287-325.