Working Papers

“Distortions in Production Networks,” with Saki Bigio. June 2019 version. Currently Revising.
We study how an economy's production structure determines the response of aggregate output and employment to sectoral distortions.
Revise & Resubmit, Quarterly Journal of Economics

“Efficiency and Policy with Endogenous Learning,” with George-Marios Angeletos and Luigi Iovino. Currently Revising.
We study how the endogenous aggregation of information through macroeconomic signals affects the efficiency of the business cycle and the nature of optimal fiscal and monetary policy.

“A Traffic Jam Theory of Recessions”

“Collateral Constraints and Noisy Fluctuations”

“Information Acquisition, Efficiency, and Non-Fundamental Volatility,” with Benjamin Hebert. Draft coming soon.

“Optimal Monetary Policy in Production Networks,” with Alireza Tahbaz-Salehi. Draft coming soon.


“Optimal Monetary Policy with Informational Frictions,” with George-Marios Angeletos (December 2018)
Forthcoming in the Journal of Political Economy
Online Appendix

“Comment on 'Monetary Policy Analysis when Planning Horizons are Finite,' by Michael Woodford”
Forthcoming in the NBER Macroeconomics Annual 2018, 33.

“Real Rigidity, Nominal Rigidity, and the Social Value of Information,” with George-Marios Angeletos and Luigi Iovino
American Economic Review, January 2016, 106(1), 200-227.
Online Appendix

“Predatory Trading, Stigma, and the Fed's Term Auction Facility”
Journal of Monetary Economics, July 2014, 65, 57-75.
Online Appendix

“Sentiments,” with George-Marios Angeletos
Econometrica, March 2013, 81(2), 739-780.

“Noisy Business Cycles,” with George-Marios Angeletos
NBER Macroeconomics Annual 2009, 24, 319-378.

“Incomplete Information, Higher-Order Beliefs and Price Inertia," with George-Marios Angeletos
Journal of Monetary Economics, October 2009, 56(S), 19-37.

Old Working Papers